100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB3507
 
Introduced 2/16/2018, by Sen. Laura M. Murphy
 
SYNOPSIS AS INTRODUCED:
 
  
105 ILCS 5/18-4.4  from Ch. 122, par. 18-4.4

    Amends the Common School Fund Article of the School Code.  Makes a technical
change in a Section concerning Tax Equivalent Grants.



LRB100 20878 AXK 36379 b

 
 
A BILL FOR
 


SB3507LRB100 20878 AXK 36379 b



1    AN ACT concerning education.

 
2    Be it enacted by the People of the State of Illinois, 
3represented in the General Assembly: 

 
4    Section 5. The School Code is amended by changing Section 
518-4.4 as follows:
 



6    (105 ILCS 5/18-4.4)  (from Ch. 122, par. 18-4.4)



7    Sec. 18-4.4. Tax Equivalent Grants. When any State 
8institution is
located in a school district in which the
the 
9State owns 45% or more of the
total land area of the district, 
10the State Superintendent of Education
shall annually direct the 
11State Comptroller to pay the amount of the
tax-equivalent 
12grants provided in this Section, and the State Comptroller 
13shall
draw his warrant upon the State Treasurer for the payment 
14of the grants.  For
fiscal year 1995 and each fiscal year 
15thereafter,
the grant shall equal
0.5% of the equalized 
16assessed
valuation of the land owned by the State (computing 
17that equalized assessed
valuation by multiplying the average 
18value per taxable acre of the school
district by the total 
19number of acres of land owned by the State).  Annually on
or 
20before September 15, 1994 and July 1, thereafter, the district

21superintendent shall certify to the State Board of Education 
22the following
matters:

23        1. The name of the State institution.


 
 
SB3507- 2 -LRB100 20878 AXK 36379 b

1        2. The total land area of the district in acres.


2        3. The total ownership of the land of the State in 
3    acres.


4        4. The total equalized assessed value of all the land 
5    in the district.


6        5. The rate of school tax payable in the year.


7        6. The computed amount of the tax-equivalent grant 
8    claimed.

9    Failure of any district superintendent to certify the
claim 
10for the tax-equivalent grant on or before September 15, 1994 or 
11July 1 of
a subsequent year shall constitute a forfeiture by 
12the district of its right to
such grant for the school year.

13(Source: P.A. 91-723, eff. 6-2-00.)