Right now there are ten cities in Illinois where all of the property tax payments made by residents are used exclusively by the local city government to pay pensions and municipal bonds, the two biggest types of debt created by local and state government.
State Representative David McSweeney (R-Barrington Hills) and State Representative Jack Franks (D-Marengo) have filed HB983; a bipartisan effort they say ensures greater fiscal accountability.
According to a McSweeney press release, recent reports have exposed how the current alternate revenue bond law has facilitated risky deals that have resulted in increased local taxes. If passed, his new legislation would address the ease at which alternative revenue bonds are issued because the current process sidesteps taxpayers and property tax caps in many cases.
“This is a common sense bill that allows taxpayers to more easily organize a referendum to oppose local borrowing proposals,” said McSweeney (photo right). “We are talking about large sums of taxpayer money. Property taxes are skyrocketing while local governments keep borrowing for what they want and cannot afford.”