(55 ILCS 5/5-1035.2) (from Ch. 34, par. 5-1035.2)
Sec. 5-1035.2.
County economic development tax.
(a) A county with a population under 100,000 may levy an annual tax on
all the taxable property in the county, as equalized or assessed by the
Department of Revenue, for the purpose of promoting economic development,
upon approval of the tax at a referendum held in accordance with the general election law.
(b) The referendum may be initiated by either (i) adoption of a
resolution by the county board or (ii) filing a petition with the county
board signed by at least 5% of the electors of the county as determined by
the number of electors voting at the most recent presidential election.
Upon adoption of the resolution or filing of the petition, as the case may
be, the county board shall certify the question to the appropriate election officials.
(c) The resolution or petition, as the case may be, shall set forth the
maximum rate at which the tax may be levied, expressed as a percentage of
the value, as equalized or assessed by the Department of Revenue, of all
the taxable property in the county.
(d) The question shall be submitted to the electors in substantially the
following form: Shall an annual tax of not to exceed ....% be levied in
....... County for the purpose of promoting economic development? The
question is approved if a majority of the electors voting on the question
vote in favor of it.
(e) The proceeds of the tax authorized by this Section shall be
deposited into a separate fund in the county treasury, to be expended by
the county board solely for the purpose of promoting economic development.
(f) The tax authorized by this Section shall be in addition to and shall
not be subject to any limitation on the maximum rate of taxes otherwise
provided by law.
(Source: P.A. 86-1028.)
|