Illinois General Assembly - Bill Status for HB1507

Amends the Counties Code. Requires the imposition of a school facility occupation tax in a county if the electors of the county have approved a proposition for the tax. Provides that a school facility occupation tax imposed by approval of the electors may be reduced or discontinued if the electors have voted to reduce or discontinue the tax. Provides that the State will not limit or alter rights, powers, and duties so as to impair the rights and remedies of holders of bonds secured by proceeds of a school facility occupation tax. Amends the Local Government Debt Reform Act. Provides that a backdoor referendum is not required for alternate bonds if at least 90% of the revenue source pledged to the payment of the alternate bonds is expected to be obtained from a school facility occupation tax. Amends the School Code. Provides that a referendum shall not be required if the purchase, construction, or building of a school building is paid from funds received from the County School Facility Occupation Tax Law or from the proceeds of bonds secured by revenues obtained from that Law. Effective immediately.

×