Rep. Donald L. Moffitt

Filed: 5/8/2014

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 3113

2    AMENDMENT NO. ______. Amend Senate Bill 3113, AS AMENDED,
3with reference to page and line numbers of House Amendment No.
41, as follows:
 
5on page 1, line 4, by replacing "Section" with "Sections
611E-105 and"; and
 
7on page 1, immediately below line 5, by inserting the
8following:
 
9    "(105 ILCS 5/11E-105)
10    Sec. 11E-105. Assets, liabilities and bonded indebtedness;
11tax rate.
12    (a) Subject to the terms and provisions of subsections (b)
13and (c) of this Section, whenever a new district is created
14under any of the provisions of this Article, the outstanding
15bonded indebtedness shall be treated as provided in this

 

 

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1subsection (a) and in Section 19-29 of this Code. The tax rate
2for bonded indebtedness shall be determined in the manner
3provided in Section 19-7 of this Code, and, notwithstanding the
4creation of any such district, the county clerk or clerks shall
5annually extend taxes, for each outstanding bond issue against
6all of the taxable property that was situated within the
7boundaries of the district, as those boundaries existed at the
8time of the issuance of the bond issue, regardless of whether
9the property is still contained in that same district at the
10time of the extension of the taxes by the county clerk or
11clerks; provided that, notwithstanding the provisions of
12Section 19-18 of this Code, upon resolution of the school
13board, the county clerk must extend taxes to pay the principal
14of and interest on any general obligation bonds issued by the
15new district exclusively to refund any bonded indebtedness of a
16district organized into the new district against all of the
17taxable property that was situated within the boundaries of the
18previously existing district as the boundaries existed at the
19time of the issuance of the bonded indebtedness being refunded;
20however, (i) the net interest rate on the refunding bonds may
21not exceed the net interest rate on the refunded bonds, (ii)
22the final maturity date of the refunding bonds may not extend
23beyond the final maturity date of the refunded bonds, and (iii)
24the tax levy to pay the refunding bonds in any levy year may
25not exceed the tax levy that would have been required to pay
26the refunded bonds for that levy year. The terms of the proviso

 

 

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1are applicable to districts that were created pursuant to a
2referendum held in November of 2008. The terms of the proviso,
3other than this sentence, are inoperative after June 30, 2016.
4    (b) For a unit district formation, whenever a part of a
5district is included within the boundaries of a newly created
6unit district, the regional superintendent of schools shall
7cause an accounting to be had between the districts affected by
8the change in boundaries as provided for in Article 11C of this
9Code. Whenever the entire territory of 2 or more school
10districts is organized into a unit district pursuant to a
11petition filed under this Article, the petition may provide
12that the entire territory of the new unit district shall assume
13the bonded indebtedness of the previously existing school
14districts. In that case, the tax rate for bonded indebtedness
15shall be determined in the manner provided in Section 19-7 of
16this Code, except that the county clerk shall annually extend
17taxes for each outstanding bond issue against all the taxable
18property situated in the new unit district as it exists after
19the organization.
20    (c)(1) For a high school-unit conversion, unit to dual
21conversion, or multi-unit conversion, upon the effective date
22of the change as provided in Section 11E-70 of this Code and
23subject to the provisions of paragraph (2) of this subsection
24(c), each newly created elementary district shall receive all
25of the assets and assume all of the liabilities and obligations
26of the dissolved unit district forming the boundary of the

 

 

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1newly created elementary district.
2    (2) Notwithstanding the provisions of paragraph (1) of this
3subsection (c), upon the stipulation of the school board of the
4school district serving a newly created elementary district for
5high school purposes and either (i) the school board of the
6unit district prior to the effective date of its dissolution or
7(ii) thereafter the school board of the newly created
8elementary district and with the approval in either case of the
9regional superintendent of schools of the educational service
10region in which the territory described in the petition filed
11under this Article or the greater percentage of equalized
12assessed valuation of the territory is situated, the assets,
13liabilities, and obligations of the dissolved unit district may
14be divided and assumed between and by the newly created
15elementary district and the school district serving the newly
16created elementary district for high school purposes, in
17accordance with the terms and provisions of the stipulation and
18approval. In this event, the provisions of Section 19-29 shall
19be applied to determine the debt incurring power of the newly
20created elementary district and of the school district serving
21the newly created elementary district for high school purposes.
22    (3) Without regard to whether the receipt of assets and the
23assumption of liabilities and obligations of the dissolved unit
24district is determined pursuant to paragraph (1) or (2) of this
25subsection (c), the tax rate for bonded indebtedness shall be
26determined in the manner provided in Section 19-7, and,

 

 

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1notwithstanding the creation of this new elementary district,
2the county clerk or clerks shall annually extend taxes for each
3outstanding bond issue against all of the taxable property that
4was situated within the boundaries of the dissolved unit
5district as those boundaries existed at the time of the
6issuance of the bond issue, regardless of whether the property
7was still contained in that unit district at the time of its
8dissolution and regardless of whether the property is contained
9in the newly created elementary district at the time of the
10extension of the taxes by the county clerk or clerks.
11(Source: P.A. 94-1019, eff. 7-10-06.)".