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Public Act 093-0690 |
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AN ACT relating to schools.
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Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly:
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Section 5. The Property Tax Code is amended by changing | ||||
Section 18-185 as follows: | ||||
(35 ILCS 200/18-185)
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Sec. 18-185. Short title; definitions. This Division 5 may | ||||
be cited as the
Property Tax Extension Limitation Law. As used | ||||
in this Division 5:
| ||||
"Consumer Price Index" means the Consumer Price Index for | ||||
All Urban
Consumers for all items published by the United | ||||
States Department of Labor.
| ||||
"Extension limitation" means (a) the lesser of 5% or the | ||||
percentage increase
in the Consumer Price Index during the | ||||
12-month calendar year preceding the
levy year or (b) the rate | ||||
of increase approved by voters under Section 18-205.
| ||||
"Affected county" means a county of 3,000,000 or more | ||||
inhabitants or a
county contiguous to a county of 3,000,000 or | ||||
more inhabitants.
| ||||
"Taxing district" has the same meaning provided in Section | ||||
1-150, except as
otherwise provided in this Section. For the | ||||
1991 through 1994 levy years only,
"taxing district" includes | ||||
only each non-home rule taxing district having the
majority of | ||||
its
1990 equalized assessed value within any county or counties | ||||
contiguous to a
county with 3,000,000 or more inhabitants. | ||||
Beginning with the 1995 levy
year, "taxing district" includes | ||||
only each non-home rule taxing district
subject to this Law | ||||
before the 1995 levy year and each non-home rule
taxing | ||||
district not subject to this Law before the 1995 levy year | ||||
having the
majority of its 1994 equalized assessed value in an | ||||
affected county or
counties. Beginning with the levy year in
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which this Law becomes applicable to a taxing district as
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provided in Section 18-213, "taxing district" also includes | ||
those taxing
districts made subject to this Law as provided in | ||
Section 18-213.
| ||
"Aggregate extension" for taxing districts to which this | ||
Law applied before
the 1995 levy year means the annual | ||
corporate extension for the taxing
district and those special | ||
purpose extensions that are made annually for
the taxing | ||
district, excluding special purpose extensions: (a) made for | ||
the
taxing district to pay interest or principal on general | ||
obligation bonds
that were approved by referendum; (b) made for | ||
any taxing district to pay
interest or principal on general | ||
obligation bonds issued before October 1,
1991; (c) made for | ||
any taxing district to pay interest or principal on bonds
| ||
issued to refund or continue to refund those bonds issued | ||
before October 1,
1991; (d)
made for any taxing district to pay | ||
interest or principal on bonds
issued to refund or continue to | ||
refund bonds issued after October 1, 1991 that
were approved by | ||
referendum; (e)
made for any taxing district to pay interest
or | ||
principal on revenue bonds issued before October 1, 1991 for | ||
payment of
which a property tax levy or the full faith and | ||
credit of the unit of local
government is pledged; however, a | ||
tax for the payment of interest or principal
on those bonds | ||
shall be made only after the governing body of the unit of | ||
local
government finds that all other sources for payment are | ||
insufficient to make
those payments; (f) made for payments | ||
under a building commission lease when
the lease payments are | ||
for the retirement of bonds issued by the commission
before | ||
October 1, 1991, to pay for the building project; (g) made for | ||
payments
due under installment contracts entered into before | ||
October 1, 1991;
(h) made for payments of principal and | ||
interest on bonds issued under the
Metropolitan Water | ||
Reclamation District Act to finance construction projects
| ||
initiated before October 1, 1991; (i) made for payments of | ||
principal and
interest on limited bonds, as defined in Section | ||
3 of the Local Government Debt
Reform Act, in an amount not to | ||
exceed the debt service extension base less
the amount in items |
(b), (c), (e), and (h) of this definition for
non-referendum | ||
obligations, except obligations initially issued pursuant to
| ||
referendum; (j) made for payments of principal and interest on | ||
bonds
issued under Section 15 of the Local Government Debt | ||
Reform Act; (k)
made
by a school district that participates in | ||
the Special Education District of
Lake County, created by | ||
special education joint agreement under Section
10-22.31 of the | ||
School Code, for payment of the school district's share of the
| ||
amounts required to be contributed by the Special Education | ||
District of Lake
County to the Illinois Municipal Retirement | ||
Fund under Article 7 of the
Illinois Pension Code; the amount | ||
of any extension under this item (k) shall be
certified by the | ||
school district to the county clerk; and (l) made to fund
| ||
expenses of providing joint recreational programs for the | ||
handicapped under
Section 5-8 of
the
Park District Code or | ||
Section 11-95-14 of the Illinois Municipal Code ; (m) made for | ||
temporary relocation loan repayment purposes pursuant to | ||
Sections 2-3.77 and 17-2.2d of the School Code, and (n) made | ||
for payment of principal and interest on any bonds issued under | ||
the authority of Section 17-2.2d of the School Code .
| ||
"Aggregate extension" for the taxing districts to which | ||
this Law did not
apply before the 1995 levy year (except taxing | ||
districts subject to this Law
in
accordance with Section | ||
18-213) means the annual corporate extension for the
taxing | ||
district and those special purpose extensions that are made | ||
annually for
the taxing district, excluding special purpose | ||
extensions: (a) made for the
taxing district to pay interest or | ||
principal on general obligation bonds that
were approved by | ||
referendum; (b) made for any taxing district to pay interest
or | ||
principal on general obligation bonds issued before March 1, | ||
1995; (c) made
for any taxing district to pay interest or | ||
principal on bonds issued to refund
or continue to refund those | ||
bonds issued before March 1, 1995; (d) made for any
taxing | ||
district to pay interest or principal on bonds issued to refund | ||
or
continue to refund bonds issued after March 1, 1995 that | ||
were approved by
referendum; (e) made for any taxing district |
to pay interest or principal on
revenue bonds issued before | ||
March 1, 1995 for payment of which a property tax
levy or the | ||
full faith and credit of the unit of local government is | ||
pledged;
however, a tax for the payment of interest or | ||
principal on those bonds shall be
made only after the governing | ||
body of the unit of local government finds that
all other | ||
sources for payment are insufficient to make those payments; | ||
(f) made
for payments under a building commission lease when | ||
the lease payments are for
the retirement of bonds issued by | ||
the commission before March 1, 1995 to
pay for the building | ||
project; (g) made for payments due under installment
contracts | ||
entered into before March 1, 1995; (h) made for payments of
| ||
principal and interest on bonds issued under the Metropolitan | ||
Water Reclamation
District Act to finance construction | ||
projects initiated before October 1,
1991; (i) made for | ||
payments of principal and interest on limited bonds,
as defined | ||
in Section 3 of the Local Government Debt Reform Act, in an | ||
amount
not to exceed the debt service extension base less the | ||
amount in items (b),
(c), and (e) of this definition for | ||
non-referendum obligations, except
obligations initially | ||
issued pursuant to referendum and bonds described in
subsection | ||
(h) of this definition; (j) made for payments of
principal and | ||
interest on bonds issued under Section 15 of the Local | ||
Government
Debt Reform Act; (k) made for payments of principal | ||
and interest on bonds
authorized by Public Act 88-503 and | ||
issued under Section 20a of the Chicago
Park District Act for | ||
aquarium or
museum projects; (l) made for payments of principal | ||
and interest on
bonds
authorized by Public Act 87-1191 or | ||
93-601
this amendatory Act of the 93rd General
Assembly and (i) | ||
issued pursuant to Section 21.2 of the Cook County Forest
| ||
Preserve District Act, (ii) issued under Section 42 of the Cook | ||
County
Forest Preserve District Act for zoological park | ||
projects, or (iii) issued
under Section 44.1 of the Cook County | ||
Forest Preserve District Act for
botanical gardens projects; | ||
(m) made
pursuant
to Section 34-53.5 of the School Code, | ||
whether levied annually or not;
(n) made to fund expenses of |
providing joint recreational programs for the
handicapped | ||
under Section 5-8 of the Park
District Code or Section 11-95-14 | ||
of the Illinois Municipal Code;
and (o) made by the
Chicago | ||
Park
District for recreational programs for the handicapped | ||
under subsection (c) of
Section
7.06 of the Chicago Park | ||
District Act.
| ||
"Aggregate extension" for all taxing districts to which | ||
this Law applies in
accordance with Section 18-213, except for | ||
those taxing districts subject to
paragraph (2) of subsection | ||
(e) of Section 18-213, means the annual corporate
extension for | ||
the
taxing district and those special purpose extensions that | ||
are made annually for
the taxing district, excluding special | ||
purpose extensions: (a) made for the
taxing district to pay | ||
interest or principal on general obligation bonds that
were | ||
approved by referendum; (b) made for any taxing district to pay | ||
interest
or principal on general obligation bonds issued before | ||
the date on which the
referendum making this
Law applicable to | ||
the taxing district is held; (c) made
for any taxing district | ||
to pay interest or principal on bonds issued to refund
or | ||
continue to refund those bonds issued before the date on which | ||
the
referendum making this Law
applicable to the taxing | ||
district is held;
(d) made for any
taxing district to pay | ||
interest or principal on bonds issued to refund or
continue to | ||
refund bonds issued after the date on which the referendum | ||
making
this Law
applicable to the taxing district is held if | ||
the bonds were approved by
referendum after the date on which | ||
the referendum making this Law
applicable to the taxing | ||
district is held; (e) made for any
taxing district to pay | ||
interest or principal on
revenue bonds issued before the date | ||
on which the referendum making this Law
applicable to the
| ||
taxing district is held for payment of which a property tax
| ||
levy or the full faith and credit of the unit of local | ||
government is pledged;
however, a tax for the payment of | ||
interest or principal on those bonds shall be
made only after | ||
the governing body of the unit of local government finds that
| ||
all other sources for payment are insufficient to make those |
payments; (f) made
for payments under a building commission | ||
lease when the lease payments are for
the retirement of bonds | ||
issued by the commission before the date on which the
| ||
referendum making this
Law applicable to the taxing district is | ||
held to
pay for the building project; (g) made for payments due | ||
under installment
contracts entered into before the date on | ||
which the referendum making this Law
applicable to
the taxing | ||
district is held;
(h) made for payments
of principal and | ||
interest on limited bonds,
as defined in Section 3 of the Local | ||
Government Debt Reform Act, in an amount
not to exceed the debt | ||
service extension base less the amount in items (b),
(c), and | ||
(e) of this definition for non-referendum obligations, except
| ||
obligations initially issued pursuant to referendum; (i) made | ||
for payments
of
principal and interest on bonds issued under | ||
Section 15 of the Local Government
Debt Reform Act;
(j)
made | ||
for a qualified airport authority to pay interest or principal | ||
on
general obligation bonds issued for the purpose of paying | ||
obligations due
under, or financing airport facilities | ||
required to be acquired, constructed,
installed or equipped | ||
pursuant to, contracts entered into before March
1, 1996 (but | ||
not including any amendments to such a contract taking effect | ||
on
or after that date); and (k) made to fund expenses of | ||
providing joint
recreational programs for the handicapped | ||
under Section 5-8 of
the
Park District Code or Section 11-95-14 | ||
of the Illinois Municipal Code.
| ||
"Aggregate extension" for all taxing districts to which | ||
this Law applies in
accordance with paragraph (2) of subsection | ||
(e) of Section 18-213 means the
annual corporate extension for | ||
the
taxing district and those special purpose extensions that | ||
are made annually for
the taxing district, excluding special | ||
purpose extensions: (a) made for the
taxing district to pay | ||
interest or principal on general obligation bonds that
were | ||
approved by referendum; (b) made for any taxing district to pay | ||
interest
or principal on general obligation bonds issued before | ||
the effective date of
this amendatory Act of 1997;
(c) made
for | ||
any taxing district to pay interest or principal on bonds |
issued to refund
or continue to refund those bonds issued | ||
before the effective date
of this amendatory Act of 1997;
(d) | ||
made for any
taxing district to pay interest or principal on | ||
bonds issued to refund or
continue to refund bonds issued after | ||
the effective date of this amendatory Act
of 1997 if the bonds | ||
were approved by referendum after the effective date of
this | ||
amendatory Act of 1997;
(e) made for any
taxing district to pay | ||
interest or principal on
revenue bonds issued before the | ||
effective date of this amendatory Act of 1997
for payment of | ||
which a property tax
levy or the full faith and credit of the | ||
unit of local government is pledged;
however, a tax for the | ||
payment of interest or principal on those bonds shall be
made | ||
only after the governing body of the unit of local government | ||
finds that
all other sources for payment are insufficient to | ||
make those payments; (f) made
for payments under a building | ||
commission lease when the lease payments are for
the retirement | ||
of bonds issued by the commission before the effective date
of | ||
this amendatory Act of 1997
to
pay for the building project; | ||
(g) made for payments due under installment
contracts entered | ||
into before the effective date of this amendatory Act of
1997;
| ||
(h) made for payments
of principal and interest on limited | ||
bonds,
as defined in Section 3 of the Local Government Debt | ||
Reform Act, in an amount
not to exceed the debt service | ||
extension base less the amount in items (b),
(c), and (e) of | ||
this definition for non-referendum obligations, except
| ||
obligations initially issued pursuant to referendum; (i) made | ||
for payments
of
principal and interest on bonds issued under | ||
Section 15 of the Local Government
Debt Reform Act;
(j)
made | ||
for a qualified airport authority to pay interest or principal | ||
on
general obligation bonds issued for the purpose of paying | ||
obligations due
under, or financing airport facilities | ||
required to be acquired, constructed,
installed or equipped | ||
pursuant to, contracts entered into before March
1, 1996 (but | ||
not including any amendments to such a contract taking effect | ||
on
or after that date); and (k) made to fund expenses of | ||
providing joint
recreational programs for the handicapped |
under Section 5-8 of
the
Park District Code or Section 11-95-14 | ||
of the Illinois Municipal Code.
| ||
"Debt service extension base" means an amount equal to that | ||
portion of the
extension for a taxing district for the 1994 | ||
levy year, or for those taxing
districts subject to this Law in | ||
accordance with Section 18-213, except for
those subject to | ||
paragraph (2) of subsection (e) of Section 18-213, for the
levy
| ||
year in which the referendum making this Law applicable to the | ||
taxing district
is held, or for those taxing districts subject | ||
to this Law in accordance with
paragraph (2) of subsection (e) | ||
of Section 18-213 for the 1996 levy year,
constituting an
| ||
extension for payment of principal and interest on bonds issued | ||
by the taxing
district without referendum, but not including | ||
excluded non-referendum bonds. For park districts (i) that were | ||
first
subject to this Law in 1991 or 1995 and (ii) whose | ||
extension for the 1994 levy
year for the payment of principal | ||
and interest on bonds issued by the park
district without | ||
referendum (but not including excluded non-referendum bonds)
| ||
was less than 51% of the amount for the 1991 levy year | ||
constituting an
extension for payment of principal and interest | ||
on bonds issued by the park
district without referendum (but | ||
not including excluded non-referendum bonds),
"debt service | ||
extension base" means an amount equal to that portion of the
| ||
extension for the 1991 levy year constituting an extension for | ||
payment of
principal and interest on bonds issued by the park | ||
district without referendum
(but not including excluded | ||
non-referendum bonds). The debt service extension
base may be | ||
established or increased as provided under Section 18-212.
| ||
"Excluded non-referendum bonds" means (i) bonds authorized by | ||
Public
Act 88-503 and issued under Section 20a of the Chicago | ||
Park District Act for
aquarium and museum projects; (ii) bonds | ||
issued under Section 15 of the
Local Government Debt Reform | ||
Act; or (iii) refunding obligations issued
to refund or to | ||
continue to refund obligations initially issued pursuant to
| ||
referendum.
| ||
"Special purpose extensions" include, but are not limited |
to, extensions
for levies made on an annual basis for | ||
unemployment and workers'
compensation, self-insurance, | ||
contributions to pension plans, and extensions
made pursuant to | ||
Section 6-601 of the Illinois Highway Code for a road
| ||
district's permanent road fund whether levied annually or not. | ||
The
extension for a special service area is not included in the
| ||
aggregate extension.
| ||
"Aggregate extension base" means the taxing district's | ||
last preceding
aggregate extension as adjusted under Sections | ||
18-215 through 18-230.
| ||
"Levy year" has the same meaning as "year" under Section
| ||
1-155.
| ||
"New property" means (i) the assessed value, after final | ||
board of review or
board of appeals action, of new improvements | ||
or additions to existing
improvements on any parcel of real | ||
property that increase the assessed value of
that real property | ||
during the levy year multiplied by the equalization factor
| ||
issued by the Department under Section 17-30, (ii) the assessed | ||
value, after
final board of review or board of appeals action, | ||
of real property not exempt
from real estate taxation, which | ||
real property was exempt from real estate
taxation for any | ||
portion of the immediately preceding levy year, multiplied by
| ||
the equalization factor issued by the Department under Section | ||
17-30, and
(iii) in counties that classify in accordance with | ||
Section 4 of Article
IX of the
Illinois Constitution, an | ||
incentive property's additional assessed value
resulting from | ||
a
scheduled increase in the level of assessment as applied to | ||
the first year
final board of
review market value.
In addition, | ||
the county clerk in a county containing a population of
| ||
3,000,000 or more shall include in the 1997
recovered tax | ||
increment value for any school district, any recovered tax
| ||
increment value that was applicable to the 1995 tax year | ||
calculations.
| ||
"Qualified airport authority" means an airport authority | ||
organized under
the Airport Authorities Act and located in a | ||
county bordering on the State of
Wisconsin and having a |
population in excess of 200,000 and not greater than
500,000.
| ||
"Recovered tax increment value" means, except as otherwise | ||
provided in this
paragraph, the amount of the current year's | ||
equalized assessed value, in the
first year after a | ||
municipality terminates
the designation of an area as a | ||
redevelopment project area previously
established under the | ||
Tax Increment Allocation Development Act in the Illinois
| ||
Municipal Code, previously established under the Industrial | ||
Jobs Recovery Law
in the Illinois Municipal Code, or previously | ||
established under the Economic
Development Area Tax Increment | ||
Allocation Act, of each taxable lot, block,
tract, or parcel of | ||
real property in the redevelopment project area over and
above | ||
the initial equalized assessed value of each property in the
| ||
redevelopment project area.
For the taxes which are extended | ||
for the 1997 levy year, the recovered tax
increment value for a | ||
non-home rule taxing district that first became subject
to this | ||
Law for the 1995 levy year because a majority of its 1994 | ||
equalized
assessed value was in an affected county or counties | ||
shall be increased if a
municipality terminated the designation | ||
of an area in 1993 as a redevelopment
project area previously | ||
established under the Tax Increment Allocation
Development Act | ||
in the Illinois Municipal Code, previously established under
| ||
the Industrial Jobs Recovery Law in the Illinois Municipal | ||
Code, or previously
established under the Economic Development | ||
Area Tax Increment Allocation Act,
by an amount equal to the | ||
1994 equalized assessed value of each taxable lot,
block, | ||
tract, or parcel of real property in the redevelopment project | ||
area over
and above the initial equalized assessed value of | ||
each property in the
redevelopment project area.
In the first | ||
year after a municipality
removes a taxable lot, block, tract, | ||
or parcel of real property from a
redevelopment project area | ||
established under the Tax Increment Allocation
Development Act | ||
in the Illinois
Municipal Code, the Industrial Jobs Recovery | ||
Law
in the Illinois Municipal Code, or the Economic
Development | ||
Area Tax Increment Allocation Act, "recovered tax increment | ||
value"
means the amount of the current year's equalized |
assessed value of each taxable
lot, block, tract, or parcel of | ||
real property removed from the redevelopment
project area over | ||
and above the initial equalized assessed value of that real
| ||
property before removal from the redevelopment project area.
| ||
Except as otherwise provided in this Section, "limiting | ||
rate" means a
fraction the numerator of which is the last
| ||
preceding aggregate extension base times an amount equal to one | ||
plus the
extension limitation defined in this Section and the | ||
denominator of which
is the current year's equalized assessed | ||
value of all real property in the
territory under the | ||
jurisdiction of the taxing district during the prior
levy year. | ||
For those taxing districts that reduced their aggregate
| ||
extension for the last preceding levy year, the highest | ||
aggregate extension
in any of the last 3 preceding levy years | ||
shall be used for the purpose of
computing the limiting rate. | ||
The denominator shall not include new
property. The denominator | ||
shall not include the recovered tax increment
value.
| ||
(Source: P.A. 92-547, eff. 6-13-02; 93-601, eff. 1-1-04; | ||
93-606, eff. 11-18-03; 93-612, eff. 11-18-03; revised | ||
12-10-03.)
| ||
Section 10. The School Code is amended by adding
Section | ||
17-2.2d as follows:
| ||
(105 ILCS 5/17-2.2d new)
| ||
Sec. 17-2.2d. Special taxing and bonding for temporary | ||
relocation expense and emergency replacement purposes. | ||
(a) In addition to any other taxes and notwithstanding any | ||
limitation imposed by the Property Tax Extension Limitation Law | ||
or any other limitations specified in this Code or any other | ||
law, the school board of any district having a population of | ||
less than 500,000 inhabitants that meets the criteria specified | ||
in subsection (c) of this Section, may, by proper resolution, | ||
levy an annual tax not to exceed 0.05% upon the value of the | ||
taxable property as equalized or assessed by the Department of | ||
Revenue for a period not to exceed 7 years for the purpose of |
providing for the repayment of moneys distributed for temporary | ||
relocation expenses of the district pursuant to Section 2-3.77 | ||
of this Code. | ||
(b) The school board of any district that meets the | ||
criteria specified in subsection (c) of this Section may | ||
repair, reconstruct, or replace a condemned building without | ||
seeking referendum approval for the repair, reconstruction, or | ||
replacement.
| ||
(c) In order for this Section to apply, the school district | ||
must (i) be located in a county subject to the Property Tax | ||
Extension Limitation Law, (ii) have had a total enrollment of | ||
at least 1,075 students as shown on the 2003 Illinois State | ||
Report Card, and (iii) have had a school building condemned | ||
after January 1, 2004 and prior to June 30, 2004.
| ||
(d) Notwithstanding any limitation imposed by the Property | ||
Tax Extension Limitation Law or any other limitations specified | ||
in this Code or any other law, the school board of any district | ||
that meets the criteria specified in subsection (c) of this | ||
Section, may, by proper resolution, issue bonds, without | ||
referendum, in an amount sufficient to finance the total cost | ||
of repair, reconstruction, or replacement of the condemned | ||
building. Any premium and all interest earnings on the proceeds | ||
of the bonds so issued shall be used for the purposes for which | ||
the bonds were issued. The proceeds of any bonds issued under | ||
this Section shall be deposited and accounted for separately | ||
within the district's site and construction/capital | ||
improvements fund. The recording officer of the board shall | ||
file in the office of the county clerk of each county in which | ||
a portion of the district is situated a certified copy of the | ||
resolution providing for the issuance of the bonds and levy of | ||
a tax without limit as to rate or amount to pay the bonds. | ||
Bonds issued under this Section and any bonds issued to refund | ||
these bonds are not subject to any debt limitation imposed by | ||
this Code.
| ||
(e) The school board, as an express condition to receiving | ||
a temporary relocation loan under Section 2-3.77 of this Code, |
must agree to levy the tax provided in this Section at the | ||
maximum rate permitted and to pay to the State of Illinois for | ||
deposit into the Temporary Relocation Expenses Revolving Grant | ||
Fund (i) all proceeds of the tax attributable to the first year | ||
and succeeding years for which the tax is levied after moneys | ||
appropriated for purposes of Section 2-3.77 have been | ||
distributed to the school district and (ii) all insurance | ||
proceeds that become payable to the district under those | ||
provisions of any contract or policy of insurance that provide | ||
reimbursement for or other coverage against loss with respect | ||
to any temporary relocation expenses of the district or | ||
proceeds of any legal judgment or settlement regarding the | ||
temporary relocation expenses incurred by the district, | ||
provided that the aggregate of any tax and insurance or other | ||
proceeds paid by the district to the State pursuant to this | ||
subsection (e) shall not exceed in amount the moneys | ||
distributed to the district pursuant to Section 2-3.77 as a | ||
loan or grant.
| ||
(f) If bonds under this Section have been issued by the | ||
school district and the purposes for which the bonds have been | ||
issued are accomplished and paid for in full and there remain | ||
funds on hand from the proceeds of the bonds or interest | ||
earnings or premiums, then the school board, by resolution, | ||
shall transfer those excess funds to the district's bond and | ||
interest fund for the purpose of abating taxes to pay debt | ||
service on the bonds or for defeasance of the debt or both.
| ||
(g) If the school district receives a construction grant | ||
under the School Construction Law or any other law and the | ||
purposes for which the grant was issued are accomplished and | ||
paid for in full and there remains funds on hand from the grant | ||
or interest earnings thereon, then the excess funds shall be | ||
paid to the State of Illinois for deposit into the School | ||
Construction Fund or other State fund from which the | ||
construction grant was paid. | ||
(h) All insurance proceeds that become payable to the | ||
school district under those provisions of a contract or policy |
of insurance that provide reimbursement for or other coverage | ||
against losses other than with respect to any temporary | ||
relocation expenses of the district or proceeds of any legal | ||
judgment or settlement regarding the repair, reconstruction, | ||
or replacement of the condemned building shall be applied to | ||
the repair, reconstruction, or replacement. If the project is | ||
completed and, therefore, all costs have been paid for in full | ||
and there remain funds on hand, including any interest earnings | ||
thereon, from the insurance coverage, legal judgment, or | ||
settlement, then a portion of those excess funds equal to the | ||
State's share of the construction cost of the project shall be | ||
paid to the State of Illinois for deposit into the School | ||
Construction Fund or other State fund from which the | ||
construction grant was paid, and the remainder of the excess | ||
funds shall be transferred to the district's bond and interest | ||
fund for the purpose of abating taxes to pay debt service on | ||
the bonds or for defeasance of the debt or both. If no debt | ||
service remains to be paid, then the excess may be transferred | ||
to whichever fund that, as determined by the school board, is | ||
most in need of the funds.
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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