RESOLUTION
WHEREAS. The City of Chicago is a home rule unit of government as defined in Article VII. §6(a) of the Illinois Constitution, and, as such, may exercise any power and perform any function pertaining to its government and affairs: and
WHEREAS, the "City Portion" of the City of Chicago current transfer tax rate is three dollars and seventy-five cents ($3.75) for every five hundred dollars ($500.00) of transfer price, or fraction thereof, per transaction: and
WHEREAS, Pursuant to the Illinois Election Code. 10 ILCS 5/28-1. et seq., and the Illinois Municipal Code. 65 ILCS 5/1-1-8, the corporate authorities of a municipality have the authority to submit a public question to the electors of the municipality by means of a referendum; and
WHEREAS, Section 8-3-19 ot* the Illinois Municipal Code states that a home rule municipality may increase a tax or other fee on the privilege of transferring title lo real estate or on the privilege of transferring a beneficial interest in real property (a.k.a. "real estate transfer tax"), subject to referendum approval by the municipality's voters: and
WHEREAS. The City Council hereby intends to submit to referendum the question of increasing the City of Chicago's real estate transfer tax for the purpose of using the proceeds of such increase to meet the City's funding obligations to one or more of the following: the Firemen's Annuity and Benefit Fund of Chicago, the Policemen's Annuity and Benefit Fund of Chicago, the Municipal Employees' Annuity and Benefit Fund of Chicago, and the Laborers' Annuity and Benefit Fund of Chicago; and
¦ WHEREAS, The City Council believes it is in the best interest of the residents of Chicago to move expeditiously to submit this proposition to the voters al the next regular election to be held not less than 79 days after the effective date ofthis resolution; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. The recitals above arc expressly incorporated here...
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