PROP TAX-DEBT SERVICE EXT BASE

Amends the Property Tax Code. Defines "debt service extension base" for school districts (i) that were first subject to the Code in 1991 or 1995 and whose extension for the 1994 levy year for the payment of principal and interest on bonds issued by the school district without referendum (but not including excluded non-referendum bonds) was less than 51% of the amount for the 1991 levy year constituting an extension for payment of principal and interest on bonds issued by the school district without referendum (but not including excluded non-referendum bonds) or (ii) that were first subject to the Code in 1991 or 1995 and had no extensions for either the 1994 or the 1991 levy year for the payment of principal and interest on non-referendum bonds (other than excluded non-referendum bonds). Effective immediately.