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. � � °�T rt;,E <br /> � �,j�'�� ,�SL�� <br /> � any .increase over the 1977 equalized assessed valuation, up to a maximum <br /> reduction of $3,000. In addition, the Illinois Supreme Court recently upheld a <br /> statute permitting municipalities to issue tax increment bonds to finance <br /> redevelopment of blighted areas. Upon the issuance of such tax increment bonds, <br /> that portion of the tax revenues (payable to all units of local government <br /> having taxing powers over properties subject to such redevelopment financing) <br /> resulting from increases in the equalized assessed valuation of properties in <br /> such redevelopment areas could be pledged to the tax increment bonds. To date, <br /> no unit of local government having taxing powers over properties within the City <br /> has issued any such tax increment bonds. As described above, however, the taxes <br /> levied to pay the Bonds must be extended at rates sufficient to produce amounts <br /> to pay when due the principal thereof and interest thereon. <br /> The table on the following page sets forth information respecting the <br /> assessed valuations and estimated true values of taxable property ia the City <br /> for the ten most recent 2evy years: <br /> 17 <br />