State of Illinois
91^st General Assembly
Public Acts

Public Act 91-0723

HB3406 Enrolled                                LRB9111339NTks

    AN ACT to amend  the  School  Code  by  changing  Section
18-4.4.

    Be  it  enacted  by  the People of the State of Illinois,
represented in the General Assembly:

    Section  5.  The  School  Code  is  amended  by  changing
Section 18-4.4 as follows:

    (105 ILCS 5/18-4.4) (from Ch. 122, par. 18-4.4)
    (Section scheduled to be repealed on July 1, 2001)
    Sec. 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 through fiscal year thereafter, 2001 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
matters:
         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
    acres.
         4.  The  total  equalized  assessed value of all the
    land in the district.
         5.  The rate of school tax payable in the year.
         6.  The computed amount of the tax-equivalent  grant
    claimed.
    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.
    This Section is repealed July 1, 2001.
(Source:  P.A.  88-555,  eff.  7-27-94;  88-641, eff. 9-9-94;
89-235, eff. 8-4-95; 89-698, eff. 1-14-97.)

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