The evidence is not conclusive that suburban Chicago governments rushed to the bond market earlier this year to avoid a new law that limits the ability of those issuers to raise revenues and sell bonds, a research arm of the Illinois General Assembly reported last week.

The General Assembly in July passed a law that limits annual property tax collection increases by non-home-rule governments in DuPage, Kane, Lake, McHenry, and Will counties to 5% or the rate of inflation, whichever is less. The law -- which took effect Oct. 1 -- also requires voter approval for any new bond issues back directly or indirectly by property taxes.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.