Bill Text: IL HB4890 | 2017-2018 | 100th General Assembly | Engrossed

Bill Title: Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Creates a tax increment allocation financing extension for an ordinance adopted on December 26, 1995 by the Village of Posen. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2019-01-08 - Session Sine Die [HB4890 Detail]

Download: Illinois-2017-HB4890-Engrossed.html

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1 AN ACT concerning local government.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Park District Code is amended by changing
5Section 6-2 as follows:
6 (70 ILCS 1205/6-2) (from Ch. 105, par. 6-2)
7 Sec. 6-2. For the payment of land condemned or purchased
8for parks or boulevards, for the building, maintaining,
9improving and protecting of the same and for the payment of the
10expenses incident thereto, or for the acquisition of real
11estate and lands to be used as a site for an armory, or for the
12refunding of its bonds which are payable solely from the
13revenues derived from the operation of any of its facilities,
14any park district is authorized to issue the bonds or notes of
15such park district and pledge its property and credit therefor
16to an amount including existing principal indebtedness of such
17district so that the aggregate principal indebtedness of such
18district does not exceed 2.875% of the value of the taxable
19property therein, to be ascertained by the last assessment for
20state and county taxes previous to the issue from time to time
21of such bonds or notes, unless a petition, signed by voters in
22number equal to not less than 2% of the voters of the district,
23who voted at the last general election in the district, asking

HB4890 Engrossed- 2 -LRB100 18830 AWJ 34072 b
1that the authorized aggregate principal indebtedness of the
2district be increased to not more than 5.75% of the value of
3the taxable property therein, is presented to the board and
4such increase is approved by the voters of the district at a
5referendum held on the question, in which case such aggregate
6principal indebtedness may not exceed 5.75% of the value of the
7taxable property in the district. Notice of the referendum
8shall be given and the referendum conducted in the manner
9provided by the general election law. Bonds for airport
10purposes issued by a park district under Section 9-2b, and up
11to $15,000,000 in bonds issued by the Carol Stream Park
12District approved by referendum at the February 2, 2010 general
13primary election, and up to $13,000,000 in bonds issued by the
14Midlothian Park District approved by referendum at the March
1520, 2018 general primary election are not subject to the
16percentage limitations imposed by, and shall not be considered
17as part of the existing principal indebtedness of that district
18for the purposes of, this Section or any other applicable
19statutory debt limitation.
20(Source: P.A. 97-1103, eff. 8-27-12.)
21 Section 99. Effective date. This Act takes effect upon
22becoming law.