70 ILCS 1205/5-1
2021 Illinois Compiled Statutes|Chapter 70 - SPECIAL DISTRICTS|70 ILCS 1205/ - Park District Code.|Article 5 - Taxing Powers

 (from Ch. 105, par. 5-1)Sec. 5-1. Each Park District has the power to levy and collect taxes on  all the taxable property in the district for all corporate purposes. The  commissioners may accumulate funds for the purposes of building repairs and  improvements and may annually levy taxes for such purposes in excess of  current requirements for its other purposes but subject to the tax rate  limitation as herein provided.All general taxes  proposed by the board to be levied upon the taxable  property within the district shall be levied by ordinance. A certified  copy of such levy ordinance shall be filed with the county clerk of the  county in which the same is to be collected not later than the last  Tuesday in December in each year. The county clerk shall extend  such tax; provided, the aggregate amount of taxes levied for any one year,  exclusive of the amount levied for the payment of the principal and  interest on bonded indebtedness of the district and taxes authorized by  special referenda, shall not exceed, except as otherwise provided in this  Section, the rate of .10%, or the rate  limitation in effect on July 1, 1967, whichever is greater, of the  value, as equalized or assessed by the Department of Revenue.Notwithstanding any other provision of this Section, a  park  district board of a park district lying wholly within one county is  authorized to increase property taxes under this  Section for corporate purposes for any one year so long as the  increase is  offset by a like property tax levy reduction in one or more of the park  district's  funds.  At the time that such park district files its levy with the county clerk, it  shall also certify to the county clerk that the park district has complied with  and is authorized to act under this Section 5-1 of the Park District Code.  In no instance shall  the increase either  exceed or result in a reduction to the extension limitation to which any park  district is subject under  Section 18-195  of the Property Tax Code.Notwithstanding any  provision of this Section to the contrary, if a park district is  subject to Section 18-195 of the Property Tax Code and does not levy the tax authorized by Section 5-3, then it may increase the property tax levy under this Section for corporate purposes to a total rate not to exceed the total of rates authorized by this Section and Section 5-3 as long as the increase is offset by a like property tax levy reduction in one or more of the park district's funds. In no instance shall the increase for corporate purposes cause the park district to exceed the limiting rate that the park district is subject to under Section 18-195 of the Property Tax Code.Any funds on hand at the end of the fiscal year that are not pledged for or  allocated to a particular purpose may, by action of the board of commissioners,  be transferred to a capital improvement fund and accumulated therein, but  the total amount accumulated in the fund may not exceed 1.5% of the aggregate  assessed valuation of all taxable property in the park district.The foregoing limitations upon tax rates may be decreased under the referendum provisions of the General Revenue Law of  the State of Illinois.    (Source: P.A. 97-974, eff. 8-17-12.)