HB0412 Engrossed

LRB095 04254 NHT 24295 b






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    AN ACT concerning education.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The School Code is amended  by changing Section 
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18-4.4 as follows:
 



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    (105 ILCS 5/18-4.4)  (from Ch. 122, par. 18-4.4)



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    Sec. 18-4.4. Tax Equivalent Grants. Subject to 
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appropriation, when
When any State-owned
State institution is

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located in a school district in which the State owns 45% or 
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more of the
total land area of the district, the State 
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Superintendent of Education
shall annually direct the State 
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Comptroller to pay the amount of the
tax-equivalent grants 
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provided in this Section, and the State Comptroller shall
draw 
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his warrant upon the State Treasurer for the payment of the 
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grants.  For
fiscal year 1995 and each fiscal year thereafter,

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the grant shall equal
0.5% of the equalized assessed
valuation 
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of the land owned by the State (computing that equalized 
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assessed
valuation by multiplying the average value per taxable 
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acre of the school
district by the total number of acres of 
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land owned by the State).  Annually on
or before September 15, 
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1994 and July 1, thereafter
or, for a school district to which 
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this Section first applies on the effective date of this 
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amendatory Act of the 95th General Assembly, annually on or 
 


 






HB0412 Engrossed
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LRB095 04254 NHT 24295 b




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before September 15, 2007 and July 1 thereafter, the district

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superintendent shall certify to the State Board of Education 
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the following
matters:


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        1. The name of the State institution.


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        2. The total land area of the district in acres.


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        3. The total ownership of the land of the State in 
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    acres.


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        4. The total equalized assessed value of all the land 
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    in the district.


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        5. The rate of school tax payable in the year.


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        6. The computed amount of the tax-equivalent grant 
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    claimed.

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    Failure of any district superintendent to certify the
claim 
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for the tax-equivalent grant on or before September 15, 1994 or

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July 1 of
a given
subsequent year or, for a school district to 
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which this Section first applies on the effective date of this 
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amendatory Act of the 95th General Assembly, on or before 
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September 15, 2007 or July 1 of a subsequent year shall 
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constitute a forfeiture by the district of its right to
such 
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grant for the school year.

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(Source: P.A. 91-723, eff. 6-2-00.)

 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.