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| Public Act 095-1025 |
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AN ACT concerning local government.
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Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly:
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Section 5. The School Code is amended by changing Section | ||||
7-14 as follows:
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(105 ILCS 5/7-14) (from Ch. 122, par. 7-14)
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Sec. 7-14. Bonded indebtedness-Tax rate.
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(a) Except as provided in subsection (b), whenever the | ||||
boundaries of any
school district are changed by the annexation | ||||
or detachment of territory, each
such district as it exists on | ||||
and after such action shall assume the bonded
indebtedness, as | ||||
well as financial obligations to the Capital Development Board
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pursuant to Section 35-15 (now repealed) of this
Code, of all | ||||
the territory included
therein after such change. The tax rate | ||||
for bonded indebtedness shall be
determined in the manner | ||||
provided in Section 19-7 of this Act, except the
County Clerk | ||||
shall annually extend taxes against all the taxable property
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situated in the county and contained in each such district as | ||||
it exists after
the action. Notwithstanding the provisions of | ||||
this subsection, if the
boundaries of a school district are | ||||
changed by annexation or detachment of
territory after June 30, | ||||
1987, and prior to September 15, 1987, and if the
school | ||||
district to which territory is being annexed has no outstanding
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bonded indebtedness on the date such annexation occurs, then | ||
the annexing
school district shall not be liable for any bonded | ||
indebtedness of the
district from which the territory is | ||
detached, and the school district from
which the territory is | ||
detached shall remain liable for all of its bonded
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indebtedness.
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(b) Whenever a school district with bonded indebtedness has | ||
become dissolved
under this Article and its territory annexed | ||
to another district, the
annexing district or districts shall | ||
not, except by action pursuant to
resolution of the school | ||
board of the annexing district prior to the effective
date of | ||
the annexation, assume the bonded indebtedness of the dissolved
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district; nor, except by action pursuant to resolution of the | ||
school
board of the dissolving district, shall the territory of | ||
the dissolved
district assume the bonded indebtedness of the | ||
annexing district or districts.
If the annexing district or | ||
districts do not assume the bonded indebtedness of
the | ||
dissolved district, a tax rate for the bonded indebtedness | ||
shall be
determined in the manner provided in Section 19-7, and | ||
the county clerk or
clerks shall annually extend taxes for each | ||
outstanding bond issue against
all the taxable property that | ||
was situated within the boundaries of the
district as the | ||
boundaries existed at the time of the issuance of each bond
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issue regardless of whether the property is still contained in | ||
that same
district at the time of the extension of the taxes by | ||
the county clerk
or clerks.
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(c) Notwithstanding the provisions of Section 19-18 of this | ||
Code, upon resolution of the school board, the county clerk | ||
must extend taxes to pay the principal of and interest on any | ||
bonds issued exclusively to refund any bonded indebtedness of | ||
the annexing school district against all of the taxable | ||
property that was situated within the boundaries of the | ||
annexing district as the boundaries existed at the time of the | ||
issuance of the bonded indebtedness being refunded and not | ||
against any of the taxable property in the dissolved school | ||
district, provided that (i) the net interest rate on the | ||
refunding bonds may not exceed the net interest rate on the | ||
refunded bonds, (ii) the final maturity date of the refunding | ||
bonds may not extend beyond the final maturity date of the | ||
refunded bonds, and (iii) the tax levy to pay the refunding | ||
bonds in any levy year may not exceed the tax levy that would | ||
have been required to pay the refunded bonds for that levy | ||
year. The provisions of this subsection (c) are applicable to | ||
school districts that were dissolved and their territory | ||
annexed to another school district pursuant to a referendum | ||
held in April of 2003. The provisions of this subsection (c), | ||
other than this sentence, are inoperative 2 years after the | ||
effective date of this amendatory Act of the 95th General | ||
Assembly. | ||
(Source: P.A. 94-1105, eff. 6-1-07.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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