093_SB1498ham001LRB093 06568 SJM 16486 a 1 AMENDMENT TO SENATE BILL 1498 2 AMENDMENT NO.. Amend Senate Bill 1498 by replacing 3 everything after the enacting clause with the following: 4 "Section 5. The Property Tax Code is amended by changing 5 Section 18-230 as follows: 6 (35 ILCS 200/18-230) 7 Sec. 18-230. Rate increase or decrease factor. When a 8 new rate or a rate increase or decrease first effective for 9 the current levy year has been approved by referendum, the 10 aggregate extension base, as adjusted in Sections 18-215 and 11 18-220, shall be multiplied by a rate increase (or decrease) 12 factor. The numerator of the rate increase (or decrease) 13 factor is the total combined rate for the funds that made up 14 the aggregate extension for the taxing district for the prior 15 year plus the rate increase approved or minus the rate 16 decrease approved. The denominator of the rate increase or 17 decrease factor is the total combined rate for the funds that 18 made up the aggregate extension for the prior year. For 19 those taxing districts for which a new rate or a rate 20 increase has been approved by referendum held after December 21 31, 1988, and that did not increase their rate to the new 22 maximum rate for that fund, the rate increase factor shall be -2- LRB093 06568 SJM 16486 a 1 adjusted for 4 levy years after the year of the referendum by 2 a factor the numerator of which is the portion of the new or 3 increased rate for which taxes were not extended plus the 4 aggregate rate in effect for the levy year prior to the levy 5 year in which the referendum was passed and the denominator 6 of which is the aggregate rate in effect for the levy year 7 prior to the levy year in which the referendum was passed. 8For purposes of this Section, for all 2002 levies, as may9be amended, and as extended and collected in 2003, "the rate10increase approved" for school districts subject to Article 1711of the School Code includes the difference between the annual12rate at which the existing tax was most recently levied and13the maximum rate at which that tax was authorized to be14levied by referendum, to the extent such information was15contained in the form of the ballot for that referendum16pursuant to Section 17-3.4 of the School Code. This17definition of "rate increase approved", however, shall apply18only to school districts for which the following conditions19are met:20(i) the school district is a unit district21maintaining grades K through 12;22(ii) the school district has an equalized assessed23valuation for calendar year 2002 of between $500,000,00024and $1,000,000,000;25(iii) the school district has an enrollment for26school year 2002-2003 of at least 5,000; and27(iv) the subject tax rate increase was approved at28the April 1, 2003, consolidated election by a vote of at29least 54% of those voting on the public question.30 (Source: P.A. 87-17; 88-455.) 31 Section 99. Effective date. This Act takes effect upon 32 becoming law.".