State of Illinois
92^nd General Assembly
Legislation

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92_SB0326eng

 
SB326 Engrossed                                LRB9206277NTsb

 1        AN ACT relating to schools.

 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.   When any State
 8    institution is located in a  school  district  in  which  the
 9    State owns 45% or more of the total land area of the district
10    or  when  a  United  States  military installation or base is
11    located in a school district with a population of  less  than
12    500,000, the State Superintendent of Education shall annually
13    direct  the  State  Comptroller  to  pay  the  amount  of the
14    tax-equivalent grants provided in this Section, and the State
15    Comptroller shall draw his warrant upon the  State  Treasurer
16    for the payment of the grants.  For fiscal year 1995 and each
17    fiscal  year  thereafter,  the  grant shall equal 0.5% of the
18    equalized assessed valuation of the land owned by  the  State
19    or United States (computing that equalized assessed valuation
20    by  multiplying  the  average  value  per taxable acre of the
21    school district by the total number of acres of land owned by
22    the State or the  United  States).   Annually  on  or  before
23    September  15,  1994  and  July  1,  thereafter, the district
24    superintendent shall certify to the State Board of  Education
25    the following matters:
26             1.  The  name  of  the  State  institution or United
27        States military installation or base.
28             2.  The total land area of the district in acres.
29             3.  The total ownership of the land of the State  or
30        United States in acres.
31             4.  The  total  equalized  assessed value of all the
 
SB326 Engrossed             -2-                LRB9206277NTsb
 1        land in the district.
 2             5.  The rate of school tax payable in the year.
 3             6.  The computed amount of the tax-equivalent  grant
 4        claimed.
 5        Failure  of  any  district  superintendent to certify the
 6    claim for the tax-equivalent grant on or before September 15,
 7    1994 or July 1  of  a  subsequent  year  shall  constitute  a
 8    forfeiture by the district of its right to such grant for the
 9    school year.
10    (Source: P.A. 91-723, eff. 6-2-00.)

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