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1 | AN ACT concerning education.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 3. The Property Tax Code is amended by changing | ||||||
5 | Section 18-185 as follows: | ||||||
6 | (35 ILCS 200/18-185)
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7 | Sec. 18-185. Short title; definitions. This Division 5 may | ||||||
8 | be cited as the
Property Tax Extension Limitation Law. As used | ||||||
9 | in this Division 5:
| ||||||
10 | "Consumer Price Index" means the Consumer Price Index for | ||||||
11 | All Urban
Consumers for all items published by the United | ||||||
12 | States Department of Labor.
| ||||||
13 | "Extension limitation" means (a) the lesser of 5% or the | ||||||
14 | percentage increase
in the Consumer Price Index during the | ||||||
15 | 12-month calendar year preceding the
levy year or (b) the rate | ||||||
16 | of increase approved by voters under Section 18-205.
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17 | "Affected county" means a county of 3,000,000 or more | ||||||
18 | inhabitants or a
county contiguous to a county of 3,000,000 or | ||||||
19 | more inhabitants.
| ||||||
20 | "Taxing district" has the same meaning provided in Section | ||||||
21 | 1-150, except as
otherwise provided in this Section. For the | ||||||
22 | 1991 through 1994 levy years only,
"taxing district" includes | ||||||
23 | only each non-home rule taxing district having the
majority of |
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| |||||||
1 | its
1990 equalized assessed value within any county or counties | ||||||
2 | contiguous to a
county with 3,000,000 or more inhabitants. | ||||||
3 | Beginning with the 1995 levy
year, "taxing district" includes | ||||||
4 | only each non-home rule taxing district
subject to this Law | ||||||
5 | before the 1995 levy year and each non-home rule
taxing | ||||||
6 | district not subject to this Law before the 1995 levy year | ||||||
7 | having the
majority of its 1994 equalized assessed value in an | ||||||
8 | affected county or
counties. Beginning with the levy year in
| ||||||
9 | which this Law becomes applicable to a taxing district as
| ||||||
10 | provided in Section 18-213, "taxing district" also includes | ||||||
11 | those taxing
districts made subject to this Law as provided in | ||||||
12 | Section 18-213.
| ||||||
13 | "Aggregate extension" for taxing districts to which this | ||||||
14 | Law applied before
the 1995 levy year means the annual | ||||||
15 | corporate extension for the taxing
district and those special | ||||||
16 | purpose extensions that are made annually for
the taxing | ||||||
17 | district, excluding special purpose extensions: (a) made for | ||||||
18 | the
taxing district to pay interest or principal on general | ||||||
19 | obligation bonds
that were approved by referendum; (b) made for | ||||||
20 | any taxing district to pay
interest or principal on general | ||||||
21 | obligation bonds issued before October 1,
1991; (c) made for | ||||||
22 | any taxing district to pay interest or principal on bonds
| ||||||
23 | issued to refund or continue to refund those bonds issued | ||||||
24 | before October 1,
1991; (d)
made for any taxing district to pay | ||||||
25 | interest or principal on bonds
issued to refund or continue to | ||||||
26 | refund bonds issued after October 1, 1991 that
were approved by |
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| |||||||
1 | referendum; (e)
made for any taxing district to pay interest
or | ||||||
2 | principal on revenue bonds issued before October 1, 1991 for | ||||||
3 | payment of
which a property tax levy or the full faith and | ||||||
4 | credit of the unit of local
government is pledged; however, a | ||||||
5 | tax for the payment of interest or principal
on those bonds | ||||||
6 | shall be made only after the governing body of the unit of | ||||||
7 | local
government finds that all other sources for payment are | ||||||
8 | insufficient to make
those payments; (f) made for payments | ||||||
9 | under a building commission lease when
the lease payments are | ||||||
10 | for the retirement of bonds issued by the commission
before | ||||||
11 | October 1, 1991, to pay for the building project; (g) made for | ||||||
12 | payments
due under installment contracts entered into before | ||||||
13 | October 1, 1991;
(h) made for payments of principal and | ||||||
14 | interest on bonds issued under the
Metropolitan Water | ||||||
15 | Reclamation District Act to finance construction projects
| ||||||
16 | initiated before October 1, 1991; (i) made for payments of | ||||||
17 | principal and
interest on limited bonds, as defined in Section | ||||||
18 | 3 of the Local Government Debt
Reform Act, in an amount not to | ||||||
19 | exceed the debt service extension base less
the amount in items | ||||||
20 | (b), (c), (e), and (h) of this definition for
non-referendum | ||||||
21 | obligations, except obligations initially issued pursuant to
| ||||||
22 | referendum; (j) made for payments of principal and interest on | ||||||
23 | bonds
issued under Section 15 of the Local Government Debt | ||||||
24 | Reform Act; (k)
made
by a school district that participates in | ||||||
25 | the Special Education District of
Lake County, created by | ||||||
26 | special education joint agreement under Section
10-22.31 of the |
| |||||||
| |||||||
1 | School Code, for payment of the school district's share of the
| ||||||
2 | amounts required to be contributed by the Special Education | ||||||
3 | District of Lake
County to the Illinois Municipal Retirement | ||||||
4 | Fund under Article 7 of the
Illinois Pension Code; the amount | ||||||
5 | of any extension under this item (k) shall be
certified by the | ||||||
6 | school district to the county clerk; (l) made to fund
expenses | ||||||
7 | of providing joint recreational programs for the handicapped | ||||||
8 | under
Section 5-8 of
the
Park District Code or Section 11-95-14 | ||||||
9 | of the Illinois Municipal Code; (m) made for temporary | ||||||
10 | relocation loan repayment purposes pursuant to Sections 2-3.77 | ||||||
11 | and 17-2.2d of the School Code; (n) made for payment of | ||||||
12 | principal and interest on any bonds issued under the authority | ||||||
13 | of Section 17-2.2d of the School Code; and (o) made for | ||||||
14 | contributions to a firefighter's pension fund created under | ||||||
15 | Article 4 of the Illinois Pension Code, to the extent of the | ||||||
16 | amount certified under item (5) of Section 4-134 of the | ||||||
17 | Illinois Pension Code.
| ||||||
18 | "Aggregate extension" for the taxing districts to which | ||||||
19 | this Law did not
apply before the 1995 levy year (except taxing | ||||||
20 | districts subject to this Law
in
accordance with Section | ||||||
21 | 18-213) means the annual corporate extension for the
taxing | ||||||
22 | district and those special purpose extensions that are made | ||||||
23 | annually for
the taxing district, excluding special purpose | ||||||
24 | extensions: (a) made for the
taxing district to pay interest or | ||||||
25 | principal on general obligation bonds that
were approved by | ||||||
26 | referendum; (b) made for any taxing district to pay interest
or |
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| |||||||
1 | principal on general obligation bonds issued before March 1, | ||||||
2 | 1995; (c) made
for any taxing district to pay interest or | ||||||
3 | principal on bonds issued to refund
or continue to refund those | ||||||
4 | bonds issued before March 1, 1995; (d) made for any
taxing | ||||||
5 | district to pay interest or principal on bonds issued to refund | ||||||
6 | or
continue to refund bonds issued after March 1, 1995 that | ||||||
7 | were approved by
referendum; (e) made for any taxing district | ||||||
8 | to pay interest or principal on
revenue bonds issued before | ||||||
9 | March 1, 1995 for payment of which a property tax
levy or the | ||||||
10 | full faith and credit of the unit of local government is | ||||||
11 | pledged;
however, a tax for the payment of interest or | ||||||
12 | principal on those bonds shall be
made only after the governing | ||||||
13 | body of the unit of local government finds that
all other | ||||||
14 | sources for payment are insufficient to make those payments; | ||||||
15 | (f) made
for payments under a building commission lease when | ||||||
16 | the lease payments are for
the retirement of bonds issued by | ||||||
17 | the commission before March 1, 1995 to
pay for the building | ||||||
18 | project; (g) made for payments due under installment
contracts | ||||||
19 | entered into before March 1, 1995; (h) made for payments of
| ||||||
20 | principal and interest on bonds issued under the Metropolitan | ||||||
21 | Water Reclamation
District Act to finance construction | ||||||
22 | projects initiated before October 1,
1991; (h-4) made for | ||||||
23 | stormwater management purposes by the Metropolitan Water | ||||||
24 | Reclamation District of Greater Chicago under Section 12 of the | ||||||
25 | Metropolitan Water Reclamation District Act; (i) made for | ||||||
26 | payments of principal and interest on limited bonds,
as defined |
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1 | in Section 3 of the Local Government Debt Reform Act, in an | ||||||
2 | amount
not to exceed the debt service extension base less the | ||||||
3 | amount in items (b),
(c), and (e) of this definition for | ||||||
4 | non-referendum obligations, except
obligations initially | ||||||
5 | issued pursuant to referendum and bonds described in
subsection | ||||||
6 | (h) of this definition; (j) made for payments of
principal and | ||||||
7 | interest on bonds issued under Section 15 of the Local | ||||||
8 | Government
Debt Reform Act; (k) made for payments of principal | ||||||
9 | and interest on bonds
authorized by Public Act 88-503 and | ||||||
10 | issued under Section 20a of the Chicago
Park District Act for | ||||||
11 | aquarium or
museum projects; (l) made for payments of principal | ||||||
12 | and interest on
bonds
authorized by Public Act 87-1191 or | ||||||
13 | 93-601 and (i) issued pursuant to Section 21.2 of the Cook | ||||||
14 | County Forest
Preserve District Act, (ii) issued under Section | ||||||
15 | 42 of the Cook County
Forest Preserve District Act for | ||||||
16 | zoological park projects, or (iii) issued
under Section 44.1 of | ||||||
17 | the Cook County Forest Preserve District Act for
botanical | ||||||
18 | gardens projects; (m) made
pursuant
to Section 34-53.5 of the | ||||||
19 | School Code, whether levied annually or not;
(n) made to fund | ||||||
20 | expenses of providing joint recreational programs for the
| ||||||
21 | handicapped under Section 5-8 of the Park
District Code or | ||||||
22 | Section 11-95-14 of the Illinois Municipal Code;
(o) made by | ||||||
23 | the
Chicago Park
District for recreational programs for the | ||||||
24 | handicapped under subsection (c) of
Section
7.06 of the Chicago | ||||||
25 | Park District Act; (p) made for contributions to a | ||||||
26 | firefighter's pension fund created under Article 4 of the |
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| |||||||
1 | Illinois Pension Code, to the extent of the amount certified | ||||||
2 | under item (5) of Section 4-134 of the Illinois Pension Code; | ||||||
3 | and (q) made by Ford Heights School District 169 under Section | ||||||
4 | 17-9.02 of the School Code.
| ||||||
5 | "Aggregate extension" for all taxing districts to which | ||||||
6 | this Law applies in
accordance with Section 18-213, except for | ||||||
7 | those taxing districts subject to
paragraph (2) of subsection | ||||||
8 | (e) of Section 18-213, means the annual corporate
extension for | ||||||
9 | the
taxing district and those special purpose extensions that | ||||||
10 | are made annually for
the taxing district, excluding special | ||||||
11 | purpose extensions: (a) made for the
taxing district to pay | ||||||
12 | interest or principal on general obligation bonds that
were | ||||||
13 | approved by referendum; (b) made for any taxing district to pay | ||||||
14 | interest
or principal on general obligation bonds issued before | ||||||
15 | the date on which the
referendum making this
Law applicable to | ||||||
16 | the taxing district is held; (c) made
for any taxing district | ||||||
17 | to pay interest or principal on bonds issued to refund
or | ||||||
18 | continue to refund those bonds issued before the date on which | ||||||
19 | the
referendum making this Law
applicable to the taxing | ||||||
20 | district is held;
(d) made for any
taxing district to pay | ||||||
21 | interest or principal on bonds issued to refund or
continue to | ||||||
22 | refund bonds issued after the date on which the referendum | ||||||
23 | making
this Law
applicable to the taxing district is held if | ||||||
24 | the bonds were approved by
referendum after the date on which | ||||||
25 | the referendum making this Law
applicable to the taxing | ||||||
26 | district is held; (e) made for any
taxing district to pay |
| |||||||
| |||||||
1 | interest or principal on
revenue bonds issued before the date | ||||||
2 | on which the referendum making this Law
applicable to the
| ||||||
3 | taxing district is held for payment of which a property tax
| ||||||
4 | levy or the full faith and credit of the unit of local | ||||||
5 | government is pledged;
however, a tax for the payment of | ||||||
6 | interest or principal on those bonds shall be
made only after | ||||||
7 | the governing body of the unit of local government finds that
| ||||||
8 | all other sources for payment are insufficient to make those | ||||||
9 | payments; (f) made
for payments under a building commission | ||||||
10 | lease when the lease payments are for
the retirement of bonds | ||||||
11 | issued by the commission before the date on which the
| ||||||
12 | referendum making this
Law applicable to the taxing district is | ||||||
13 | held to
pay for the building project; (g) made for payments due | ||||||
14 | under installment
contracts entered into before the date on | ||||||
15 | which the referendum making this Law
applicable to
the taxing | ||||||
16 | district is held;
(h) made for payments
of principal and | ||||||
17 | interest on limited bonds,
as defined in Section 3 of the Local | ||||||
18 | Government Debt Reform Act, in an amount
not to exceed the debt | ||||||
19 | service extension base less the amount in items (b),
(c), and | ||||||
20 | (e) of this definition for non-referendum obligations, except
| ||||||
21 | obligations initially issued pursuant to referendum; (i) made | ||||||
22 | for payments
of
principal and interest on bonds issued under | ||||||
23 | Section 15 of the Local Government
Debt Reform Act;
(j)
made | ||||||
24 | for a qualified airport authority to pay interest or principal | ||||||
25 | on
general obligation bonds issued for the purpose of paying | ||||||
26 | obligations due
under, or financing airport facilities |
| |||||||
| |||||||
1 | required to be acquired, constructed,
installed or equipped | ||||||
2 | pursuant to, contracts entered into before March
1, 1996 (but | ||||||
3 | not including any amendments to such a contract taking effect | ||||||
4 | on
or after that date); (k) made to fund expenses of providing | ||||||
5 | joint
recreational programs for the handicapped under Section | ||||||
6 | 5-8 of
the
Park District Code or Section 11-95-14 of the | ||||||
7 | Illinois Municipal Code; and (l) made for contributions to a | ||||||
8 | firefighter's pension fund created under Article 4 of the | ||||||
9 | Illinois Pension Code, to the extent of the amount certified | ||||||
10 | under item (5) of Section 4-134 of the Illinois Pension Code ; | ||||||
11 | and (m) made for the taxing district to pay interest or | ||||||
12 | principal on general obligation bonds issued pursuant to | ||||||
13 | Section 19-3.10 of the School Code .
| ||||||
14 | "Aggregate extension" for all taxing districts to which | ||||||
15 | this Law applies in
accordance with paragraph (2) of subsection | ||||||
16 | (e) of Section 18-213 means the
annual corporate extension for | ||||||
17 | the
taxing district and those special purpose extensions that | ||||||
18 | are made annually for
the taxing district, excluding special | ||||||
19 | purpose extensions: (a) made for the
taxing district to pay | ||||||
20 | interest or principal on general obligation bonds that
were | ||||||
21 | approved by referendum; (b) made for any taxing district to pay | ||||||
22 | interest
or principal on general obligation bonds issued before | ||||||
23 | the effective date of
this amendatory Act of 1997;
(c) made
for | ||||||
24 | any taxing district to pay interest or principal on bonds | ||||||
25 | issued to refund
or continue to refund those bonds issued | ||||||
26 | before the effective date
of this amendatory Act of 1997;
(d) |
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| |||||||
1 | made for any
taxing district to pay interest or principal on | ||||||
2 | bonds issued to refund or
continue to refund bonds issued after | ||||||
3 | the effective date of this amendatory Act
of 1997 if the bonds | ||||||
4 | were approved by referendum after the effective date of
this | ||||||
5 | amendatory Act of 1997;
(e) made for any
taxing district to pay | ||||||
6 | interest or principal on
revenue bonds issued before the | ||||||
7 | effective date of this amendatory Act of 1997
for payment of | ||||||
8 | which a property tax
levy or the full faith and credit of the | ||||||
9 | unit of local government is pledged;
however, a tax for the | ||||||
10 | payment of interest or principal on those bonds shall be
made | ||||||
11 | only after the governing body of the unit of local government | ||||||
12 | finds that
all other sources for payment are insufficient to | ||||||
13 | make those payments; (f) made
for payments under a building | ||||||
14 | commission lease when the lease payments are for
the retirement | ||||||
15 | of bonds issued by the commission before the effective date
of | ||||||
16 | this amendatory Act of 1997
to
pay for the building project; | ||||||
17 | (g) made for payments due under installment
contracts entered | ||||||
18 | into before the effective date of this amendatory Act of
1997;
| ||||||
19 | (h) made for payments
of principal and interest on limited | ||||||
20 | bonds,
as defined in Section 3 of the Local Government Debt | ||||||
21 | Reform Act, in an amount
not to exceed the debt service | ||||||
22 | extension base less the amount in items (b),
(c), and (e) of | ||||||
23 | this definition for non-referendum obligations, except
| ||||||
24 | obligations initially issued pursuant to referendum; (i) made | ||||||
25 | for payments
of
principal and interest on bonds issued under | ||||||
26 | Section 15 of the Local Government
Debt Reform Act;
(j)
made |
| |||||||
| |||||||
1 | for a qualified airport authority to pay interest or principal | ||||||
2 | on
general obligation bonds issued for the purpose of paying | ||||||
3 | obligations due
under, or financing airport facilities | ||||||
4 | required to be acquired, constructed,
installed or equipped | ||||||
5 | pursuant to, contracts entered into before March
1, 1996 (but | ||||||
6 | not including any amendments to such a contract taking effect | ||||||
7 | on
or after that date); (k) made to fund expenses of providing | ||||||
8 | joint
recreational programs for the handicapped under Section | ||||||
9 | 5-8 of
the
Park District Code or Section 11-95-14 of the | ||||||
10 | Illinois Municipal Code; and (l) made for contributions to a | ||||||
11 | firefighter's pension fund created under Article 4 of the | ||||||
12 | Illinois Pension Code, to the extent of the amount certified | ||||||
13 | under item (5) of Section 4-134 of the Illinois Pension Code.
| ||||||
14 | "Debt service extension base" means an amount equal to that | ||||||
15 | portion of the
extension for a taxing district for the 1994 | ||||||
16 | levy year, or for those taxing
districts subject to this Law in | ||||||
17 | accordance with Section 18-213, except for
those subject to | ||||||
18 | paragraph (2) of subsection (e) of Section 18-213, for the
levy
| ||||||
19 | year in which the referendum making this Law applicable to the | ||||||
20 | taxing district
is held, or for those taxing districts subject | ||||||
21 | to this Law in accordance with
paragraph (2) of subsection (e) | ||||||
22 | of Section 18-213 for the 1996 levy year,
constituting an
| ||||||
23 | extension for payment of principal and interest on bonds issued | ||||||
24 | by the taxing
district without referendum, but not including | ||||||
25 | excluded non-referendum bonds. For park districts (i) that were | ||||||
26 | first
subject to this Law in 1991 or 1995 and (ii) whose |
| |||||||
| |||||||
1 | extension for the 1994 levy
year for the payment of principal | ||||||
2 | and interest on bonds issued by the park
district without | ||||||
3 | referendum (but not including excluded non-referendum bonds)
| ||||||
4 | was less than 51% of the amount for the 1991 levy year | ||||||
5 | constituting an
extension for payment of principal and interest | ||||||
6 | on bonds issued by the park
district without referendum (but | ||||||
7 | not including excluded non-referendum bonds),
"debt service | ||||||
8 | extension base" means an amount equal to that portion of the
| ||||||
9 | extension for the 1991 levy year constituting an extension for | ||||||
10 | payment of
principal and interest on bonds issued by the park | ||||||
11 | district without referendum
(but not including excluded | ||||||
12 | non-referendum bonds). The debt service extension
base may be | ||||||
13 | established or increased as provided under Section 18-212.
| ||||||
14 | "Excluded non-referendum bonds" means (i) bonds authorized by | ||||||
15 | Public
Act 88-503 and issued under Section 20a of the Chicago | ||||||
16 | Park District Act for
aquarium and museum projects; (ii) bonds | ||||||
17 | issued under Section 15 of the
Local Government Debt Reform | ||||||
18 | Act; or (iii) refunding obligations issued
to refund or to | ||||||
19 | continue to refund obligations initially issued pursuant to
| ||||||
20 | referendum.
| ||||||
21 | "Special purpose extensions" include, but are not limited | ||||||
22 | to, extensions
for levies made on an annual basis for | ||||||
23 | unemployment and workers'
compensation, self-insurance, | ||||||
24 | contributions to pension plans, and extensions
made pursuant to | ||||||
25 | Section 6-601 of the Illinois Highway Code for a road
| ||||||
26 | district's permanent road fund whether levied annually or not. |
| |||||||
| |||||||
1 | The
extension for a special service area is not included in the
| ||||||
2 | aggregate extension.
| ||||||
3 | "Aggregate extension base" means the taxing district's | ||||||
4 | last preceding
aggregate extension as adjusted under Sections | ||||||
5 | 18-135, 18-215,
and 18-230.
An adjustment under Section 18-135 | ||||||
6 | shall be made for the 2007 levy year and all subsequent levy | ||||||
7 | years whenever one or more counties within which a taxing | ||||||
8 | district is located (i) used estimated valuations or rates when | ||||||
9 | extending taxes in the taxing district for the last preceding | ||||||
10 | levy year that resulted in the over or under extension of | ||||||
11 | taxes, or (ii) increased or decreased the tax extension for the | ||||||
12 | last preceding levy year as required by Section 18-135(c). | ||||||
13 | Whenever an adjustment is required under Section 18-135, the | ||||||
14 | aggregate extension base of the taxing district shall be equal | ||||||
15 | to the amount that the aggregate extension of the taxing | ||||||
16 | district would have been for the last preceding levy year if | ||||||
17 | either or both (i) actual, rather than estimated, valuations or | ||||||
18 | rates had been used to calculate the extension of taxes for the | ||||||
19 | last levy year, or (ii) the tax extension for the last | ||||||
20 | preceding levy year had not been adjusted as required by | ||||||
21 | subsection (c) of Section 18-135.
| ||||||
22 | "Levy year" has the same meaning as "year" under Section
| ||||||
23 | 1-155.
| ||||||
24 | "New property" means (i) the assessed value, after final | ||||||
25 | board of review or
board of appeals action, of new improvements | ||||||
26 | or additions to existing
improvements on any parcel of real |
| |||||||
| |||||||
1 | property that increase the assessed value of
that real property | ||||||
2 | during the levy year multiplied by the equalization factor
| ||||||
3 | issued by the Department under Section 17-30, (ii) the assessed | ||||||
4 | value, after
final board of review or board of appeals action, | ||||||
5 | of real property not exempt
from real estate taxation, which | ||||||
6 | real property was exempt from real estate
taxation for any | ||||||
7 | portion of the immediately preceding levy year, multiplied by
| ||||||
8 | the equalization factor issued by the Department under Section | ||||||
9 | 17-30, including the assessed value, upon final stabilization | ||||||
10 | of occupancy after new construction is complete, of any real | ||||||
11 | property located within the boundaries of an otherwise or | ||||||
12 | previously exempt military reservation that is intended for | ||||||
13 | residential use and owned by or leased to a private corporation | ||||||
14 | or other entity, and
(iii) in counties that classify in | ||||||
15 | accordance with Section 4 of Article
IX of the
Illinois | ||||||
16 | Constitution, an incentive property's additional assessed | ||||||
17 | value
resulting from a
scheduled increase in the level of | ||||||
18 | assessment as applied to the first year
final board of
review | ||||||
19 | market value.
In addition, the county clerk in a county | ||||||
20 | containing a population of
3,000,000 or more shall include in | ||||||
21 | the 1997
recovered tax increment value for any school district, | ||||||
22 | any recovered tax
increment value that was applicable to the | ||||||
23 | 1995 tax year calculations.
| ||||||
24 | "Qualified airport authority" means an airport authority | ||||||
25 | organized under
the Airport Authorities Act and located in a | ||||||
26 | county bordering on the State of
Wisconsin and having a |
| |||||||
| |||||||
1 | population in excess of 200,000 and not greater than
500,000.
| ||||||
2 | "Recovered tax increment value" means, except as otherwise | ||||||
3 | provided in this
paragraph, the amount of the current year's | ||||||
4 | equalized assessed value, in the
first year after a | ||||||
5 | municipality terminates
the designation of an area as a | ||||||
6 | redevelopment project area previously
established under the | ||||||
7 | Tax Increment Allocation Development Act in the Illinois
| ||||||
8 | Municipal Code, previously established under the Industrial | ||||||
9 | Jobs Recovery Law
in the Illinois Municipal Code, previously | ||||||
10 | established under the Economic Development Project Area Tax | ||||||
11 | Increment Act of 1995, or previously established under the | ||||||
12 | Economic
Development Area Tax Increment Allocation Act, of each | ||||||
13 | taxable lot, block,
tract, or parcel of real property in the | ||||||
14 | redevelopment project area over and
above the initial equalized | ||||||
15 | assessed value of each property in the
redevelopment project | ||||||
16 | area.
For the taxes which are extended for the 1997 levy year, | ||||||
17 | the recovered tax
increment value for a non-home rule taxing | ||||||
18 | district that first became subject
to this Law for the 1995 | ||||||
19 | levy year because a majority of its 1994 equalized
assessed | ||||||
20 | value was in an affected county or counties shall be increased | ||||||
21 | if a
municipality terminated the designation of an area in 1993 | ||||||
22 | as a redevelopment
project area previously established under | ||||||
23 | the Tax Increment Allocation
Development Act in the Illinois | ||||||
24 | Municipal Code, previously established under
the Industrial | ||||||
25 | Jobs Recovery Law in the Illinois Municipal Code, or previously
| ||||||
26 | established under the Economic Development Area Tax Increment |
| |||||||
| |||||||
1 | Allocation Act,
by an amount equal to the 1994 equalized | ||||||
2 | assessed value of each taxable lot,
block, tract, or parcel of | ||||||
3 | real property in the redevelopment project area over
and above | ||||||
4 | the initial equalized assessed value of each property in the
| ||||||
5 | redevelopment project area.
In the first year after a | ||||||
6 | municipality
removes a taxable lot, block, tract, or parcel of | ||||||
7 | real property from a
redevelopment project area established | ||||||
8 | under the Tax Increment Allocation
Development Act in the | ||||||
9 | Illinois
Municipal Code, the Industrial Jobs Recovery Law
in | ||||||
10 | the Illinois Municipal Code, or the Economic
Development Area | ||||||
11 | Tax Increment Allocation Act, "recovered tax increment value"
| ||||||
12 | means the amount of the current year's equalized assessed value | ||||||
13 | of each taxable
lot, block, tract, or parcel of real property | ||||||
14 | removed from the redevelopment
project area over and above the | ||||||
15 | initial equalized assessed value of that real
property before | ||||||
16 | removal from the redevelopment project area.
| ||||||
17 | Except as otherwise provided in this Section, "limiting | ||||||
18 | rate" means a
fraction the numerator of which is the last
| ||||||
19 | preceding aggregate extension base times an amount equal to one | ||||||
20 | plus the
extension limitation defined in this Section and the | ||||||
21 | denominator of which
is the current year's equalized assessed | ||||||
22 | value of all real property in the
territory under the | ||||||
23 | jurisdiction of the taxing district during the prior
levy year. | ||||||
24 | For those taxing districts that reduced their aggregate
| ||||||
25 | extension for the last preceding levy year, the highest | ||||||
26 | aggregate extension
in any of the last 3 preceding levy years |
| |||||||
| |||||||
1 | shall be used for the purpose of
computing the limiting rate. | ||||||
2 | The denominator shall not include new
property or the recovered | ||||||
3 | tax increment
value.
If a new rate, a rate decrease, or a | ||||||
4 | limiting rate increase has been approved at an election held | ||||||
5 | after March 21, 2006, then (i) the otherwise applicable | ||||||
6 | limiting rate shall be increased by the amount of the new rate | ||||||
7 | or shall be reduced by the amount of the rate decrease, as the | ||||||
8 | case may be, or (ii) in the case of a limiting rate increase, | ||||||
9 | the limiting rate shall be equal to the rate set forth
in the | ||||||
10 | proposition approved by the voters for each of the years | ||||||
11 | specified in the proposition, after
which the limiting rate of | ||||||
12 | the taxing district shall be calculated as otherwise provided.
| ||||||
13 | (Source: P.A. 94-974, eff. 6-30-06; 94-976, eff. 6-30-06; | ||||||
14 | 94-1078, eff. 1-9-07; 95-90, eff. 1-1-08; 95-331, eff. 8-21-07; | ||||||
15 | 95-404, eff. 1-1-08; 95-876, eff. 8-21-08.)
| ||||||
16 | Section 5. The School Code is amended by changing Sections | ||||||
17 | 10-22.36 and 19-1 and by adding Sections 19-3.5 and 19-3.10 as | ||||||
18 | follows:
| ||||||
19 | (105 ILCS 5/10-22.36) (from Ch. 122, par. 10-22.36)
| ||||||
20 | Sec. 10-22.36. Buildings for school purposes. To build or | ||||||
21 | purchase a building for school classroom or
instructional | ||||||
22 | purposes upon the approval of a majority of the voters upon the
| ||||||
23 | proposition at a referendum held for such purpose or in | ||||||
24 | accordance with
Section 17-2.11 , 19-3.5, or 19-3.10 . The board |
| |||||||
| |||||||
1 | may initiate such referendum by resolution.
The board shall | ||||||
2 | certify the resolution and proposition to the proper
election | ||||||
3 | authority for submission in accordance with the general | ||||||
4 | election law.
| ||||||
5 | The questions of building one or more new buildings for | ||||||
6 | school
purposes or office facilities, and issuing bonds for the | ||||||
7 | purpose of
borrowing money to purchase one or more buildings or | ||||||
8 | sites for such
buildings or office sites, to build one or more | ||||||
9 | new buildings for school
purposes or office facilities or to | ||||||
10 | make additions and improvements to
existing school buildings, | ||||||
11 | may be combined into one or more propositions
on the ballot.
| ||||||
12 | Before erecting, or purchasing or remodeling such a | ||||||
13 | building the
board shall submit the plans and specifications | ||||||
14 | respecting heating,
ventilating, lighting, seating, water | ||||||
15 | supply, toilets and safety against
fire to the regional | ||||||
16 | superintendent of schools having supervision and
control over | ||||||
17 | the district, for approval in accordance with Section 2-3.12.
| ||||||
18 | Notwithstanding any of the foregoing, no referendum shall | ||||||
19 | be required
if the purchase, construction, or building of any
| ||||||
20 | such
building is completed (1) while the building is being
| ||||||
21 | leased by the school district or (2) with the expenditure of | ||||||
22 | (A) funds
derived from the sale or disposition of other | ||||||
23 | buildings, land, or
structures of the school district or (B) | ||||||
24 | funds received (i) as a
grant under the
School Construction | ||||||
25 | Law, (ii) as gifts or donations,
provided that no funds to | ||||||
26 | complete such building, other than lease
payments, are
derived |
| |||||||
| |||||||
1 | from the district's bonded indebtedness or the tax levy of
the
| ||||||
2 | district, or (iii) from the County School Facility Occupation | ||||||
3 | Tax Law under Section 5-1006.7 of the Counties Code.
| ||||||
4 | (Source: P.A. 95-675, eff. 10-11-07.)
| ||||||
5 | (105 ILCS 5/19-1) (from Ch. 122, par. 19-1)
| ||||||
6 | Sec. 19-1. Debt limitations of school districts.
| ||||||
7 | (a) School districts shall not be subject to the provisions | ||||||
8 | limiting their
indebtedness prescribed in "An Act to limit the | ||||||
9 | indebtedness of counties having
a population of less than | ||||||
10 | 500,000 and townships, school districts and other
municipal | ||||||
11 | corporations having a population of less than 300,000", | ||||||
12 | approved
February 15, 1928, as amended.
| ||||||
13 | No school districts maintaining grades K through 8 or 9 | ||||||
14 | through 12
shall become indebted in any manner or for any | ||||||
15 | purpose to an amount,
including existing indebtedness, in the | ||||||
16 | aggregate exceeding 6.9% on the
value of the taxable property | ||||||
17 | therein to be ascertained by the last assessment
for State and | ||||||
18 | county taxes or, until January 1, 1983, if greater, the sum | ||||||
19 | that
is produced by multiplying the school district's 1978 | ||||||
20 | equalized assessed
valuation by the debt limitation percentage | ||||||
21 | in effect on January 1, 1979,
previous to the incurring of such | ||||||
22 | indebtedness.
| ||||||
23 | No school districts maintaining grades K through 12 shall | ||||||
24 | become
indebted in any manner or for any purpose to an amount, | ||||||
25 | including
existing indebtedness, in the aggregate exceeding |
| |||||||
| |||||||
1 | 13.8% on the value of
the taxable property therein to be | ||||||
2 | ascertained by the last assessment
for State and county taxes | ||||||
3 | or, until January 1, 1983, if greater, the sum that
is produced | ||||||
4 | by multiplying the school district's 1978 equalized assessed
| ||||||
5 | valuation by the debt limitation percentage in effect on | ||||||
6 | January 1, 1979,
previous to the incurring of such | ||||||
7 | indebtedness.
| ||||||
8 | No partial elementary unit district, as defined in Article | ||||||
9 | 11E of this Code, shall become indebted in any manner or for | ||||||
10 | any purpose in an amount, including existing indebtedness, in | ||||||
11 | the aggregate exceeding 6.9% of the value of the taxable | ||||||
12 | property of the entire district, to be ascertained by the last | ||||||
13 | assessment for State and county taxes, plus an amount, | ||||||
14 | including existing indebtedness, in the aggregate exceeding | ||||||
15 | 6.9% of the value of the taxable property of that portion of | ||||||
16 | the district included in the elementary and high school | ||||||
17 | classification, to be ascertained by the last assessment for | ||||||
18 | State and county taxes. Moreover, no partial elementary unit | ||||||
19 | district, as defined in Article 11E of this Code, shall become | ||||||
20 | indebted on account of bonds issued by the district for high | ||||||
21 | school purposes in the aggregate exceeding 6.9% of the value of | ||||||
22 | the taxable property of the entire district, to be ascertained | ||||||
23 | by the last assessment for State and county taxes, nor shall | ||||||
24 | the district become indebted on account of bonds issued by the | ||||||
25 | district for elementary purposes in the aggregate exceeding | ||||||
26 | 6.9% of the value of the taxable property for that portion of |
| |||||||
| |||||||
1 | the district included in the elementary and high school | ||||||
2 | classification, to be ascertained by the last assessment for | ||||||
3 | State and county taxes.
| ||||||
4 | Notwithstanding the provisions of any other law to the | ||||||
5 | contrary, in any
case in which the voters of a school district | ||||||
6 | have approved a proposition
for the issuance of bonds of such | ||||||
7 | school district at an election held prior
to January 1, 1979, | ||||||
8 | and all of the bonds approved at such election have
not been | ||||||
9 | issued, the debt limitation applicable to such school district
| ||||||
10 | during the calendar year 1979 shall be computed by multiplying | ||||||
11 | the value
of taxable property therein, including personal | ||||||
12 | property, as ascertained
by the last assessment for State and | ||||||
13 | county taxes, previous to the incurring
of such indebtedness, | ||||||
14 | by the percentage limitation applicable to such school
district | ||||||
15 | under the provisions of this subsection (a).
| ||||||
16 | (b) Notwithstanding the debt limitation prescribed in | ||||||
17 | subsection (a)
of this Section, additional indebtedness may be | ||||||
18 | incurred in an amount
not to exceed the estimated cost of | ||||||
19 | acquiring or improving school sites
or constructing and | ||||||
20 | equipping additional building facilities under the
following | ||||||
21 | conditions:
| ||||||
22 | (1) Whenever the enrollment of students for the next | ||||||
23 | school year is
estimated by the board of education to | ||||||
24 | increase over the actual present
enrollment by not less | ||||||
25 | than 35% or by not less than 200 students or the
actual | ||||||
26 | present enrollment of students has increased over the |
| |||||||
| |||||||
1 | previous
school year by not less than 35% or by not less | ||||||
2 | than 200 students and
the board of education determines | ||||||
3 | that additional school sites or
building facilities are | ||||||
4 | required as a result of such increase in
enrollment; and
| ||||||
5 | (2) When the Regional Superintendent of Schools having | ||||||
6 | jurisdiction
over the school district and the State | ||||||
7 | Superintendent of Education
concur in such enrollment | ||||||
8 | projection or increase and approve the need
for such | ||||||
9 | additional school sites or building facilities and the
| ||||||
10 | estimated cost thereof; and
| ||||||
11 | (3) When the voters in the school district approve a | ||||||
12 | proposition for
the issuance of bonds for the purpose of | ||||||
13 | acquiring or improving such
needed school sites or | ||||||
14 | constructing and equipping such needed additional
building | ||||||
15 | facilities at an election called and held for that purpose.
| ||||||
16 | Notice of such an election shall state that the amount of | ||||||
17 | indebtedness
proposed to be incurred would exceed the debt | ||||||
18 | limitation otherwise
applicable to the school district. | ||||||
19 | The ballot for such proposition
shall state what percentage | ||||||
20 | of the equalized assessed valuation will be
outstanding in | ||||||
21 | bonds if the proposed issuance of bonds is approved by
the | ||||||
22 | voters; or
| ||||||
23 | (4) Notwithstanding the provisions of paragraphs (1) | ||||||
24 | through (3) of
this subsection (b), if the school board | ||||||
25 | determines that additional
facilities are needed to | ||||||
26 | provide a quality educational program and not
less than 2/3 |
| |||||||
| |||||||
1 | of those voting in an election called by the school board
| ||||||
2 | on the question approve the issuance of bonds for the | ||||||
3 | construction of
such facilities, the school district may | ||||||
4 | issue bonds for this
purpose; or
| ||||||
5 | (5) Notwithstanding the provisions of paragraphs (1) | ||||||
6 | through (3) of this
subsection (b), if (i) the school | ||||||
7 | district has previously availed itself of the
provisions of | ||||||
8 | paragraph (4) of this subsection (b) to enable it to issue | ||||||
9 | bonds,
(ii) the voters of the school district have not | ||||||
10 | defeated a proposition for the
issuance of bonds since the | ||||||
11 | referendum described in paragraph (4) of this
subsection | ||||||
12 | (b) was held, (iii) the school board determines that | ||||||
13 | additional
facilities are needed to provide a quality | ||||||
14 | educational program, and (iv) a
majority of those voting in | ||||||
15 | an election called by the school board on the
question | ||||||
16 | approve the issuance of bonds for the construction of such | ||||||
17 | facilities,
the school district may issue bonds for this | ||||||
18 | purpose.
| ||||||
19 | In no event shall the indebtedness incurred pursuant to | ||||||
20 | this
subsection (b) and the existing indebtedness of the school | ||||||
21 | district
exceed 15% of the value of the taxable property | ||||||
22 | therein to be
ascertained by the last assessment for State and | ||||||
23 | county taxes, previous
to the incurring of such indebtedness | ||||||
24 | or, until January 1, 1983, if greater,
the sum that is produced | ||||||
25 | by multiplying the school district's 1978 equalized
assessed | ||||||
26 | valuation by the debt limitation percentage in effect on |
| |||||||
| |||||||
1 | January 1,
1979.
| ||||||
2 | The indebtedness provided for by this subsection (b) shall | ||||||
3 | be in
addition to and in excess of any other debt limitation.
| ||||||
4 | (c) Notwithstanding the debt limitation prescribed in | ||||||
5 | subsection (a)
of this Section, in any case in which a public | ||||||
6 | question for the issuance
of bonds of a proposed school | ||||||
7 | district maintaining grades kindergarten
through 12 received | ||||||
8 | at least 60% of the valid ballots cast on the question at
an | ||||||
9 | election held on or prior to November 8, 1994, and in which the | ||||||
10 | bonds
approved at such election have not been issued, the | ||||||
11 | school district pursuant to
the requirements of Section 11A-10 | ||||||
12 | (now repealed) may issue the total amount of bonds approved
at | ||||||
13 | such election for the purpose stated in the question.
| ||||||
14 | (d) Notwithstanding the debt limitation prescribed in | ||||||
15 | subsection (a)
of this Section, a school district that meets | ||||||
16 | all the criteria set forth in
paragraphs (1) and (2) of this | ||||||
17 | subsection (d) may incur an additional
indebtedness in an | ||||||
18 | amount not to exceed $4,500,000, even though the amount of
the | ||||||
19 | additional indebtedness authorized by this subsection (d), | ||||||
20 | when incurred
and added to the aggregate amount of indebtedness | ||||||
21 | of the district existing
immediately prior to the district | ||||||
22 | incurring the additional indebtedness
authorized by this | ||||||
23 | subsection (d), causes the aggregate indebtedness of the
| ||||||
24 | district to exceed the debt limitation otherwise applicable to | ||||||
25 | that district
under subsection (a):
| ||||||
26 | (1) The additional indebtedness authorized by this |
| |||||||
| |||||||
1 | subsection (d) is
incurred by the school district through | ||||||
2 | the issuance of bonds under and in
accordance with Section | ||||||
3 | 17-2.11a for the purpose of replacing a school
building | ||||||
4 | which, because of mine subsidence damage, has been closed | ||||||
5 | as provided
in paragraph (2) of this subsection (d) or | ||||||
6 | through the issuance of bonds under
and in accordance with | ||||||
7 | Section 19-3 for the purpose of increasing the size of,
or | ||||||
8 | providing for additional functions in, such replacement | ||||||
9 | school buildings, or
both such purposes.
| ||||||
10 | (2) The bonds issued by the school district as provided | ||||||
11 | in paragraph (1)
above are issued for the purposes of | ||||||
12 | construction by the school district of
a new school | ||||||
13 | building pursuant to Section 17-2.11, to replace an | ||||||
14 | existing
school building that, because of mine subsidence | ||||||
15 | damage, is closed as of the
end of the 1992-93 school year | ||||||
16 | pursuant to action of the regional
superintendent of | ||||||
17 | schools of the educational service region in which the
| ||||||
18 | district is located under Section 3-14.22 or are issued for | ||||||
19 | the purpose of
increasing the size of, or providing for | ||||||
20 | additional functions in, the new
school building being | ||||||
21 | constructed to replace a school building closed as the
| ||||||
22 | result of mine subsidence damage, or both such purposes.
| ||||||
23 | (e) (Blank).
| ||||||
24 | (f) Notwithstanding the provisions of subsection (a) of | ||||||
25 | this Section or of
any other law, bonds in not to exceed the | ||||||
26 | aggregate amount of $5,500,000 and
issued by a school district |
| |||||||
| |||||||
1 | meeting the following criteria shall not be
considered | ||||||
2 | indebtedness for purposes of any statutory limitation and may | ||||||
3 | be
issued in an amount or amounts, including existing | ||||||
4 | indebtedness, in excess of
any heretofore or hereafter imposed | ||||||
5 | statutory limitation as to indebtedness:
| ||||||
6 | (1) At the time of the sale of such bonds, the board of | ||||||
7 | education of the
district shall have determined by | ||||||
8 | resolution that the enrollment of students in
the district | ||||||
9 | is projected to increase by not less than 7% during each of | ||||||
10 | the
next succeeding 2 school years.
| ||||||
11 | (2) The board of education shall also determine by | ||||||
12 | resolution that the
improvements to be financed with the | ||||||
13 | proceeds of the bonds are needed because
of the projected | ||||||
14 | enrollment increases.
| ||||||
15 | (3) The board of education shall also determine by | ||||||
16 | resolution that the
projected increases in enrollment are | ||||||
17 | the result of improvements made or
expected to be made to | ||||||
18 | passenger rail facilities located in the school
district.
| ||||||
19 | Notwithstanding the provisions of subsection (a) of this | ||||||
20 | Section or of any other law, a school district that has availed | ||||||
21 | itself of the provisions of this subsection (f) prior to July | ||||||
22 | 22, 2004 (the effective date of Public Act 93-799) may also | ||||||
23 | issue bonds approved by referendum up to an amount, including | ||||||
24 | existing indebtedness, not exceeding 25% of the equalized | ||||||
25 | assessed value of the taxable property in the district if all | ||||||
26 | of the conditions set forth in items (1), (2), and (3) of this |
| |||||||
| |||||||
1 | subsection (f) are met.
| ||||||
2 | (g) Notwithstanding the provisions of subsection (a) of | ||||||
3 | this Section or any
other law, bonds in not to exceed an | ||||||
4 | aggregate amount of 25% of the equalized
assessed value of the | ||||||
5 | taxable property of a school district and issued by a
school | ||||||
6 | district meeting the criteria in paragraphs (i) through (iv) of | ||||||
7 | this
subsection shall not be considered indebtedness for | ||||||
8 | purposes of any statutory
limitation and may be issued pursuant | ||||||
9 | to resolution of the school board in an
amount or amounts, | ||||||
10 | including existing indebtedness, in
excess of any statutory | ||||||
11 | limitation of indebtedness heretofore or hereafter
imposed:
| ||||||
12 | (i) The bonds are issued for the purpose of | ||||||
13 | constructing a new high school
building to replace two | ||||||
14 | adjacent existing buildings which together house a
single | ||||||
15 | high school, each of which is more than 65 years old, and | ||||||
16 | which together
are located on more than 10 acres and less | ||||||
17 | than 11 acres of property.
| ||||||
18 | (ii) At the time the resolution authorizing the | ||||||
19 | issuance of the bonds is
adopted, the cost of constructing | ||||||
20 | a new school building to replace the existing
school | ||||||
21 | building is less than 60% of the cost of repairing the | ||||||
22 | existing school
building.
| ||||||
23 | (iii) The sale of the bonds occurs before July 1, 1997.
| ||||||
24 | (iv) The school district issuing the bonds is a unit | ||||||
25 | school district
located in a county of less than 70,000 and | ||||||
26 | more than 50,000 inhabitants,
which has an average daily |
| |||||||
| |||||||
1 | attendance of less than 1,500 and an equalized
assessed | ||||||
2 | valuation of less than $29,000,000.
| ||||||
3 | (h) Notwithstanding any other provisions of this Section or | ||||||
4 | the
provisions of any other law, until January 1, 1998, a | ||||||
5 | community unit school
district maintaining grades K through 12 | ||||||
6 | may issue bonds up to an amount,
including existing | ||||||
7 | indebtedness, not exceeding 27.6% of the equalized assessed
| ||||||
8 | value of the taxable property in the district, if all of the | ||||||
9 | following
conditions are met:
| ||||||
10 | (i) The school district has an equalized assessed | ||||||
11 | valuation for calendar
year 1995 of less than $24,000,000;
| ||||||
12 | (ii) The bonds are issued for the capital improvement, | ||||||
13 | renovation,
rehabilitation, or replacement of existing | ||||||
14 | school buildings of the district,
all of which buildings | ||||||
15 | were originally constructed not less than 40 years ago;
| ||||||
16 | (iii) The voters of the district approve a proposition | ||||||
17 | for the issuance of
the bonds at a referendum held after | ||||||
18 | March 19, 1996; and
| ||||||
19 | (iv) The bonds are issued pursuant to Sections 19-2 | ||||||
20 | through 19-7 of this
Code.
| ||||||
21 | (i) Notwithstanding any other provisions of this Section or | ||||||
22 | the provisions
of any other law, until January 1, 1998, a | ||||||
23 | community unit school district
maintaining grades K through 12 | ||||||
24 | may issue bonds up to an amount, including
existing | ||||||
25 | indebtedness, not exceeding 27% of the equalized assessed value | ||||||
26 | of the
taxable property in the district, if all of the |
| |||||||
| |||||||
1 | following conditions are met:
| ||||||
2 | (i) The school district has an equalized assessed | ||||||
3 | valuation for calendar
year 1995 of less than $44,600,000;
| ||||||
4 | (ii) The bonds are issued for the capital improvement, | ||||||
5 | renovation,
rehabilitation, or replacement
of existing | ||||||
6 | school buildings of the district, all of which
existing | ||||||
7 | buildings were originally constructed not less than 80 | ||||||
8 | years ago;
| ||||||
9 | (iii) The voters of the district approve a proposition | ||||||
10 | for the issuance of
the bonds at a referendum held after | ||||||
11 | December 31, 1996; and
| ||||||
12 | (iv) The bonds are issued pursuant to Sections 19-2 | ||||||
13 | through 19-7 of this
Code.
| ||||||
14 | (j) Notwithstanding any other provisions of this Section or | ||||||
15 | the
provisions of any other law, until January 1, 1999, a | ||||||
16 | community unit school
district maintaining grades K through 12 | ||||||
17 | may issue bonds up to an amount,
including existing | ||||||
18 | indebtedness, not exceeding 27% of the equalized assessed
value | ||||||
19 | of the taxable property in the district if all of the following
| ||||||
20 | conditions are met:
| ||||||
21 | (i) The school district has an equalized assessed | ||||||
22 | valuation for calendar
year 1995 of less than $140,000,000 | ||||||
23 | and a best 3 months
average daily
attendance for the | ||||||
24 | 1995-96 school year of at least 2,800;
| ||||||
25 | (ii) The bonds are issued to purchase a site and build | ||||||
26 | and equip a new
high school, and the school district's |
| |||||||
| |||||||
1 | existing high school was originally
constructed not less | ||||||
2 | than 35
years prior to the sale of the bonds;
| ||||||
3 | (iii) At the time of the sale of the bonds, the board | ||||||
4 | of education
determines
by resolution that a new high | ||||||
5 | school is needed because of projected enrollment
| ||||||
6 | increases;
| ||||||
7 | (iv) At least 60% of those voting in an election held
| ||||||
8 | after December 31, 1996 approve a proposition
for the | ||||||
9 | issuance of
the bonds; and
| ||||||
10 | (v) The bonds are issued pursuant to Sections 19-2 | ||||||
11 | through
19-7 of this Code.
| ||||||
12 | (k) Notwithstanding the debt limitation prescribed in | ||||||
13 | subsection (a) of
this Section, a school district that meets | ||||||
14 | all the criteria set forth in
paragraphs (1) through (4) of | ||||||
15 | this subsection (k) may issue bonds to incur an
additional | ||||||
16 | indebtedness in an amount not to exceed $4,000,000 even though | ||||||
17 | the
amount of the additional indebtedness authorized by this | ||||||
18 | subsection (k), when
incurred and added to the aggregate amount | ||||||
19 | of indebtedness of the school
district existing immediately | ||||||
20 | prior to the school district incurring such
additional | ||||||
21 | indebtedness, causes the aggregate indebtedness of the school
| ||||||
22 | district to exceed or increases the amount by which the | ||||||
23 | aggregate indebtedness
of the district already exceeds the debt | ||||||
24 | limitation otherwise applicable to
that school district under | ||||||
25 | subsection (a):
| ||||||
26 | (1) the school district is located in 2 counties, and a |
| |||||||
| |||||||
1 | referendum to
authorize the additional indebtedness was | ||||||
2 | approved by a majority of the voters
of the school district | ||||||
3 | voting on the proposition to authorize that
indebtedness;
| ||||||
4 | (2) the additional indebtedness is for the purpose of | ||||||
5 | financing a
multi-purpose room addition to the existing | ||||||
6 | high school;
| ||||||
7 | (3) the additional indebtedness, together with the | ||||||
8 | existing indebtedness
of the school district, shall not | ||||||
9 | exceed 17.4% of the value of the taxable
property in the | ||||||
10 | school district, to be ascertained by the last assessment | ||||||
11 | for
State and county taxes; and
| ||||||
12 | (4) the bonds evidencing the additional indebtedness | ||||||
13 | are issued, if at
all, within 120 days of the effective | ||||||
14 | date of this amendatory Act of 1998.
| ||||||
15 | (l) Notwithstanding any other provisions of this Section or | ||||||
16 | the
provisions of any other law, until January 1, 2000, a | ||||||
17 | school district
maintaining grades kindergarten through 8 may | ||||||
18 | issue bonds up to an amount,
including existing indebtedness, | ||||||
19 | not exceeding 15% of the equalized assessed
value of the | ||||||
20 | taxable property in the district if all of the following
| ||||||
21 | conditions are met:
| ||||||
22 | (i) the district has an equalized assessed valuation | ||||||
23 | for calendar year
1996 of less than $10,000,000;
| ||||||
24 | (ii) the bonds are issued for capital improvement, | ||||||
25 | renovation,
rehabilitation, or replacement of one or more | ||||||
26 | school buildings of the district,
which buildings were |
| |||||||
| |||||||
1 | originally constructed not less than 70 years ago;
| ||||||
2 | (iii) the voters of the district approve a proposition | ||||||
3 | for the issuance of
the bonds at a referendum held on or | ||||||
4 | after March 17, 1998; and
| ||||||
5 | (iv) the bonds are issued pursuant to Sections 19-2 | ||||||
6 | through 19-7 of this
Code.
| ||||||
7 | (m) Notwithstanding any other provisions of this Section or | ||||||
8 | the provisions
of
any other law, until January 1, 1999, an | ||||||
9 | elementary school district maintaining
grades K through 8 may | ||||||
10 | issue bonds up to an amount, excluding existing
indebtedness, | ||||||
11 | not exceeding 18% of the equalized assessed value of the | ||||||
12 | taxable
property in the district, if all of the following | ||||||
13 | conditions are met:
| ||||||
14 | (i) The school district has an equalized assessed | ||||||
15 | valuation for calendar
year 1995 or less than $7,700,000;
| ||||||
16 | (ii) The school district operates 2 elementary | ||||||
17 | attendance centers that
until
1976 were operated as the | ||||||
18 | attendance centers of 2 separate and distinct school
| ||||||
19 | districts;
| ||||||
20 | (iii) The bonds are issued for the construction of a | ||||||
21 | new elementary school
building to replace an existing | ||||||
22 | multi-level elementary school building of the
school | ||||||
23 | district that is not handicapped accessible at all levels | ||||||
24 | and parts of
which were constructed more than 75 years ago;
| ||||||
25 | (iv) The voters of the school district approve a | ||||||
26 | proposition for the
issuance of the bonds at a referendum |
| |||||||
| |||||||
1 | held after July 1, 1998; and
| ||||||
2 | (v) The bonds are issued pursuant to Sections 19-2 | ||||||
3 | through 19-7 of this
Code.
| ||||||
4 | (n) Notwithstanding the debt limitation prescribed in | ||||||
5 | subsection (a) of
this Section or any other provisions of this | ||||||
6 | Section or of any other law, a
school district that meets all | ||||||
7 | of the criteria set forth in paragraphs (i)
through (vi) of | ||||||
8 | this subsection (n) may incur additional indebtedness by the
| ||||||
9 | issuance of bonds in an amount not exceeding the amount | ||||||
10 | certified by the
Capital Development Board to the school | ||||||
11 | district as provided in paragraph (iii)
of
this subsection (n), | ||||||
12 | even though the amount of the additional indebtedness so
| ||||||
13 | authorized, when incurred and added to the aggregate amount of | ||||||
14 | indebtedness of
the district existing immediately prior to the | ||||||
15 | district incurring the
additional indebtedness authorized by | ||||||
16 | this subsection (n), causes the aggregate
indebtedness of the | ||||||
17 | district to exceed the debt limitation otherwise applicable
by | ||||||
18 | law to that district:
| ||||||
19 | (i) The school district applies to the State Board of | ||||||
20 | Education for a
school construction project grant and | ||||||
21 | submits a district facilities plan in
support
of its | ||||||
22 | application pursuant to Section 5-20 of
the School | ||||||
23 | Construction Law.
| ||||||
24 | (ii) The school district's application and facilities | ||||||
25 | plan are approved
by,
and the district receives a grant | ||||||
26 | entitlement for a school construction project
issued by, |
| |||||||
| |||||||
1 | the State Board of Education under the School Construction | ||||||
2 | Law.
| ||||||
3 | (iii) The school district has exhausted its bonding | ||||||
4 | capacity or the unused
bonding capacity of the district is | ||||||
5 | less than the amount certified by the
Capital Development | ||||||
6 | Board to the district under Section 5-15 of the School
| ||||||
7 | Construction Law as the dollar amount of the school | ||||||
8 | construction project's cost
that the district will be | ||||||
9 | required to finance with non-grant funds in order to
| ||||||
10 | receive a school construction project grant under the | ||||||
11 | School Construction Law.
| ||||||
12 | (iv) The bonds are issued for a "school construction | ||||||
13 | project", as that
term is defined in Section 5-5 of the | ||||||
14 | School Construction Law, in an amount
that does not exceed | ||||||
15 | the dollar amount certified, as provided in paragraph
(iii) | ||||||
16 | of this subsection (n), by the Capital Development Board
to | ||||||
17 | the school
district under Section 5-15 of the School | ||||||
18 | Construction Law.
| ||||||
19 | (v) The voters of the district approve a proposition | ||||||
20 | for the issuance of
the bonds at a referendum held after | ||||||
21 | the criteria specified in paragraphs (i)
and (iii) of this | ||||||
22 | subsection (n) are met.
| ||||||
23 | (vi) The bonds are issued pursuant to Sections 19-2 | ||||||
24 | through 19-7 of the
School Code.
| ||||||
25 | (o) Notwithstanding any other provisions of this Section or | ||||||
26 | the
provisions of any other law, until November 1, 2007, a |
| |||||||
| |||||||
1 | community unit
school district maintaining grades K through 12 | ||||||
2 | may issue bonds up to
an amount, including existing | ||||||
3 | indebtedness, not exceeding 20% of the
equalized assessed value | ||||||
4 | of the taxable property in the district if all of the
following | ||||||
5 | conditions are met:
| ||||||
6 | (i) the school district has an equalized assessed | ||||||
7 | valuation
for calendar year 2001 of at least $737,000,000 | ||||||
8 | and an enrollment
for the 2002-2003 school year of at least | ||||||
9 | 8,500;
| ||||||
10 | (ii) the bonds are issued to purchase school sites, | ||||||
11 | build and
equip a new high school, build and equip a new | ||||||
12 | junior high school,
build and equip 5 new elementary | ||||||
13 | schools, and make technology
and other improvements and | ||||||
14 | additions to existing schools;
| ||||||
15 | (iii) at the time of the sale of the bonds, the board | ||||||
16 | of
education determines by resolution that the sites and | ||||||
17 | new or
improved facilities are needed because of projected | ||||||
18 | enrollment
increases;
| ||||||
19 | (iv) at least 57% of those voting in a general election | ||||||
20 | held
prior to January 1, 2003 approved a proposition for | ||||||
21 | the issuance of
the bonds; and
| ||||||
22 | (v) the bonds are issued pursuant to Sections 19-2 | ||||||
23 | through
19-7 of this Code.
| ||||||
24 | (p) Notwithstanding any other provisions of this Section or | ||||||
25 | the provisions of any other law, a community unit school | ||||||
26 | district maintaining grades K through 12 may issue bonds up to |
| |||||||
| |||||||
1 | an amount, including indebtedness, not exceeding 27% of the | ||||||
2 | equalized assessed value of the taxable property in the | ||||||
3 | district if all of the following conditions are met: | ||||||
4 | (i) The school district has an equalized assessed | ||||||
5 | valuation for calendar year 2001 of at least $295,741,187 | ||||||
6 | and a best 3 months' average daily attendance for the | ||||||
7 | 2002-2003 school year of at least 2,394. | ||||||
8 | (ii) The bonds are issued to build and equip 3 | ||||||
9 | elementary school buildings; build and equip one middle | ||||||
10 | school building; and alter, repair, improve, and equip all | ||||||
11 | existing school buildings in the district. | ||||||
12 | (iii) At the time of the sale of the bonds, the board | ||||||
13 | of education determines by resolution that the project is | ||||||
14 | needed because of expanding growth in the school district | ||||||
15 | and a projected enrollment increase. | ||||||
16 | (iv) The bonds are issued pursuant to Sections 19-2 | ||||||
17 | through 19-7 of this Code.
| ||||||
18 | (p-5) Notwithstanding any other provisions of this Section | ||||||
19 | or the provisions of any other law, bonds issued by a community | ||||||
20 | unit school district maintaining grades K through 12 shall not | ||||||
21 | be considered indebtedness for purposes of any statutory | ||||||
22 | limitation and may be issued in an amount or amounts, including | ||||||
23 | existing indebtedness, in excess of any heretofore or hereafter | ||||||
24 | imposed statutory limitation as to indebtedness, if all of the | ||||||
25 | following conditions are met: | ||||||
26 | (i) For each of the 4 most recent years, residential |
| |||||||
| |||||||
1 | property comprises more than 80% of the equalized assessed | ||||||
2 | valuation of the district. | ||||||
3 | (ii) At least 2 school buildings that were constructed | ||||||
4 | 40 or more years prior to the issuance of the bonds will be | ||||||
5 | demolished and will be replaced by new buildings or | ||||||
6 | additions to one or more existing buildings. | ||||||
7 | (iii) Voters of the district approve a proposition for | ||||||
8 | the issuance of the bonds at a regularly scheduled | ||||||
9 | election. | ||||||
10 | (iv) At the time of the sale of the bonds, the school | ||||||
11 | board determines by resolution that the new buildings or | ||||||
12 | building additions are needed because of an increase in | ||||||
13 | enrollment projected by the school board. | ||||||
14 | (v) The principal amount of the bonds, including | ||||||
15 | existing indebtedness, does not exceed 25% of the equalized | ||||||
16 | assessed value of the taxable property in the district. | ||||||
17 | (vi) The bonds are issued prior to January 1, 2007, | ||||||
18 | pursuant to Sections 19-2 through 19-7 of this Code.
| ||||||
19 | (p-10) Notwithstanding any other provisions of this | ||||||
20 | Section or the provisions of any other law, bonds issued by a | ||||||
21 | community consolidated school district maintaining grades K | ||||||
22 | through 8 shall not be considered indebtedness for purposes of | ||||||
23 | any statutory limitation and may be issued in an amount or | ||||||
24 | amounts, including existing indebtedness, in excess of any | ||||||
25 | heretofore or hereafter imposed statutory limitation as to | ||||||
26 | indebtedness, if all of the following conditions are met: |
| |||||||
| |||||||
1 | (i) For each of the 4 most recent years, residential | ||||||
2 | and farm property comprises more than 80% of the equalized | ||||||
3 | assessed valuation of the district. | ||||||
4 | (ii) The bond proceeds are to be used to acquire and | ||||||
5 | improve school sites and build and equip a school building. | ||||||
6 | (iii) Voters of the district approve a proposition for | ||||||
7 | the issuance of the bonds at a regularly scheduled | ||||||
8 | election. | ||||||
9 | (iv) At the time of the sale of the bonds, the school | ||||||
10 | board determines by resolution that the school sites and | ||||||
11 | building additions are needed because of an increase in | ||||||
12 | enrollment projected by the school board. | ||||||
13 | (v) The principal amount of the bonds, including | ||||||
14 | existing indebtedness, does not exceed 20% of the equalized | ||||||
15 | assessed value of the taxable property in the district. | ||||||
16 | (vi) The bonds are issued prior to January 1, 2007, | ||||||
17 | pursuant to Sections 19-2 through 19-7 of this Code.
| ||||||
18 | (p-15) In addition to all other authority to issue bonds, | ||||||
19 | the Oswego Community Unit School District Number 308 may issue | ||||||
20 | bonds with an aggregate principal amount not to exceed | ||||||
21 | $450,000,000, but only if all of the following conditions are | ||||||
22 | met: | ||||||
23 | (i) The voters of the district have approved a | ||||||
24 | proposition for the bond issue at the general election held | ||||||
25 | on November 7, 2006. | ||||||
26 | (ii) At the time of the sale of the bonds, the school |
| |||||||
| |||||||
1 | board determines, by resolution, that: (A) the building and | ||||||
2 | equipping of the new high school building, new junior high | ||||||
3 | school buildings, new elementary school buildings, early | ||||||
4 | childhood building, maintenance building, transportation | ||||||
5 | facility, and additions to existing school buildings, the | ||||||
6 | altering, repairing, equipping, and provision of | ||||||
7 | technology improvements to existing school buildings, and | ||||||
8 | the acquisition and improvement of school sites, as the | ||||||
9 | case may be, are required as a result of a projected | ||||||
10 | increase in the enrollment of students in the district; and | ||||||
11 | (B) the sale of bonds for these purposes is authorized by | ||||||
12 | legislation that exempts the debt incurred on the bonds | ||||||
13 | from the district's statutory debt limitation.
| ||||||
14 | (iii) The bonds are issued, in one or more bond issues, | ||||||
15 | on or before November 7, 2011, but the aggregate principal | ||||||
16 | amount issued in all such bond issues combined must not | ||||||
17 | exceed $450,000,000.
| ||||||
18 | (iv) The bonds are issued in accordance with this | ||||||
19 | Article 19. | ||||||
20 | (v) The proceeds of the bonds are used only to | ||||||
21 | accomplish those projects approved by the voters at the | ||||||
22 | general election held on November 7, 2006. | ||||||
23 | The debt incurred on any bonds issued under this subsection | ||||||
24 | (p-15) shall not be considered indebtedness for purposes of any | ||||||
25 | statutory debt limitation.
| ||||||
26 | (p-20) In addition to all other authority to issue bonds, |
| |||||||
| |||||||
1 | the Lincoln-Way Community High School District Number 210 may | ||||||
2 | issue bonds with an aggregate principal amount not to exceed | ||||||
3 | $225,000,000, but only if all of the following conditions are | ||||||
4 | met: | ||||||
5 | (i) The voters of the district have approved a | ||||||
6 | proposition for the bond issue at the general primary | ||||||
7 | election held on March 21, 2006. | ||||||
8 | (ii) At the time of the sale of the bonds, the school | ||||||
9 | board determines, by resolution, that: (A) the building and | ||||||
10 | equipping of the new high school buildings, the altering, | ||||||
11 | repairing, and equipping of existing school buildings, and | ||||||
12 | the improvement of school sites, as the case may be, are | ||||||
13 | required as a result of a projected increase in the | ||||||
14 | enrollment of students in the district; and (B) the sale of | ||||||
15 | bonds for these purposes is authorized by legislation that | ||||||
16 | exempts the debt incurred on the bonds from the district's | ||||||
17 | statutory debt limitation.
| ||||||
18 | (iii) The bonds are issued, in one or more bond issues, | ||||||
19 | on or before March 21, 2011, but the aggregate principal | ||||||
20 | amount issued in all such bond issues combined must not | ||||||
21 | exceed $225,000,000.
| ||||||
22 | (iv) The bonds are issued in accordance with this | ||||||
23 | Article 19. | ||||||
24 | (v) The proceeds of the bonds are used only to | ||||||
25 | accomplish those projects approved by the voters at the | ||||||
26 | primary election held on March 21, 2006. |
| |||||||
| |||||||
1 | The debt incurred on any bonds issued under this subsection | ||||||
2 | (p-20) shall not be considered indebtedness for purposes of any | ||||||
3 | statutory debt limitation.
| ||||||
4 | (p-25) In addition to all other authority to issue bonds, | ||||||
5 | Rochester Community Unit School District 3A may issue bonds | ||||||
6 | with an aggregate principal amount not to exceed $15,000,000, | ||||||
7 | but only if all of the following conditions are met: | ||||||
8 | (i) The voters of the district approve a proposition | ||||||
9 | for the bond issuance at the general primary election held | ||||||
10 | in 2008.
| ||||||
11 | (ii) At the time of the sale of the bonds, the school | ||||||
12 | board determines, by resolution, that: (A) the building and | ||||||
13 | equipping of a new high school building; the addition of | ||||||
14 | classrooms and support facilities at the high school, | ||||||
15 | middle school, and elementary school; the altering, | ||||||
16 | repairing, and equipping of existing school buildings; and | ||||||
17 | the improvement of school sites, as the case may be, are | ||||||
18 | required as a result of a projected increase in the | ||||||
19 | enrollment of students in the district; and (B) the sale of | ||||||
20 | bonds for these purposes is authorized by a law that | ||||||
21 | exempts the debt incurred on the bonds from the district's | ||||||
22 | statutory debt limitation. | ||||||
23 | (iii) The bonds are issued, in one or more bond issues, | ||||||
24 | on or before December 31, 2012, but the aggregate principal | ||||||
25 | amount issued in all such bond issues combined must not | ||||||
26 | exceed $15,000,000. |
| |||||||
| |||||||
1 | (iv) The bonds are issued in accordance with this | ||||||
2 | Article 19. | ||||||
3 | (v) The proceeds of the bonds are used to accomplish | ||||||
4 | only those projects approved by the voters at the primary | ||||||
5 | election held in 2008.
| ||||||
6 | The debt incurred on any bonds issued under this subsection | ||||||
7 | (p-25) shall not be considered indebtedness for purposes of any | ||||||
8 | statutory debt limitation.
| ||||||
9 | (p-30) In addition to all other authority to issue bonds, | ||||||
10 | Prairie Grove Consolidated School District 46 may issue bonds | ||||||
11 | with an aggregate principal amount not to exceed $30,000,000, | ||||||
12 | but only if all of the following conditions are met:
| ||||||
13 | (i) The voters of the district approve a proposition | ||||||
14 | for the bond issuance at an election held in 2008.
| ||||||
15 | (ii) At the time of the sale of the bonds, the school | ||||||
16 | board determines, by resolution, that (A) the building and | ||||||
17 | equipping of a new school building and additions to | ||||||
18 | existing school buildings are required as a result of a | ||||||
19 | projected increase in the enrollment of students in the | ||||||
20 | district and (B) the altering, repairing, and equipping of | ||||||
21 | existing school buildings are required because of the age | ||||||
22 | of the existing school buildings.
| ||||||
23 | (iii) The bonds are issued, in one or more bond | ||||||
24 | issuances, on or before December 31, 2012; however, the | ||||||
25 | aggregate principal amount issued in all such bond | ||||||
26 | issuances combined must not exceed $30,000,000.
|
| |||||||
| |||||||
1 | (iv) The bonds are issued in accordance with this | ||||||
2 | Article.
| ||||||
3 | (v) The proceeds of the bonds are used to accomplish | ||||||
4 | only those projects approved by the voters at an election | ||||||
5 | held in 2008.
| ||||||
6 | The debt incurred on any bonds issued under this subsection | ||||||
7 | (p-30) shall not be considered indebtedness for purposes of any | ||||||
8 | statutory debt limitation.
| ||||||
9 | (p-35) In addition to all other authority to issue bonds, | ||||||
10 | Prairie Hill Community Consolidated School District 133 may | ||||||
11 | issue bonds with an aggregate principal amount not to exceed | ||||||
12 | $13,900,000, but only if all of the following conditions are | ||||||
13 | met:
| ||||||
14 | (i) The voters of the district approved a proposition | ||||||
15 | for the bond issuance at an election held on April 17, | ||||||
16 | 2007.
| ||||||
17 | (ii) At the time of the sale of the bonds, the school | ||||||
18 | board determines, by resolution, that (A) the improvement | ||||||
19 | of the site of and the building and equipping of a school | ||||||
20 | building are required as a result of a projected increase | ||||||
21 | in the enrollment of students in the district and (B) the | ||||||
22 | repairing and equipping of the Prairie Hill Elementary | ||||||
23 | School building is required because of the age of that | ||||||
24 | school building.
| ||||||
25 | (iii) The bonds are issued, in one or more bond | ||||||
26 | issuances, on or before December 31, 2011, but the |
| |||||||
| |||||||
1 | aggregate principal amount issued in all such bond | ||||||
2 | issuances combined must not exceed $13,900,000.
| ||||||
3 | (iv) The bonds are issued in accordance with this | ||||||
4 | Article.
| ||||||
5 | (v) The proceeds of the bonds are used to accomplish | ||||||
6 | only those projects approved by the voters at an election | ||||||
7 | held on April 17, 2007.
| ||||||
8 | The debt incurred on any bonds issued under this subsection | ||||||
9 | (p-35) shall not be considered indebtedness for purposes of any | ||||||
10 | statutory debt limitation.
| ||||||
11 | (p-40) In addition to all other authority to issue bonds, | ||||||
12 | Mascoutah Community Unit District 19 may issue bonds with an | ||||||
13 | aggregate principal amount not to exceed $55,000,000, but only | ||||||
14 | if all of the following conditions are met: | ||||||
15 | (1) The voters of the district approve a proposition | ||||||
16 | for the bond issuance at a regular election held on or | ||||||
17 | after November 4, 2008. | ||||||
18 | (2) At the time of the sale of the bonds, the school | ||||||
19 | board determines, by resolution, that (i) the building and | ||||||
20 | equipping of a new high school building is required as a | ||||||
21 | result of a projected increase in the enrollment of | ||||||
22 | students in the district and the age and condition of the | ||||||
23 | existing high school building, (ii) the existing high | ||||||
24 | school building will be demolished, and (iii) the sale of | ||||||
25 | bonds is authorized by statute that exempts the debt | ||||||
26 | incurred on the bonds from the district's statutory debt |
| |||||||
| |||||||
1 | limitation. | ||||||
2 | (3) The bonds are issued, in one or more bond | ||||||
3 | issuances, on or before December 31, 2011, but the | ||||||
4 | aggregate principal amount issued in all such bond | ||||||
5 | issuances combined must not exceed $55,000,000. | ||||||
6 | (4) The bonds are issued in accordance with this | ||||||
7 | Article. | ||||||
8 | (5) The proceeds of the bonds are used to accomplish | ||||||
9 | only those projects approved by the voters at a regular | ||||||
10 | election held on or after November 4, 2008. | ||||||
11 | The debt incurred on any bonds issued under this subsection | ||||||
12 | (p-40) shall not be considered indebtedness for purposes of any | ||||||
13 | statutory debt limitation. | ||||||
14 | (p-45) Notwithstanding the provisions of subsection (a) of | ||||||
15 | this Section or of any other law, bonds issued pursuant to | ||||||
16 | Section 19-3.5 of this Code shall not be considered | ||||||
17 | indebtedness for purposes of any statutory limitation if the | ||||||
18 | bonds are issued in an amount or amounts, including existing | ||||||
19 | indebtedness of the school district, not in excess of 18.5% of | ||||||
20 | the value of the taxable property in the district to be | ||||||
21 | ascertained by the last assessment for State and county taxes. | ||||||
22 | (p-50) Notwithstanding the provisions of subsection (a) of
| ||||||
23 | this Section or of any other law, bonds issued pursuant to
| ||||||
24 | Section 19-3.10 of this Code shall not be considered
| ||||||
25 | indebtedness for purposes of any statutory limitation if the
| ||||||
26 | bonds are issued in an amount or amounts, including existing
|
| |||||||
| |||||||
1 | indebtedness of the school district, not in excess of 43% of
| ||||||
2 | the value of the taxable property in the district to be
| ||||||
3 | ascertained by the last assessment for State and county taxes. | ||||||
4 | (q) A school district must notify the State Board of | ||||||
5 | Education prior to issuing any form of long-term or short-term | ||||||
6 | debt that will result in outstanding debt that exceeds 75% of | ||||||
7 | the debt limit specified in this Section or any other provision | ||||||
8 | of law.
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9 | (Source: P.A. 94-234, eff. 7-1-06; 94-721, eff. 1-6-06; 94-952, | ||||||
10 | eff. 6-27-06; 94-1019, eff. 7-10-06; 94-1078, eff. 1-9-07; | ||||||
11 | 95-331, eff. 8-21-07; 95-594, eff. 9-10-07; 95-792, eff. | ||||||
12 | 1-1-09.) | ||||||
13 | (105 ILCS 5/19-3.5 new) | ||||||
14 | Sec. 19-3.5. Flood-damaged building. Martinsville | ||||||
15 | Community Unit School District 3C is authorized to issue bonds | ||||||
16 | in not to exceed the amount of $4,000,000 for the purpose of | ||||||
17 | paying the cost of acquiring and improving a school site and | ||||||
18 | building and equipping a new school building on the site to | ||||||
19 | replace all or a portion of a school building closed by the | ||||||
20 | regional superintendent of schools pursuant to Section 3-14.22 | ||||||
21 | of this Code because of flood damage. The replacement building | ||||||
22 | may be larger than the size of and offer more functions than | ||||||
23 | the school building being replaced. Bonds issued pursuant to | ||||||
24 | this Section may be issued without referendum and shall mature | ||||||
25 | not more than 25 years from the date of issuance. |
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1 | (105 ILCS 5/19-3.10 new)
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2 | Sec. 19-3.10. Mine subsidence damaged building. Gillespie | ||||||
3 | Community Unit School District 7 is authorized to issue bonds | ||||||
4 | in not to exceed the amount of $22,000,000 for the purpose of | ||||||
5 | paying the cost of acquiring and improving a school site and | ||||||
6 | building and equipping a new school building on the site to | ||||||
7 | replace all or a portion of a school building closed by the | ||||||
8 | regional superintendent of schools pursuant to Section 3-14.22 | ||||||
9 | of this Code because of mine subsidence damage. The replacement | ||||||
10 | building may be larger than the size of and offer more | ||||||
11 | functions than the school building being replaced. Bonds issued | ||||||
12 | pursuant to this Section may be issued without referendum and | ||||||
13 | shall mature not more than 25 years from the date of issuance.
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14 | Section 99. Effective date. This Act takes effect upon | ||||||
15 | becoming law.
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