SB1936 Re-Enrolled

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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 
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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 
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faith and credit
of the area included in the special service 
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area may be issued for providing
the special services. Bonds, 
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when so issued, shall be retired by the levy of
taxes in 
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addition to  the taxes specified in Section 27-25 against all of 
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the
taxable real property included in the area as provided in 
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the ordinance
authorizing the issuance of the bonds or by the 
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imposition of another tax
within the special service area.  The 
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county clerk shall annually extend taxes
against all of the 
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taxable property situated in the county and contained in
such 
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special service area in amounts sufficient to pay maturing 
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principal and
interest of those bonds without limitation as to 
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rate or amount and in addition
to and in excess of any taxes 
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that may now or hereafter be authorized to be
levied by the 
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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 
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the provisions of
Sections 27-30 and 27-35. For purposes of 
 


 






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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 
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    and, where possible, by street
location;
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        (c) The permanent tax index number of each parcel 
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    located within the area;

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



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

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


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        (g) The maximum amount of bonds proposed to be issued, 
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    the maximum period
of
time over which the bonds will be 
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    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 
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levy or
imposition of a tax in the special service area and the 
 


 






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

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


 






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in each special service area and the special service benefit 
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rendered. The changes made by this amendatory Act of the 96th 
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General Assembly do not change any other terms, duties, or 
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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 
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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 
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becoming law.