| |||||||
| |||||||
| |||||||
| 1 | AMENDMENT TO SENATE BILL 60
| ||||||
| 2 | AMENDMENT NO. ______. Amend Senate Bill 60 on page 8, | ||||||
| 3 | immediately below line 7, by inserting the following:
| ||||||
| 4 | "Section 10. 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 State | ||||||
| 9 | owns 40% 45% or more of the
total land area of the district, | ||||||
| 10 | the State Superintendent of Education
shall annually direct | ||||||
| 11 | the State Comptroller to pay the amount of the
tax-equivalent | ||||||
| 12 | grants provided in this Section, and the State Comptroller | ||||||
| 13 | shall
draw his warrant upon the State Treasurer for the | ||||||
| 14 | payment of the grants. For
fiscal year 1995 and each fiscal | ||||||
| 15 | year thereafter,
the grant shall equal
0.5% of the equalized | ||||||
| 16 | assessed
valuation of the land owned by the State (computing | ||||||
| |||||||
| |||||||
| 1 | that equalized assessed
valuation by multiplying the average | ||||||
| 2 | value per taxable acre of the school
district by the total | ||||||
| 3 | number of acres of land owned by the State). Annually on
or | ||||||
| 4 | before September 15, 1994 and July 1, thereafter, the district
| ||||||
| 5 | superintendent shall certify to the State Board of Education | ||||||
| 6 | the following
matters:
| ||||||
| 7 | 1. The name of the State institution.
| ||||||
| 8 | 2. The total land area of the district in acres.
| ||||||
| 9 | 3. The total ownership of the land of the State in | ||||||
| 10 | acres.
| ||||||
| 11 | 4. The total equalized assessed value of all the land | ||||||
| 12 | in the district.
| ||||||
| 13 | 5. The rate of school tax payable in the year.
| ||||||
| 14 | 6. The computed amount of the tax-equivalent grant | ||||||
| 15 | claimed.
| ||||||
| 16 | Failure of any district superintendent to certify the
| ||||||
| 17 | claim for the tax-equivalent grant on or before September 15, | ||||||
| 18 | 1994 or July 1 of
a subsequent year shall constitute a | ||||||
| 19 | forfeiture by the district of its right to
such grant for the | ||||||
| 20 | school year.
| ||||||
| 21 | (Source: P.A. 91-723, eff. 6-2-00.)".
| ||||||