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Rep. Gary Hannig
Filed: 11/18/2008
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09500SB2824ham001 |
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LRB095 20016 NHT 53537 a |
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| AMENDMENT TO SENATE BILL 2824
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| AMENDMENT NO. ______. Amend Senate Bill 2824 by replacing |
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| everything after the enacting clause with the following:
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| "Section 5. The School Code is amended by changing Section |
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| 7-14 as follows:
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| (105 ILCS 5/7-14) (from Ch. 122, par. 7-14)
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| Sec. 7-14. Bonded indebtedness-Tax rate.
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| (a) Except as provided in subsection (b), whenever the |
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| boundaries of any
school district are changed by the annexation |
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| or detachment of territory, each
such district as it exists on |
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| and after such action shall assume the bonded
indebtedness, as |
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| well as financial obligations to the Capital Development Board
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| pursuant to Section 35-15 (now repealed) of this
Code, of all |
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| the territory included
therein after such change. The tax rate |
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| for bonded indebtedness shall be
determined in the manner |
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| provided in Section 19-7 of this Act, except the
County Clerk |
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LRB095 20016 NHT 53537 a |
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| shall annually extend taxes against all the taxable property
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| situated in the county and contained in each such district as |
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| it exists after
the action. Notwithstanding the provisions of |
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| this subsection, if the
boundaries of a school district are |
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| changed by annexation or detachment of
territory after June 30, |
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| 1987, and prior to September 15, 1987, and if the
school |
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| district to which territory is being annexed has no outstanding
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| bonded indebtedness on the date such annexation occurs, then |
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| the annexing
school district shall not be liable for any bonded |
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| indebtedness of the
district from which the territory is |
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| detached, and the school district from
which the territory is |
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| detached shall remain liable for all of its bonded
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| indebtedness.
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| (b) Whenever a school district with bonded indebtedness has |
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| become dissolved
under this Article and its territory annexed |
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| to another district, the
annexing district or districts shall |
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| not, except by action pursuant to
resolution of the school |
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| board of the annexing district prior to the effective
date of |
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| the annexation, assume the bonded indebtedness of the dissolved
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| district; nor, except by action pursuant to resolution of the |
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| school
board of the dissolving district, shall the territory of |
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| the dissolved
district assume the bonded indebtedness of the |
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| annexing district or districts.
If the annexing district or |
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| districts do not assume the bonded indebtedness of
the |
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| dissolved district, a tax rate for the bonded indebtedness |
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| shall be
determined in the manner provided in Section 19-7, and |
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09500SB2824ham001 |
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LRB095 20016 NHT 53537 a |
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| the county clerk or
clerks shall annually extend taxes for each |
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| outstanding bond issue against
all the taxable property that |
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| was situated within the boundaries of the
district as the |
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| boundaries existed at the time of the issuance of each bond
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| issue regardless of whether the property is still contained in |
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| that same
district at the time of the extension of the taxes by |
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| the county clerk
or clerks.
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| (c) Notwithstanding the provisions of Section 19-18 of this |
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| Code, upon resolution of the school board, the county clerk |
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| must extend taxes to pay the principal of and interest on any |
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| bonds issued exclusively to refund any bonded indebtedness of |
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| the annexing school district against all of the taxable |
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| property that was situated within the boundaries of the |
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| annexing district as the boundaries existed at the time of the |
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| issuance of the bonded indebtedness being refunded and not |
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| against any of the taxable property in the dissolved school |
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| district, provided that (i) the net interest rate on the |
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| refunding bonds may not exceed the net interest rate on the |
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| refunded bonds, (ii) the final maturity date of the refunding |
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| bonds may not extend beyond the final maturity date of the |
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| refunded bonds, and (iii) the tax levy to pay the refunding |
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| bonds in any levy year may not exceed the tax levy that would |
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| have been required to pay the refunded bonds for that levy |
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| year. The provisions of this subsection (c), other than this |
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| sentence, are inoperative 2 years after the effective date of |
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| this amendatory Act of the 95th General Assembly. |