HB 983 — PTELL-RECOVERED VALUE

HB0983 EngrossedEnrolled LRB095 04182 BDD 24220 b AN ACT concerning revenue.

For the 1991 through 1994 levy years only, "taxing district" includes only each non-home rule taxing district having the majority of HB0983 EngrossedEnrolled - 2 - LRB095 04182 BDD 24220 b its 1990 equalized assessed value within any county or counties contiguous to a county with 3,000,000 or more inhabitants.

(d) made for any taxing district to pay interest or principal on bonds issued to refund or continue to refund bonds issued after October 1, 1991 that were approved by HB0983 EngrossedEnrolled - 3 - LRB095 04182 BDD 24220 b referendum;

(k) made by a school district that participates in the Special Education District of Lake County, created by special education joint agreement under Section 10-22.31 of the HB0983 EngrossedEnrolled - 4 - LRB095 04182 BDD 24220 b School Code, for payment of the school district’s share of the amounts required to be contributed by the Special Education District of Lake County to the Illinois Municipal Retirement Fund under Article 7 of the Illinois Pension Code;

(b) made for any taxing district to pay interest or HB0983 EngrossedEnrolled - 5 - LRB095 04182 BDD 24220 b principal on general obligation bonds issued before March 1, 1995;

(i) made for payments of principal and interest on limited bonds, as defined HB0983 EngrossedEnrolled - 6 - LRB095 04182 BDD 24220 b in Section 3 of the Local Government Debt Reform Act, in an amount not to exceed the debt service extension base less the amount in items (b), (c), and (e) of this definition for non-referendum obligations, except obligations initially issued pursuant to referendum and bonds described in subsection (h) of this definition;

(p) made for contributions to a firefighter’s pension fund created under Article 4 of the HB0983 EngrossedEnrolled - 7 - LRB095 04182 BDD 24220 b Illinois Pension Code, to the extent of the amount certified under item (5) of Section 4-134 of the Illinois Pension Code;

(e) made for any taxing district to pay HB0983 EngrossedEnrolled - 8 - LRB095 04182 BDD 24220 b interest or principal on revenue bonds issued before the date on which the referendum making this Law applicable to the taxing district is held for payment of which a property tax levy or the full faith and credit of the unit of local government is pledged;

(j) made for a qualified airport authority to pay interest or principal on general obligation bonds issued for the purpose of paying obligations due under, or financing airport facilities HB0983 EngrossedEnrolled - 9 - LRB095 04182 BDD 24220 b required to be acquired, constructed, installed or equipped pursuant to, contracts entered into before March 1, 1996 (but not including any amendments to such a contract taking effect on or after that date);

(d) made for any taxing district to pay interest or principal on bonds issued to refund or continue to refund bonds issued after the effective date of this amendatory Act of 1997 if the bonds HB0983 EngrossedEnrolled - 10 - LRB095 04182 BDD 24220 b were approved by referendum after the effective date of this amendatory Act of 1997;

(j) made for a qualified airport authority to pay interest or principal on general obligation bonds issued for the purpose of paying obligations due under, or financing airport facilities HB0983 EngrossedEnrolled - 11 - LRB095 04182 BDD 24220 b required to be acquired, constructed, installed or equipped pursuant to, contracts entered into before March 1, 1996 (but not including any amendments to such a contract taking effect on or after that date);

For park districts (i) that were first subject to this Law in 1991 or 1995 and (ii) whose extension for the 1994 levy year for the payment of principal and interest on bonds issued by the park district without referendum (but not including excluded non-referendum bonds) HB0983 EngrossedEnrolled - 12 - LRB095 04182 BDD 24220 b was less than 51% of the amount for the 1991 levy year constituting an extension for payment of principal and interest on bonds issued by the park district without referendum (but not including excluded non-referendum bonds), "debt service extension base" means an amount equal to that portion of the extension for the 1991 levy year constituting an extension for payment of principal and interest on bonds issued by the park district without referendum (but not including excluded non-referendum bonds).

"Aggregate extension base" means the taxing district’s HB0983 EngrossedEnrolled - 13 - LRB095 04182 BDD 24220 b last preceding aggregate extension as adjusted under Sections 18-215 through 18-230.

In addition, the county clerk in a county HB0983 EngrossedEnrolled - 14 - LRB095 04182 BDD 24220 b containing a population of 3,000,000 or more shall include in the 1997 recovered tax increment value for any school district, any recovered tax increment value that was applicable to the 1995 tax year calculations.

For the taxes which are extended for the 1997 levy year, the recovered tax increment value for a non-home rule taxing district that first became subject to this Law for the 1995 levy year because a majority of its 1994 equalized assessed HB0983 EngrossedEnrolled - 15 - LRB095 04182 BDD 24220 b value was in an affected county or counties shall be increased if a municipality terminated the designation of an area in 1993 as a redevelopment project area previously established under the Tax Increment Allocation Development Act in the Illinois Municipal Code, previously established under the Industrial Jobs Recovery Law in the Illinois Municipal Code, or previously established under the Economic Development Area Tax Increment Allocation Act, by an amount equal to the 1994 equalized assessed value of each taxable lot, block, tract, or parcel of real property in the redevelopment project area over and above the initial equalized assessed value of each property in the redevelopment project area.

Except as otherwise provided in this Section, "limiting rate" means a fraction the numerator of which is the last preceding aggregate extension base times an amount equal to one HB0983 EngrossedEnrolled - 16 - LRB095 04182 BDD 24220 b plus the extension limitation defined in this Section and the denominator of which is the current year’s equalized assessed value of all real property in the territory under the jurisdiction of the taxing district during the prior levy year.