Full Text of SB3113 98th General Assembly
SB3113ham002 98TH GENERAL ASSEMBLY | Rep. Donald L. Moffitt Filed: 5/8/2014
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| 1 | | AMENDMENT TO SENATE BILL 3113
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 3113, AS AMENDED, | 3 | | with reference to page and line numbers of House Amendment No. | 4 | | 1, as follows:
| 5 | | on page 1, line 4, by replacing "Section" with "Sections | 6 | | 11E-105 and"; and | 7 | | on page 1, immediately below line 5, by inserting the | 8 | | following: | 9 | | "(105 ILCS 5/11E-105) | 10 | | Sec. 11E-105. Assets, liabilities and bonded indebtedness; | 11 | | tax rate. | 12 | | (a) Subject to the terms and provisions of subsections (b) | 13 | | and (c) of this Section, whenever a new district is created | 14 | | under any of the provisions of this Article, the outstanding | 15 | | bonded indebtedness shall be treated as provided in this |
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| 1 | | subsection (a) and in Section 19-29 of this Code. The tax rate | 2 | | for bonded indebtedness shall be determined in the manner | 3 | | provided in Section 19-7 of this Code, and, notwithstanding the | 4 | | creation of any such district, the county clerk or clerks shall | 5 | | annually extend taxes, for each outstanding bond issue against | 6 | | all of the taxable property that was situated within the | 7 | | boundaries of the district, as those boundaries existed at the | 8 | | time of the issuance of the bond issue, regardless of whether | 9 | | the property is still contained in that same district at the | 10 | | time of the extension of the taxes by the county clerk or | 11 | | clerks ; provided that, notwithstanding the provisions of | 12 | | Section 19-18 of this Code, upon resolution of the school | 13 | | board, the county clerk must extend taxes to pay the principal | 14 | | of and interest on any general obligation bonds issued by the | 15 | | new district exclusively to refund any bonded indebtedness of a | 16 | | district organized into the new district against all of the | 17 | | taxable property that was situated within the boundaries of the | 18 | | previously existing district as the boundaries existed at the | 19 | | time of the issuance of the bonded indebtedness being refunded; | 20 | | however, (i) the net interest rate on the refunding bonds may | 21 | | not exceed the net interest rate on the refunded bonds, (ii) | 22 | | the final maturity date of the refunding bonds may not extend | 23 | | beyond the final maturity date of the refunded bonds, and (iii) | 24 | | the tax levy to pay the refunding bonds in any levy year may | 25 | | not exceed the tax levy that would have been required to pay | 26 | | the refunded bonds for that levy year . The terms of the proviso |
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| 1 | | are applicable to districts that were created pursuant to a | 2 | | referendum held in November of 2008. The terms of the proviso, | 3 | | other than this sentence, are inoperative after June 30, 2016. | 4 | | (b) For a unit district formation, whenever a part of a | 5 | | district is included within the boundaries of a newly created | 6 | | unit district, the regional superintendent of schools shall | 7 | | cause an accounting to be had between the districts affected by | 8 | | the change in boundaries as provided for in Article 11C of this | 9 | | Code. Whenever the entire territory of 2 or more school | 10 | | districts is organized into a unit district pursuant to a | 11 | | petition filed under this Article, the petition may provide | 12 | | that the entire territory of the new unit district shall assume | 13 | | the bonded indebtedness of the previously existing school | 14 | | districts. In that case, the tax rate for bonded indebtedness | 15 | | shall be determined in the manner provided in Section 19-7 of | 16 | | this Code, except that the county clerk shall annually extend | 17 | | taxes for each outstanding bond issue against all the taxable | 18 | | property situated in the new unit district as it exists after | 19 | | the organization. | 20 | | (c)(1) For a high school-unit conversion, unit to dual | 21 | | conversion, or multi-unit conversion, upon the effective date | 22 | | of the change as provided in Section 11E-70 of this Code and | 23 | | subject to the provisions of paragraph (2) of this subsection | 24 | | (c), each newly created elementary district shall receive all | 25 | | of the assets and assume all of the liabilities and obligations | 26 | | of the dissolved unit district forming the boundary of the |
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| 1 | | newly created elementary district. | 2 | | (2) Notwithstanding the provisions of paragraph (1) of this | 3 | | subsection (c), upon the stipulation of the school board of the | 4 | | school district serving a newly created elementary district for | 5 | | high school purposes
and either (i) the school board of the | 6 | | unit district prior to the effective date of its dissolution or | 7 | | (ii) thereafter the school board of the newly created | 8 | | elementary district and with the approval in either case of the | 9 | | regional superintendent of schools of the educational service | 10 | | region in which the territory described in the petition filed | 11 | | under this Article or the greater percentage of equalized | 12 | | assessed valuation of the territory is situated, the assets, | 13 | | liabilities, and obligations of the dissolved unit district may | 14 | | be divided and assumed between and by the newly created | 15 | | elementary district and the school district serving the newly | 16 | | created elementary district for high school purposes,
in | 17 | | accordance with the terms and provisions of the stipulation and | 18 | | approval. In this event, the provisions of Section 19-29 shall | 19 | | be applied to determine the debt incurring power of the newly | 20 | | created elementary district and of the school district serving | 21 | | the newly created elementary district for high school purposes. | 22 | | (3) Without regard to whether the receipt of assets and the | 23 | | assumption of liabilities and obligations of the dissolved unit | 24 | | district is determined pursuant to paragraph (1) or (2) of this | 25 | | subsection (c), the tax rate for bonded indebtedness shall be | 26 | | determined in the manner provided in Section 19-7, and, |
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| 1 | | notwithstanding the creation of this new elementary district, | 2 | | the county clerk or clerks shall annually extend taxes for each | 3 | | outstanding bond issue against all of the taxable property that | 4 | | was situated within the boundaries of the dissolved unit | 5 | | district as those boundaries existed at the time of the | 6 | | issuance of the bond issue, regardless of whether the property | 7 | | was still contained in that unit district at the time of its | 8 | | dissolution and regardless of whether the property is contained | 9 | | in the newly created elementary district at the time of the | 10 | | extension of the taxes by the county clerk or clerks.
| 11 | | (Source: P.A. 94-1019, eff. 7-10-06.)".
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