Rep. Donald L. Moffitt

Filed: 5/21/2014

 

 


 

 


 
09800SB3113ham005LRB098 19695 NHT 59985 a

1
AMENDMENT TO SENATE BILL 3113

2    AMENDMENT NO. ______. Amend Senate Bill 3113, AS AMENDED,
3by replacing everything after the enacting clause with the
4following:
 
5    "Section 5. The School Code is amended by changing Section
611E-105 as follows:
 
7    (105 ILCS 5/11E-105)
8    Sec. 11E-105. Assets, liabilities and bonded indebtedness;
9tax rate.
10    (a) Subject to the terms and provisions of subsections (b)
11and (c) of this Section, whenever a new district is created
12under any of the provisions of this Article, the outstanding
13bonded indebtedness shall be treated as provided in this
14subsection (a) and in Section 19-29 of this Code. The tax rate
15for bonded indebtedness shall be determined in the manner
16provided in Section 19-7 of this Code, and, notwithstanding the

 

 

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1creation of any such district, the county clerk or clerks shall
2annually extend taxes, for each outstanding bond issue against
3all of the taxable property that was situated within the
4boundaries of the district, as those boundaries existed at the
5time of the issuance of the bond issue, regardless of whether
6the property is still contained in that same district at the
7time of the extension of the taxes by the county clerk or
8clerks; provided that, notwithstanding the provisions of
9Section 19-18 of this Code, upon resolution of the school
10board, the county clerk must extend taxes to pay the principal
11of and interest on any general obligation bonds issued by the
12new district exclusively to refund any bonded indebtedness of a
13district organized into the new district against all of the
14taxable property that was situated within the boundaries of the
15previously existing district as the boundaries existed at the
16time of the issuance of the bonded indebtedness being refunded;
17however, (i) the net interest rate on the refunding bonds may
18not exceed the net interest rate on the refunded bonds, (ii)
19the final maturity date of the refunding bonds may not extend
20beyond the final maturity date of the refunded bonds, and (iii)
21the tax levy to pay the refunding bonds in any levy year may
22not exceed the tax levy that would have been required to pay
23the refunded bonds for that levy year. The terms of the proviso
24are applicable to districts that were created pursuant to a
25referendum held in November of 2008. The terms of the proviso,
26other than this sentence, are inoperative after June 30, 2016.

 

 

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

 

 

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

 

 

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