Full Text of SB2824 95th General Assembly
SB2824enr 95TH GENERAL ASSEMBLY
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SB2824 Enrolled |
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LRB095 20016 HLH 46452 b |
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| AN ACT concerning local government.
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| Be it enacted by the People of the State of Illinois, | 3 |
| represented in the General Assembly:
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| Section 5. The School Code is amended by changing Section | 5 |
| 7-14 as follows:
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| (105 ILCS 5/7-14) (from Ch. 122, par. 7-14)
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| Sec. 7-14. Bonded indebtedness-Tax rate.
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| (a) Except as provided in subsection (b), whenever the | 9 |
| boundaries of any
school district are changed by the annexation | 10 |
| or detachment of territory, each
such district as it exists on | 11 |
| and after such action shall assume the bonded
indebtedness, as | 12 |
| well as financial obligations to the Capital Development Board
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| pursuant to Section 35-15 (now repealed) of this
Code, of all | 14 |
| the territory included
therein after such change. The tax rate | 15 |
| for bonded indebtedness shall be
determined in the manner | 16 |
| provided in Section 19-7 of this Act, except the
County Clerk | 17 |
| shall annually extend taxes against all the taxable property
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| situated in the county and contained in each such district as | 19 |
| it exists after
the action. Notwithstanding the provisions of | 20 |
| this subsection, if the
boundaries of a school district are | 21 |
| changed by annexation or detachment of
territory after June 30, | 22 |
| 1987, and prior to September 15, 1987, and if the
school | 23 |
| district to which territory is being annexed has no outstanding
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SB2824 Enrolled |
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LRB095 20016 HLH 46452 b |
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| bonded indebtedness on the date such annexation occurs, then | 2 |
| the annexing
school district shall not be liable for any bonded | 3 |
| indebtedness of the
district from which the territory is | 4 |
| detached, and the school district from
which the territory is | 5 |
| detached shall remain liable for all of its bonded
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| indebtedness.
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| (b) Whenever a school district with bonded indebtedness has | 8 |
| become dissolved
under this Article and its territory annexed | 9 |
| to another district, the
annexing district or districts shall | 10 |
| not, except by action pursuant to
resolution of the school | 11 |
| board of the annexing district prior to the effective
date of | 12 |
| the annexation, assume the bonded indebtedness of the dissolved
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| district; nor, except by action pursuant to resolution of the | 14 |
| school
board of the dissolving district, shall the territory of | 15 |
| the dissolved
district assume the bonded indebtedness of the | 16 |
| annexing district or districts.
If the annexing district or | 17 |
| districts do not assume the bonded indebtedness of
the | 18 |
| dissolved district, a tax rate for the bonded indebtedness | 19 |
| shall be
determined in the manner provided in Section 19-7, and | 20 |
| the county clerk or
clerks shall annually extend taxes for each | 21 |
| outstanding bond issue against
all the taxable property that | 22 |
| was situated within the boundaries of the
district as the | 23 |
| boundaries existed at the time of the issuance of each bond
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| issue regardless of whether the property is still contained in | 25 |
| that same
district at the time of the extension of the taxes by | 26 |
| the county clerk
or clerks.
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SB2824 Enrolled |
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LRB095 20016 HLH 46452 b |
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| (c) Notwithstanding the provisions of Section 19-18 of this | 2 |
| Code, upon resolution of the school board, the county clerk | 3 |
| must extend taxes to pay the principal of and interest on any | 4 |
| bonds issued exclusively to refund any bonded indebtedness of | 5 |
| the annexing school district against all of the taxable | 6 |
| property that was situated within the boundaries of the | 7 |
| annexing district as the boundaries existed at the time of the | 8 |
| issuance of the bonded indebtedness being refunded and not | 9 |
| against any of the taxable property in the dissolved school | 10 |
| district, provided that (i) the net interest rate on the | 11 |
| refunding bonds may not exceed the net interest rate on the | 12 |
| refunded bonds, (ii) the final maturity date of the refunding | 13 |
| bonds may not extend beyond the final maturity date of the | 14 |
| refunded bonds, and (iii) the tax levy to pay the refunding | 15 |
| bonds in any levy year may not exceed the tax levy that would | 16 |
| have been required to pay the refunded bonds for that levy | 17 |
| year. The provisions of this subsection (c) are applicable to | 18 |
| school districts that were dissolved and their territory | 19 |
| annexed to another school district pursuant to a referendum | 20 |
| held in April of 2003. The provisions of this subsection (c), | 21 |
| other than this sentence, are inoperative 2 years after the | 22 |
| effective date of this amendatory Act of the 95th General | 23 |
| Assembly. | 24 |
| (Source: P.A. 94-1105, eff. 6-1-07 .)
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| Section 99. Effective date. This Act takes effect upon | 26 |
| becoming law.
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