|
|
Rep. Gary Hannig
Filed: 11/19/2008
|
|
09500SB2824ham002 |
|
LRB095 20016 NHT 53667 a |
|
|
| 1 |
| AMENDMENT TO SENATE BILL 2824
|
| 2 |
| AMENDMENT NO. ______. Amend Senate Bill 2824 by replacing |
| 3 |
| everything after the enacting clause with the following:
|
| 4 |
| "Section 5. The School Code is amended by changing Section |
| 5 |
| 7-14 as follows:
|
| 6 |
| (105 ILCS 5/7-14) (from Ch. 122, par. 7-14)
|
| 7 |
| Sec. 7-14. Bonded indebtedness-Tax rate.
|
| 8 |
| (a) Except as provided in subsection (b), whenever the |
| 9 |
| boundaries of any
school district are changed by the annexation |
| 10 |
| or detachment of territory, each
such district as it exists on |
| 11 |
| and after such action shall assume the bonded
indebtedness, as |
| 12 |
| well as financial obligations to the Capital Development Board
|
| 13 |
| pursuant to Section 35-15 (now repealed) of this
Code, of all |
| 14 |
| the territory included
therein after such change. The tax rate |
| 15 |
| for bonded indebtedness shall be
determined in the manner |
| 16 |
| provided in Section 19-7 of this Act, except the
County Clerk |
|
|
|
09500SB2824ham002 |
- 2 - |
LRB095 20016 NHT 53667 a |
|
|
| 1 |
| shall annually extend taxes against all the taxable property
|
| 2 |
| situated in the county and contained in each such district as |
| 3 |
| it exists after
the action. Notwithstanding the provisions of |
| 4 |
| this subsection, if the
boundaries of a school district are |
| 5 |
| changed by annexation or detachment of
territory after June 30, |
| 6 |
| 1987, and prior to September 15, 1987, and if the
school |
| 7 |
| district to which territory is being annexed has no outstanding
|
| 8 |
| bonded indebtedness on the date such annexation occurs, then |
| 9 |
| the annexing
school district shall not be liable for any bonded |
| 10 |
| indebtedness of the
district from which the territory is |
| 11 |
| detached, and the school district from
which the territory is |
| 12 |
| detached shall remain liable for all of its bonded
|
| 13 |
| indebtedness.
|
| 14 |
| (b) Whenever a school district with bonded indebtedness has |
| 15 |
| become dissolved
under this Article and its territory annexed |
| 16 |
| to another district, the
annexing district or districts shall |
| 17 |
| not, except by action pursuant to
resolution of the school |
| 18 |
| board of the annexing district prior to the effective
date of |
| 19 |
| the annexation, assume the bonded indebtedness of the dissolved
|
| 20 |
| district; nor, except by action pursuant to resolution of the |
| 21 |
| school
board of the dissolving district, shall the territory of |
| 22 |
| the dissolved
district assume the bonded indebtedness of the |
| 23 |
| annexing district or districts.
If the annexing district or |
| 24 |
| districts do not assume the bonded indebtedness of
the |
| 25 |
| dissolved district, a tax rate for the bonded indebtedness |
| 26 |
| shall be
determined in the manner provided in Section 19-7, and |
|
|
|
09500SB2824ham002 |
- 3 - |
LRB095 20016 NHT 53667 a |
|
|
| 1 |
| the county clerk or
clerks shall annually extend taxes for each |
| 2 |
| outstanding bond issue against
all the taxable property that |
| 3 |
| was situated within the boundaries of the
district as the |
| 4 |
| boundaries existed at the time of the issuance of each bond
|
| 5 |
| issue regardless of whether the property is still contained in |
| 6 |
| that same
district at the time of the extension of the taxes by |
| 7 |
| the county clerk
or clerks.
|
| 8 |
| (c) Notwithstanding the provisions of Section 19-18 of this |
| 9 |
| Code, upon resolution of the school board, the county clerk |
| 10 |
| must extend taxes to pay the principal of and interest on any |
| 11 |
| bonds issued exclusively to refund any bonded indebtedness of |
| 12 |
| the annexing school district against all of the taxable |
| 13 |
| property that was situated within the boundaries of the |
| 14 |
| annexing district as the boundaries existed at the time of the |
| 15 |
| issuance of the bonded indebtedness being refunded and not |
| 16 |
| against any of the taxable property in the dissolved school |
| 17 |
| district, provided that (i) the net interest rate on the |
| 18 |
| refunding bonds may not exceed the net interest rate on the |
| 19 |
| refunded bonds, (ii) the final maturity date of the refunding |
| 20 |
| bonds may not extend beyond the final maturity date of the |
| 21 |
| refunded bonds, and (iii) the tax levy to pay the refunding |
| 22 |
| bonds in any levy year may not exceed the tax levy that would |
| 23 |
| have been required to pay the refunded bonds for that levy |
| 24 |
| year. The provisions of this subsection (c) are applicable to |
| 25 |
| school districts that were dissolved and their territory |
| 26 |
| annexed to another school district pursuant to a referendum |