(65 ILCS 5/9-3-49) (from Ch. 24, par. 9-3-49)
Sec. 9-3-49.
Any municipality levying assessments as provided in this
Division 3 may provide by ordinance for the levy, in addition to the taxes
now authorized by law, and in addition to the amount authorized to be
levied for general corporate purposes, a tax not exceeding .05% of all
taxable property in such municipality to be known as a public benefit tax
for the purpose of paying public benefits levied in accordance with the
provisions of this Division 3. The fund arising therefrom shall be known as
a public benefit fund, which fund shall be kept separate and apart from all
other funds and shall be used solely for the purpose of paying that portion
of the several amounts assessed against any such municipality for public
benefit. However, such municipality shall not extend a tax for the payment
of such public benefit in excess of the amount required annually to pay the
principal and interest of the installments of such public benefit as it
matures.
(Source: Laws 1961, p. 576.)
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