(110 ILCS 805/2-18a) (from Ch. 122, par. 102-18a)
Sec. 2-18a. Adverse court decision grants shall be distributed to any district from appropriations made by the General Assembly for the purposes of grants for equalization under Section 2-16.02, whenever the following four conditions are satisfied: (i) the effect of any adverse court decision was to reduce the district's equalized assessed valuation in excess of one percent; (ii) the district would have received a larger equalization grant, based on the provisions of Section 2-16 or 2-16.02, as the case may be, which were in effect that fiscal year, had the reduced valuation been known; (iii) the reduced valuation is attributable to an adverse court decision which became final less than 3 years from August 1 of the fiscal year such equalization grants were distributed; and (iv) a district that has been affected by an adverse court decision as provided in this Section has submitted a claim thereof to the State Board by December 1 not more than 3 years from the fiscal year such equalization grants were distributed in a format prescribed by the State Board. When such conditions are satisfied the State Board shall recompute the district's equalization grant based on the provisions of Section 2-16 or 2-16.02, as the case may be, which were in effect for that fiscal year and shall certify, prepare and submit vouchers for the third quarter setting forth 100% of the difference between the district's recomputed equalization grant; subject, however to any prorata reduction of equalization grants for that fiscal year, and such district's equalization grant, if any, distributed for that fiscal year. The Comptroller shall cause his warrants to be drawn for the respective amounts due, payable to the named community college district, within fifteen days following the receipt of such vouchers. If the amount available for distribution for adverse court decision grants is less than the amount required for such grants under this Act, such grants shall be proportionately reduced.
(Source: P.A. 89-473, eff. 6-18-96.)
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Last modified: February 18, 2015