ORDINANCE
WHEREAS, special service areas may be established pursuant to (i) Article VII, Sections 6(1) and 7(6) of the Constitution of the State of Illinois, (ii) the provisions of the Special Service Area Tax Law, 35 ILCS 200/27-5 et seq., as amended from time to time (the "Act"), and (iii) the Property Tax Code, 35 ILCS 200/1-1 et seq., as amended from time to time (the "Code"); and
WHEREAS, on December 8, 2010, the City Council (the "City Council") ofthe City of Chicago (the "City") enacted an ordinance (the "Establishment Ordinance") which was published in the Journal of Proceedings ofthe City Council for such date at pages 108870 through 108959, and which established an area known and designated as City of Chicago Special Service Area Number 50 (the "Original Area") and authorized the levy of an annual tax, forthe period beginning in 2010 through and including 2019 (the "Original Period"), not to exceed an annual rate of one and five-tenths percent (1.5%) of the equalized assessed value of the taxable property therein (the "Original Services Tax") to provide certain.special services in and forthe Original Area in addition to the services provided by and to the City generally (the "Original Special Services"); and
WHEREAS, the City Council finds that it is in the best interests of the City (i) to enlarge the boundaries ofthe Original Area (as enlarged, the "Area (ii) authorize certain special services in the Area distinct from the Original Special Services (the "Special Services"), (iii) authorize the extension of the time period for which the levy of the services tax is authorized within the Area from the Original Period to a period from the year 2019 through and including the year 2033 (the "Levy Period"), and (iv) increase the amount of the levy of the Original Services Tax from 1.5% to 2.0% (the "Services Tax") forthe provision ofthe Special Services in the Area ;and
WHEREAS, the Establishment Ordinance established the Original Area as that territory consi...
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