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The city shall not certify to the county clerks of Cook and DuPage Counties an aggregate levy in one year that exceeds the aggregate levy of the prior year by more than the lesser of (a) five percent; or (b) the percentage increase in the annualized Consumer Price Index during the 12-month period most recently announced preceding the filing of the preliminary budget estimate report. Such limitation shall not reduce that portion of each levy attributable to (a) the greater of (i) for any levy year, interest and principal on general obligation notes and bonds of the city outstanding on January 1, 1994, to be paid from collections of the levy made for such levy year, or (ii) interest and principal on general obligation notes and bonds of the city up to an amount not to exceed the amount of interest and principal payments on the city's general obligation notes and bonds during the period beginning January 2, 1993, and ending January 1, 1994; (b) payments by the city under installment contracts or under public building commission leases for the retirement of bonds issued by the commission to pay for the subject properties, not to exceed the amount of such payments during the period beginning January 2, 1993, and ending January 1, 1994; or (c) payments due as a result of the refunding one or more times of any of the foregoing. The amounts described in clauses (a), (b) and (c) of the preceding sentence shall be subject to annual increase in the same manner as the aggregate levy. If the city reduced its aggregate levy for the last preceding levy year, the highest aggregate levy in any of the last three preceding levy years shall be used for the purpose of computing the limiting amount. Nothing in this ordinance shall be construed to impair any contract executed prior to the effective date of this ordinance.
(Added Coun. J. 3-8-93, p. 29910; Amend Coun. J. 3-31-04, p. 20916, § 4.21)