95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB2223


 
Introduced 2/26/2007, by Rep. Michael J. Madigan - Barbara Flynn Currie - Michael K. Smith
 
SYNOPSIS AS INTRODUCED:
 		













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







    Amends the Common School Fund Article of the School Code.  Makes a technical
change in a Section concerning Tax Equivalent Grants.
















LRB095 01156 NHT 21158 b

















 


 


A BILL FOR









 











HB2223

LRB095 01156 NHT 21158 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. When any State 
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institution is
located in a school district in which the
the

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State owns 45% or more of the
total land area of the district, 
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the State Superintendent of Education
shall annually direct the 
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State Comptroller to pay the amount of the
tax-equivalent 
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grants provided in this Section, and the State Comptroller 
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shall
draw his warrant upon the State Treasurer for the payment 
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of the grants.  For
fiscal year 1995 and each fiscal year 
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thereafter,
the grant shall equal
0.5% of the equalized 
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assessed
valuation of the land owned by the State (computing 
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that equalized assessed
valuation by multiplying the average 
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value per taxable acre of the school
district by the total 
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number of acres of land owned by the State).  Annually on
or 
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before September 15, 1994 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.


 


 






HB2223
- 2 -
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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 subsequent year shall constitute a forfeiture by 
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the district of its right to
such grant for the school year.

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