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]

Text: Latest bill text (Enrolled) [HTML]

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