Synopsis As Introduced Amends the School Code. In a Section concerning the debt limitations of school districts, provides that, in addition to all other authority to issue bonds, Milford Township High School District 233 may issue bonds with an aggregate principal amount not to exceed $17,500,000 if certain conditions are met, including that (1) the voters of the district approve a proposition for the bond issuance at an election held on or after November 4, 2014 and (2) prior to the issuance of the bonds, the school board determines, by resolution, that the building and equipping of a new school building is required as a result of the age and condition of an existing school building and the issuance of bonds is authorized by a statute that exempts the debt incurred on the bonds from the district's statutory debt limitation. Provides that the debt incurred on the bonds shall not be considered indebtedness for purposes of any statutory debt limitation. Requires the bonds to mature within not to exceed 25 years from their date. Effective immediately.
House Committee Amendment No. 1 Replaces everything after the enacting clause. Reinserts the provisions of the bill. Provides that in addition to all other authority to issue bonds, the community unit school district created in the territory comprising Milford Community Consolidated School District 280 and Milford Township High School District 233, as approved at the general primary election held on March 18, 2014 (rather than only Milford Township High School District 233), may issue bonds under the conditions of the underlying bill. Effective immediately.
Replaces everything after the enacting clause. Amends the Conversion and Formation of School Districts Article of the School Code. Requires the county clerk, upon resolution of a school board, to extend taxes to pay the principal of and interest on any general obligation bonds issued by a new school district exclusively to refund any bonded indebtedness of a district organized into the new district against all of the taxable property that was situated within the boundaries of the previously existing district as the boundaries existed at the time of the issuance of the bonded indebtedness being refunded; however, (i) the net interest rate on the refunding bonds may not exceed the net interest rate on the refunded bonds, (ii) the final maturity date of the refunding bonds may not extend beyond the final maturity date of the refunded bonds, and (iii) the tax levy to pay the refunding bonds in any levy year may not exceed the tax levy that would have been required to pay the refunded bonds for that levy year. Provides that these terms are applicable to districts that were created pursuant to a referendum held in November of 2008 and are inoperative after June 30, 2016.