Sec. 34-53.5. Capital improvement tax levy; purpose; maximum amount.

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(a)For the purpose of providing a reliable source of revenue for capital improvement purposes, including without limitation

(i)the construction and equipping of a new school building or buildings or an addition or additions to an existing school building or buildings,

(ii)the purchase of school grounds on which any new school building or an addition to an existing school building is to be constructed or located,

(iii)both items

(i)and

(ii)of this subsection (a), or

(iv)the rehabilitation, renovation, and equipping of an existing school building or buildings, the board may levy, upon all taxable property of the school district, in calendar year 2003, a capital improvement tax to produce, when extended, an amount not to exceed the product attained by multiplying

(1)the percentage increase, if any, in the Consumer Price Index for All Urban Consumers for all items published by the United States Department of Labor for the 12 months ending 2 months prior to the month in which the levy is adopted by

(2)$142,500,000. For example, if the percentage increase in the Consumer Price Index is 2.5%, then the computation would be $142,500,000 x 0.025 = $3,562,500.

(b)In each calendar year from 2004 through 2030, the board may levy a capital improvement tax to produce, when extended, an amount not to exceed the sum of

(1)the maximum amount that could have been levied by the board in the preceding calendar year pursuant to this Section and

(2)the product obtained by multiplying

(A)the sum of

(i)the maximum amount that could have been levied by the board in the preceding calendar year pursuant to this Section and

(ii)$142,500,000 by

(B)the percentage increase, if any, in the Consumer Price Index for All Urban Consumers for all items published by the United States Department of Labor for the 12 months ending 2 months prior to the month in which the levy is adopted.

(c)In calendar year 2031, the board may levy a capital improvement tax to produce, when extended, an amount not to exceed the sum of

(1)the maximum amount that could have been levied by the board in calendar year 2030 pursuant to this Section,

(2)$142,500,000, and

(3)the product obtained by multiplying

(A)the sum of

(i)the maximum amount that could have been levied by the board in calendar year 2030 pursuant to this Section and

(ii)$142,500,000 by

(d)In calendar year 2032 and each calendar year thereafter, the board may levy a capital improvement tax to produce, when extended, an amount not to exceed the sum of

(1)the maximum amount that could have been levied by the board in the preceding calendar year pursuant to this Section and

(2)the product obtained by multiplying

(A)the maximum amount that could have been levied by the board in the preceding calendar year pursuant to this Section by

(e)An initial tax levy made by the board under this Section must have the approval of the Chicago City Council, by resolution, before the levy may be extended. The board shall communicate its adoption of the initial tax levy by delivering a certified copy of the levy resolution to the Clerk of the City of Chicago. The Chicago City Council shall have 60 days after receipt, by the Clerk of the City of Chicago, of the certified resolution to approve or disapprove the levy. The failure of the Chicago City Council to take action to approve or disapprove the initial tax levy within the 60-day period shall be deemed disapproval of the initial tax levy. Upon the adoption of each subsequent levy by the board under this Section, the board must notify the Chicago City Council that the board has adopted the levy.

(f)The board may issue bonds, in accordance with the Local Government Debt Reform Act, including Section 15 of that Act, against any revenues to be collected from the capital improvement tax in any year or years and may pledge, pursuant to Section 13 of the Local Government Debt Reform Act, those revenues as security for the payment of any such bonds.