SB3367 EngrossedSRS099 00021 NLB 20022 b

1    AN ACT concerning education.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The School Code is amended by changing Section
519-1 as follows:
 
6    (105 ILCS 5/19-1)
7    Sec. 19-1. Debt limitations of school districts.
8    (a) School districts shall not be subject to the provisions
9limiting their indebtedness prescribed in the Local Government
10Debt Limitation Act "An Act to limit the indebtedness of
11counties having a population of less than 500,000 and
12townships, school districts and other municipal corporations
13having a population of less than 300,000", approved February
1415, 1928, as amended.
15    No school districts maintaining grades K through 8 or 9
16through 12 shall become indebted in any manner or for any
17purpose to an amount, including existing indebtedness, in the
18aggregate exceeding 6.9% on the value of the taxable property
19therein to be ascertained by the last assessment for State and
20county taxes or, until January 1, 1983, if greater, the sum
21that is produced by multiplying the school district's 1978
22equalized assessed valuation by the debt limitation percentage
23in effect on January 1, 1979, previous to the incurring of such

 

 

SB3367 Engrossed- 2 -SRS099 00021 NLB 20022 b

1indebtedness.
2    No school districts maintaining grades K through 12 shall
3become indebted in any manner or for any purpose to an amount,
4including existing indebtedness, in the aggregate exceeding
513.8% on the value of the taxable property therein to be
6ascertained by the last assessment for State and county taxes
7or, until January 1, 1983, if greater, the sum that is produced
8by multiplying the school district's 1978 equalized assessed
9valuation by the debt limitation percentage in effect on
10January 1, 1979, previous to the incurring of such
11indebtedness.
12    No partial elementary unit district, as defined in Article
1311E of this Code, shall become indebted in any manner or for
14any purpose in an amount, including existing indebtedness, in
15the aggregate exceeding 6.9% of the value of the taxable
16property of the entire district, to be ascertained by the last
17assessment for State and county taxes, plus an amount,
18including existing indebtedness, in the aggregate exceeding
196.9% of the value of the taxable property of that portion of
20the district included in the elementary and high school
21classification, to be ascertained by the last assessment for
22State and county taxes. Moreover, no partial elementary unit
23district, as defined in Article 11E of this Code, shall become
24indebted on account of bonds issued by the district for high
25school purposes in the aggregate exceeding 6.9% of the value of
26the taxable property of the entire district, to be ascertained

 

 

SB3367 Engrossed- 3 -SRS099 00021 NLB 20022 b

1by the last assessment for State and county taxes, nor shall
2the district become indebted on account of bonds issued by the
3district for elementary purposes in the aggregate exceeding
46.9% of the value of the taxable property for that portion of
5the district included in the elementary and high school
6classification, to be ascertained by the last assessment for
7State and county taxes.
8    Notwithstanding the provisions of any other law to the
9contrary, in any case in which the voters of a school district
10have approved a proposition for the issuance of bonds of such
11school district at an election held prior to January 1, 1979,
12and all of the bonds approved at such election have not been
13issued, the debt limitation applicable to such school district
14during the calendar year 1979 shall be computed by multiplying
15the value of taxable property therein, including personal
16property, as ascertained by the last assessment for State and
17county taxes, previous to the incurring of such indebtedness,
18by the percentage limitation applicable to such school district
19under the provisions of this subsection (a).
20    (b) Notwithstanding the debt limitation prescribed in
21subsection (a) of this Section, additional indebtedness may be
22incurred in an amount not to exceed the estimated cost of
23acquiring or improving school sites or constructing and
24equipping additional building facilities under the following
25conditions:
26        (1) Whenever the enrollment of students for the next

 

 

SB3367 Engrossed- 4 -SRS099 00021 NLB 20022 b

1    school year is estimated by the board of education to
2    increase over the actual present enrollment by not less
3    than 35% or by not less than 200 students or the actual
4    present enrollment of students has increased over the
5    previous school year by not less than 35% or by not less
6    than 200 students and the board of education determines
7    that additional school sites or building facilities are
8    required as a result of such increase in enrollment; and
9        (2) When the Regional Superintendent of Schools having
10    jurisdiction over the school district and the State
11    Superintendent of Education concur in such enrollment
12    projection or increase and approve the need for such
13    additional school sites or building facilities and the
14    estimated cost thereof; and
15        (3) When the voters in the school district approve a
16    proposition for the issuance of bonds for the purpose of
17    acquiring or improving such needed school sites or
18    constructing and equipping such needed additional building
19    facilities at an election called and held for that purpose.
20    Notice of such an election shall state that the amount of
21    indebtedness proposed to be incurred would exceed the debt
22    limitation otherwise applicable to the school district.
23    The ballot for such proposition shall state what percentage
24    of the equalized assessed valuation will be outstanding in
25    bonds if the proposed issuance of bonds is approved by the
26    voters; or

 

 

SB3367 Engrossed- 5 -SRS099 00021 NLB 20022 b

1        (4) Notwithstanding the provisions of paragraphs (1)
2    through (3) of this subsection (b), if the school board
3    determines that additional facilities are needed to
4    provide a quality educational program and not less than 2/3
5    of those voting in an election called by the school board
6    on the question approve the issuance of bonds for the
7    construction of such facilities, the school district may
8    issue bonds for this purpose; or
9        (5) Notwithstanding the provisions of paragraphs (1)
10    through (3) of this subsection (b), if (i) the school
11    district has previously availed itself of the provisions of
12    paragraph (4) of this subsection (b) to enable it to issue
13    bonds, (ii) the voters of the school district have not
14    defeated a proposition for the issuance of bonds since the
15    referendum described in paragraph (4) of this subsection
16    (b) was held, (iii) the school board determines that
17    additional facilities are needed to provide a quality
18    educational program, and (iv) a majority of those voting in
19    an election called by the school board on the question
20    approve the issuance of bonds for the construction of such
21    facilities, the school district may issue bonds for this
22    purpose.
23    In no event shall the indebtedness incurred pursuant to
24this subsection (b) and the existing indebtedness of the school
25district exceed 15% of the value of the taxable property
26therein to be ascertained by the last assessment for State and

 

 

SB3367 Engrossed- 6 -SRS099 00021 NLB 20022 b

1county taxes, previous to the incurring of such indebtedness
2or, until January 1, 1983, if greater, the sum that is produced
3by multiplying the school district's 1978 equalized assessed
4valuation by the debt limitation percentage in effect on
5January 1, 1979.
6    The indebtedness provided for by this subsection (b) shall
7be in addition to and in excess of any other debt limitation.
8    (c) Notwithstanding the debt limitation prescribed in
9subsection (a) of this Section, in any case in which a public
10question for the issuance of bonds of a proposed school
11district maintaining grades kindergarten through 12 received
12at least 60% of the valid ballots cast on the question at an
13election held on or prior to November 8, 1994, and in which the
14bonds approved at such election have not been issued, the
15school district pursuant to the requirements of Section 11A-10
16(now repealed) may issue the total amount of bonds approved at
17such election for the purpose stated in the question.
18    (d) Notwithstanding the debt limitation prescribed in
19subsection (a) of this Section, a school district that meets
20all the criteria set forth in paragraphs (1) and (2) of this
21subsection (d) may incur an additional indebtedness in an
22amount not to exceed $4,500,000, even though the amount of the
23additional indebtedness authorized by this subsection (d),
24when incurred and added to the aggregate amount of indebtedness
25of the district existing immediately prior to the district
26incurring the additional indebtedness authorized by this

 

 

SB3367 Engrossed- 7 -SRS099 00021 NLB 20022 b

1subsection (d), causes the aggregate indebtedness of the
2district to exceed the debt limitation otherwise applicable to
3that district under subsection (a):
4        (1) The additional indebtedness authorized by this
5    subsection (d) is incurred by the school district through
6    the issuance of bonds under and in accordance with Section
7    17-2.11a for the purpose of replacing a school building
8    which, because of mine subsidence damage, has been closed
9    as provided in paragraph (2) of this subsection (d) or
10    through the issuance of bonds under and in accordance with
11    Section 19-3 for the purpose of increasing the size of, or
12    providing for additional functions in, such replacement
13    school buildings, or both such purposes.
14        (2) The bonds issued by the school district as provided
15    in paragraph (1) above are issued for the purposes of
16    construction by the school district of a new school
17    building pursuant to Section 17-2.11, to replace an
18    existing school building that, because of mine subsidence
19    damage, is closed as of the end of the 1992-93 school year
20    pursuant to action of the regional superintendent of
21    schools of the educational service region in which the
22    district is located under Section 3-14.22 or are issued for
23    the purpose of increasing the size of, or providing for
24    additional functions in, the new school building being
25    constructed to replace a school building closed as the
26    result of mine subsidence damage, or both such purposes.

 

 

SB3367 Engrossed- 8 -SRS099 00021 NLB 20022 b

1    (e) (Blank).
2    (f) Notwithstanding the provisions of subsection (a) of
3this Section or of any other law, bonds in not to exceed the
4aggregate amount of $5,500,000 and issued by a school district
5meeting the following criteria shall not be considered
6indebtedness for purposes of any statutory limitation and may
7be issued in an amount or amounts, including existing
8indebtedness, in excess of any heretofore or hereafter imposed
9statutory limitation as to indebtedness:
10        (1) At the time of the sale of such bonds, the board of
11    education of the district shall have determined by
12    resolution that the enrollment of students in the district
13    is projected to increase by not less than 7% during each of
14    the next succeeding 2 school years.
15        (2) The board of education shall also determine by
16    resolution that the improvements to be financed with the
17    proceeds of the bonds are needed because of the projected
18    enrollment increases.
19        (3) The board of education shall also determine by
20    resolution that the projected increases in enrollment are
21    the result of improvements made or expected to be made to
22    passenger rail facilities located in the school district.
23    Notwithstanding the provisions of subsection (a) of this
24Section or of any other law, a school district that has availed
25itself of the provisions of this subsection (f) prior to July
2622, 2004 (the effective date of Public Act 93-799) may also

 

 

SB3367 Engrossed- 9 -SRS099 00021 NLB 20022 b

1issue bonds approved by referendum up to an amount, including
2existing indebtedness, not exceeding 25% of the equalized
3assessed value of the taxable property in the district if all
4of the conditions set forth in items (1), (2), and (3) of this
5subsection (f) are met.
6    (g) Notwithstanding the provisions of subsection (a) of
7this Section or any other law, bonds in not to exceed an
8aggregate amount of 25% of the equalized assessed value of the
9taxable property of a school district and issued by a school
10district meeting the criteria in paragraphs (i) through (iv) of
11this subsection shall not be considered indebtedness for
12purposes of any statutory limitation and may be issued pursuant
13to resolution of the school board in an amount or amounts,
14including existing indebtedness, in excess of any statutory
15limitation of indebtedness heretofore or hereafter imposed:
16        (i) The bonds are issued for the purpose of
17    constructing a new high school building to replace two
18    adjacent existing buildings which together house a single
19    high school, each of which is more than 65 years old, and
20    which together are located on more than 10 acres and less
21    than 11 acres of property.
22        (ii) At the time the resolution authorizing the
23    issuance of the bonds is adopted, the cost of constructing
24    a new school building to replace the existing school
25    building is less than 60% of the cost of repairing the
26    existing school building.

 

 

SB3367 Engrossed- 10 -SRS099 00021 NLB 20022 b

1        (iii) The sale of the bonds occurs before July 1, 1997.
2        (iv) The school district issuing the bonds is a unit
3    school district located in a county of less than 70,000 and
4    more than 50,000 inhabitants, which has an average daily
5    attendance of less than 1,500 and an equalized assessed
6    valuation of less than $29,000,000.
7    (h) Notwithstanding any other provisions of this Section or
8the provisions of any other law, until January 1, 1998, a
9community unit school district maintaining grades K through 12
10may issue bonds up to an amount, including existing
11indebtedness, not exceeding 27.6% of the equalized assessed
12value of the taxable property in the district, if all of the
13following conditions are met:
14        (i) The school district has an equalized assessed
15    valuation for calendar year 1995 of less than $24,000,000;
16        (ii) The bonds are issued for the capital improvement,
17    renovation, rehabilitation, or replacement of existing
18    school buildings of the district, all of which buildings
19    were originally constructed not less than 40 years ago;
20        (iii) The voters of the district approve a proposition
21    for the issuance of the bonds at a referendum held after
22    March 19, 1996; and
23        (iv) The bonds are issued pursuant to Sections 19-2
24    through 19-7 of this Code.
25    (i) Notwithstanding any other provisions of this Section or
26the provisions of any other law, until January 1, 1998, a

 

 

SB3367 Engrossed- 11 -SRS099 00021 NLB 20022 b

1community unit school district maintaining grades K through 12
2may issue bonds up to an amount, including existing
3indebtedness, not exceeding 27% of the equalized assessed value
4of the taxable property in the district, if all of the
5following conditions are met:
6        (i) The school district has an equalized assessed
7    valuation for calendar year 1995 of less than $44,600,000;
8        (ii) The bonds are issued for the capital improvement,
9    renovation, rehabilitation, or replacement of existing
10    school buildings of the district, all of which existing
11    buildings were originally constructed not less than 80
12    years ago;
13        (iii) The voters of the district approve a proposition
14    for the issuance of the bonds at a referendum held after
15    December 31, 1996; and
16        (iv) The bonds are issued pursuant to Sections 19-2
17    through 19-7 of this Code.
18    (j) Notwithstanding any other provisions of this Section or
19the provisions of any other law, until January 1, 1999, a
20community unit school district maintaining grades K through 12
21may issue bonds up to an amount, including existing
22indebtedness, not exceeding 27% of the equalized assessed value
23of the taxable property in the district if all of the following
24conditions are met:
25        (i) The school district has an equalized assessed
26    valuation for calendar year 1995 of less than $140,000,000

 

 

SB3367 Engrossed- 12 -SRS099 00021 NLB 20022 b

1    and a best 3 months average daily attendance for the
2    1995-96 school year of at least 2,800;
3        (ii) The bonds are issued to purchase a site and build
4    and equip a new high school, and the school district's
5    existing high school was originally constructed not less
6    than 35 years prior to the sale of the bonds;
7        (iii) At the time of the sale of the bonds, the board
8    of education determines by resolution that a new high
9    school is needed because of projected enrollment
10    increases;
11        (iv) At least 60% of those voting in an election held
12    after December 31, 1996 approve a proposition for the
13    issuance of the bonds; and
14        (v) The bonds are issued pursuant to Sections 19-2
15    through 19-7 of this Code.
16    (k) Notwithstanding the debt limitation prescribed in
17subsection (a) of this Section, a school district that meets
18all the criteria set forth in paragraphs (1) through (4) of
19this subsection (k) may issue bonds to incur an additional
20indebtedness in an amount not to exceed $4,000,000 even though
21the amount of the additional indebtedness authorized by this
22subsection (k), when incurred and added to the aggregate amount
23of indebtedness of the school district existing immediately
24prior to the school district incurring such additional
25indebtedness, causes the aggregate indebtedness of the school
26district to exceed or increases the amount by which the

 

 

SB3367 Engrossed- 13 -SRS099 00021 NLB 20022 b

1aggregate indebtedness of the district already exceeds the debt
2limitation otherwise applicable to that school district under
3subsection (a):
4        (1) the school district is located in 2 counties, and a
5    referendum to authorize the additional indebtedness was
6    approved by a majority of the voters of the school district
7    voting on the proposition to authorize that indebtedness;
8        (2) the additional indebtedness is for the purpose of
9    financing a multi-purpose room addition to the existing
10    high school;
11        (3) the additional indebtedness, together with the
12    existing indebtedness of the school district, shall not
13    exceed 17.4% of the value of the taxable property in the
14    school district, to be ascertained by the last assessment
15    for State and county taxes; and
16        (4) the bonds evidencing the additional indebtedness
17    are issued, if at all, within 120 days of August 14, 1998
18    (the effective date of Public Act 90-757) this amendatory
19    Act of 1998.
20    (l) Notwithstanding any other provisions of this Section or
21the provisions of any other law, until January 1, 2000, a
22school district maintaining grades kindergarten through 8 may
23issue bonds up to an amount, including existing indebtedness,
24not exceeding 15% of the equalized assessed value of the
25taxable property in the district if all of the following
26conditions are met:

 

 

SB3367 Engrossed- 14 -SRS099 00021 NLB 20022 b

1        (i) the district has an equalized assessed valuation
2    for calendar year 1996 of less than $10,000,000;
3        (ii) the bonds are issued for capital improvement,
4    renovation, rehabilitation, or replacement of one or more
5    school buildings of the district, which buildings were
6    originally constructed not less than 70 years ago;
7        (iii) the voters of the district approve a proposition
8    for the issuance of the bonds at a referendum held on or
9    after March 17, 1998; and
10        (iv) the bonds are issued pursuant to Sections 19-2
11    through 19-7 of this Code.
12    (m) Notwithstanding any other provisions of this Section or
13the provisions of any other law, until January 1, 1999, an
14elementary school district maintaining grades K through 8 may
15issue bonds up to an amount, excluding existing indebtedness,
16not exceeding 18% of the equalized assessed value of the
17taxable property in the district, if all of the following
18conditions are met:
19        (i) The school district has an equalized assessed
20    valuation for calendar year 1995 or less than $7,700,000;
21        (ii) The school district operates 2 elementary
22    attendance centers that until 1976 were operated as the
23    attendance centers of 2 separate and distinct school
24    districts;
25        (iii) The bonds are issued for the construction of a
26    new elementary school building to replace an existing

 

 

SB3367 Engrossed- 15 -SRS099 00021 NLB 20022 b

1    multi-level elementary school building of the school
2    district that is not accessible at all levels and parts of
3    which were constructed more than 75 years ago;
4        (iv) The voters of the school district approve a
5    proposition for the issuance of the bonds at a referendum
6    held after July 1, 1998; and
7        (v) The bonds are issued pursuant to Sections 19-2
8    through 19-7 of this Code.
9    (n) Notwithstanding the debt limitation prescribed in
10subsection (a) of this Section or any other provisions of this
11Section or of any other law, a school district that meets all
12of the criteria set forth in paragraphs (i) through (vi) of
13this subsection (n) may incur additional indebtedness by the
14issuance of bonds in an amount not exceeding the amount
15certified by the Capital Development Board to the school
16district as provided in paragraph (iii) of this subsection (n),
17even though the amount of the additional indebtedness so
18authorized, when incurred and added to the aggregate amount of
19indebtedness of the district existing immediately prior to the
20district incurring the additional indebtedness authorized by
21this subsection (n), causes the aggregate indebtedness of the
22district to exceed the debt limitation otherwise applicable by
23law to that district:
24        (i) The school district applies to the State Board of
25    Education for a school construction project grant and
26    submits a district facilities plan in support of its

 

 

SB3367 Engrossed- 16 -SRS099 00021 NLB 20022 b

1    application pursuant to Section 5-20 of the School
2    Construction Law.
3        (ii) The school district's application and facilities
4    plan are approved by, and the district receives a grant
5    entitlement for a school construction project issued by,
6    the State Board of Education under the School Construction
7    Law.
8        (iii) The school district has exhausted its bonding
9    capacity or the unused bonding capacity of the district is
10    less than the amount certified by the Capital Development
11    Board to the district under Section 5-15 of the School
12    Construction Law as the dollar amount of the school
13    construction project's cost that the district will be
14    required to finance with non-grant funds in order to
15    receive a school construction project grant under the
16    School Construction Law.
17        (iv) The bonds are issued for a "school construction
18    project", as that term is defined in Section 5-5 of the
19    School Construction Law, in an amount that does not exceed
20    the dollar amount certified, as provided in paragraph (iii)
21    of this subsection (n), by the Capital Development Board to
22    the school district under Section 5-15 of the School
23    Construction Law.
24        (v) The voters of the district approve a proposition
25    for the issuance of the bonds at a referendum held after
26    the criteria specified in paragraphs (i) and (iii) of this

 

 

SB3367 Engrossed- 17 -SRS099 00021 NLB 20022 b

1    subsection (n) are met.
2        (vi) The bonds are issued pursuant to Sections 19-2
3    through 19-7 of the School Code.
4    (o) Notwithstanding any other provisions of this Section or
5the provisions of any other law, until November 1, 2007, a
6community unit school district maintaining grades K through 12
7may issue bonds up to an amount, including existing
8indebtedness, not exceeding 20% of the equalized assessed value
9of the taxable property in the district if all of the following
10conditions are met:
11        (i) the school district has an equalized assessed
12    valuation for calendar year 2001 of at least $737,000,000
13    and an enrollment for the 2002-2003 school year of at least
14    8,500;
15        (ii) the bonds are issued to purchase school sites,
16    build and equip a new high school, build and equip a new
17    junior high school, build and equip 5 new elementary
18    schools, and make technology and other improvements and
19    additions to existing schools;
20        (iii) at the time of the sale of the bonds, the board
21    of education determines by resolution that the sites and
22    new or improved facilities are needed because of projected
23    enrollment increases;
24        (iv) at least 57% of those voting in a general election
25    held prior to January 1, 2003 approved a proposition for
26    the issuance of the bonds; and

 

 

SB3367 Engrossed- 18 -SRS099 00021 NLB 20022 b

1        (v) the bonds are issued pursuant to Sections 19-2
2    through 19-7 of this Code.
3    (p) Notwithstanding any other provisions of this Section or
4the provisions of any other law, a community unit school
5district maintaining grades K through 12 may issue bonds up to
6an amount, including indebtedness, not exceeding 27% of the
7equalized assessed value of the taxable property in the
8district if all of the following conditions are met:
9        (i) The school district has an equalized assessed
10    valuation for calendar year 2001 of at least $295,741,187
11    and a best 3 months' average daily attendance for the
12    2002-2003 school year of at least 2,394.
13        (ii) The bonds are issued to build and equip 3
14    elementary school buildings; build and equip one middle
15    school building; and alter, repair, improve, and equip all
16    existing school buildings in the district.
17        (iii) At the time of the sale of the bonds, the board
18    of education determines by resolution that the project is
19    needed because of expanding growth in the school district
20    and a projected enrollment increase.
21        (iv) The bonds are issued pursuant to Sections 19-2
22    through 19-7 of this Code.
23    (p-5) Notwithstanding any other provisions of this Section
24or the provisions of any other law, bonds issued by a community
25unit school district maintaining grades K through 12 shall not
26be considered indebtedness for purposes of any statutory

 

 

SB3367 Engrossed- 19 -SRS099 00021 NLB 20022 b

1limitation and may be issued in an amount or amounts, including
2existing indebtedness, in excess of any heretofore or hereafter
3imposed statutory limitation as to indebtedness, if all of the
4following conditions are met:
5        (i) For each of the 4 most recent years, residential
6    property comprises more than 80% of the equalized assessed
7    valuation of the district.
8        (ii) At least 2 school buildings that were constructed
9    40 or more years prior to the issuance of the bonds will be
10    demolished and will be replaced by new buildings or
11    additions to one or more existing buildings.
12        (iii) Voters of the district approve a proposition for
13    the issuance of the bonds at a regularly scheduled
14    election.
15        (iv) At the time of the sale of the bonds, the school
16    board determines by resolution that the new buildings or
17    building additions are needed because of an increase in
18    enrollment projected by the school board.
19        (v) The principal amount of the bonds, including
20    existing indebtedness, does not exceed 25% of the equalized
21    assessed value of the taxable property in the district.
22        (vi) The bonds are issued prior to January 1, 2007,
23    pursuant to Sections 19-2 through 19-7 of this Code.
24    (p-10) Notwithstanding any other provisions of this
25Section or the provisions of any other law, bonds issued by a
26community consolidated school district maintaining grades K

 

 

SB3367 Engrossed- 20 -SRS099 00021 NLB 20022 b

1through 8 shall not be considered indebtedness for purposes of
2any statutory limitation and may be issued in an amount or
3amounts, including existing indebtedness, in excess of any
4heretofore or hereafter imposed statutory limitation as to
5indebtedness, if all of the following conditions are met:
6        (i) For each of the 4 most recent years, residential
7    and farm property comprises more than 80% of the equalized
8    assessed valuation of the district.
9        (ii) The bond proceeds are to be used to acquire and
10    improve school sites and build and equip a school building.
11        (iii) Voters of the district approve a proposition for
12    the issuance of the bonds at a regularly scheduled
13    election.
14        (iv) At the time of the sale of the bonds, the school
15    board determines by resolution that the school sites and
16    building additions are needed because of an increase in
17    enrollment projected by the school board.
18        (v) The principal amount of the bonds, including
19    existing indebtedness, does not exceed 20% of the equalized
20    assessed value of the taxable property in the district.
21        (vi) The bonds are issued prior to January 1, 2007,
22    pursuant to Sections 19-2 through 19-7 of this Code.
23    (p-15) In addition to all other authority to issue bonds,
24the Oswego Community Unit School District Number 308 may issue
25bonds with an aggregate principal amount not to exceed
26$450,000,000, but only if all of the following conditions are

 

 

SB3367 Engrossed- 21 -SRS099 00021 NLB 20022 b

1met:
2        (i) The voters of the district have approved a
3    proposition for the bond issue at the general election held
4    on November 7, 2006.
5        (ii) At the time of the sale of the bonds, the school
6    board determines, by resolution, that: (A) the building and
7    equipping of the new high school building, new junior high
8    school buildings, new elementary school buildings, early
9    childhood building, maintenance building, transportation
10    facility, and additions to existing school buildings, the
11    altering, repairing, equipping, and provision of
12    technology improvements to existing school buildings, and
13    the acquisition and improvement of school sites, as the
14    case may be, are required as a result of a projected
15    increase in the enrollment of students in the district; and
16    (B) the sale of bonds for these purposes is authorized by
17    legislation that exempts the debt incurred on the bonds
18    from the district's statutory debt limitation.
19        (iii) The bonds are issued, in one or more bond issues,
20    on or before November 7, 2011, but the aggregate principal
21    amount issued in all such bond issues combined must not
22    exceed $450,000,000.
23        (iv) The bonds are issued in accordance with this
24    Article 19.
25        (v) The proceeds of the bonds are used only to
26    accomplish those projects approved by the voters at the

 

 

SB3367 Engrossed- 22 -SRS099 00021 NLB 20022 b

1    general election held on November 7, 2006.
2The debt incurred on any bonds issued under this subsection
3(p-15) shall not be considered indebtedness for purposes of any
4statutory debt limitation.
5    (p-20) In addition to all other authority to issue bonds,
6the Lincoln-Way Community High School District Number 210 may
7issue bonds with an aggregate principal amount not to exceed
8$225,000,000, but only if all of the following conditions are
9met:
10        (i) The voters of the district have approved a
11    proposition for the bond issue at the general primary
12    election held on March 21, 2006.
13        (ii) At the time of the sale of the bonds, the school
14    board determines, by resolution, that: (A) the building and
15    equipping of the new high school buildings, 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 legislation 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 March 21, 2011, but the aggregate principal
25    amount issued in all such bond issues combined must not
26    exceed $225,000,000.

 

 

SB3367 Engrossed- 23 -SRS099 00021 NLB 20022 b

1        (iv) The bonds are issued in accordance with this
2    Article 19.
3        (v) The proceeds of the bonds are used only to
4    accomplish those projects approved by the voters at the
5    primary election held on March 21, 2006.
6The debt incurred on any bonds issued under this subsection
7(p-20) shall not be considered indebtedness for purposes of any
8statutory debt limitation.
9    (p-25) In addition to all other authority to issue bonds,
10Rochester Community Unit School District 3A may issue bonds
11with an aggregate principal amount not to exceed $18,500,000,
12but 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 the general primary election held
15    in 2008.
16        (ii) At the time of the sale of the bonds, the school
17    board determines, by resolution, that: (A) the building and
18    equipping of a new high school building; the addition of
19    classrooms and support facilities at the high school,
20    middle school, and elementary school; the altering,
21    repairing, and equipping of existing school buildings; and
22    the improvement of school sites, as the case may be, are
23    required as a result of a projected increase in the
24    enrollment of students in the district; and (B) the sale of
25    bonds for these purposes is authorized by a law that
26    exempts the debt incurred on the bonds from the district's

 

 

SB3367 Engrossed- 24 -SRS099 00021 NLB 20022 b

1    statutory debt limitation.
2        (iii) The bonds are issued, in one or more bond issues,
3    on or before December 31, 2012, but the aggregate principal
4    amount issued in all such bond issues combined must not
5    exceed $18,500,000.
6        (iv) The bonds are issued in accordance with this
7    Article 19.
8        (v) The proceeds of the bonds are used to accomplish
9    only those projects approved by the voters at the primary
10    election held in 2008.
11The debt incurred on any bonds issued under this subsection
12(p-25) shall not be considered indebtedness for purposes of any
13statutory debt limitation.
14    (p-30) In addition to all other authority to issue bonds,
15Prairie Grove Consolidated School District 46 may issue bonds
16with an aggregate principal amount not to exceed $30,000,000,
17but only if all of the following conditions are met:
18        (i) The voters of the district approve a proposition
19    for the bond issuance at an election held in 2008.
20        (ii) At the time of the sale of the bonds, the school
21    board determines, by resolution, that (A) the building and
22    equipping of a new school building and additions to
23    existing school buildings are required as a result of a
24    projected increase in the enrollment of students in the
25    district and (B) the altering, repairing, and equipping of
26    existing school buildings are required because of the age

 

 

SB3367 Engrossed- 25 -SRS099 00021 NLB 20022 b

1    of the existing school buildings.
2        (iii) The bonds are issued, in one or more bond
3    issuances, on or before December 31, 2012; however, the
4    aggregate principal amount issued in all such bond
5    issuances combined must not exceed $30,000,000.
6        (iv) The bonds are issued in accordance with this
7    Article.
8        (v) The proceeds of the bonds are used to accomplish
9    only those projects approved by the voters at an election
10    held in 2008.
11The debt incurred on any bonds issued under this subsection
12(p-30) shall not be considered indebtedness for purposes of any
13statutory debt limitation.
14    (p-35) In addition to all other authority to issue bonds,
15Prairie Hill Community Consolidated School District 133 may
16issue bonds with an aggregate principal amount not to exceed
17$13,900,000, but only if all of the following conditions are
18met:
19        (i) The voters of the district approved a proposition
20    for the bond issuance at an election held on April 17,
21    2007.
22        (ii) At the time of the sale of the bonds, the school
23    board determines, by resolution, that (A) the improvement
24    of the site of and the building and equipping of a school
25    building are required as a result of a projected increase
26    in the enrollment of students in the district and (B) the

 

 

SB3367 Engrossed- 26 -SRS099 00021 NLB 20022 b

1    repairing and equipping of the Prairie Hill Elementary
2    School building is required because of the age of that
3    school building.
4        (iii) The bonds are issued, in one or more bond
5    issuances, on or before December 31, 2011, but the
6    aggregate principal amount issued in all such bond
7    issuances combined must not exceed $13,900,000.
8        (iv) The bonds are issued in accordance with this
9    Article.
10        (v) The proceeds of the bonds are used to accomplish
11    only those projects approved by the voters at an election
12    held on April 17, 2007.
13The debt incurred on any bonds issued under this subsection
14(p-35) shall not be considered indebtedness for purposes of any
15statutory debt limitation.
16    (p-40) In addition to all other authority to issue bonds,
17Mascoutah Community Unit District 19 may issue bonds with an
18aggregate principal amount not to exceed $55,000,000, but only
19if all of the following conditions are met:
20        (1) The voters of the district approve a proposition
21    for the bond issuance at a regular election held on or
22    after November 4, 2008.
23        (2) At the time of the sale of the bonds, the school
24    board determines, by resolution, that (i) the building and
25    equipping of a new high school building is required as a
26    result of a projected increase in the enrollment of

 

 

SB3367 Engrossed- 27 -SRS099 00021 NLB 20022 b

1    students in the district and the age and condition of the
2    existing high school building, (ii) the existing high
3    school building will be demolished, and (iii) the sale of
4    bonds is authorized by statute that exempts the debt
5    incurred on the bonds from the district's statutory debt
6    limitation.
7        (3) The bonds are issued, in one or more bond
8    issuances, on or before December 31, 2011, but the
9    aggregate principal amount issued in all such bond
10    issuances combined must not exceed $55,000,000.
11        (4) The bonds are issued in accordance with this
12    Article.
13        (5) The proceeds of the bonds are used to accomplish
14    only those projects approved by the voters at a regular
15    election held on or after November 4, 2008.
16    The debt incurred on any bonds issued under this subsection
17(p-40) shall not be considered indebtedness for purposes of any
18statutory debt limitation.
19    (p-45) Notwithstanding the provisions of subsection (a) of
20this Section or of any other law, bonds issued pursuant to
21Section 19-3.5 of this Code shall not be considered
22indebtedness for purposes of any statutory limitation if the
23bonds are issued in an amount or amounts, including existing
24indebtedness of the school district, not in excess of 18.5% of
25the value of the taxable property in the district to be
26ascertained by the last assessment for State and county taxes.

 

 

SB3367 Engrossed- 28 -SRS099 00021 NLB 20022 b

1    (p-50) Notwithstanding the provisions of subsection (a) of
2this Section or of any other law, bonds issued pursuant to
3Section 19-3.10 of this Code shall not be considered
4indebtedness for purposes of any statutory limitation if the
5bonds are issued in an amount or amounts, including existing
6indebtedness of the school district, not in excess of 43% of
7the value of the taxable property in the district to be
8ascertained by the last assessment for State and county taxes.
9    (p-55) In addition to all other authority to issue bonds,
10Belle Valley School District 119 may issue bonds with an
11aggregate principal amount not to exceed $47,500,000, but only
12if all of the following conditions are met:
13        (1) The voters of the district approve a proposition
14    for the bond issuance at an election held on or after April
15    7, 2009.
16        (2) Prior to the issuance of the bonds, the school
17    board determines, by resolution, that (i) the building and
18    equipping of a new school building is required as a result
19    of mine subsidence in an existing school building and
20    because of the age and condition of another existing school
21    building and (ii) the issuance of bonds is authorized by
22    statute that exempts the debt incurred on the bonds from
23    the district's statutory debt limitation.
24        (3) The bonds are issued, in one or more bond
25    issuances, on or before March 31, 2014, but the aggregate
26    principal amount issued in all such bond issuances combined

 

 

SB3367 Engrossed- 29 -SRS099 00021 NLB 20022 b

1    must not exceed $47,500,000.
2        (4) The bonds are issued in accordance with this
3    Article.
4        (5) The proceeds of the bonds are used to accomplish
5    only those projects approved by the voters at an election
6    held on or after April 7, 2009.
7    The debt incurred on any bonds issued under this subsection
8(p-55) shall not be considered indebtedness for purposes of any
9statutory debt limitation. Bonds issued under this subsection
10(p-55) must mature within not to exceed 30 years from their
11date, notwithstanding any other law to the contrary.
12    (p-60) In addition to all other authority to issue bonds,
13Wilmington Community Unit School District Number 209-U may
14issue bonds with an aggregate principal amount not to exceed
15$2,285,000, but only if all of the following conditions are
16met:
17        (1) The proceeds of the bonds are used to accomplish
18    only those projects approved by the voters at the general
19    primary election held on March 21, 2006.
20        (2) Prior to the issuance of the bonds, the school
21    board determines, by resolution, that (i) the projects
22    approved by the voters were and are required because of the
23    age and condition of the school district's prior and
24    existing school buildings and (ii) the issuance of the
25    bonds is authorized by legislation that exempts the debt
26    incurred on the bonds from the district's statutory debt

 

 

SB3367 Engrossed- 30 -SRS099 00021 NLB 20022 b

1    limitation.
2        (3) The bonds are issued in one or more bond issuances
3    on or before March 1, 2011, but the aggregate principal
4    amount issued in all those bond issuances combined must not
5    exceed $2,285,000.
6        (4) The bonds are issued in accordance with this
7    Article.
8    The debt incurred on any bonds issued under this subsection
9(p-60) shall not be considered indebtedness for purposes of any
10statutory debt limitation.
11    (p-65) In addition to all other authority to issue bonds,
12West Washington County Community Unit School District 10 may
13issue bonds with an aggregate principal amount not to exceed
14$32,200,000 and maturing over a period not exceeding 25 years,
15but only if all of the following conditions are met:
16        (1) The voters of the district approve a proposition
17    for the bond issuance at an election held on or after
18    February 2, 2010.
19        (2) Prior to the issuance of the bonds, the school
20    board determines, by resolution, that (A) all or a portion
21    of the existing Okawville Junior/Senior High School
22    Building will be demolished; (B) the building and equipping
23    of a new school building to be attached to and the
24    alteration, repair, and equipping of the remaining portion
25    of the Okawville Junior/Senior High School Building is
26    required because of the age and current condition of that

 

 

SB3367 Engrossed- 31 -SRS099 00021 NLB 20022 b

1    school building; and (C) the issuance of bonds is
2    authorized by a statute that exempts the debt incurred on
3    the bonds from the district's statutory debt limitation.
4        (3) The bonds are issued, in one or more bond
5    issuances, on or before March 31, 2014, but the aggregate
6    principal amount issued in all such bond issuances combined
7    must not exceed $32,200,000.
8        (4) The bonds are issued in accordance with this
9    Article.
10        (5) The proceeds of the bonds are used to accomplish
11    only those projects approved by the voters at an election
12    held on or after February 2, 2010.
13    The debt incurred on any bonds issued under this subsection
14(p-65) shall not be considered indebtedness for purposes of any
15statutory debt limitation.
16    (p-70) In addition to all other authority to issue bonds,
17Cahokia Community Unit School District 187 may issue bonds with
18an aggregate principal amount not to exceed $50,000,000, but
19only if all the following conditions are met:
20        (1) The voters of the district approve a proposition
21    for the bond issuance at an election held on or after
22    November 2, 2010.
23        (2) Prior to the issuance of the bonds, the school
24    board determines, by resolution, that (i) the building and
25    equipping of a new school building is required as a result
26    of the age and condition of an existing school building and

 

 

SB3367 Engrossed- 32 -SRS099 00021 NLB 20022 b

1    (ii) the issuance of bonds is authorized by a statute that
2    exempts the debt incurred on the bonds from the district's
3    statutory debt limitation.
4        (3) The bonds are issued, in one or more issuances, on
5    or before July 1, 2016, but the aggregate principal amount
6    issued in all such bond issuances combined must not exceed
7    $50,000,000.
8        (4) The bonds are issued in accordance with this
9    Article.
10        (5) The proceeds of the bonds are used to accomplish
11    only those projects approved by the voters at an election
12    held on or after November 2, 2010.
13    The debt incurred on any bonds issued under this subsection
14(p-70) shall not be considered indebtedness for purposes of any
15statutory debt limitation. Bonds issued under this subsection
16(p-70) must mature within not to exceed 25 years from their
17date, notwithstanding any other law, including Section 19-3 of
18this Code, to the contrary.
19    (p-75) Notwithstanding the debt limitation prescribed in
20subsection (a) of this Section or any other provisions of this
21Section or of any other law, the execution of leases on or
22after January 1, 2007 and before July 1, 2011 by the Board of
23Education of Peoria School District 150 with a public building
24commission for leases entered into pursuant to the Public
25Building Commission Act shall not be considered indebtedness
26for purposes of any statutory debt limitation.

 

 

SB3367 Engrossed- 33 -SRS099 00021 NLB 20022 b

1    This subsection (p-75) applies only if the State Board of
2Education or the Capital Development Board makes one or more
3grants to Peoria School District 150 pursuant to the School
4Construction Law. The amount exempted from the debt limitation
5as prescribed in this subsection (p-75) shall be no greater
6than the amount of one or more grants awarded to Peoria School
7District 150 by the State Board of Education or the Capital
8Development Board.
9    (p-80) In addition to all other authority to issue bonds,
10Ridgeland School District 122 may issue bonds with an aggregate
11principal amount not to exceed $50,000,000 for the purpose of
12refunding or continuing to refund bonds originally issued
13pursuant to voter approval at the general election held on
14November 7, 2000, and the debt incurred on any bonds issued
15under this subsection (p-80) shall not be considered
16indebtedness for purposes of any statutory debt limitation.
17Bonds issued under this subsection (p-80) may be issued in one
18or more issuances and must mature within not to exceed 25 years
19from their date, notwithstanding any other law, including
20Section 19-3 of this Code, to the contrary.
21    (p-85) In addition to all other authority to issue bonds,
22Hall High School District 502 may issue bonds with an aggregate
23principal amount not to exceed $32,000,000, but only if all the
24following conditions are met:
25        (1) The voters of the district approve a proposition
26    for the bond issuance at an election held on or after April

 

 

SB3367 Engrossed- 34 -SRS099 00021 NLB 20022 b

1    9, 2013.
2        (2) Prior to the issuance of the bonds, the school
3    board determines, by resolution, that (i) the building and
4    equipping of a new school building is required as a result
5    of the age and condition of an existing school building,
6    (ii) the existing school building should be demolished in
7    its entirety or the existing school building should be
8    demolished except for the 1914 west wing of the building,
9    and (iii) the issuance of bonds is authorized by a statute
10    that exempts the debt incurred on the bonds from the
11    district's statutory debt limitation.
12        (3) The bonds are issued, in one or more issuances, not
13    later than 5 years after the date of the referendum
14    approving the issuance of the bonds, but the aggregate
15    principal amount issued in all such bond issuances combined
16    must not exceed $32,000,000.
17        (4) The bonds are issued in accordance with this
18    Article.
19        (5) The proceeds of the bonds are used to accomplish
20    only those projects approved by the voters at an election
21    held on or after April 9, 2013.
22    The debt incurred on any bonds issued under this subsection
23(p-85) shall not be considered indebtedness for purposes of any
24statutory debt limitation. Bonds issued under this subsection
25(p-85) must mature within not to exceed 30 years from their
26date, notwithstanding any other law, including Section 19-3 of

 

 

SB3367 Engrossed- 35 -SRS099 00021 NLB 20022 b

1this Code, to the contrary.
2    (p-90) In addition to all other authority to issue bonds,
3Lebanon Community Unit School District 9 may issue bonds with
4an aggregate principal amount not to exceed $7,500,000, but
5only if all of the following conditions are met:
6        (1) The voters of the district approved a proposition
7    for the bond issuance at the general primary election on
8    February 2, 2010.
9        (2) At or prior to the time of the sale of the bonds,
10    the school board determines, by resolution, that (i) the
11    building and equipping of a new elementary school building
12    is required as a result of a projected increase in the
13    enrollment of students in the district and the age and
14    condition of the existing Lebanon Elementary School
15    building, (ii) a portion of the existing Lebanon Elementary
16    School building will be demolished and the remaining
17    portion will be altered, repaired, and equipped, and (iii)
18    the sale of bonds is authorized by a statute that exempts
19    the debt incurred on the bonds from the district's
20    statutory debt limitation.
21        (3) The bonds are issued, in one or more bond
22    issuances, on or before April 1, 2014, but the aggregate
23    principal amount issued in all such bond issuances combined
24    must not exceed $7,500,000.
25        (4) The bonds are issued in accordance with this
26    Article.

 

 

SB3367 Engrossed- 36 -SRS099 00021 NLB 20022 b

1        (5) The proceeds of the bonds are used to accomplish
2    only those projects approved by the voters at the general
3    primary election held on February 2, 2010.
4    The debt incurred on any bonds issued under this subsection
5(p-90) shall not be considered indebtedness for purposes of any
6statutory debt limitation.
7    (p-95) In addition to all other authority to issue bonds,
8Monticello Community Unit School District 25 may issue bonds
9with an aggregate principal amount not to exceed $35,000,000,
10but only if all of the following conditions are met:
11        (1) The voters of the district approve a proposition
12    for the bond issuance at an election held on or after
13    November 4, 2014.
14        (2) Prior to the issuance of the bonds, the school
15    board determines, by resolution, that (i) the building and
16    equipping of a new school building is required as a result
17    of the age and condition of an existing school building and
18    (ii) the issuance of bonds is authorized by a statute that
19    exempts the debt incurred on the bonds from the district's
20    statutory debt limitation.
21        (3) The bonds are issued, in one or more issuances, on
22    or before July 1, 2020, but the aggregate principal amount
23    issued in all such bond issuances combined must not exceed
24    $35,000,000.
25        (4) The bonds are issued in accordance with this
26    Article.

 

 

SB3367 Engrossed- 37 -SRS099 00021 NLB 20022 b

1        (5) The proceeds of the bonds are used to accomplish
2    only those projects approved by the voters at an election
3    held on or after November 4, 2014.
4    The debt incurred on any bonds issued under this subsection
5(p-95) shall not be considered indebtedness for purposes of any
6statutory debt limitation. Bonds issued under this subsection
7(p-95) must mature within not to exceed 25 years from their
8date, notwithstanding any other law, including Section 19-3 of
9this Code, to the contrary.
10    (p-100) In addition to all other authority to issue bonds,
11the community unit school district created in the territory
12comprising Milford Community Consolidated School District 280
13and Milford Township High School District 233, as approved at
14the general primary election held on March 18, 2014, may issue
15bonds with an aggregate principal amount not to exceed
16$17,500,000, but only if all the following conditions are met:
17        (1) The voters of the district approve a proposition
18    for the bond issuance at an election held on or after
19    November 4, 2014.
20        (2) Prior to the issuance of the bonds, the school
21    board determines, by resolution, that (i) the building and
22    equipping of a new school building is required as a result
23    of the age and condition of an existing school building and
24    (ii) the issuance of bonds is authorized by a statute that
25    exempts the debt incurred on the bonds from the district's
26    statutory debt limitation.

 

 

SB3367 Engrossed- 38 -SRS099 00021 NLB 20022 b

1        (3) The bonds are issued, in one or more issuances, on
2    or before July 1, 2020, but the aggregate principal amount
3    issued in all such bond issuances combined must not exceed
4    $17,500,000.
5        (4) The bonds are issued in accordance with this
6    Article.
7        (5) The proceeds of the bonds are used to accomplish
8    only those projects approved by the voters at an election
9    held on or after November 4, 2014.
10    The debt incurred on any bonds issued under this subsection
11(p-100) shall not be considered indebtedness for purposes of
12any statutory debt limitation. Bonds issued under this
13subsection (p-100) must mature within not to exceed 25 years
14from their date, notwithstanding any other law, including
15Section 19-3 of this Code, to the contrary.
16    (p-105) In addition to all other authority to issue bonds,
17North Shore School District 112 may issue bonds with an
18aggregate principal amount not to exceed $150,000,000, but only
19if all of the following conditions are met:
20        (1) The voters of the district approve a proposition
21    for the bond issuance at an election held on or after March
22    15, 2016.
23        (2) Prior to the issuance of the bonds, the school
24    board determines, by resolution, that (i) the building and
25    equipping of new buildings and improving the sites thereof
26    and the building and equipping of additions to, altering,

 

 

SB3367 Engrossed- 39 -SRS099 00021 NLB 20022 b

1    repairing, equipping, and renovating existing buildings
2    and improving the sites thereof are required as a result of
3    the age and condition of the district's existing buildings
4    and (ii) the issuance of bonds is authorized by a statute
5    that exempts the debt incurred on the bonds from the
6    district's statutory debt limitation.
7        (3) The bonds are issued, in one or more issuances, not
8    later than 5 years after the date of the referendum
9    approving the issuance of the bonds, but the aggregate
10    principal amount issued in all such bond issuances combined
11    must not exceed $150,000,000.
12        (4) The bonds are issued in accordance with this
13    Article.
14        (5) The proceeds of the bonds are used to accomplish
15    only those projects approved by the voters at an election
16    held on or after March 15, 2016.
17    The debt incurred on any bonds issued under this subsection
18(p-105) and on any bonds issued to refund or continue to refund
19such bonds shall not be considered indebtedness for purposes of
20any statutory debt limitation. Bonds issued under this
21subsection (p-105) and any bonds issued to refund or continue
22to refund such bonds must mature within not to exceed 30 years
23from their date, notwithstanding any other law, including
24Section 19-3 of this Code, to the contrary.
25    (p-110) In addition to all other authority to issue bonds,
26Sandoval Community Unit School District 501 may issue bonds

 

 

SB3367 Engrossed- 40 -SRS099 00021 NLB 20022 b

1with an aggregate principal amount not to exceed $2,000,000,
2but only if all of the following conditions are met:
3        (1) The voters of the district approved a proposition
4    for the bond issuance at an election held on March 20,
5    2012.
6        (2) Prior to the issuance of the bonds, the school
7    board determines, by resolution, that (i) the building and
8    equipping of a new school building is required because of
9    the age and current condition of the Sandoval Elementary
10    School building and (ii) the issuance of bonds is
11    authorized by a statute that exempts the debt incurred on
12    the bonds from the district's statutory debt limitation.
13        (3) The bonds are issued, in one or more bond
14    issuances, on or before March 19, 2017, but the aggregate
15    principal amount issued in all such bond issuances combined
16    must not exceed $2,000,000.
17        (4) The bonds are issued in accordance with this
18    Article.
19        (5) The proceeds of the bonds are used to accomplish
20    only those projects approved by the voters at the election
21    held on March 20, 2012.
22    The debt incurred on any bonds issued under this subsection
23(p-110) shall not be considered indebtedness for purposes of
24any statutory debt limitation.
25    (p-120) In addition to all other authority to issue bonds,
26Paxton-Buckley-Loda Community Unit Schoot District 10 may

 

 

SB3367 Engrossed- 41 -SRS099 00021 NLB 20022 b

1issue bonds with an aggregate principal amount not to exceed
2$28,500,000, but only if all the following conditions are met:
3        (1) The voters of the district approve a proposition
4    for the bond issuance at an election held on or after
5    November 8, 2016.
6        (2) Prior to the issuance of the bonds, the school
7    board determines, by resolution, that (i) the projects as
8    described in said proposition, relating to the building and
9    equipping of one or more school buildings or additions to
10    existing school buildings, are required as a result of the
11    age and condition of the District's existing buildings and
12    (ii) the issuance of bonds is authorized by a statute that
13    exempts the debt incurred on the bonds from the district's
14    statutory debt limitation.
15        (3) The bonds are issued, in one or more issuances, not
16    later than 5 years after the date of the referendum
17    approving the issuance of the bonds, but the aggregate
18    principal amount issued in all such bond issuances combined
19    must not exceed $28,500,000.
20        (4) The bonds are issued in accordance with this
21    Article.
22        (5) The proceeds of the bonds are used to accomplish
23    only those projects approved by the voters at an election
24    held on or after November 8, 2016.
25    The debt incurred on any bonds issued under this subsection
26(p-120) and on any bonds issued to refund or continue to refund

 

 

SB3367 Engrossed- 42 -SRS099 00021 NLB 20022 b

1such bonds shall not be considered indebtedness for purposes of
2any statutory debt limitation. Bonds issued under this
3subsection (p-120) and any bonds issued to refund or continue
4to refund such bonds must mature within not to exceed 25 years
5from their date, notwithstanding any other law, including
6Section 19-3 of this Code, to the contrary.
7    (q) A school district must notify the State Board of
8Education prior to issuing any form of long-term or short-term
9debt that will result in outstanding debt that exceeds 75% of
10the debt limit specified in this Section or any other provision
11of law.
12(Source: P.A. 98-617, eff. 1-7-14; 98-912, eff. 8-15-14;
1398-916, eff. 8-15-14; 99-78, eff. 7-20-15; 99-143, eff.
147-27-15; 99-390, eff. 8-18-15; revised 10-13-15.)
 
15    Section 99. Effective date. This Act takes effect upon
16becoming law.