Illinois Compiled Statutes 105 ILCS 5/2-3.192 – Significant loss grant program
Current as of: 2024 | Check for updates
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Subject to specific State appropriation, the State Board shall make Significant Loss Grants available to school districts that meet all of the following requirements:
(1) The district has been affected by a
(1) The district has been affected by a
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recent substantial loss of contributions from a single taxpayer that resulted in either a significant loss of the overall district Equalized Assessed Value or a significant loss in property tax revenue from January 1, 2018 through the effective date of this amendatory Act of the 103rd General Assembly.
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(2) The district’s total equalized
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assessed value is significantly derived from a single taxpayer.
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(3) The district’s administrative office
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is located in a county with less than 30,000 inhabitants.
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(4) The district has a total student
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enrollment of less than 500 students as published on the most recent Illinois School Report Card.
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(5) The district has a low income
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concentration of at least 45% as published on the most recent Illinois School Report Card.
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The Professional Review Panel shall make recommendations to the State Board regarding grant eligibility and allocations. The State Board shall determine grant eligibility and allocations. This Section is repealed on July 1, 2024.
Terms Used In Illinois Compiled Statutes 105 ILCS 5/2-3.192
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14