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91_HB3406
LRB9111339NTks
1 AN ACT to amend the School Code by changing Section
2 18-4.4.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The School Code is amended by changing
6 Section 18-4.4 as follows:
7 (105 ILCS 5/18-4.4) (from Ch. 122, par. 18-4.4)
8 (Section scheduled to be repealed on July 1, 2001)
9 Sec. 18-4.4. Tax Equivalent Grants. When any State
10 institution is located in a school district in which the
11 State owns 45% or more of the total land area of the
12 district, the State Superintendent of Education shall
13 annually direct the State Comptroller to pay the amount of
14 the tax-equivalent grants provided in this Section, and the
15 State Comptroller shall draw his warrant upon the State
16 Treasurer for the payment of the grants. For fiscal year
17 1995 and each through fiscal year thereafter, 2001 the grant
18 shall equal 0.5% of the equalized assessed valuation of the
19 land owned by the State (computing that equalized assessed
20 valuation by multiplying the average value per taxable acre
21 of the school district by the total number of acres of land
22 owned by the State). Annually on or before September 15,
23 1994 and July 1, thereafter, the district superintendent
24 shall certify to the State Board of Education the following
25 matters:
26 1. The name of the State institution.
27 2. The total land area of the district in acres.
28 3. The total ownership of the land of the State in
29 acres.
30 4. The total equalized assessed value of all the
31 land in the district.
-2- LRB9111339NTks
1 5. The rate of school tax payable in the year.
2 6. The computed amount of the tax-equivalent grant
3 claimed.
4 Failure of any district superintendent to certify the
5 claim for the tax-equivalent grant on or before September 15,
6 1994 or July 1 of a subsequent year shall constitute a
7 forfeiture by the district of its right to such grant for the
8 school year.
9 This Section is repealed July 1, 2001.
10 (Source: P.A. 88-555, eff. 7-27-94; 88-641, eff. 9-9-94;
11 89-235, eff. 8-4-95; 89-698, eff. 1-14-97.)
12 Section 99. Effective date. This Act takes effect upon
13 becoming law.