Illinois General Assembly - Bill Status for HB0759

Deletes everything after the enacting clause. Amends the School Code. Provides that if a proposition to increase the educational purposes tax rate of a school district (other than the Chicago school district) is approved at any election held prior to March 19, 2004 and that proposition sets forth the tax rate most recently extended for educational purposes as the existing maximum-authorized educational purposes tax rate of the district, then the maximum-authorized educational purposes tax rate of the district shall be calculated as follows: (i) for the first tax year affected by the results of the referendum, the district's tax rates shall be calculated based on the rates set forth in the proposition, and (ii) for each tax year thereafter, the district's maximum-authorized educational purposes tax rate approved at the referendum shall be equal to the sum of the district's maximum-authorized educational purposes tax rate immediately preceding the referendum plus the difference between the rates set forth in the proposition submitted to the voters of the district at the referendum. Allows the school board, within 10 days after the effective date of the amendatory Act, to amend its certificate of tax levy for any year for which its equalized assessed valuation has not yet been certified by the county clerk. In a Section concerning the debt limitations of school districts, provides that a community unit school district maintaining grades K through 12 may issue bonds up to an amount, including indebtedness, not exceeding 27% of the equalized assessed value of the taxable property in the district if, among other conditions, (i) the district has an equalized assessed valuation for calendar year 2001 of at least $295,741,187 and a best 3 months' average daily attendance for the 2002-2003 school year of at least 2,394 and (ii) the bonds are issued to build and equip 3 elementary school buildings; build and equip one middle school building; and alter, repair, improve, and equip all existing school buildings in the district. Effective immediately.

Deletes everything after the enacting clause. Amends the School Code. In a Section concerning the debt limitations of school districts, provides that a community unit school district maintaining grades K through 12 may issue bonds up to an amount, including indebtedness, not exceeding 27% of the equalized assessed value of the taxable property in the district if, among other conditions, (i) the district has an equalized assessed valuation for calendar year 2001 of at least $295,741,187 and a best 3 months' average daily attendance for the 2002-2003 school year of at least 2,394 and (ii) the bonds are issued to build and equip 3 elementary school buildings; build and equip one middle school building; and alter, repair, improve, and equip all existing school buildings in the district. Effective immediately.

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