Synopsis As Introduced Amends provisions of the School Code concerning debt limitations. Provides that notwithstanding other provisions of law, bonds issued by East Prairie School District 73 with an aggregate principal amount not to exceed $47,353,147 and approved by the voters of the district at the general election held on November 8, 2016, and any bonds issued to refund or continue to refund the bonds, shall not be considered indebtedness for the purposes of any statutory debt limitation and may mature within not to exceed 25 years from their date, notwithstanding any other law to the contrary.
Replaces everything after the enacting clause with provisions of the introduced bill with the following changes: Provides that no school district may issue bonds and rely on exceptions to the debt limitations unless it complies with specified provisions of the Bond Issue Notification Act and the bonds have been approved by referendum. Amends the Bond Issue Notification Act. Requires school districts relying on an exception to the debt limitations of the School Code, before issuing bonds, to hold a hearing as required by the Act, and to set forth specified information concerning the bonds in the hearing notice. Requires school districts to state that the information in the notice is based on estimates, and provides that any differences between the information in the notice and the actual results at the time the bonds are sold shall not invalidate the required hearing or the results of the referendum for the bonds.
Senate Floor Amendment No. 1 Provides that, in addition to all other authority to issue bonds, Brookfield LaGrange Park School District Number 95 may issue bonds with an aggregate principal amount not to exceed $20,000,000 if certain conditions are met, including (1) that the voters of the district approve a proposition for the bond issuance at an election held on or after April 4, 2017 and (2) that, prior to the issuance of the bonds, the school board determines, by resolution, that the additions and renovations to the Brook Park Elementary and S. E. Gross Middle School buildings are required to accommodate enrollment growth, replace outdated facilities, and create spaces consistent with 21st century learning. Provides that the debt incurred on the bonds and on any bonds issued to refund or continue to refund such bonds shall not be considered indebtedness for purposes of any statutory debt limitation.