Synopsis As Introduced Amends the School Code. Deletes a provision applicable to school districts with a population of less than 500,000 requiring that permanent interfund transfers not otherwise authorized by law must be made to the fund of the school district most in need of the funds being transferred. Allows school districts to increase, abate, maintain, abolish, and re-create working cash funds. Provides that moneys in the working cash fund may be used by the school board for any and all school purposes. Makes other changes. Effective immediately.
Deletes everything after the enacting clause. Reinserts the contents of the bill as introduced with the following changes. Removes the Section concerning interfund transfers. Provides that a working cash fund may be created and maintained consistent with the limitations of the Working Cash Fund Article of the School Code (instead of allowing the fund to be created, increased, abated, maintained, administered, abolished, and re-created in the manner prescribed in that Article). Makes technical corrections. Effective immediately.
Deletes everything after the enacting clause. Amends the Property Tax Extension Limitation Law in the Property Tax Code. Changes the definition of "debt service extension base" to include extensions for principal and interest payments on bonds issued by individual taxing districts that merged or consolidated to form a taxing district. Makes changes concerning the applicability of the Law to merged or consolidated districts and to districts with boundary changes. Provides that the Law applies to those districts if (i) the majority of the taxing district's equalized assessed valuation as of the effective date of the boundary change, merger, or consolidation is located in an affected county or counties or (ii) the majority of the taxing district's equalized assessed valuation as of the effective date of the boundary change, merger, or consolidation is located in one or more counties in which the voters have approved a referendum, and none of the equalized valuation of the taxing district is located in a county (other than an affected county) that has never held a referendum. Effective immediately.