Deletes everything after the enacting clause. Amends the Property Tax Code and the School Code. Allows a school district (other than the Chicago school district) that (i) is located in a county subject to the Property Tax Extension Limitation Law, (ii) had a total enrollment of at least 1,075 students as shown on the 2003 Illinois State Report Card, and (iii) had a school building condemned after January 1, 2004 and prior to June 30, 2004 to levy an annual property tax not to exceed 0.05% for a period not to exceed 7 years for the purpose of providing for the repayment of State moneys distributed for temporary relocation expenses of the district. Allows the district to repair, reconstruct, or replace a condemned building without seeking referendum approval for the repair, reconstruction, or replacement. Allows the district to issue bonds, without referendum, in an amount sufficient to finance the total cost of repair, reconstruction, or replacement. Includes provisions concerning excess funds. Under the Property Tax Extension Limitation Law, excludes from the definition of "aggregate extension" extensions made for temporary relocation loan repayment purposes and extensions made for payment of principal and interest on bonds. Effective immediately.