SB 83

Abstract

Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that "debt service extension base" means, for park districts (i) that were first subject to this Law in 1991 or 1995 and (ii) whose extension for the 1994 levy year for the payment of principal and interest on bonds issued by the park district without referendum (but not including excluded non-referendum bonds) was less than 51% of the amount for the 1991 levy year constituting an extension for payment of principal and interest on bonds issued by the park district without referendum (but not including excluded non-referendum bonds), an amount equal to that portion of the extension for the 1991 levy year constituting an extension for payment of principal and interest on bonds issued by the park district without referendum (but not including excluded non-referendum bonds). Provides that "excluded non-referendum bonds" means (i) bonds authorized for certain aquarium and museum projects, (ii) double-barrelled bonds, and (iii) refunding obligations issued to refund or to continue to refund obligations initially issued pursuant to referendum.