(65 ILCS 5/11-58-6) (from Ch. 24, par. 11-58-6)
Sec. 11-58-6.
If at any time during the making of such grade
separations, it appears to the satisfaction of the corporate authorities
of the municipality, that the total sum of the tax authorized by the
specified ordinance to be levied and collected will be insufficient to
pay the proportion of the costs lawfully imposed upon the municipality,
of those grade separations, the corporate authorities have the power, by
ordinance, to set forth the total sum of the estimated deficiency and to
provide for levying and collecting a direct annual tax, for not
exceeding 5 successive years, sufficient to create a fund to pay, in
annual installments, the estimated deficiency. However, this
supplemental tax shall not exceed in any one year the rate of 1.25% of
the value, as equalized or assessed by the Department of Revenue, of
all the taxable property in the municipality.
The ordinance levying and collecting this supplemental tax, except as
provided in this Section, shall be subject to all the conditions and
limitations imposed by this Division 58 upon any original ordinance
levying and collecting a grade separation tax. Before this supplemental
tax shall be authorized, the supplemental ordinance shall be submitted
to and approved by the electors of the municipality in the manner
provided for in Section 11-58-3, unless the supplemental ordinance has
been heretofore submitted to and approved by the electors of the
municipality in the manner provided for in Section 2 of "An Act to
enable cities, villages and incorporated towns having less than two
hundred thousand inhabitants, to provide for defraying whatever portion
may be imposed upon them by law of the costs and expenses of separation
of the grades of railroads and of public streets and public places, and
to provide for a direct annual tax therefor," approved June 17, 1929, as
amended.
(Source: P.A. 81-1509.)
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