(105 ILCS 5/18-4.4)
(from Ch. 122, par. 18-4.4)
Tax Equivalent Grants.
When any State institution is
located in a school district in which the State owns 45% or more of the
total land area of the district, the State Superintendent of Education
shall annually direct the State Comptroller to pay the amount of the
tax-equivalent grants provided in this Section, and the State Comptroller shall
draw his warrant upon the State Treasurer for the payment of the grants. For
fiscal year 1995 and each fiscal year thereafter,
the grant shall equal
0.5% of the equalized assessed
valuation of the land owned by the State (computing that equalized assessed
valuation by multiplying the average value per taxable acre of the school
district by the total number of acres of land owned by the State). Annually on
or before September 15, 1994 and July 1, thereafter, the district
superintendent shall certify to the State Board of Education the following
1. The name of the State institution.
2. The total land area of the district in acres.
3. The total ownership of the land of the State in
4. The total equalized assessed value of all the land
5. The rate of school tax payable in the year.
6. The computed amount of the tax-equivalent grant
Failure of any district superintendent to certify the
claim for the tax-equivalent grant on or before September 15, 1994 or July 1 of
a subsequent year shall constitute a forfeiture by the district of its right to
such grant for the school year.
(Source: P.A. 91-723, eff. 6-2-00.)