State of Illinois
92nd General Assembly
Legislation

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92_SB1950

 
                                               LRB9216003NTpk

 1        AN ACT concerning education.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.   The  School  Code  is  amended  by  changing
 5    Section 18-4.4 as follows:

 6        (105 ILCS 5/18-4.4) (from Ch. 122, par. 18-4.4)
 7        Sec.   18-4.4.    Tax-equivalent  grants  Tax  Equivalent
 8    Grants.  When any State institution is located  in  a  school
 9    district  in  which  the  State owns 45% or more of the total
10    land area  of  the  district,  the  State  Superintendent  of
11    Education  shall annually direct the State Comptroller to pay
12    the amount of the  tax-equivalent  grants  provided  in  this
13    Section,  and  the  State  Comptroller shall draw his warrant
14    upon the State Treasurer for the payment of the grants.   For
15    fiscal  year  1995 and each fiscal year thereafter, the grant
16    shall equal 0.5% of the equalized assessed valuation  of  the
17    land  owned  by  the State (computing that equalized assessed
18    valuation by multiplying the average value per  taxable  acre
19    of  the  school district by the total number of acres of land
20    owned by the State).  Annually on  or  before  September  15,
21    1994  and  July  1,  thereafter,  the district superintendent
22    shall certify to the State Board of Education  the  following
23    matters:
24             1.  The name of the State institution.
25             2.  The total land area of the district in acres.
26             3.  The  total ownership of the land of the State in
27        acres.
28             4.  The total equalized assessed value  of  all  the
29        land in the district.
30             5.  The rate of school tax payable in the year.
31             6.  The  computed amount of the tax-equivalent grant
 
                            -2-                LRB9216003NTpk
 1        claimed.
 2        Failure of any district  superintendent  to  certify  the
 3    claim for the tax-equivalent grant on or before September 15,
 4    1994  or  July  1  of  a  subsequent  year shall constitute a
 5    forfeiture by the district of its right to such grant for the
 6    school year.
 7    (Source: P.A. 91-723, eff. 6-2-00.)

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