There is hereby established a free public library and reading room for the use of inhabitants of the city, which shall be called the "Chicago Public Library".
The City of Chicago, acting by its city council, shall levy a tax on the value of all taxable property in the city, as equalized or assessed by the Department of Revenue of the State of Illinois for the purpose of paying costs for library maintenance and operation. This tax shall be levied and collected in the same manner as the general taxes of the municipality and shall be known as the "library maintenance and operation tax" and shall be in addition to and in excess of all other taxes which the municipality is now, or may be hereafter, authorized by law to levy upon the aggregate valuation of all taxable property within the City of Chicago.
In addition to such "library maintenance and operation tax" the city council shall levy a tax on the value of all taxable property in the city, as equalized or assessed by the Department of Revenue of the State of Illinois for the purpose of paying the cost of purchasing library sites and buildings, the construction and equipping of library buildings, the repair, alteration and equipping of such library buildings and the rental of buildings required for library purposes. This additional tax shall be levied and collected in the same manner as the general taxes of the municipality and shall be known as the "buildings and sites tax" and shall be in addition to and in excess of all other taxes which the municipality is now, or may hereafter be, authorized by law to levy upon the aggregate valuation of all taxable property within the City of Chicago.
All money received from the respective taxes shall be set apart in a separate fund and shall be used solely for the purpose for which such respective taxes were levied. Warrants or notes may be issued in anticipation of the collection of such respective taxes and if issued, shall be issued pursuant to the applicable provisions of the Illinois Compiled Statutes and shall bear an interest rate to be determined at the time of sale.
(Prior code § 23-1; Amend Coun. J. 3-31-04, p. 20916, § 4.4)