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1 | AN ACT concerning education.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The School Code is amended by changing Section | ||||||
5 | 18-4.4 as follows:
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6 | (105 ILCS 5/18-4.4) (from Ch. 122, par. 18-4.4)
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7 | Sec. 18-4.4. Tax Equivalent Grants. Subject to | ||||||
8 | appropriation, when
When any State-owned
State institution is
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9 | located in a school district in which the State owns 45% or | ||||||
10 | more of the
total land area of the district , the State | ||||||
11 | Superintendent of Education
shall annually direct the State | ||||||
12 | Comptroller to pay the amount of the
tax-equivalent grants | ||||||
13 | provided in this Section, and the State Comptroller shall
draw | ||||||
14 | his warrant upon the State Treasurer for the payment of the | ||||||
15 | grants. For
fiscal year 1995 and each fiscal year thereafter ,
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16 | the grant shall equal
0.5% of the equalized assessed
valuation | ||||||
17 | of the land owned by the State (computing that equalized | ||||||
18 | assessed
valuation by multiplying the average value per taxable | ||||||
19 | acre of the school
district by the total number of acres of | ||||||
20 | land owned by the State). Annually on
or before September 15, | ||||||
21 | 1994 and July 1 , thereafter
or, for a school district to which | ||||||
22 | this Section first applies on the effective date of this | ||||||
23 | amendatory Act of the 95th General Assembly, annually on or |
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1 | before September 15, 2007 and July 1 thereafter , the district
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2 | superintendent shall certify to the State Board of Education | ||||||
3 | the following
matters:
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4 | 1. The name of the State institution.
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5 | 2. The total land area of the district in acres.
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6 | 3. The total ownership of the land of the State in | ||||||
7 | acres.
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8 | 4. The total equalized assessed value of all the land | ||||||
9 | in the district.
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10 | 5. The rate of school tax payable in the year.
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11 | 6. The computed amount of the tax-equivalent grant | ||||||
12 | claimed.
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13 | Failure of any district superintendent to certify the
claim | ||||||
14 | for the tax-equivalent grant on or before September 15, 1994 or
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15 | July 1 of
a given
subsequent year or, for a school district to | ||||||
16 | which this Section first applies on the effective date of this | ||||||
17 | amendatory Act of the 95th General Assembly, on or before | ||||||
18 | September 15, 2007 or July 1 of a subsequent year shall | ||||||
19 | constitute a forfeiture by the district of its right to
such | ||||||
20 | grant for the school year.
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21 | (Source: P.A. 91-723, eff. 6-2-00.)
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22 | Section 99. Effective date. This Act takes effect upon | ||||||
23 | becoming law.
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