HB5435 101ST GENERAL ASSEMBLY

LRB101 19009 HLH 68468 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB5435

Introduced , by Rep. Grant Wehrli - Deanne M. Mazzochi - Joe Sosnowski - Amy Grant, Lindsay Parkhurst, et al.

SYNOPSIS AS INTRODUCED:

New Act

Creates the Taxing Body Refinancing by Popular Vote Act. Provides that no taxing district may renew or refinance its indebtedness in a way that requires the extension of property taxes for the payment of debt service in a taxable year that is later than the taxable year in which the indebtedness would otherwise mature unless the question of such renewal or refinancing is submitted to the electors of the district at a regular election and approved by a majority of the electors voting on the question.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning local government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 1. Short title. This Act may be cited as the Taxing Body Refinancing by Popular Vote Act.

Section 5. Referendum required. No taxing district may renew or refinance its indebtedness in a way that requires the extension of property taxes for the payment of debt service in a taxable year that is later than the taxable year in which the indebtedness would otherwise mature unless the question of such renewal or refinancing is submitted to the electors of the district at a regular election and approved by a majority of the electors voting on the question. The corporate authorities of the district must certify the question to the proper election authority, which must submit the question at an election in accordance with the Election Code. The election authority must submit the question in substantially the following form:

Shall (taxing district) be authorized to renew or refinance its existing indebtedness in a way that requires the extension of property taxes in (taxable year or years)?

Votes shall be recorded as "Yes" or "No".

The question shall also include, as supplemental information, the disclosure of savings to property taxpayers if the indebtedness is not renewed or refinanced.

As used in this Act, "taxing district" has the meaning given to that term in Section 1-150 of the Property Tax Code.