(70 ILCS 200/265-35)
Sec. 265-35.
Tax.
If a majority of the voters of said
metropolitan area
approve the issuance of bonds as provided in Section 265-32, the
Authority shall have power to levy and collect annually a sum sufficient
to pay for the annual principal and interest charges on such bonds.
Such taxes proposed by the Authority 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. 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; provided the aggregate amount of taxes levied for any
one year shall not exceed the rate of .0005% of the full fair cash
value, as equalized or assessed by the Department of Revenue.
If the Vermilion County Metropolitan Exposition, Auditorium and Office
Building Authority has made an intergovernmental cooperation agreement with
other units of local government that provides that the tax shall be levied
only in part of the metropolitan area, then the tax shall be levied only in
the part of the metropolitan area as provided in the agreement.
(Source: P.A. 90-328, eff. 1-1-98.)
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