Illinois General Assembly - Full Text of HB5572
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Full Text of HB5572  100th General Assembly

HB5572ham001 100TH GENERAL ASSEMBLY

Rep. Jeanne M Ives

Filed: 4/23/2018

 

 


 

 


 
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1
AMENDMENT TO HOUSE BILL 5572

2    AMENDMENT NO. ______. Amend House Bill 5572 by replacing
3everything after the enacting clause with the following:
 
4    "Section 1. Short title. This Act may be cited as the
5School District Debt Control and Taxpayer Protection Act.
 
6    Section 5. Definitions. As used in this Act:
7    "Debt" includes bonded debt costs of principal, interest,
8premium, and issuance costs.
9    "Equalized assessed value" means the assessed value as
10equalized by the Illinois Department of Revenue.
 
11    Section 10. Refinancing debt. Notwithstanding any other
12law to the contrary, a school district may not refinance debt
13past the repayment period of the debt when issued.
 
14    Section 15. Debt serviced more than 20 years.

 

 

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1Notwithstanding any law to the contrary, a school district may
2not issue debt to be serviced over a period greater than 20
3years.
 
4    Section 20. Debt limitation. Notwithstanding any other law
5to the contrary, no school district may become indebted in any
6manner or for any purpose in an amount, including the entire
7debt service, in the aggregate exceeding 13.8% for a unit
8district or 6.9% for an elementary or high school district of
9the value of the taxable property therein to be ascertained by
10the last assessment for State and county taxes or, if greater,
11the sum that is produced by multiplying the school district's
122017 equalized assessed value by the debt limitation percentage
13in effect on the effective date of this Act, previous to the
14incurring of such indebtedness.
 
15    Section 25. New debt prohibited.
16    (a) Notwithstanding any other law to the contrary and on
17and after the effective date of this Act, a school district
18that exceeds the debt limitation of Section 20 of this Act may
19not incur any new debt until the school district's aggregate
20debt limitation is below the debt limitation of Section 20.
21    (b) Notwithstanding subsection (a), a school district may
22issue new debt on or after the effective date of this Act if a
23referendum allowing new debt to be issued was passed before the
24effective date of this Act.
 

 

 

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1    Section 30. Additional debt. Nothing in this Act shall
2authorize any school district to issue additional debt above
3and beyond what is otherwise authorized by law.
 
4    Section 99. Effective date. This Act takes effect upon
5becoming law.".