Amends the Local Government Debt Reform Act. Defines "revenue source" to include any public building commission (PBC) lease rental base alternate tax levy. Defines "limited bonds" to include PBC leases and excludes other leases. Defines "public building commission rental base" as an amount equal to that portion of the extension for a taxing district for the 1999 levy year constituting an extension for payment of lease rentals under a PBC lease allocable to the retirement of bonds issued by the commission. Defines "public building commission lease rental base alternate tax levy" as a special purpose levy available to a unit of local government and authorized for the payment of limited bonds as a revenue source, which shall equal the PBC lease rental base less the amount of that base allocable to the payment of lease rentals under a PBC lease. Provides that a governmental unit is authorized to issue limited bonds payable from the debt service extension base or the PBC lease rental base, or both (now, payable from the debt service extension base only). Amends the Property Tax Extension Limitation Law in the Property Code. With respect to limited bonds and double-barrelled bonds issued under the Local Government Debt Reform Act, exempts from the tax caps in the taxing districts to which the law applied before the 1995 levy year special purpose extensions made for payment of principal and interest on bonds issued concerning PBC leases. Amends the Public Building Commission Act. In provisions concerning tax levies for PBC lease rental payments, provides that the tax levied may relate to the amount necessary to pay the annual rent under the lease or the PBC lease rental base (now, related only to the amount necessary to pay the annual rent under the lease). Provides that taxes are not required to be levied or extended in excess of the allocated portion of a PBC lease rental base. Amends the Counties Code. Includes within the exception for taxes levied to pay annual rent payments due under a lease entered into by the county with a Public Building Commission, payments made from the PBC lease rental base. Excludes taxes levied allocable to the PBC lease rental base tax levy and taxes levied to pay principal of and interest on limited bonds. Effective immediately.
Sponsored bills
Amends the Principal and Income Act. Provides that if, in the judgment of the trustee, the charging of the required part of the compensation due to the trustee, attorney, investment counsel, custodian, or accountant is (i) impractical because of the lack of sufficient income cash or principal cash and readily marketable intangible property or (ii) inadvisable because of the nature of the asset, then the trustee may pay the compensation out of the principal or income as the trustee sees fit. Provides that the decision to pay compensation out of the income or principal is conclusive and neither the income nor the principal is entitled to reimbursement. Makes other changes. Effective immediately.
Amends the Illinois Insurance Code. Makes a technical change in a Section concerning market conduct and non-financial examinations.
Congratulates James Eschenbauch, President of the Village of Wauconda, on his retirement.
Congratulates James Eschenbauch, President of the Village of Wauconda, on his retirement.
Congratulates Mayor Charles R. Amrich on the occasion of his retirement as Mayor of Island Lake after 20 years.
Honors Alberta "Bertie" Miller of Grant Township for her 25 years of public service.
Amends the Cigarette Tax Act. Provides for the licensing under the Act of manufacturers, importers, and retailers in addition to distributors. Provides that the tax is imposed on the sale or consumption of cigarettes (now, imposed on persons engaged in business as retailers of cigarettes). Includes in this Act the transactions currently covered under the Cigarette Use Tax Act and repeals that Act. Changes the reporting and record keeping requirements. Adds provisions governing delivery sales of cigarettes. Adds provisions concerning compliance with the Tobacco Products Manufacturers' Escrow Act. Makes other changes. Effective 90 days after becoming law.
Amends the Counties Code. Provides that a county board may authorize the clerk of the circuit court to charge litigants in civil cases a county law library fee not to exceed $19 (now, not to exceed $10). Further provides that beginning on January 1, 2004, and through January 1, 2008, this maximum shall be increased by $1 each year. Effective immediately.
Amends the Illinois Income Tax Act. Makes technical changes in a Section concerning the short title.