Bill Text: IL SB1936 | 2009-2010 | 96th General Assembly | Enrolled

Bill Title: Amends the Property Tax Code. Authorizes the issuance of refunding bonds for special service area bonds and sets forth requirements for the term and debt service of the refunding bonds. Provides that specified property taxes in 2 or more special service areas 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. Provides that property taxes that are pledged to secure a single bond issue benefitting more than one special service area shall 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 the special service area and the special service benefit rendered. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2010-03-01 - Public Act . . . . . . . . . 96-0884 [SB1936 Detail]

Download: Illinois-2009-SB1936-Enrolled.html
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Full Text of SB1936








 









SB1936 Re-Enrolled

LRB096 10999 HLH 21283 b






1
 AN ACT concerning revenue.


2
 Be it enacted by the People of the State of Illinois,

3
represented in the General Assembly:



4
 Section 5. The Property Tax Code is amended by changing 
5
Section 27-45 as follows:




6
 (35 ILCS 200/27-45)



7
 Sec. 27-45. Issuance of bonds. Bonds secured by the full 
8
faith and credit
of the area included in the special service 
9
area may be issued for providing
the special services. Bonds, 
10
when so issued, shall be retired by the levy of
taxes in 
11
addition to the taxes specified in Section 27-25 against all of 
12
the
taxable real property included in the area as provided in 
13
the ordinance
authorizing the issuance of the bonds or by the 
14
imposition of another tax
within the special service area. The 
15
county clerk shall annually extend taxes
against all of the 
16
taxable property situated in the county and contained in
such 
17
special service area in amounts sufficient to pay maturing 
18
principal and
interest of those bonds without limitation as to 
19
rate or amount and in addition
to and in excess of any taxes 
20
that may now or hereafter be authorized to be
levied by the 
21
municipality or county. Prior to the issuance of those bonds,

22
notice shall be given and a hearing shall be held pursuant to 
23
the provisions of
Sections 27-30 and 27-35. For purposes of 
 


 






SB1936 Re-Enrolled
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LRB096 10999 HLH 21283 b





1
this Section a notice shall include:


2
  (a) The time and place of hearing;


3
  (b) The boundaries of the area by legal description 
4
 and, where possible, by street
location;
5
  (c) The permanent tax index number of each parcel 
6
 located within the area;

7
  (d) The nature of the special services to be provided 
8
 within the proposed special service area and a statement as 
9
 to whether the proposed special services are for new 
10
 construction, maintenance, or other purposes;
11
  (e) If the special services are to be maintained other 
12
 than by the municipality or the county after the life of 
13
 the bonds, then a statement indicating who will be 
14
 responsible for maintenance of the special services after 
15
 the life of the bonds;



16
  (f) A notification that all interested persons, 
17
 including all persons
owning
taxable property located 
18
 within the special service area, will be given an

19
 opportunity to be heard at the hearing regarding the 
20
 issuance of the bonds and
an opportunity to file objections 
21
 to the issuance of the bonds; and


22
  (g) The maximum amount of bonds proposed to be issued, 
23
 the maximum period
of
time over which the bonds will be 
24
 retired, and the maximum interest rate the
bonds will bear.

25
 The question of the creation of a special service area, the 
26
levy or
imposition of a tax in the special service area and the 
 


 






SB1936 Re-Enrolled
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LRB096 10999 HLH 21283 b





1
issuance of bonds for
providing special services may all be 
2
considered together at one hearing.

3
 Any bonds issued shall not exceed the number of bonds, the 
4
interest rate
and the period of extension set forth in the 
5
notice, unless an additional
hearing is held. 
6
 If the municipality or county finds that refunding is in 
7
the best interest of the taxpayers of the special service area, 
8
special service area bonds may be issued to refund or advance 
9
refund special service area bonds without meeting any of the 
10
notice or hearing requirements set forth in this Section, 
11
except that the interest rate on the refunding bonds and the 
12
maximum period of time over which the refunding bonds will be 
13
retired may not be greater than that set forth in the original 
14
notice for the refunded bonds. Notwithstanding any provision of 
15
this Section to the contrary, the debt service of the refunding 
16
bonds issued pursuant to this Section may not exceed the debt 
17
service estimated to be paid over the remaining duration of the 
18
refunded bonds. 
19
 Property taxes levied under the provisions of Section 27-75 
20
of this Code in 2 or more special service areas established 
21
under this Article 27 may be pledged to secure a single bond 
22
issue benefitting the special service areas if those special 
23
service areas are within the corporate limits of a 
24
municipality. Any such property taxes must be levied on a basis 
25
that provides a rational relationship between the amount of the 
26
tax levied against each lot, block, tract, and parcel of land 
 


 






SB1936 Re-Enrolled
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LRB096 10999 HLH 21283 b





1
in each special service area and the special service benefit 
2
rendered. The changes made by this amendatory Act of the 96th 
3
General Assembly do not change any other terms, duties, or 
4
powers of a special service area under this Article.

5
 Bonds issued pursuant to this Article shall not be regarded

6
as indebtedness of the municipality or county,
as the case may 
7
be, for the purpose of any limitation imposed by any law.

8
(Source: P.A. 93-1013, eff. 8-24-04.)



9
 Section 99. Effective date. This Act takes effect upon 
10
becoming law.


          

        
        
      

      

  

      
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