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.".