Illinois Districts Swarm Bond Market To Blunt the Impact of New

By Lonnie Harp

Tax Law

School districts and other local-government agencies in suburban Chicago are speeding up bond issues in an attempt to head off a new tax law that educators predict will force significant program cutbacks in the years ahead.

The Illinois legislature passed the measure this year in an effort to provide tax relief for suburban residents. Under the statute, which takes effect Oct. 1, local property tax-rate increases in five counties surrounding Chicago will be limited to no more than 5 percent a year. Bigger increases will have to be referred to voters, who have been unreceptive to tax-increase...