(70 ILCS 200/255-40)
Sec. 255-40.
Tax.
For the year 1973 and subsequent years, the Authority has power to
levy and collect annually, taxes upon all the taxable property in the
metropolitan area for the purpose of the payment for land leased,
condemned or purchased for a fair and exposition grounds, convention or
exhibition centers and civic auditoriums, for the purchase,
construction, leasing as lessee, equipping, supplying, or other
acquisition of such grounds, centers and auditoriums, and for the
payment of expenses incident thereto, for the payment of the principal
of and interest on all bonds of the Authority and for all other
corporate purposes as set forth in this Article. The Board may
accumulate
funds for the purposes of building construction, repairs and
improvements, payment of principal and interest on general obligation
bonds and may annually levy taxes for such purposes in excess of its
current requirements but subject to the tax rate limitation as provided
in this Section.
All general taxes proposed by the Board to be levied upon the taxable
property within the metropolitan area shall be levied by ordinance.
After the ordinance has been adopted it shall within 10 days after its
passage be published once in a newspaper published and having a general
circulation within the metropolitan area and shall then be in effect. A
certified copy of such levy ordinance shall be filed with the county
clerk no later than the 3rd Tuesday in September in each year. Thereupon
the county clerk shall extend such tax. However, the aggregate amount of
taxes levied for any one year shall not exceed the rate of .05% of the
value of the taxable property of the metropolitan area as equalized or
assessed by the Department of Revenue.
(Source: P.A. 90-328, eff. 1-1-98.)
|