Synopsis As Introduced Amends the State aid formula provisions of the School Code. Provides that school districts for which Available Local Resources per pupil equals or exceeds the product of 2.00 times the Foundation Level are not eligible for general State aid (instead of providing that for any school district for which Available Local Resources per pupil equals or exceeds the product of 1.75 times the Foundation Level, the general State aid for the school district shall be calculated as the product of $218 multiplied by the Average Daily Attendance of the school district); makes corresponding changes. Makes changes concerning equalized assessed valuation data and the calculation of Available Local Resources. Makes changes concerning supplemental general State aid and the amount of a grant. Effective July 1, 2013.
Replaces everything after the enacting clause. Reinserts the contents of the bill with the following changes. Amends the Property Tax Extension Limitation Law of the Property Tax Code. Makes changes concerning (i) the definitions of "debt service extension base", "aggregate extension base", and "limiting rate" and (ii) a new rate or increased limiting rate and a direct referendum. Further amends the School Code. Makes changes concerning the debt limitations of school districts and the issuance of bonds for certain purposes. In the Working Cash Fund Article, makes changes concerning indebtedness and bonds, the use and reimbursement of the fund, and transfers to other funds. Effective July 1, 2013.