Shall the amount extended for educational purposes by (school district) be reduced from (previous levy year's extension) to (proposed extension) for (levy year), but in no event lower than the amount required to maintain an adequacy target of 110%?
Votes shall be recorded as "Yes" or "No".
If a majority of all votes cast on the proposition are in favor of the proposition, then, for the levy year in which the election is held, the amount extended by the school district for educational purposes shall be reduced as provided in the referendum; however, in no event shall the reduction exceed the amount that would cause the school district to have an adequacy target of 110% for the applicable school year.
Once the question is submitted to the voters, then the question may not be submitted again for the same school district at any of the next 2 consolidated elections.
As used in this Section:
"School district" means each school district in the State, regardless of whether or not that school district is otherwise subject to this Law.
"Limiting rate for educational purposes" means a fraction the numerator of which is the greater of (i) the amount approved by the voters in the referendum under subsection (c) of this Section or (ii) the amount that would cause the school district to have an adequacy target of 110% for the applicable school year, but in no event more than the school district's extension for educational purposes in the immediately preceding levy year, and the denominator of which is the current year's equalized assessed value of all real property under the jurisdiction of the school district during the prior levy year.
35 ILCS 200/18-206