SB 1623

Abstract

Amends the Metropolitan Water Reclamation District Act. Sets forth procedures for a petition by the electors of the District requesting the submission of a clean-water-bond referendum. Sets forth requirements for the referendum. Provides that, if a majority of the electors voting on the question vote in the affirmative, then the District shall issue bonds for the purpose of disinfecting sewage and improving the water quality of the Chicago River, Lake Michigan, and other waterways in the District. Provides that, if the District issues the bonds, then the District may impose a real estate transfer tax on the privilege of transferring: (i) title to real estate with a fair cash value exceeding $1,000,000; (ii) a beneficial interest in real property with a fair cash value exceeding $1,000,000, and (iii) a controlling interest in a real estate entity with a fair cash value exceeding $1,000,000. Provides that all moneys collected from the tax may be used only to repay the principle and interest on the clean water bonds.