105 ILCS 5/34-54.1
2021 Illinois Compiled Statutes|Chapter 105 - SCHOOLS|105 ILCS 5/ - School Code.|Article 34 - Cities Of Over 500,000 Inhabitants - Board Of Education

 (from Ch. 122, par. 34-54.1)Sec. 34-54.1.     Tax levies and extensions.     The annual tax rates and the  several tax  levies authorized to be made shall be: (i) for each fiscal year through and  including the 1995-96 fiscal year,  for a fiscal year commencing  September  1 and ending August 31; (ii) for the 1996-97 fiscal year, for a fiscal year  commencing September 1 and ending June 30; and (iii) for each subsequent fiscal  year, for a fiscal year commencing July 1 and ending June 30.Notwithstanding any provision in this Article 34 to the contrary, by the last  Tuesday in December of each calendar year, the board of education may levy  upon  all the taxable property of the district or city, the annual taxes  required to provide the necessary revenue to defray expenditures,  charges and liabilities incurred by the board for the fiscal year beginning  in that calendar year. The levy may be  based upon the estimated  equalized assessed valuation provided the county clerk shall extend for  collection only so much thereof as is permitted by law. The total amount of the  levy shall be certified to the county clerk who shall extend for  collection only so much thereof as is required to provide the necessary  revenue to defray expenditures, charges and liabilities incurred by the  board as certified by the controller of the board to the county clerk  upon the value, as equalized or assessed by the Department of Revenue  for the calendar year in which the levy was made.  The county clerk shall thereafter in the succeeding calendar year extend  such remaining amount of the levy as is certified by the controller of  the board to the county clerk upon the value, as equalized or assessed  by the Department of Revenue for such calendar year.  In each year the county clerk shall extend taxes at a rate sufficient to  produce the full amount of the 2 partial levies attributable to that tax  year.  Provided, however, and notwithstanding the provisions of any other  law to the contrary:  (a) the extension of taxes levied for fiscal years ending before 1996 for  building purposes and school  supervised playground outside school hours and stadia, social center and  summer swimming pool purposes which the county clerk shall make against the  value of all taxable property of the district or city, as equalized or  assessed by the Department of Revenue, shall be at the respective maximum  rates at  which the board was authorized to levy taxes for such purposes for the fiscal year which ends in  1995; and (b) notwithstanding any other provision of  this  Code, in each calendar year the taxes for  educational purposes shall be extended at  a rate  certified by the controller as referred to in this Section, which rate  shall not be in excess of the maximum rate for the  levy of  taxes for educational purposes, occurring in the fiscal year which begins in  the calendar year of the extension, (whether or not actually levied at that  rate)  except for calendar year 1995 in which the rate shall not be in excess of the  maximum rate which would be provided for the levy of taxes for educational  purposes for the fiscal year which begins in 1995 without regard to this  amendatory Act of 1995.  In  calendar year 1995,  the county clerk shall extend any special education purposes tax which was  levied as provided in Section 34-53.2 in full in the calendar year  following  the year in which the levy of such a tax was made.    (Source: P.A. 88-511; 89-15, eff. 5-30-95.)