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Public Act 096-0884 |
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Property Tax Code is amended by changing | ||||
Section 27-45 as follows:
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(35 ILCS 200/27-45)
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Sec. 27-45. Issuance of bonds. Bonds secured by the full | ||||
faith and credit
of the area included in the special service | ||||
area may be issued for providing
the special services. Bonds, | ||||
when so issued, shall be retired by the levy of
taxes in | ||||
addition to the taxes specified in Section 27-25 against all of | ||||
the
taxable real property included in the area as provided in | ||||
the ordinance
authorizing the issuance of the bonds or by the | ||||
imposition of another tax
within the special service area. The | ||||
county clerk shall annually extend taxes
against all of the | ||||
taxable property situated in the county and contained in
such | ||||
special service area in amounts sufficient to pay maturing | ||||
principal and
interest of those bonds without limitation as to | ||||
rate or amount and in addition
to and in excess of any taxes | ||||
that may now or hereafter be authorized to be
levied by the | ||||
municipality or county. Prior to the issuance of those bonds,
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notice shall be given and a hearing shall be held pursuant to | ||||
the provisions of
Sections 27-30 and 27-35. For purposes of |
this Section a notice shall include:
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(a) The time and place of hearing;
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(b) The boundaries of the area by legal description | ||
and, where possible, by street
location; | ||
(c) The permanent tax index number of each parcel | ||
located within the area;
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(d) The nature of the special services to be provided | ||
within the proposed special service area and a statement as | ||
to whether the proposed special services are for new | ||
construction, maintenance, or other purposes; | ||
(e) If the special services are to be maintained other | ||
than by the municipality or the county after the life of | ||
the bonds, then a statement indicating who will be | ||
responsible for maintenance of the special services after | ||
the life of the bonds;
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(f) A notification that all interested persons, | ||
including all persons
owning
taxable property located | ||
within the special service area, will be given an
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opportunity to be heard at the hearing regarding the | ||
issuance of the bonds and
an opportunity to file objections | ||
to the issuance of the bonds; and
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(g) The maximum amount of bonds proposed to be issued, | ||
the maximum period
of
time over which the bonds will be | ||
retired, and the maximum interest rate the
bonds will bear.
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The question of the creation of a special service area, the | ||
levy or
imposition of a tax in the special service area and the |
issuance of bonds for
providing special services may all be | ||
considered together at one hearing.
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Any bonds issued shall not exceed the number of bonds, the | ||
interest rate
and the period of extension set forth in the | ||
notice, unless an additional
hearing is held. | ||
If the municipality or county finds that refunding is in | ||
the best interest of the taxpayers of the special service area, | ||
special service area bonds may be issued to refund or advance | ||
refund special service area bonds without meeting any of the | ||
notice or hearing requirements set forth in this Section, | ||
except that the interest rate on the refunding bonds and the | ||
maximum period of time over which the refunding bonds will be | ||
retired may not be greater than that set forth in the original | ||
notice for the refunded bonds. Notwithstanding any provision of | ||
this Section to the contrary, the debt service of the refunding | ||
bonds issued pursuant to this Section may not exceed the debt | ||
service estimated to be paid over the remaining duration of the | ||
refunded bonds. | ||
Property taxes levied under the provisions of Section 27-75 | ||
of this Code in 2 or more special service areas established | ||
under this Article 27 may be pledged to secure a single bond | ||
issue benefitting the special service areas if those special | ||
service areas are within the corporate limits of a | ||
municipality. Any such property taxes must be levied on a basis | ||
that provides a rational relationship between the amount of the | ||
tax levied against each lot, block, tract, and parcel of land |
in each special service area and the special service benefit | ||
rendered. The changes made by this amendatory Act of the 96th | ||
General Assembly do not change any other terms, duties, or | ||
powers of a special service area under this Article.
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Bonds issued pursuant to this Article shall not be regarded
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as indebtedness of the municipality or county,
as the case may | ||
be, for the purpose of any limitation imposed by any law.
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(Source: P.A. 93-1013, eff. 8-24-04.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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