The Illinois state senate has passed SB3139,
http://www.ilga.gov/legislation/billstatus.asp?DocNum=3139&GAID=10&GA=96&DocTypeID=SB&LegID=50864&SessionID=76

 

 

The bill is now in the Illinois state house.  We must stop it in the house.  Call

 

State Rep. Lisa Dugan:  http://www.ilga.gov/house/Rep.asp?MemberID=1076

State Rep. Careen Gordon:  http://www.ilga.gov/house/Rep.asp?MemberID=1077

 

 

If signed into law, local taxing bodies would be able to borrow more money without going to referendum as is now required.  Currently a taxing body cannot sell bonds to borrow money above the maximum amount they have had since the property tax cap law went into effect.  If they want to do a larger amount, they have to go to referendum.

 

Example:  If a taxing body had a maximum bond debt level of $10,000,000 and paid it down to $4,000,000 they could sell new bonds to borrow back the $6,000,000 bringing their total bond debt level back to $10,000,000 without going to referendum.

 

If SB3139 is signed into law,  the example of $10,000,000 would automatically increase every year by the rate of inflation or 5% whichever is less without going to referendum.  This will circumvent the voters right to vote on increases in debt levels.  We all know that taxing bodies like the Bourbonnais Township Park District will take full advantage if this change.  The higher the debt levels, the higher property taxes will be increased.

 

Please take time to call our two state representatives as soon as possible.