PUBLIC HEARING ORDINANCE
WHEREAS, special service areas may be established pursuant to Article VII, Sections 6(1) and 7(6) of the Constitution of the State of Illinois, and pursuant to the provisions of the Special Service Area Tax Law, 35 ILCS 200/27-5 et seq., as amended from time to time, and pursuant to the Property Tax Code, 35 ILCS 200/1-1 et seq., as amended from time to time (the "Property Tax Code"); and
WHEREAS, on November 1, 2006, the City Council of the City of Chicago (the "City Council") enacted an ordinance which established an area known and designated as City of Chicago Special Service Area Number 43 (the "Area") and authorized the levy of an annual tax, for the period beginning in tax year 2006 through and including tax year 2015 (the "Original Levy Period"), not to exceed an annual rate of 0.40% of the equalized assessed value of the taxable property therein (the "Original Services Tax") to provide certain special services in and for the Area in addition to the services provided by and to the City of Chicago generally (the "Original Special Services"); and
WHEREAS, the City Council adopted an ordinance on September 10, 2014 (the "First Public Hearing Ordinance") which was published in the Journal of Proceedings of the City Council of the City of Chicago for such date, and which authorized a public hearing to consider (i) the authorization of certain special services which are distinct from the Original Special Services, (ii) the authorization of the extension of the Original Levy Period through and including tax year 2028, and (iii) the increase of the levy of the Original Services Tax from 0.40 percent to 1.5 percent (the "Services Tax") for the provision of certain special services (the "Special Services") in the Area; and
WHEREAS, a public hearing was held on October 2, 2014 pursuant to the First Public Hearing Ordinance; and
WHEREAS, the City Council finds that (a) it is in the public interest that a second public hearing be held for consi...
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