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92_HB5735
LRB9214205LDtm
1 AN ACT in relation to education.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The School Code is amended by adding Section
5 34-53.5 as follows:
6 (105 ILCS 5/34-53.5 new)
7 Sec. 34-53.5. Capital improvement tax levy; purpose;
8 maximum amount.
9 (a) For the purpose of providing a reliable source of
10 revenue for capital improvement purposes, including without
11 limitation (i) the construction and equipping of a new school
12 building or buildings or an addition or additions to an
13 existing school building or buildings, (ii) the purchase of
14 school grounds on which any new school building or an
15 addition to an existing school building is to be constructed
16 or located, (iii) both items (i) and (ii) of this subsection
17 (a), or (iv) the rehabilitation, renovation, and equipping of
18 an existing school building or buildings, the board may levy,
19 upon all taxable property of the school district, in calendar
20 year 2003, a capital improvement tax to produce, when
21 extended, an amount not to exceed the product attained by
22 multiplying (1) the percentage increase, if any, in the
23 Consumer Price Index for All Urban Consumers for all items
24 published by the United States Department of Labor for the 12
25 months ending 2 months prior to the month in which the levy
26 is adopted by (2) $142,500,000. For example, if the
27 percentage increase in the Consumer Price Index is 2.5%, then
28 the computation would be $142,500,000 x 0.025 = $3,562,500.
29 (b) In each calendar year from 2004 through 2030, the
30 board may levy a capital improvement tax to produce, when
31 extended, an amount not to exceed the sum of (1) the maximum
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1 amount that could have been levied by the board in the
2 preceding calendar year pursuant to this Section and (2) the
3 product obtained by multiplying (A) the sum of (i) the
4 maximum amount that could have been levied by the board in
5 the preceding calendar year pursuant to this Section and (ii)
6 $142,500,000 by (B) the percentage increase, if any, in the
7 Consumer Price Index for All Urban Consumers for all items
8 published by the United States Department of Labor for the 12
9 months ending 2 months prior to the month in which the levy
10 is adopted.
11 (c) In calendar year 2031, the board may levy a capital
12 improvement tax to produce, when extended, an amount not to
13 exceed the sum of (1) the maximum amount that could have been
14 levied by the board in calendar year 2030 pursuant to this
15 Section, (2) $142,500,000, and (3) the product obtained by
16 multiplying (A) the sum of (i) the maximum amount that could
17 have been levied by the board in calendar year 2030 pursuant
18 to this Section and (ii) $142,500,000 by (B) the percentage
19 increase, if any, in the Consumer Price Index for All Urban
20 Consumers for all items published by the United States
21 Department of Labor for the 12 months ending 2 months prior
22 to the month in which the levy is adopted.
23 (d) In calendar year 2032 and each calendar year
24 thereafter, the board may levy a capital improvement tax to
25 produce, when extended, an amount not to exceed the sum of
26 (1) the maximum amount that could have been levied by the
27 board in the preceding calendar year pursuant to this Section
28 and (2) the product obtained by multiplying (A) the maximum
29 amount that could have been levied by the board in the
30 preceding calendar year pursuant to this Section by (B) the
31 percentage increase, if any, in the Consumer Price Index for
32 All Urban Consumers for all items published by the United
33 States Department of Labor for the 12 months ending 2 months
34 prior to the month in which the levy is adopted.
-3- LRB9214205LDtm
1 (e) An initial tax levy made by the board under this
2 Section must have the approval of the Chicago City Council,
3 by resolution, before the levy may be extended. The board
4 shall communicate its adoption of the initial tax levy by
5 delivering a certified copy of the levy resolution to the
6 Clerk of the City of Chicago. The Chicago City Council shall
7 have 60 days after receipt, by the Clerk of the City of
8 Chicago, of the certified resolution to approve or disapprove
9 the levy. The failure of the Chicago City Council to take
10 action to approve or disapprove the initial tax levy within
11 the 60-day period shall be deemed disapproval of the initial
12 tax levy. Upon the adoption of each subsequent levy by the
13 board under this Section, the board must notify the Chicago
14 City Council that the board has adopted the levy.
15 (f) The board may issue bonds, in accordance with the
16 Local Government Debt Reform Act, including Section 15 of
17 that Act, against any revenues to be collected from the
18 capital improvement tax in any year or years and may pledge,
19 pursuant to Section 13 of the Local Government Debt Reform
20 Act, those revenues as security for the payment of any such
21 bonds.
22 Section 99. Effective date. This Act takes effect upon
23 becoming law.