101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB2339

 

Introduced 1/8/2020, by Sen. Dan McConchie

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/18-185
35 ILCS 200/18-207 new

    Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that a taxing district shall reduce its aggregate extension base for the purpose of lowering its limiting rate for future years upon referendum approval initiated by the submission of a petition by the voters of the district. Effective immediately.


LRB101 16520 HLH 65902 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB2339LRB101 16520 HLH 65902 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by changing
5Section 18-185 and by adding Section 18-207 as follows:
 
6    (35 ILCS 200/18-185)
7    Sec. 18-185. Short title; definitions. This Division 5 may
8be cited as the Property Tax Extension Limitation Law. As used
9in this Division 5:
10    "Consumer Price Index" means the Consumer Price Index for
11All Urban Consumers for all items published by the United
12States Department of Labor.
13    "Extension limitation" means (a) the lesser of 5% or the
14percentage increase in the Consumer Price Index during the
1512-month calendar year preceding the levy year or (b) the rate
16of increase approved by voters under Section 18-205.
17    "Affected county" means a county of 3,000,000 or more
18inhabitants or a county contiguous to a county of 3,000,000 or
19more inhabitants.
20    "Taxing district" has the same meaning provided in Section
211-150, except as otherwise provided in this Section. For the
221991 through 1994 levy years only, "taxing district" includes
23only each non-home rule taxing district having the majority of

 

 

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1its 1990 equalized assessed value within any county or counties
2contiguous to a county with 3,000,000 or more inhabitants.
3Beginning with the 1995 levy year, "taxing district" includes
4only each non-home rule taxing district subject to this Law
5before the 1995 levy year and each non-home rule taxing
6district not subject to this Law before the 1995 levy year
7having the majority of its 1994 equalized assessed value in an
8affected county or counties. Beginning with the levy year in
9which this Law becomes applicable to a taxing district as
10provided in Section 18-213, "taxing district" also includes
11those taxing districts made subject to this Law as provided in
12Section 18-213.
13    "Aggregate extension" for taxing districts to which this
14Law applied before the 1995 levy year means the annual
15corporate extension for the taxing district and those special
16purpose extensions that are made annually for the taxing
17district, excluding special purpose extensions: (a) made for
18the taxing district to pay interest or principal on general
19obligation bonds that were approved by referendum; (b) made for
20any taxing district to pay interest or principal on general
21obligation bonds issued before October 1, 1991; (c) made for
22any taxing district to pay interest or principal on bonds
23issued to refund or continue to refund those bonds issued
24before October 1, 1991; (d) made for any taxing district to pay
25interest or principal on bonds issued to refund or continue to
26refund bonds issued after October 1, 1991 that were approved by

 

 

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1referendum; (e) made for any taxing district to pay interest or
2principal on revenue bonds issued before October 1, 1991 for
3payment of which a property tax levy or the full faith and
4credit of the unit of local government is pledged; however, a
5tax for the payment of interest or principal on those bonds
6shall be made only after the governing body of the unit of
7local government finds that all other sources for payment are
8insufficient to make those payments; (f) made for payments
9under a building commission lease when the lease payments are
10for the retirement of bonds issued by the commission before
11October 1, 1991, to pay for the building project; (g) made for
12payments due under installment contracts entered into before
13October 1, 1991; (h) made for payments of principal and
14interest on bonds issued under the Metropolitan Water
15Reclamation District Act to finance construction projects
16initiated before October 1, 1991; (i) made for payments of
17principal and interest on limited bonds, as defined in Section
183 of the Local Government Debt Reform Act, in an amount not to
19exceed the debt service extension base less the amount in items
20(b), (c), (e), and (h) of this definition for non-referendum
21obligations, except obligations initially issued pursuant to
22referendum; (j) made for payments of principal and interest on
23bonds issued under Section 15 of the Local Government Debt
24Reform Act; (k) made by a school district that participates in
25the Special Education District of Lake County, created by
26special education joint agreement under Section 10-22.31 of the

 

 

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1School Code, for payment of the school district's share of the
2amounts required to be contributed by the Special Education
3District of Lake County to the Illinois Municipal Retirement
4Fund under Article 7 of the Illinois Pension Code; the amount
5of any extension under this item (k) shall be certified by the
6school district to the county clerk; (l) made to fund expenses
7of providing joint recreational programs for persons with
8disabilities under Section 5-8 of the Park District Code or
9Section 11-95-14 of the Illinois Municipal Code; (m) made for
10temporary relocation loan repayment purposes pursuant to
11Sections 2-3.77 and 17-2.2d of the School Code; (n) made for
12payment of principal and interest on any bonds issued under the
13authority of Section 17-2.2d of the School Code; (o) made for
14contributions to a firefighter's pension fund created under
15Article 4 of the Illinois Pension Code, to the extent of the
16amount certified under item (5) of Section 4-134 of the
17Illinois Pension Code; and (p) made for road purposes in the
18first year after a township assumes the rights, powers, duties,
19assets, property, liabilities, obligations, and
20responsibilities of a road district abolished under the
21provisions of Section 6-133 of the Illinois Highway Code.
22    "Aggregate extension" for the taxing districts to which
23this Law did not apply before the 1995 levy year (except taxing
24districts subject to this Law in accordance with Section
2518-213) means the annual corporate extension for the taxing
26district and those special purpose extensions that are made

 

 

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1annually for the taxing district, excluding special purpose
2extensions: (a) made for the taxing district to pay interest or
3principal on general obligation bonds that were approved by
4referendum; (b) made for any taxing district to pay interest or
5principal on general obligation bonds issued before March 1,
61995; (c) made for any taxing district to pay interest or
7principal on bonds issued to refund or continue to refund those
8bonds issued before March 1, 1995; (d) made for any taxing
9district to pay interest or principal on bonds issued to refund
10or continue to refund bonds issued after March 1, 1995 that
11were approved by referendum; (e) made for any taxing district
12to pay interest or principal on revenue bonds issued before
13March 1, 1995 for payment of which a property tax levy or the
14full faith and credit of the unit of local government is
15pledged; however, a tax for the payment of interest or
16principal on those bonds shall be made only after the governing
17body of the unit of local government finds that all other
18sources for payment are insufficient to make those payments;
19(f) made for payments under a building commission lease when
20the lease payments are for the retirement of bonds issued by
21the commission before March 1, 1995 to pay for the building
22project; (g) made for payments due under installment contracts
23entered into before March 1, 1995; (h) made for payments of
24principal and interest on bonds issued under the Metropolitan
25Water Reclamation District Act to finance construction
26projects initiated before October 1, 1991; (h-4) made for

 

 

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1stormwater management purposes by the Metropolitan Water
2Reclamation District of Greater Chicago under Section 12 of the
3Metropolitan Water Reclamation District Act; (i) made for
4payments of principal and interest on limited bonds, as defined
5in Section 3 of the Local Government Debt Reform Act, in an
6amount not to exceed the debt service extension base less the
7amount in items (b), (c), and (e) of this definition for
8non-referendum obligations, except obligations initially
9issued pursuant to referendum and bonds described in subsection
10(h) of this definition; (j) made for payments of principal and
11interest on bonds issued under Section 15 of the Local
12Government Debt Reform Act; (k) made for payments of principal
13and interest on bonds authorized by Public Act 88-503 and
14issued under Section 20a of the Chicago Park District Act for
15aquarium or museum projects; (l) made for payments of principal
16and interest on bonds authorized by Public Act 87-1191 or
1793-601 and (i) issued pursuant to Section 21.2 of the Cook
18County Forest Preserve District Act, (ii) issued under Section
1942 of the Cook County Forest Preserve District Act for
20zoological park projects, or (iii) issued under Section 44.1 of
21the Cook County Forest Preserve District Act for botanical
22gardens projects; (m) made pursuant to Section 34-53.5 of the
23School Code, whether levied annually or not; (n) made to fund
24expenses of providing joint recreational programs for persons
25with disabilities under Section 5-8 of the Park District Code
26or Section 11-95-14 of the Illinois Municipal Code; (o) made by

 

 

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1the Chicago Park District for recreational programs for persons
2with disabilities under subsection (c) of Section 7.06 of the
3Chicago Park District Act; (p) made for contributions to a
4firefighter's pension fund created under Article 4 of the
5Illinois Pension Code, to the extent of the amount certified
6under item (5) of Section 4-134 of the Illinois Pension Code;
7(q) made by Ford Heights School District 169 under Section
817-9.02 of the School Code; and (r) made for the purpose of
9making employer contributions to the Public School Teachers'
10Pension and Retirement Fund of Chicago under Section 34-53 of
11the School Code.
12    "Aggregate extension" for all taxing districts to which
13this Law applies in accordance with Section 18-213, except for
14those taxing districts subject to paragraph (2) of subsection
15(e) of Section 18-213, means the annual corporate extension for
16the taxing district and those special purpose extensions that
17are made annually for the taxing district, excluding special
18purpose extensions: (a) made for the taxing district to pay
19interest or principal on general obligation bonds that were
20approved by referendum; (b) made for any taxing district to pay
21interest or principal on general obligation bonds issued before
22the date on which the referendum making this Law applicable to
23the taxing district is held; (c) made for any taxing district
24to pay interest or principal on bonds issued to refund or
25continue to refund those bonds issued before the date on which
26the referendum making this Law applicable to the taxing

 

 

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1district is held; (d) made for any taxing district to pay
2interest or principal on bonds issued to refund or continue to
3refund bonds issued after the date on which the referendum
4making this Law applicable to the taxing district is held if
5the bonds were approved by referendum after the date on which
6the referendum making this Law applicable to the taxing
7district is held; (e) made for any taxing district to pay
8interest or principal on revenue bonds issued before the date
9on which the referendum making this Law applicable to the
10taxing district is held for payment of which a property tax
11levy or the full faith and credit of the unit of local
12government is pledged; however, a tax for the payment of
13interest or principal on those bonds shall be made only after
14the governing body of the unit of local government finds that
15all other sources for payment are insufficient to make those
16payments; (f) made for payments under a building commission
17lease when the lease payments are for the retirement of bonds
18issued by the commission before the date on which the
19referendum making this Law applicable to the taxing district is
20held to pay for the building project; (g) made for payments due
21under installment contracts entered into before the date on
22which the referendum making this Law applicable to the taxing
23district is held; (h) made for payments of principal and
24interest on limited bonds, as defined in Section 3 of the Local
25Government Debt Reform Act, in an amount not to exceed the debt
26service extension base less the amount in items (b), (c), and

 

 

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1(e) of this definition for non-referendum obligations, except
2obligations initially issued pursuant to referendum; (i) made
3for payments of principal and interest on bonds issued under
4Section 15 of the Local Government Debt Reform Act; (j) made
5for a qualified airport authority to pay interest or principal
6on general obligation bonds issued for the purpose of paying
7obligations due under, or financing airport facilities
8required to be acquired, constructed, installed or equipped
9pursuant to, contracts entered into before March 1, 1996 (but
10not including any amendments to such a contract taking effect
11on or after that date); (k) made to fund expenses of providing
12joint recreational programs for persons with disabilities
13under Section 5-8 of the Park District Code or Section 11-95-14
14of the Illinois Municipal Code; (l) made for contributions to a
15firefighter's pension fund created under Article 4 of the
16Illinois Pension Code, to the extent of the amount certified
17under item (5) of Section 4-134 of the Illinois Pension Code;
18and (m) made for the taxing district to pay interest or
19principal on general obligation bonds issued pursuant to
20Section 19-3.10 of the School Code.
21    "Aggregate extension" for all taxing districts to which
22this Law applies in accordance with paragraph (2) of subsection
23(e) of Section 18-213 means the annual corporate extension for
24the taxing district and those special purpose extensions that
25are made annually for the taxing district, excluding special
26purpose extensions: (a) made for the taxing district to pay

 

 

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1interest or principal on general obligation bonds that were
2approved by referendum; (b) made for any taxing district to pay
3interest or principal on general obligation bonds issued before
4March 7, 1997 (the effective date of Public Act 89-718) this
5amendatory Act of 1997; (c) made for any taxing district to pay
6interest or principal on bonds issued to refund or continue to
7refund those bonds issued before March 7, 1997 (the effective
8date of Public Act 89-718) this amendatory Act of 1997; (d)
9made for any taxing district to pay interest or principal on
10bonds issued to refund or continue to refund bonds issued after
11March 7, 1997 (the effective date of Public Act 89-718) this
12amendatory Act of 1997 if the bonds were approved by referendum
13after March 7, 1997 (the effective date of Public Act 89-718)
14this amendatory Act of 1997; (e) made for any taxing district
15to pay interest or principal on revenue bonds issued before
16March 7, 1997 (the effective date of Public Act 89-718) this
17amendatory Act of 1997 for payment of which a property tax levy
18or the full faith and credit of the unit of local government is
19pledged; however, a tax for the payment of interest or
20principal on those bonds shall be made only after the governing
21body of the unit of local government finds that all other
22sources for payment are insufficient to make those payments;
23(f) made for payments under a building commission lease when
24the lease payments are for the retirement of bonds issued by
25the commission before March 7, 1997 (the effective date of
26Public Act 89-718) this amendatory Act of 1997 to pay for the

 

 

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1building project; (g) made for payments due under installment
2contracts entered into before March 7, 1997 (the effective date
3of Public Act 89-718) this amendatory Act of 1997; (h) made for
4payments of principal and interest on limited bonds, as defined
5in Section 3 of the Local Government Debt Reform Act, in an
6amount not to exceed the debt service extension base less the
7amount in items (b), (c), and (e) of this definition for
8non-referendum obligations, except obligations initially
9issued pursuant to referendum; (i) made for payments of
10principal and interest on bonds issued under Section 15 of the
11Local Government Debt Reform Act; (j) made for a qualified
12airport authority to pay interest or principal on general
13obligation bonds issued for the purpose of paying obligations
14due under, or financing airport facilities required to be
15acquired, constructed, installed or equipped pursuant to,
16contracts entered into before March 1, 1996 (but not including
17any amendments to such a contract taking effect on or after
18that date); (k) made to fund expenses of providing joint
19recreational programs for persons with disabilities under
20Section 5-8 of the Park District Code or Section 11-95-14 of
21the Illinois Municipal Code; and (l) made for contributions to
22a firefighter's pension fund created under Article 4 of the
23Illinois Pension Code, to the extent of the amount certified
24under item (5) of Section 4-134 of the Illinois Pension Code.
25    "Debt service extension base" means an amount equal to that
26portion of the extension for a taxing district for the 1994

 

 

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1levy year, or for those taxing districts subject to this Law in
2accordance with Section 18-213, except for those subject to
3paragraph (2) of subsection (e) of Section 18-213, for the levy
4year in which the referendum making this Law applicable to the
5taxing district is held, or for those taxing districts subject
6to this Law in accordance with paragraph (2) of subsection (e)
7of Section 18-213 for the 1996 levy year, constituting an
8extension for payment of principal and interest on bonds issued
9by the taxing district without referendum, but not including
10excluded non-referendum bonds. For park districts (i) that were
11first subject to this Law in 1991 or 1995 and (ii) whose
12extension for the 1994 levy year for the payment of principal
13and interest on bonds issued by the park district without
14referendum (but not including excluded non-referendum bonds)
15was less than 51% of the amount for the 1991 levy year
16constituting an extension for payment of principal and interest
17on bonds issued by the park district without referendum (but
18not including excluded non-referendum bonds), "debt service
19extension base" means an amount equal to that portion of the
20extension for the 1991 levy year constituting an extension for
21payment of principal and interest on bonds issued by the park
22district without referendum (but not including excluded
23non-referendum bonds). A debt service extension base
24established or increased at any time pursuant to any provision
25of this Law, except Section 18-212, shall be increased each
26year commencing with the later of (i) the 2009 levy year or

 

 

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1(ii) the first levy year in which this Law becomes applicable
2to the taxing district, by the lesser of 5% or the percentage
3increase in the Consumer Price Index during the 12-month
4calendar year preceding the levy year. The debt service
5extension base may be established or increased as provided
6under Section 18-212. "Excluded non-referendum bonds" means
7(i) bonds authorized by Public Act 88-503 and issued under
8Section 20a of the Chicago Park District Act for aquarium and
9museum projects; (ii) bonds issued under Section 15 of the
10Local Government Debt Reform Act; or (iii) refunding
11obligations issued to refund or to continue to refund
12obligations initially issued pursuant to referendum.
13    "Special purpose extensions" include, but are not limited
14to, extensions for levies made on an annual basis for
15unemployment and workers' compensation, self-insurance,
16contributions to pension plans, and extensions made pursuant to
17Section 6-601 of the Illinois Highway Code for a road
18district's permanent road fund whether levied annually or not.
19The extension for a special service area is not included in the
20aggregate extension.
21    "Aggregate extension base" means the taxing district's
22last preceding aggregate extension as adjusted under Sections
2318-135, 18-215, 18-230, and 18-206. An adjustment under Section
2418-135 shall be made for the 2007 levy year and all subsequent
25levy years whenever one or more counties within which a taxing
26district is located (i) used estimated valuations or rates when

 

 

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1extending taxes in the taxing district for the last preceding
2levy year that resulted in the over or under extension of
3taxes, or (ii) increased or decreased the tax extension for the
4last preceding levy year as required by Section 18-135(c).
5Whenever an adjustment is required under Section 18-135, the
6aggregate extension base of the taxing district shall be equal
7to the amount that the aggregate extension of the taxing
8district would have been for the last preceding levy year if
9either or both (i) actual, rather than estimated, valuations or
10rates had been used to calculate the extension of taxes for the
11last levy year, or (ii) the tax extension for the last
12preceding levy year had not been adjusted as required by
13subsection (c) of Section 18-135.
14    Notwithstanding any other provision of law, for levy year
152012, the aggregate extension base for West Northfield School
16District No. 31 in Cook County shall be $12,654,592.
17    "Levy year" has the same meaning as "year" under Section
181-155.
19    "New property" means (i) the assessed value, after final
20board of review or board of appeals action, of new improvements
21or additions to existing improvements on any parcel of real
22property that increase the assessed value of that real property
23during the levy year multiplied by the equalization factor
24issued by the Department under Section 17-30, (ii) the assessed
25value, after final board of review or board of appeals action,
26of real property not exempt from real estate taxation, which

 

 

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1real property was exempt from real estate taxation for any
2portion of the immediately preceding levy year, multiplied by
3the equalization factor issued by the Department under Section
417-30, including the assessed value, upon final stabilization
5of occupancy after new construction is complete, of any real
6property located within the boundaries of an otherwise or
7previously exempt military reservation that is intended for
8residential use and owned by or leased to a private corporation
9or other entity, (iii) in counties that classify in accordance
10with Section 4 of Article IX of the Illinois Constitution, an
11incentive property's additional assessed value resulting from
12a scheduled increase in the level of assessment as applied to
13the first year final board of review market value, and (iv) any
14increase in assessed value due to oil or gas production from an
15oil or gas well required to be permitted under the Hydraulic
16Fracturing Regulatory Act that was not produced in or accounted
17for during the previous levy year. In addition, the county
18clerk in a county containing a population of 3,000,000 or more
19shall include in the 1997 recovered tax increment value for any
20school district, any recovered tax increment value that was
21applicable to the 1995 tax year calculations.
22    "Qualified airport authority" means an airport authority
23organized under the Airport Authorities Act and located in a
24county bordering on the State of Wisconsin and having a
25population in excess of 200,000 and not greater than 500,000.
26    "Recovered tax increment value" means, except as otherwise

 

 

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1provided in this paragraph, the amount of the current year's
2equalized assessed value, in the first year after a
3municipality terminates the designation of an area as a
4redevelopment project area previously established under the
5Tax Increment Allocation Redevelopment Development Act in the
6Illinois Municipal Code, previously established under the
7Industrial Jobs Recovery Law in the Illinois Municipal Code,
8previously established under the Economic Development Project
9Area Tax Increment Act of 1995, or previously established under
10the Economic Development Area Tax Increment Allocation Act, of
11each taxable lot, block, tract, or parcel of real property in
12the redevelopment project area over and above the initial
13equalized assessed value of each property in the redevelopment
14project area. For the taxes which are extended for the 1997
15levy year, the recovered tax increment value for a non-home
16rule taxing district that first became subject to this Law for
17the 1995 levy year because a majority of its 1994 equalized
18assessed value was in an affected county or counties shall be
19increased if a municipality terminated the designation of an
20area in 1993 as a redevelopment project area previously
21established under the Tax Increment Allocation Redevelopment
22Development Act in the Illinois Municipal Code, previously
23established under the Industrial Jobs Recovery Law in the
24Illinois Municipal Code, or previously established under the
25Economic Development Area Tax Increment Allocation Act, by an
26amount equal to the 1994 equalized assessed value of each

 

 

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1taxable lot, block, tract, or parcel of real property in the
2redevelopment project area over and above the initial equalized
3assessed value of each property in the redevelopment project
4area. In the first year after a municipality removes a taxable
5lot, block, tract, or parcel of real property from a
6redevelopment project area established under the Tax Increment
7Allocation Redevelopment Development Act in the Illinois
8Municipal Code, the Industrial Jobs Recovery Law in the
9Illinois Municipal Code, or the Economic Development Area Tax
10Increment Allocation Act, "recovered tax increment value"
11means the amount of the current year's equalized assessed value
12of each taxable lot, block, tract, or parcel of real property
13removed from the redevelopment project area over and above the
14initial equalized assessed value of that real property before
15removal from the redevelopment project area.
16    Except as otherwise provided in this Section, "limiting
17rate" means a fraction the numerator of which is the last
18preceding aggregate extension base (as reduced by Section
1918-207, if applicable) times an amount equal to one plus the
20extension limitation defined in this Section and the
21denominator of which is the current year's equalized assessed
22value of all real property in the territory under the
23jurisdiction of the taxing district during the prior levy year.
24For those taxing districts that reduced their aggregate
25extension for the last preceding levy year, except for school
26districts that reduced their extension for educational

 

 

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1purposes pursuant to Section 18-206 and taxing districts that
2reduced their aggregate extension pursuant to Section 18-207,
3the highest aggregate extension in any of the last 3 preceding
4levy years shall be used for the purpose of computing the
5limiting rate. The denominator shall not include new property
6or the recovered tax increment value. If a new rate, a rate
7decrease, or a limiting rate increase has been approved at an
8election held after March 21, 2006, then (i) the otherwise
9applicable limiting rate shall be increased by the amount of
10the new rate or shall be reduced by the amount of the rate
11decrease, as the case may be, or (ii) in the case of a limiting
12rate increase, the limiting rate shall be equal to the rate set
13forth in the proposition approved by the voters for each of the
14years specified in the proposition, after which the limiting
15rate of the taxing district shall be calculated as otherwise
16provided. In the case of a taxing district that obtained
17referendum approval for an increased limiting rate on March 20,
182012, the limiting rate for tax year 2012 shall be the rate
19that generates the approximate total amount of taxes extendable
20for that tax year, as set forth in the proposition approved by
21the voters; this rate shall be the final rate applied by the
22county clerk for the aggregate of all capped funds of the
23district for tax year 2012.
24(Source: P.A. 99-143, eff. 7-27-15; 99-521, eff. 6-1-17;
25100-465, eff. 8-31-17; revised 8-12-19.)
 

 

 

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1    (35 ILCS 200/18-207 new)
2    Sec. 18-207. Reduced aggregate extension base.
3    (a) Upon submission of a petition signed by a number of
4voters of the taxing district that is not less than 10% of the
5votes cast in the taxing district at the immediately preceding
6gubernatorial election, the question of whether a taxing
7district shall reduce its aggregate extension base for the
8purpose of lowering its limiting rate for future years shall be
9submitted to the voters of the taxing district at the next
10general or consolidated election. The petition shall set forth
11the amount of the reduction and the levy years for which the
12reduction shall be applicable.
13    (b) The petition shall be filed with the applicable
14election authority, as defined in Section 1-3 of the Election
15Code, or, in the case of multiple election authorities, with
16the State Board of Elections, not more than 10 months nor less
17than 6 months prior to the election at which the question is to
18be submitted to the voters, and its validity shall be
19determined as provided by Article 28 of the Election Code and
20general election law. The election authority or Board, as
21applicable, shall certify the question and the proper election
22authority or authorities shall submit the question to the
23voters. Except as otherwise provided in this Section, this
24referendum shall be subject to all other general election law
25requirements.
26    (c) The proposition seeking to reduce the aggregate

 

 

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1extension base shall be in substantially the following form:
2        Shall the aggregate extension base used to calculate
3    the limiting rate for (taxing district) under the Property
4    Tax Extension Limitation Law be reduced by (amount of money
5    expressed in U.S. dollars) for (levy year or years)?
6    Votes shall be recorded as "Yes" or "No".
7    If a majority of all votes cast on the proposition are in
8favor of the proposition, then the aggregate extension base
9shall be reduced as provided in the referendum.
 
10    Section 99. Effective date. This Act takes effect upon
11becoming law.