HB 5374

Abstract

Amends the Property Tax Code and the School Code. Makes changes to the Property Tax Extension Limitation Law concerning excluding bonds issued by school boards for fire prevention and safety purposes from the definition of "debt service extension base" and the exclusion of certain extensions for fire prevention and safety purposes from the aggregate extension for a school district. Repeals a provision in the Law concerning not reducing a school district's State aid. In the Section of the School Code concerning the power of a school board to levy a tax or to borrow money and issue bonds for fire prevention, safety, energy conservation, disabled accessibility, school security, and specified repair purposes, provides that the tax rate limit otherwise specified in the Section may be increased to 0.15% (instead of 0.10%) upon referendum approval. Provides that if additional alterations or reconstructions are required to be made because of surveys conducted by an architect or engineer after bonds are issued as provided in the Section, then the district may levy a tax at a rate not to exceed 0.10% (instead of 0.05%) per year.