(70 ILCS 200/205-30)
Sec. 205-30.
Levy of taxes.
For all preliminary expenses, architectural, engineering,
accounting,
legal and otherwise that are incident to the proper planning and
development of a civic center; for the purpose of payment for land that
is leased, condemned or purchased for an exposition, convention,
exhibition center for auditorium and other supporting facilities of a
like nature necessary or desirable for the proper development of a civic
center; for the purchase, construction, equipping, supplying and
furnishing of such grounds and buildings and for the payment of all
expenses incident thereto; for the payment of the principal and interest
on bonds of the Authority issued pursuant to Section 205-35 and
for all other corporate purposes set forth in this Article, the
City Council
may, upon the request of the Board, levy, upon all taxable property in
the City, without referendum, a tax that will produce an aggregate
amount not exceeding $300,000, exclusive of any amounts levied for the
payment of principal and interest on the bonded interest of the
Authority. This tax need not be levied in one year but may be levied in
a period of up to 10 years so long as the total limit of $300,000 is not
exceeded. Thereafter, if the proposition for the levy of such a tax has
been submitted to the electors of the City at an election and has received the
affirmative vote of those voting on the proposition, the City Council
may levy annually, upon all taxable property in the City, a tax at a
rate not exceeding .05% of the value of the taxable property in the
City, as equalized or assessed by the Department of Revenue which rate limitation
is exclusive of any amount levied for the
payment of principal and interest on the bonded indebtedness of the
Authority. The City Council may order such proposition submitted, in accordance
with the general election law by adoption of a resolution so ordering and
certified in accordance therewith.
All net revenues received by the Authority shall be credited against
all taxes that are levied or assessed pursuant to the provisions of this
Section and said tax levied shall be abated accordingly on an annual
basis.
(Source: P.A. 90-328, eff. 1-1-98.)
|