HB 242 — PTELL-DEBT SERVICE EXTENSION

HB0242 EngrossedEnrolled LRB096 04009 RCE 14047 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 HB0242 EngrossedEnrolled - 2 - LRB096 04009 RCE 14047 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 HB0242 EngrossedEnrolled - 3 - LRB096 04009 RCE 14047 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 HB0242 EngrossedEnrolled - 4 - LRB096 04009 RCE 14047 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 HB0242 EngrossedEnrolled - 5 - LRB096 04009 RCE 14047 b principal on general obligation bonds issued before March 1, 1995;

(i) made for payments of principal and interest on limited bonds, as defined HB0242 EngrossedEnrolled - 6 - LRB096 04009 RCE 14047 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 HB0242 EngrossedEnrolled - 7 - LRB096 04009 RCE 14047 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 HB0242 EngrossedEnrolled - 8 - LRB096 04009 RCE 14047 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 HB0242 EngrossedEnrolled - 9 - LRB096 04009 RCE 14047 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 HB0242 EngrossedEnrolled - 10 - LRB096 04009 RCE 14047 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 HB0242 EngrossedEnrolled - 11 - LRB096 04009 RCE 14047 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 HB0242 EngrossedEnrolled - 12 - LRB096 04009 RCE 14047 b (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) 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).

HB0242 EngrossedEnrolled - 13 - LRB096 04009 RCE 14047 b The extension for a special service area is not included in the aggregate extension.

"New property" means (i) the assessed value, after final board of review or board of appeals action, of new improvements or additions to existing improvements on any parcel of real HB0242 EngrossedEnrolled - 14 - LRB096 04009 RCE 14047 b property that increase the assessed value of that real property during the levy year multiplied by the equalization factor issued by the Department under Section 17-30, (ii) the assessed value, after final board of review or board of appeals action, of real property not exempt from real estate taxation, which real property was exempt from real estate taxation for any portion of the immediately preceding levy year, multiplied by the equalization factor issued by the Department under Section 17-30, including the assessed value, upon final stabilization of occupancy after new construction is complete, of any real property located within the boundaries of an otherwise or previously exempt military reservation that is intended for residential use and owned by or leased to a private corporation or other entity, and (iii) in counties that classify in accordance with Section 4 of Article IX of the Illinois Constitution, an incentive property's additional assessed value resulting from a scheduled increase in the level of assessment as applied to the first year final board of review market value.

"Qualified airport authority" means an airport authority organized under the Airport Authorities Act and located in a county bordering on the State of Wisconsin and having a HB0242 EngrossedEnrolled - 15 - LRB096 04009 RCE 14047 b population in excess of 200,000 and not greater than 500,000.

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 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 HB0242 EngrossedEnrolled - 16 - LRB096 04009 RCE 14047 b 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.

For those taxing districts that reduced their aggregate extension for the last preceding levy year, the highest aggregate extension in any of the last 3 preceding levy years HB0242 EngrossedEnrolled - 17 - LRB096 04009 RCE 14047 b shall be used for the purpose of computing the limiting rate.