Village of Bannockburn, IL Article II Insurance Tax

[Adopted 4-17-1972 by Ord. No. 73]

§ 210-2 Tax imposed; purpose; rate.

A tax is hereby imposed annually to provide revenue sufficient to pay the costs of purchasing insurance against losses and liabilities as provided in Section 9-103 of the Illinois Local Governmental and Governmental Employees Tort Immunity Act (745 ILCS 10/9-101 et seq.), at the rate of 0.03% on the value of all taxable property herein, as equalized or assessed by the Department of Revenue, said revenue to be held in a special fund and used for no other purpose.