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90_SB1479
105 ILCS 230/5-5
105 ILCS 230/5-45
Amends the School Construction Law. Allows districts to
apply for debt service grants if they have issued school
construction bonds approved at any referendum after January
1, 1996, rather than just those referendums held between
January 1, 1996 and January 1, 1998. Prohibits districts from
receiving both debt service grants and school construction
grants for the same school construction project. Effective
immediately.
SRS90S0061KSaw
SRS90S0061KSaw
1 AN ACT to amend the School Construction Law by changing
2 Sections 5-5 and 5-45.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 1. The School Construction Law is amended by
6 changing Sections 5-5 and 5-45 as follows:
7 (105 ILCS 230/5-5)
8 Sec. 5-5. Definitions. As used in this Article:
9 "Approved school construction bonds" mean bonds that were
10 approved by referendum after January 1, 1996 but prior to
11 January 1, 1998 as provided in Sections 19-2 through 19-7 of
12 the School Code to provide funds for the acquisition,
13 development, construction, reconstruction, rehabilitation,
14 improvement, architectural planning, and installation of
15 capital facilities consisting of buildings, structures,
16 durable-equipment, and land for educational purposes.
17 "Grant index" means a figure for each school district
18 equal to one minus the ratio of the district's equalized
19 assessed valuation per pupil in average daily attendance to
20 the equalized assessed valuation per pupil in average daily
21 attendance of the district located at the 90th percentile for
22 all districts of the same type. The grant index shall be no
23 less than 0.35 and no greater than 0.75 for each district;
24 provided that the grant index for districts whose equalized
25 assessed valuation per pupil in average daily attendance is
26 at the 99th percentile and above for all districts of the
27 same type shall be 0.00.
28 "School construction project" means the acquisition,
29 development, construction, reconstruction, rehabilitation,
30 improvement, architectural planning, and installation of
31 capital facilities consisting of buildings, structures,
-2- SRS90S0061KSaw
1 durable equipment, and land for educational purposes.
2 (Source: P.A. 90-548, eff. 1-1-98.)
3 (105 ILCS 230/5-45)
4 Sec. 5-45. Debt service grants. School districts that
5 have issued approved school construction bonds may shall be
6 eligible to apply for debt service grants. The amount
7 awarded to eligible districts for debt service grants shall
8 be equal to 10% of the principal amount of approved school
9 construction bonds issued by the district times the grant
10 index for the district. Debt service grants shall only be
11 used by school districts to: retire principal of approved
12 school construction bonds, restructure the debt service on
13 such bonds, or abate the property taxes levied for the
14 district's bond and interest fund by an amount identical to
15 the amount of the debt service grant. No school district
16 shall be eligible to receive both a debt service grant and a
17 school construction grant for the same school construction
18 project. No debt service grants shall be awarded by the State
19 Board of Education after June 30, 1999.
20 (Source: P.A. 90-548, eff. 1-1-98.)
21 Section 99. This Act takes effect upon becoming law.