Illinois SB 3925: HOME EQUITY-FLOOD REBATE

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SB3925 EnrolledLRB104 20718 RTM 34219 b

1 AN ACT concerning local government.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Home Equity Assurance Act is amended by 

5changing Section 11 as follows:

6 (65 ILCS 95/11) (from Ch. 24, par. 1611)

7 Sec. 11. Guarantee Fund. 

8 (a) Each governing commission and program created by 

9referendum under the provisions of this Act shall maintain a 

10guarantee fund for the purposes of paying the costs of 

11administering the program and extending protection to members 

12pursuant to the limitations and procedures set forth in this 

13Act.

14 (b) The guarantee fund shall be raised by means of an 

15annual tax levied on all residential property within the 

16territory of the program having at least one, but not more than 

176 dwelling units and classified by county ordinance as 

18residential. The rate of this tax may be changed from year to 

19year by majority vote of the governing commission but in no 

20case shall it exceed a rate of .12% of the equalized assessed 

21valuation of all property in the territory of the program 

22having at least one, but not more than 6 dwelling units and 

23classified by county ordinance as residential, or the maximum 

SB3925 Enrolled- 2 -LRB104 20718 RTM 34219 b

1tax rate approved by the voters of the territory at the 

2referendum which created the program or, in the case of a 

3merged program, the maximum tax rate approved by the voters at 

4the referendum authorizing the merger, whichever rate is 

5lower. The commissioners shall cause the amount to be raised 

6by taxation in each year to be certified to the county clerk