HB3052ham002 100TH GENERAL ASSEMBLY

Rep. Thaddeus Jones

Filed: 4/21/2017

10000HB3052ham002 LRB100 09495 MLM 25299 a

AMENDMENT TO HOUSE BILL 3052

AMENDMENT NO. ______. Amend House Bill 3052 by replacing everything after the enacting clause with the following:

"Section 5. The School Code is amended by adding Section 19-1.2 as follows:

(105 ILCS 5/19-1.2 new)

Sec. 19-1.2. Limiting tax rate for multiple school district municipalities.

(a) As used in this Section:

"Limiting tax rate" is an elementary school district's maximum aggregate extension under the Property Tax Extension Limitation Law.

"Major district" means an elementary school district whose boundaries are wholly or partially within a multiple school district municipality and in which the percentage of its equalized assessed value within the multiple school district municipality is at least 70% of its entire equalized assessed value.

"Minor district" means an elementary school district whose boundaries are wholly or partially within a multiple school district municipality and in which (i) the percentage of its equalized assessed value within the multiple school district municipality is at least 30% of its entire equalized assessed value and (ii) the school district has exceeded its debt limitation provided for by referendum in accordance with Section 19-1 of this Code by at least 400% or the school district's limiting tax rate exceeds the limiting tax rate of the major district in a multiple school district municipality by at least 200%.

"Multiple school district municipality" means a municipality that contains parts of at least 4 elementary school districts within its corporate boundaries.

(b) A minor district shall not have an annual tax rate, for properties located within the corporate limits of a multiple school district municipality, that exceeds the sum of its debt rate and the major district's limiting tax rate.

(c) A minor district is prohibited from borrowing any additional funds, including the refunding of debt, in excess of 400% of the debt limitation provided by Section 19-1 of this Code. Notwithstanding the preceding sentence, a minor district that has exceeded 400% of the debt limitation provided by Section 19-1 of this Code as of the effective date of this amendatory Act of the 100th General Assembly shall be prohibited from borrowing any additional funds.

(d) For tax levy year 2017, a minor district is prohibited from extending a tax rate, for properties located within the corporate limits of a multiple school district municipality, that exceeds the total of the minor district's debt rate and 175% of the total of the major district's limiting tax rate.

(e) For tax levy year 2018, a minor district is prohibited from extending a tax rate, for properties located within the corporate limits of a multiple school district municipality, that exceeds the total of the minor district's debt rate and 150% of the total of the major district's limiting tax rate.

(f) For all tax levy years after 2018, a minor district is prohibited from extending a tax rate, for properties located within the corporate limits of a multiple school district municipality, that exceeds the total of the minor district's debt rate and the major district's limiting tax rate.

Section 99. Effective date. This Act takes effect upon becoming law.".