HB4582 EnrolledLRB103 35517 HLH 65589 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4
Article 1.

 
5    Section 1-1. This Act may be referred to as the Bond
6Authorization Act of 2024.
 
7
Article 5.

 
8    Section 5-5. The State Finance Act is amended by changing
9Section 6z-78 as follows:
 
10    (30 ILCS 105/6z-78)
11    Sec. 6z-78. Capital Projects Fund; bonded indebtedness;
12transfers. Money in the Capital Projects Fund shall, if and
13when the State of Illinois incurs any bonded indebtedness
14using the bond authorizations for capital projects enacted in
15Public Act 96-36, Public Act 96-1554, Public Act 97-771,
16Public Act 98-94, and this amendatory Act of the 103rd General
17Assembly and using the general obligation bond authorizations
18for capital projects enacted in Public Act 101-30 and Public
19Act 103-7 and in this amendatory Act of the 103rd General
20Assembly, be set aside and used for the purpose of paying and

 

 

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1discharging annually the principal and interest on that bonded
2indebtedness then due and payable.
3    In addition to other transfers to the General Obligation
4Bond Retirement and Interest Fund made pursuant to Section 15
5of the General Obligation Bond Act, upon each delivery of
6general obligation bonds for capital projects using bond
7authorizations enacted in Public Act 96-36, Public Act
896-1554, Public Act 97-771, Public Act 98-94, Public Act
9101-30 (except for amounts in Public Act 101-30 that increase
10bond authorization under paragraph (1) of subsection (a) of
11Section 4 and subsection (e) of Section 4 of the General
12Obligation Bond Act), Public Act 103-7, and this amendatory
13Act of the 103rd General Assembly and this amendatory Act of
14the 103rd General Assembly, the State Comptroller shall
15compute and certify to the State Treasurer the total amount of
16principal of, interest on, and premium, if any, on such bonds
17during the then current and each succeeding fiscal year. With
18respect to the interest payable on variable rate bonds, such
19certifications shall be calculated at the maximum rate of
20interest that may be payable during the fiscal year, after
21taking into account any credits permitted in the related
22indenture or other instrument against the amount of such
23interest required to be appropriated for the period.
24    (a) Except as provided for in subsection (b), on or before
25the last day of each month, the State Treasurer and State
26Comptroller shall transfer from the Capital Projects Fund to

 

 

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1the General Obligation Bond Retirement and Interest Fund an
2amount sufficient to pay the aggregate of the principal of,
3interest on, and premium, if any, on the bonds payable on their
4next payment date, divided by the number of monthly transfers
5occurring between the last previous payment date (or the
6delivery date if no payment date has yet occurred) and the next
7succeeding payment date. Interest payable on variable rate
8bonds shall be calculated at the maximum rate of interest that
9may be payable for the relevant period, after taking into
10account any credits permitted in the related indenture or
11other instrument against the amount of such interest required
12to be appropriated for that period. Interest for which moneys
13have already been deposited into the capitalized interest
14account within the General Obligation Bond Retirement and
15Interest Fund shall not be included in the calculation of the
16amounts to be transferred under this subsection.
17    (b) On or before the last day of each month, the State
18Treasurer and State Comptroller shall transfer from the
19Capital Projects Fund to the General Obligation Bond
20Retirement and Interest Fund an amount sufficient to pay the
21aggregate of the principal of, interest on, and premium, if
22any, on the bonds issued prior to January 1, 2012 pursuant to
23Section 4(d) of the General Obligation Bond Act payable on
24their next payment date, divided by the number of monthly
25transfers occurring between the last previous payment date (or
26the delivery date if no payment date has yet occurred) and the

 

 

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1next succeeding payment date. If the available balance in the
2Capital Projects Fund is not sufficient for the transfer
3required in this subsection, the State Treasurer and State
4Comptroller shall transfer the difference from the Road Fund
5to the General Obligation Bond Retirement and Interest Fund;
6except that such Road Fund transfers shall constitute a debt
7of the Capital Projects Fund which shall be repaid according
8to subsection (c). Interest payable on variable rate bonds
9shall be calculated at the maximum rate of interest that may be
10payable for the relevant period, after taking into account any
11credits permitted in the related indenture or other instrument
12against the amount of such interest required to be
13appropriated for that period. Interest for which moneys have
14already been deposited into the capitalized interest account
15within the General Obligation Bond Retirement and Interest
16Fund shall not be included in the calculation of the amounts to
17be transferred under this subsection.
18    (c) On the first day of any month when the Capital Projects
19Fund is carrying a debt to the Road Fund due to the provisions
20of subsection (b), the State Treasurer and State Comptroller
21shall transfer from the Capital Projects Fund to the Road Fund
22an amount sufficient to discharge that debt. These transfers
23to the Road Fund shall continue until the Capital Projects
24Fund has repaid to the Road Fund all transfers made from the
25Road Fund pursuant to subsection (b). Notwithstanding any
26other law to the contrary, transfers to the Road Fund from the

 

 

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1Capital Projects Fund shall be made prior to any other
2expenditures or transfers out of the Capital Projects Fund.
3(Source: P.A. 103-7, eff. 7-1-23.)
 
4
Article 10.

 
5    Section 10-5. The General Obligation Bond Act is amended
6by changing Sections 2, 3, and 9 as follows:
 
7    (30 ILCS 330/2)  (from Ch. 127, par. 652)
8    Sec. 2. Authorization for Bonds. The State of Illinois is
9authorized to issue, sell and provide for the retirement of
10General Obligation Bonds of the State of Illinois for the
11categories and specific purposes expressed in Sections 2
12through 8 of this Act, in the total amount of $81,789,839,969
13$79,440,839,969.
14    The bonds authorized in this Section 2 and in Section 16 of
15this Act are herein called "Bonds".
16    Of the total amount of Bonds authorized in this Act, up to
17$2,200,000,000 in aggregate original principal amount may be
18issued and sold in accordance with the Baccalaureate Savings
19Act in the form of General Obligation College Savings Bonds.
20    Of the total amount of Bonds authorized in this Act, up to
21$300,000,000 in aggregate original principal amount may be
22issued and sold in accordance with the Retirement Savings Act
23in the form of General Obligation Retirement Savings Bonds.

 

 

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1    Of the total amount of Bonds authorized in this Act, the
2additional $10,000,000,000 authorized by Public Act 93-2, the
3$3,466,000,000 authorized by Public Act 96-43, and the
4$4,096,348,300 authorized by Public Act 96-1497 shall be used
5solely as provided in Section 7.2.
6    Of the total amount of Bonds authorized in this Act, the
7additional $6,000,000,000 authorized by Public Act 100-23
8shall be used solely as provided in Section 7.6 and shall be
9issued by December 31, 2017.
10    Of the total amount of Bonds authorized in this Act,
11$2,000,000,000 of the additional amount authorized by Public
12Act 100-587 and by Public Act 102-718 shall be used solely as
13provided in Section 7.7.
14    The issuance and sale of Bonds pursuant to the General
15Obligation Bond Act is an economical and efficient method of
16financing the long-term capital needs of the State. This Act
17will permit the issuance of a multi-purpose General Obligation
18Bond with uniform terms and features. This will not only lower
19the cost of registration but also reduce the overall cost of
20issuing debt by improving the marketability of Illinois
21General Obligation Bonds.
22(Source: P.A. 102-718, eff. 5-5-22; 103-7, eff. 7-1-23.)
 
23    (30 ILCS 330/3)  (from Ch. 127, par. 653)
24    Sec. 3. Capital facilities. The amount of $21,094,011,269
25$18,745,011,269 is authorized to be used for the acquisition,

 

 

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1development, construction, reconstruction, improvement,
2demolition, financing, architectural planning and installation
3of capital facilities within the State, consisting of
4buildings, structures, durable equipment, land, interests in
5land, and the costs associated with the purchase and
6implementation of information technology, including but not
7limited to the purchase of hardware and software, for the
8following specific purposes:
9        (a) $6,908,676,500 $6,333,676,500 for educational
10    purposes by State universities and public community
11    colleges, the Illinois Community College Board created by
12    the Public Community College Act and for grants to public
13    community colleges as authorized by Sections 5-11 and 5-12
14    of the Public Community College Act;
15        (b) $2,590,506,300 $1,690,506,300 for correctional
16    purposes at State prison and correctional centers;
17        (c) $691,492,300 $688,492,300 for open spaces,
18    recreational and conservation purposes and the protection
19    of land, including expenditures and grants for the
20    Illinois Conservation Reserve Enhancement Program and for
21    ecosystem restoration and for plugging of abandoned wells;
22        (d) $1,078,503,900 for State child care facilities,
23    mental and public health facilities, and facilities for
24    the care of veterans with disabilities and their spouses,
25    and for grants to public and private community health
26    centers, hospitals, and other health care providers for

 

 

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1    capital facilities;
2        (e) $8,439,753,300 $7,568,753,300 for use by the
3    State, its departments, authorities, public corporations,
4    commissions and agencies, including renewable energy
5    upgrades at State facilities;
6        (f) $818,100 for cargo handling facilities at port
7    districts and for breakwaters, including harbor entrances,
8    at port districts in conjunction with facilities for small
9    boats and pleasure crafts;
10        (g) $425,457,000 for water resource management
11    projects, including flood mitigation and State dam and
12    waterway projects;
13        (h) $16,940,269 for the provision of facilities for
14    food production research and related instructional and
15    public service activities at the State universities and
16    public community colleges;
17        (i) $75,134,700 for grants by the Secretary of State,
18    as State Librarian, for central library facilities
19    authorized by Section 8 of the Illinois Library System Act
20    and for grants by the Capital Development Board to units
21    of local government for public library facilities;
22        (j) $25,000,000 for the acquisition, development,
23    construction, reconstruction, improvement, financing,
24    architectural planning and installation of capital
25    facilities consisting of buildings, structures, durable
26    equipment and land for grants to counties, municipalities

 

 

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1    or public building commissions with correctional
2    facilities that do not comply with the minimum standards
3    of the Department of Corrections under Section 3-15-2 of
4    the Unified Code of Corrections;
5        (k) $5,011,600 for grants by the Department of
6    Conservation for improvement or expansion of aquarium
7    facilities located on property owned by a park district;
8        (l) $599,590,000 to State agencies for grants to local
9    governments for the acquisition, financing, architectural
10    planning, development, alteration, installation, and
11    construction of capital facilities consisting of
12    buildings, structures, durable equipment, and land; and
13        (m) $237,127,300 for the Illinois Open Land Trust
14    Program as defined by the Illinois Open Land Trust Act.
15    The amounts authorized above for capital facilities may be
16used for the acquisition, installation, alteration,
17construction, or reconstruction of capital facilities and for
18the purchase of equipment for the purpose of major capital
19improvements which will reduce energy consumption in State
20buildings or facilities.
21(Source: P.A. 103-7, eff. 7-1-23.)
 
22    (30 ILCS 330/9)  (from Ch. 127, par. 659)
23    Sec. 9. Conditions for issuance and sale of Bonds;
24requirements for Bonds.
25    (a) Except as otherwise provided in this subsection,

 

 

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1subsection (h), and subsection (i), Bonds shall be issued and
2sold from time to time, in one or more series, in such amounts
3and at such prices as may be directed by the Governor, upon
4recommendation by the Director of the Governor's Office of
5Management and Budget. Bonds shall be in such form (either
6coupon, registered or book entry), in such denominations,
7payable within 25 years from their date, subject to such terms
8of redemption with or without premium, bear interest payable
9at such times and at such fixed or variable rate or rates, and
10be dated as shall be fixed and determined by the Director of
11the Governor's Office of Management and Budget in the order
12authorizing the issuance and sale of any series of Bonds,
13which order shall be approved by the Governor and is herein
14called a "Bond Sale Order"; provided however, that interest
15payable at fixed or variable rates shall not exceed that
16permitted in the Bond Authorization Act, as now or hereafter
17amended. Bonds shall be payable at such place or places,
18within or without the State of Illinois, and may be made
19registrable as to either principal or as to both principal and
20interest, as shall be specified in the Bond Sale Order. Bonds
21may be callable or subject to purchase and retirement or
22tender and remarketing as fixed and determined in the Bond
23Sale Order. Bonds, other than Bonds issued under Section 3 of
24this Act for the costs associated with the purchase and
25implementation of information technology, (i) except for
26refunding Bonds satisfying the requirements of Section 16 of

 

 

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1this Act must be issued with principal or mandatory redemption
2amounts in equal amounts, with the first maturity issued
3occurring within the fiscal year in which the Bonds are issued
4or within the next succeeding fiscal year, except that Bonds
5issued during fiscal year 2025 may be issued with principal or
6mandatory redemption amounts in unequal amounts, and (ii) must
7mature or be subject to mandatory redemption each fiscal year
8thereafter up to 25 years, except for refunding Bonds
9satisfying the requirements of Section 16 of this Act and sold
10during fiscal year 2009, 2010, or 2011 which must mature or be
11subject to mandatory redemption each fiscal year thereafter up
12to 16 years. Bonds issued under Section 3 of this Act for the
13costs associated with the purchase and implementation of
14information technology must be issued with principal or
15mandatory redemption amounts in equal amounts, with the first
16maturity issued occurring with the fiscal year in which the
17respective bonds are issued or with the next succeeding fiscal
18year, with the respective bonds issued maturing or subject to
19mandatory redemption each fiscal year thereafter up to 10
20years, except that Bonds issued during fiscal year 2025 may be
21issued with principal or mandatory redemption amounts in
22unequal amounts. Notwithstanding any provision of this Act to
23the contrary, the Bonds authorized by Public Act 96-43 shall
24be payable within 5 years from their date and must be issued
25with principal or mandatory redemption amounts in equal
26amounts, with payment of principal or mandatory redemption

 

 

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1beginning in the first fiscal year following the fiscal year
2in which the Bonds are issued.
3    Notwithstanding any provision of this Act to the contrary,
4the Bonds authorized by Public Act 96-1497 shall be payable
5within 8 years from their date and shall be issued with payment
6of maturing principal or scheduled mandatory redemptions in
7accordance with the following schedule, except the following
8amounts shall be prorated if less than the total additional
9amount of Bonds authorized by Public Act 96-1497 are issued:
10    Fiscal Year After Issuance    Amount
11        1-2                        $0 
12        3                          $110,712,120
13        4                          $332,136,360
14        5                          $664,272,720
15        6-8                        $996,409,080
16    Notwithstanding any provision of this Act to the contrary,
17Income Tax Proceed Bonds issued under Section 7.6 shall be
18payable 12 years from the date of sale and shall be issued with
19payment of principal or mandatory redemption.
20    In the case of any series of Bonds bearing interest at a
21variable interest rate ("Variable Rate Bonds"), in lieu of
22determining the rate or rates at which such series of Variable
23Rate Bonds shall bear interest and the price or prices at which
24such Variable Rate Bonds shall be initially sold or remarketed
25(in the event of purchase and subsequent resale), the Bond
26Sale Order may provide that such interest rates and prices may

 

 

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1vary from time to time depending on criteria established in
2such Bond Sale Order, which criteria may include, without
3limitation, references to indices or variations in interest
4rates as may, in the judgment of a remarketing agent, be
5necessary to cause Variable Rate Bonds of such series to be
6remarketable from time to time at a price equal to their
7principal amount, and may provide for appointment of a bank,
8trust company, investment bank, or other financial institution
9to serve as remarketing agent in that connection. The Bond
10Sale Order may provide that alternative interest rates or
11provisions for establishing alternative interest rates,
12different security or claim priorities, or different call or
13amortization provisions will apply during such times as
14Variable Rate Bonds of any series are held by a person
15providing credit or liquidity enhancement arrangements for
16such Bonds as authorized in subsection (b) of this Section.
17The Bond Sale Order may also provide for such variable
18interest rates to be established pursuant to a process
19generally known as an auction rate process and may provide for
20appointment of one or more financial institutions to serve as
21auction agents and broker-dealers in connection with the
22establishment of such interest rates and the sale and
23remarketing of such Bonds.
24    (b) In connection with the issuance of any series of
25Bonds, the State may enter into arrangements to provide
26additional security and liquidity for such Bonds, including,

 

 

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1without limitation, bond or interest rate insurance or letters
2of credit, lines of credit, bond purchase contracts, or other
3arrangements whereby funds are made available to retire or
4purchase Bonds, thereby assuring the ability of owners of the
5Bonds to sell or redeem their Bonds. The State may enter into
6contracts and may agree to pay fees to persons providing such
7arrangements, but only under circumstances where the Director
8of the Governor's Office of Management and Budget certifies
9that he or she reasonably expects the total interest paid or to
10be paid on the Bonds, together with the fees for the
11arrangements (being treated as if interest), would not, taken
12together, cause the Bonds to bear interest, calculated to
13their stated maturity, at a rate in excess of the rate that the
14Bonds would bear in the absence of such arrangements.
15    The State may, with respect to Bonds issued or anticipated
16to be issued, participate in and enter into arrangements with
17respect to interest rate protection or exchange agreements,
18guarantees, or financial futures contracts for the purpose of
19limiting, reducing, or managing interest rate exposure. The
20authority granted under this paragraph, however, shall not
21increase the principal amount of Bonds authorized to be issued
22by law. The arrangements may be executed and delivered by the
23Director of the Governor's Office of Management and Budget on
24behalf of the State. Net payments for such arrangements shall
25constitute interest on the Bonds and shall be paid from the
26General Obligation Bond Retirement and Interest Fund. The

 

 

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1Director of the Governor's Office of Management and Budget
2shall at least annually certify to the Governor and the State
3Comptroller his or her estimate of the amounts of such net
4payments to be included in the calculation of interest
5required to be paid by the State.
6    (c) Prior to the issuance of any Variable Rate Bonds
7pursuant to subsection (a), the Director of the Governor's
8Office of Management and Budget shall adopt an interest rate
9risk management policy providing that the amount of the
10State's variable rate exposure with respect to Bonds shall not
11exceed 20%. This policy shall remain in effect while any Bonds
12are outstanding and the issuance of Bonds shall be subject to
13the terms of such policy. The terms of this policy may be
14amended from time to time by the Director of the Governor's
15Office of Management and Budget but in no event shall any
16amendment cause the permitted level of the State's variable
17rate exposure with respect to Bonds to exceed 20%.
18    (d) "Build America Bonds" in this Section means Bonds
19authorized by Section 54AA of the Internal Revenue Code of
201986, as amended ("Internal Revenue Code"), and bonds issued
21from time to time to refund or continue to refund "Build
22America Bonds".
23    (e) Notwithstanding any other provision of this Section,
24Qualified School Construction Bonds shall be issued and sold
25from time to time, in one or more series, in such amounts and
26at such prices as may be directed by the Governor, upon

 

 

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1recommendation by the Director of the Governor's Office of
2Management and Budget. Qualified School Construction Bonds
3shall be in such form (either coupon, registered or book
4entry), in such denominations, payable within 25 years from
5their date, subject to such terms of redemption with or
6without premium, and if the Qualified School Construction
7Bonds are issued with a supplemental coupon, bear interest
8payable at such times and at such fixed or variable rate or
9rates, and be dated as shall be fixed and determined by the
10Director of the Governor's Office of Management and Budget in
11the order authorizing the issuance and sale of any series of
12Qualified School Construction Bonds, which order shall be
13approved by the Governor and is herein called a "Bond Sale
14Order"; except that interest payable at fixed or variable
15rates, if any, shall not exceed that permitted in the Bond
16Authorization Act, as now or hereafter amended. Qualified
17School Construction Bonds shall be payable at such place or
18places, within or without the State of Illinois, and may be
19made registrable as to either principal or as to both
20principal and interest, as shall be specified in the Bond Sale
21Order. Qualified School Construction Bonds may be callable or
22subject to purchase and retirement or tender and remarketing
23as fixed and determined in the Bond Sale Order. Qualified
24School Construction Bonds must be issued with principal or
25mandatory redemption amounts or sinking fund payments into the
26General Obligation Bond Retirement and Interest Fund (or

 

 

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1subaccount therefor) in equal amounts, with the first maturity
2issued, mandatory redemption payment or sinking fund payment
3occurring within the fiscal year in which the Qualified School
4Construction Bonds are issued or within the next succeeding
5fiscal year, with Qualified School Construction Bonds issued
6maturing or subject to mandatory redemption or with sinking
7fund payments thereof deposited each fiscal year thereafter up
8to 25 years. Sinking fund payments set forth in this
9subsection shall be permitted only to the extent authorized in
10Section 54F of the Internal Revenue Code or as otherwise
11determined by the Director of the Governor's Office of
12Management and Budget. "Qualified School Construction Bonds"
13in this subsection means Bonds authorized by Section 54F of
14the Internal Revenue Code and for bonds issued from time to
15time to refund or continue to refund such "Qualified School
16Construction Bonds".
17    (f) Beginning with the next issuance by the Governor's
18Office of Management and Budget of a request for
19qualifications for the purpose of formulating a new pool of
20qualified underwriters, all entities responding to such a
21request for qualifications for inclusion on that list shall
22provide a written report to the Governor's Office of
23Management and Budget and the Illinois Comptroller. The
24written report submitted to the Comptroller shall (i) be
25published on the Comptroller's Internet website and (ii) be
26used by the Governor's Office of Management and Budget for the

 

 

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1purposes of scoring such a request for qualifications. The
2written report, at a minimum, shall:
3        (1) disclose whether, within the past 3 months,
4    pursuant to its credit default swap market-making
5    activities, the firm has entered into any State of
6    Illinois credit default swaps ("CDS");
7        (2) include, in the event of State of Illinois CDS
8    activity, disclosure of the firm's cumulative notional
9    volume of State of Illinois CDS trades and the firm's
10    outstanding gross and net notional amount of State of
11    Illinois CDS, as of the end of the current 3-month period;
12        (3) indicate, pursuant to the firm's proprietary
13    trading activities, disclosure of whether the firm, within
14    the past 3 months, has entered into any proprietary trades
15    for its own account in State of Illinois CDS;
16        (4) include, in the event of State of Illinois
17    proprietary trades, disclosure of the firm's outstanding
18    gross and net notional amount of proprietary State of
19    Illinois CDS and whether the net position is short or long
20    credit protection, as of the end of the current 3-month
21    period;
22        (5) list all time periods during the past 3 months
23    during which the firm held net long or net short State of
24    Illinois CDS proprietary credit protection positions, the
25    amount of such positions, and whether those positions were
26    net long or net short credit protection positions; and

 

 

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1        (6) indicate whether, within the previous 3 months,
2    the firm released any publicly available research or
3    marketing reports that reference State of Illinois CDS and
4    include those research or marketing reports as
5    attachments.
6    (g) All entities included on a Governor's Office of
7Management and Budget's pool of qualified underwriters list
8shall, as soon as possible after March 18, 2011 (the effective
9date of Public Act 96-1554), but not later than January 21,
102011, and on a quarterly fiscal basis thereafter, provide a
11written report to the Governor's Office of Management and
12Budget and the Illinois Comptroller. The written reports
13submitted to the Comptroller shall be published on the
14Comptroller's Internet website. The written reports, at a
15minimum, shall:
16        (1) disclose whether, within the past 3 months,
17    pursuant to its credit default swap market-making
18    activities, the firm has entered into any State of
19    Illinois credit default swaps ("CDS");
20        (2) include, in the event of State of Illinois CDS
21    activity, disclosure of the firm's cumulative notional
22    volume of State of Illinois CDS trades and the firm's
23    outstanding gross and net notional amount of State of
24    Illinois CDS, as of the end of the current 3-month period;
25        (3) indicate, pursuant to the firm's proprietary
26    trading activities, disclosure of whether the firm, within

 

 

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1    the past 3 months, has entered into any proprietary trades
2    for its own account in State of Illinois CDS;
3        (4) include, in the event of State of Illinois
4    proprietary trades, disclosure of the firm's outstanding
5    gross and net notional amount of proprietary State of
6    Illinois CDS and whether the net position is short or long
7    credit protection, as of the end of the current 3-month
8    period;
9        (5) list all time periods during the past 3 months
10    during which the firm held net long or net short State of
11    Illinois CDS proprietary credit protection positions, the
12    amount of such positions, and whether those positions were
13    net long or net short credit protection positions; and
14        (6) indicate whether, within the previous 3 months,
15    the firm released any publicly available research or
16    marketing reports that reference State of Illinois CDS and
17    include those research or marketing reports as
18    attachments.
19    (h) Notwithstanding any other provision of this Section,
20for purposes of maximizing market efficiencies and cost
21savings, Income Tax Proceed Bonds may be issued and sold from
22time to time, in one or more series, in such amounts and at
23such prices as may be directed by the Governor, upon
24recommendation by the Director of the Governor's Office of
25Management and Budget. Income Tax Proceed Bonds shall be in
26such form, either coupon, registered, or book entry, in such

 

 

HB4582 Enrolled- 21 -LRB103 35517 HLH 65589 b

1denominations, shall bear interest payable at such times and
2at such fixed or variable rate or rates, and be dated as shall
3be fixed and determined by the Director of the Governor's
4Office of Management and Budget in the order authorizing the
5issuance and sale of any series of Income Tax Proceed Bonds,
6which order shall be approved by the Governor and is herein
7called a "Bond Sale Order"; provided, however, that interest
8payable at fixed or variable rates shall not exceed that
9permitted in the Bond Authorization Act. Income Tax Proceed
10Bonds shall be payable at such place or places, within or
11without the State of Illinois, and may be made registrable as
12to either principal or as to both principal and interest, as
13shall be specified in the Bond Sale Order. Income Tax Proceed
14Bonds may be callable or subject to purchase and retirement or
15tender and remarketing as fixed and determined in the Bond
16Sale Order.
17    (i) Notwithstanding any other provision of this Section,
18for purposes of maximizing market efficiencies and cost
19savings, State Pension Obligation Acceleration Bonds may be
20issued and sold from time to time, in one or more series, in
21such amounts and at such prices as may be directed by the
22Governor, upon recommendation by the Director of the
23Governor's Office of Management and Budget. State Pension
24Obligation Acceleration Bonds shall be in such form, either
25coupon, registered, or book entry, in such denominations,
26shall bear interest payable at such times and at such fixed or

 

 

HB4582 Enrolled- 22 -LRB103 35517 HLH 65589 b

1variable rate or rates, and be dated as shall be fixed and
2determined by the Director of the Governor's Office of
3Management and Budget in the order authorizing the issuance
4and sale of any series of State Pension Obligation
5Acceleration Bonds, which order shall be approved by the
6Governor and is herein called a "Bond Sale Order"; provided,
7however, that interest payable at fixed or variable rates
8shall not exceed that permitted in the Bond Authorization Act.
9State Pension Obligation Acceleration Bonds shall be payable
10at such place or places, within or without the State of
11Illinois, and may be made registrable as to either principal
12or as to both principal and interest, as shall be specified in
13the Bond Sale Order. State Pension Obligation Acceleration
14Bonds may be callable or subject to purchase and retirement or
15tender and remarketing as fixed and determined in the Bond
16Sale Order.
17(Source: P.A. 103-7, eff. 7-1-23.)
 
18
Article 15.

 
19    Section 15-5. The Build Illinois Bond Act is amended by
20changing Sections 2, 4, 6, and 13 as follows:
 
21    (30 ILCS 425/2)  (from Ch. 127, par. 2802)
22    Sec. 2. Authorization for Bonds. The State of Illinois is
23authorized to issue, sell and provide for the retirement of

 

 

HB4582 Enrolled- 23 -LRB103 35517 HLH 65589 b

1limited obligation bonds, notes and other evidences of
2indebtedness of the State of Illinois in the total principal
3amount of $11,358,681,100 $10,019,681,100 herein called
4"Bonds". Such amount of authorized Bonds shall be exclusive of
5any refunding Bonds issued pursuant to Section 15 of this Act
6and exclusive of any Bonds issued pursuant to this Section
7which are redeemed, purchased, advance refunded, or defeased
8in accordance with paragraph (f) of Section 4 of this Act.
9Bonds shall be issued for the categories and specific purposes
10expressed in Section 4 of this Act.
11(Source: P.A. 102-1071, eff. 6-10-22; 103-7, eff. 7-1-23.)
 
12    (30 ILCS 425/4)  (from Ch. 127, par. 2804)
13    Sec. 4. Purposes of Bonds. Bonds shall be issued for the
14following purposes and in the approximate amounts as set forth
15below:
16    (a) $4,741,094,533 $4,506,094,533 for the expenses of
17issuance and sale of Bonds, including bond discounts, and for
18planning, engineering, acquisition, construction,
19reconstruction, development, improvement, demolition, and
20extension of the public infrastructure in the State of
21Illinois, including: the making of loans or grants to local
22governments for waste disposal systems, water and sewer line
23extensions and water distribution and purification facilities,
24rail or air or water port improvements, gas and electric
25utility extensions, publicly owned industrial and commercial

 

 

HB4582 Enrolled- 24 -LRB103 35517 HLH 65589 b

1sites, buildings used for public administration purposes and
2other public infrastructure capital improvements; the making
3of loans or grants to units of local government for financing
4and construction of wastewater facilities, including grants to
5serve unincorporated areas; refinancing or retiring bonds
6issued between January 1, 1987 and January 1, 1990 by home rule
7municipalities, debt service on which is provided from a tax
8imposed by home rule municipalities prior to January 1, 1990
9on the sale of food and drugs pursuant to Section 8-11-1 of the
10Home Rule Municipal Retailers' Occupation Tax Act or Section
118-11-5 of the Home Rule Municipal Service Occupation Tax Act;
12the making of deposits not to exceed $70,000,000 in the
13aggregate into the Water Pollution Control Revolving Fund to
14provide assistance in accordance with the provisions of Title
15IV-A of the Environmental Protection Act; the planning,
16engineering, acquisition, construction, reconstruction,
17alteration, expansion, extension and improvement of highways,
18bridges, structures separating highways and railroads, rest
19areas, interchanges, access roads to and from any State or
20local highway and other transportation improvement projects
21which are related to economic development activities; the
22making of loans or grants for planning, engineering,
23rehabilitation, improvement or construction of rail and
24transit facilities; the planning, engineering, acquisition,
25construction, reconstruction and improvement of watershed,
26drainage, flood control, recreation and related improvements

 

 

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1and facilities, including expenses related to land and
2easement acquisition, relocation, control structures, channel
3work and clearing and appurtenant work; the planning,
4engineering, acquisition, construction, reconstruction and
5improvement of State facilities and related infrastructure;
6the making of Park and Recreational Facilities Construction
7(PARC) grants; the making of grants to units of local
8government for community development capital projects; the
9making of grants for improvement and development of zoos and
10park district field houses and related structures; and the
11making of grants for improvement and development of Navy Pier
12and related structures.
13    (b) $3,554,636,967 $2,474,636,967 for fostering economic
14development and increased employment and fostering the well
15being of the citizens of Illinois through community
16development, including: the making of grants for improvement
17and development of McCormick Place and related structures; the
18planning and construction of a microelectronics research
19center, including the planning, engineering, construction,
20improvement, renovation and acquisition of buildings,
21equipment and related utility support systems; the making of
22loans to businesses and investments in small businesses;
23acquiring real properties for industrial or commercial site
24development; acquiring, rehabilitating and reconveying
25industrial and commercial properties for the purpose of
26expanding employment and encouraging private and other public

 

 

HB4582 Enrolled- 26 -LRB103 35517 HLH 65589 b

1sector investment in the economy of Illinois; the payment of
2expenses associated with siting the Superconducting Super
3Collider Particle Accelerator in Illinois and with its
4acquisition, construction, maintenance, operation, promotion
5and support; the making of loans for the planning,
6engineering, acquisition, construction, improvement and
7conversion of facilities and equipment which will foster the
8use of Illinois coal; the payment of expenses associated with
9the promotion, establishment, acquisition and operation of
10small business incubator facilities and agribusiness research
11facilities, including the lease, purchase, renovation,
12planning, engineering, construction and maintenance of
13buildings, utility support systems and equipment designated
14for such purposes and the establishment and maintenance of
15centralized support services within such facilities; the
16making of grants for transportation electrification
17infrastructure projects that promote use of clean and
18renewable energy; the making of capital expenditures and
19grants for broadband development and for a statewide broadband
20deployment grant program; the making of grants to public
21entities and private persons and entities for community
22development capital projects; the making of grants to public
23entities and private persons and entities for capital projects
24in the context of grant programs focused on assisting
25economically depressed areas, expanding affordable housing,
26supporting the provision of human services, supporting

 

 

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1emerging technology enterprises, fostering the advancement of
2quantum information science and technology, and supporting
3minority owned businesses; and the making of grants or loans
4to units of local government for Urban Development Action
5Grant and Housing Partnership programs.
6    (c) $2,785,076,600 $2,761,076,600 for the development and
7improvement of educational, scientific, technical and
8vocational programs and facilities and the expansion of health
9and human services for all citizens of Illinois, including:
10the making of grants to school districts and not-for-profit
11organizations for early childhood construction projects
12pursuant to Section 5-300 of the School Construction Law; the
13making of grants to educational institutions for educational,
14scientific, technical and vocational program equipment and
15facilities; the making of grants to museums for equipment and
16facilities; the making of construction and improvement grants
17and loans to public libraries and library systems; the making
18of grants and loans for planning, engineering, acquisition and
19construction of a new State central library in Springfield;
20the planning, engineering, acquisition and construction of an
21animal and dairy sciences facility; the planning, engineering,
22acquisition and construction of a campus and all related
23buildings, facilities, equipment and materials for Richland
24Community College; the acquisition, rehabilitation and
25installation of equipment and materials for scientific and
26historical surveys; the making of grants or loans for

 

 

HB4582 Enrolled- 28 -LRB103 35517 HLH 65589 b

1distribution to eligible vocational education instructional
2programs for the upgrading of vocational education programs,
3school shops and laboratories, including the acquisition,
4rehabilitation and installation of technical equipment and
5materials; the making of grants or loans for distribution to
6eligible local educational agencies for the upgrading of math
7and science instructional programs, including the acquisition
8of instructional equipment and materials; miscellaneous
9capital improvements for universities and community colleges
10including the planning, engineering, construction,
11reconstruction, remodeling, improvement, repair and
12installation of capital facilities and costs of planning,
13supplies, equipment, materials, services, and all other
14required expenses; the making of grants or loans for repair,
15renovation and miscellaneous capital improvements for
16privately operated colleges and universities and community
17colleges, including the planning, engineering, acquisition,
18construction, reconstruction, remodeling, improvement, repair
19and installation of capital facilities and costs of planning,
20supplies, equipment, materials, services, and all other
21required expenses; and the making of grants or loans for
22distribution to local governments for hospital and other
23health care facilities including the planning, engineering,
24acquisition, construction, reconstruction, remodeling,
25improvement, repair and installation of capital facilities and
26costs of planning, supplies, equipment, materials, services

 

 

HB4582 Enrolled- 29 -LRB103 35517 HLH 65589 b

1and all other required expenses.
2    (d) $277,873,000 for protection, preservation, restoration
3and conservation of environmental and natural resources,
4including: the making of grants to soil and water conservation
5districts for the planning and implementation of conservation
6practices and for funding contracts with the Soil Conservation
7Service for watershed planning; the making of grants to units
8of local government for the capital development and
9improvement of recreation areas, including planning and
10engineering costs, sewer projects, including planning and
11engineering costs and water projects, including planning and
12engineering costs, and for the acquisition of open space
13lands, including the acquisition of easements and other
14property interests of less than fee simple ownership; the
15making of grants to units of local government through the
16Illinois Green Infrastructure Grant Program to protect water
17quality and mitigate flooding; the acquisition and related
18costs and development and management of natural heritage
19lands, including natural areas and areas providing habitat for
20endangered species and nongame wildlife, and buffer area
21lands; the acquisition and related costs and development and
22management of habitat lands, including forest, wildlife
23habitat and wetlands; and the removal and disposition of
24hazardous substances, including the cost of project
25management, equipment, laboratory analysis, and contractual
26services necessary for preventative and corrective actions

 

 

HB4582 Enrolled- 30 -LRB103 35517 HLH 65589 b

1related to the preservation, restoration and conservation of
2the environment, including deposits not to exceed $60,000,000
3in the aggregate into the Hazardous Waste Fund and the
4Brownfields Redevelopment Fund for improvements in accordance
5with the provisions of Titles V and XVII of the Environmental
6Protection Act.
7    (e) The amount specified in paragraph (a) above shall
8include an amount necessary to pay reasonable expenses of each
9issuance and sale of the Bonds, as specified in the related
10Bond Sale Order (hereinafter defined).
11    (f) Any unexpended proceeds from any sale of Bonds which
12are held in the Build Illinois Bond Fund may be used to redeem,
13purchase, advance refund, or defease any Bonds outstanding.
14(Source: P.A. 103-7, eff. 7-1-23.)
 
15    (30 ILCS 425/6)  (from Ch. 127, par. 2806)
16    Sec. 6. Conditions for issuance and sale of Bonds -
17requirements for Bonds - master and supplemental indentures -
18credit and liquidity enhancement.
19    (a) Bonds shall be issued and sold from time to time, in
20one or more series, in such amounts and at such prices as
21directed by the Governor, upon recommendation by the Director
22of the Governor's Office of Management and Budget. Bonds shall
23be payable only from the specific sources and secured in the
24manner provided in this Act. Bonds shall be in such form, in
25such denominations, mature on such dates within 25 years from

 

 

HB4582 Enrolled- 31 -LRB103 35517 HLH 65589 b

1their date of issuance, be subject to optional or mandatory
2redemption, bear interest payable at such times and at such
3rate or rates, fixed or variable, and be dated as shall be
4fixed and determined by the Director of the Governor's Office
5of Management and Budget in an order authorizing the issuance
6and sale of any series of Bonds, which order shall be approved
7by the Governor and is herein called a "Bond Sale Order";
8provided, however, that interest payable at fixed rates shall
9not exceed that permitted in "An Act to authorize public
10corporations to issue bonds, other evidences of indebtedness
11and tax anticipation warrants subject to interest rate
12limitations set forth therein", approved May 26, 1970, as now
13or hereafter amended, and interest payable at variable rates
14shall not exceed the maximum rate permitted in the Bond Sale
15Order. Said Bonds shall be payable at such place or places,
16within or without the State of Illinois, and may be made
17registrable as to either principal only or as to both
18principal and interest, as shall be specified in the Bond Sale
19Order. Bonds may be callable or subject to purchase and
20retirement or remarketing as fixed and determined in the Bond
21Sale Order. Bonds (i) except for refunding Bonds satisfying
22the requirements of Section 15 of this Act must be issued with
23principal or mandatory redemption amounts in equal amounts,
24with the first maturity issued occurring within the fiscal
25year in which the Bonds are issued or within the next
26succeeding fiscal year, except that Bonds issued during fiscal

 

 

HB4582 Enrolled- 32 -LRB103 35517 HLH 65589 b

1year 2025 may be issued with principal or mandatory redemption
2amounts in unequal amounts, and (ii) must mature or be subject
3to mandatory redemption each fiscal year thereafter up to 25
4years, except for refunding Bonds satisfying the requirements
5of Section 15 of this Act and sold during fiscal year 2009,
62010, or 2011 which must mature or be subject to mandatory
7redemption each fiscal year thereafter up to 16 years.
8    All Bonds authorized under this Act shall be issued
9pursuant to a master trust indenture ("Master Indenture")
10executed and delivered on behalf of the State by the Director
11of the Governor's Office of Management and Budget, such Master
12Indenture to be in substantially the form approved in the Bond
13Sale Order authorizing the issuance and sale of the initial
14series of Bonds issued under this Act. Such initial series of
15Bonds may, and each subsequent series of Bonds shall, also be
16issued pursuant to a supplemental trust indenture
17("Supplemental Indenture") executed and delivered on behalf of
18the State by the Director of the Governor's Office of
19Management and Budget, each such Supplemental Indenture to be
20in substantially the form approved in the Bond Sale Order
21relating to such series. The Master Indenture and any
22Supplemental Indenture shall be entered into with a bank or
23trust company in the State of Illinois having trust powers and
24possessing capital and surplus of not less than $100,000,000.
25Such indentures shall set forth the terms and conditions of
26the Bonds and provide for payment of and security for the

 

 

HB4582 Enrolled- 33 -LRB103 35517 HLH 65589 b

1Bonds, including the establishment and maintenance of debt
2service and reserve funds, and for other protections for
3holders of the Bonds. The term "reserve funds" as used in this
4Act shall include funds and accounts established under
5indentures to provide for the payment of principal of and
6premium and interest on Bonds, to provide for the purchase,
7retirement or defeasance of Bonds, to provide for fees of
8trustees, registrars, paying agents and other fiduciaries and
9to provide for payment of costs of and debt service payable in
10respect of credit or liquidity enhancement arrangements,
11interest rate swaps or guarantees or financial futures
12contracts and indexing and remarketing agents' services.
13    In the case of any series of Bonds bearing interest at a
14variable interest rate ("Variable Rate Bonds"), in lieu of
15determining the rate or rates at which such series of Variable
16Rate Bonds shall bear interest and the price or prices at which
17such Variable Rate Bonds shall be initially sold or remarketed
18(in the event of purchase and subsequent resale), the Bond
19Sale Order may provide that such interest rates and prices may
20vary from time to time depending on criteria established in
21such Bond Sale Order, which criteria may include, without
22limitation, references to indices or variations in interest
23rates as may, in the judgment of a remarketing agent, be
24necessary to cause Bonds of such series to be remarketable
25from time to time at a price equal to their principal amount
26(or compound accreted value in the case of original issue

 

 

HB4582 Enrolled- 34 -LRB103 35517 HLH 65589 b

1discount Bonds), and may provide for appointment of indexing
2agents and a bank, trust company, investment bank or other
3financial institution to serve as remarketing agent in that
4connection. The Bond Sale Order may provide that alternative
5interest rates or provisions for establishing alternative
6interest rates, different security or claim priorities or
7different call or amortization provisions will apply during
8such times as Bonds of any series are held by a person
9providing credit or liquidity enhancement arrangements for
10such Bonds as authorized in subsection (b) of Section 6 of this
11Act.
12    (b) In connection with the issuance of any series of
13Bonds, the State may enter into arrangements to provide
14additional security and liquidity for such Bonds, including,
15without limitation, bond or interest rate insurance or letters
16of credit, lines of credit, bond purchase contracts or other
17arrangements whereby funds are made available to retire or
18purchase Bonds, thereby assuring the ability of owners of the
19Bonds to sell or redeem their Bonds. The State may enter into
20contracts and may agree to pay fees to persons providing such
21arrangements, but only under circumstances where the Director
22of the Bureau of the Budget (now Governor's Office of
23Management and Budget) certifies that he reasonably expects
24the total interest paid or to be paid on the Bonds, together
25with the fees for the arrangements (being treated as if
26interest), would not, taken together, cause the Bonds to bear

 

 

HB4582 Enrolled- 35 -LRB103 35517 HLH 65589 b

1interest, calculated to their stated maturity, at a rate in
2excess of the rate which the Bonds would bear in the absence of
3such arrangements. Any bonds, notes or other evidences of
4indebtedness issued pursuant to any such arrangements for the
5purpose of retiring and discharging outstanding Bonds shall
6constitute refunding Bonds under Section 15 of this Act. The
7State may participate in and enter into arrangements with
8respect to interest rate swaps or guarantees or financial
9futures contracts for the purpose of limiting or restricting
10interest rate risk; provided that such arrangements shall be
11made with or executed through banks having capital and surplus
12of not less than $100,000,000 or insurance companies holding
13the highest policyholder rating accorded insurers by A.M. Best &
14 Co. or any comparable rating service or government bond
15dealers reporting to, trading with, and recognized as primary
16dealers by a Federal Reserve Bank and having capital and
17surplus of not less than $100,000,000, or other persons whose
18debt securities are rated in the highest long-term categories
19by both Moody's Investors' Services, Inc. and Standard &
20Poor's Corporation. Agreements incorporating any of the
21foregoing arrangements may be executed and delivered by the
22Director of the Governor's Office of Management and Budget on
23behalf of the State in substantially the form approved in the
24Bond Sale Order relating to such Bonds.
25    (c) "Build America Bonds" in this Section means Bonds
26authorized by Section 54AA of the Internal Revenue Code of

 

 

HB4582 Enrolled- 36 -LRB103 35517 HLH 65589 b

11986, as amended ("Internal Revenue Code"), and bonds issued
2from time to time to refund or continue to refund "Build
3America Bonds".
4(Source: P.A. 100-23, eff. 7-6-17; 100-587, eff. 6-4-18;
5101-30, eff. 6-28-19.)
 
6    (30 ILCS 425/13)  (from Ch. 127, par. 2813)
7    Sec. 13. Computation of principal and interest; transfer
8from Build Illinois Bond Account; payment from Build Illinois
9Bond Retirement and Interest Fund. Upon each delivery of
10Bonds authorized to be issued under this Act, the trustee
11under the Master Indenture shall compute and certify to the
12Director of the Governor's Office of Management and Budget,
13the Comptroller and the Treasurer (a) the total amount of the
14principal of and the interest and the premium, if any, on the
15Bonds then being issued and on Bonds previously issued and
16outstanding that will be payable in order to retire such Bonds
17at their stated maturities or mandatory sinking fund payment
18dates and (b) the amount of principal of and interest and
19premium, if any, on such Bonds that will be payable on each
20principal, interest and mandatory sinking fund payment date
21according to the tenor of such Bonds during the then current
22and each succeeding fiscal year. Such certifications shall
23include with respect to interest payable on Variable Rate
24Bonds the maximum amount of interest which may be payable for
25the relevant period after taking into account any credits

 

 

HB4582 Enrolled- 37 -LRB103 35517 HLH 65589 b

1permitted in the related indenture against the amount of such
2interest required to be appropriated for such period pursuant
3to subsection (c) of Section 11 of this Act.
4    On or before June 20, 1993 and on or before each June 20
5thereafter so long as Bonds remain outstanding, the trustee
6under the Master Indenture shall deliver to the Director of
7the Governor's Office of Management and Budget (formerly
8Bureau of the Budget), the Comptroller and the Treasurer a
9certificate setting forth the "Certified Annual Debt Service
10Requirement" (hereinafter defined) for the next succeeding
11fiscal year. If Bonds are issued subsequent to the delivery of
12any such certificate, upon the issuance of such Bonds the
13trustee under the Master Indenture shall deliver a
14supplemental certificate setting forth the revisions, if any,
15in the Certified Annual Debt Service Requirement resulting
16from the issuance of such Bonds. The "Certified Annual Debt
17Service Requirement" for any fiscal year shall be an amount
18equal to (a) the aggregate amount of principal, interest and
19premium, if any, payable on outstanding Bonds during such
20fiscal year plus (b) the amount required to be deposited into
21any reserve fund securing such Bonds or for the purpose of
22retiring or defeasing such Bonds plus (c) the amount of any
23deficiencies in required transfers of amounts described in
24clauses (a) and (b) for any prior fiscal year, minus (d) the
25amount, if any, of such interest to be paid from Bond proceeds
26on deposit under any indenture; provided, however, that

 

 

HB4582 Enrolled- 38 -LRB103 35517 HLH 65589 b

1interest payable on Variable Rate Bonds shall be calculated at
2the maximum rate of interest which may be payable during such
3fiscal year after taking into account any credits permitted in
4the related indenture against the amount of such interest
5required to be appropriated for such period pursuant to
6subsection (c) of Section 11 of this Act.
7    In each month during fiscal years 1986 through 1993, the
8State Treasurer and Comptroller shall transfer, on the last
9day of such month, from the Build Illinois Bond Account to the
10Build Illinois Bond Retirement and Interest Fund and shall
11make payment from the Build Illinois Bond Retirement and
12Interest Fund to the trustee under the Master Indenture of an
13amount equal to 1/12 of 150% of the amount set forth below for
14each such fiscal year, plus any cumulative deficiency in such
15transfers and payments for prior months; provided that such
16transfers shall commence in October, 1985 and such amounts for
17fiscal year 1986 shall equal 1/9 of 150% of the amount set
18forth below for such fiscal year:
19Fiscal YearAmount
201986$15,000,000
211987$25,000,000
221988$40,000,000
231989$54,000,000
241990$85,400,000
251991$133,600,000
261992$164,400,000

 

 

HB4582 Enrolled- 39 -LRB103 35517 HLH 65589 b

11993$188,900,000
2provided that payments of such amounts from the Build Illinois
3Bond Retirement and Interest Fund to the trustee under the
4Master Indenture shall commence on the last day of the month in
5which Bonds are initially issued under this Act; and, further
6provided, that the first such payment to said trustee shall
7equal the entire amount then on deposit in the Build Illinois
8Bond Retirement and Interest Fund; and, further provided, that
9the aggregate amount of transfers and payments for any such
10fiscal year shall not exceed the amount set forth above for
11such fiscal year.
12    In each month in which Bonds are outstanding during fiscal
13year 1994 and each fiscal year thereafter, the State Treasurer
14and Comptroller shall transfer, on the last day of such month,
15(i) with respect to Bonds constituting bonds issued pursuant
16to the bond authorization under this Act enacted pursuant to
17Public Act 96-36 and this amendatory Act of the 103rd General
18Assembly this amendatory Act of the 96th General Assembly (and
19any refunding Bonds issued to refund such Bonds), first from
20the Capital Projects Fund and second, if needed, from the
21Build Illinois Bond Account and (ii) with respect to all other
22Bonds not described in clause (i), from the Build Illinois
23Bond Account, in each case, to the Build Illinois Bond
24Retirement and Interest Fund and shall make payment from the
25Build Illinois Bond Retirement and Interest Fund to the
26trustee under the Master Indenture of an amount equal to the

 

 

HB4582 Enrolled- 40 -LRB103 35517 HLH 65589 b

1greater of (a) 1/12th of 150% of the Certified Annual Debt
2Service Requirement or (b) the Tax Act Amount (as defined in
3Section 3 of the "Retailers' Occupation Tax Act", as amended)
4deposited in the Build Illinois Bond Account during such
5month, plus any cumulative deficiency in such transfers and
6payments for prior months; provided that such transfers and
7payments for any such fiscal year shall not exceed the greater
8of (a) the Certified Annual Debt Service Requirement or (b)
9the Tax Act Amount.
10(Source: P.A. 96-36, eff. 7-13-09.)
 
11
Article 20.

 
12    Section 20-5. The Illinois Housing Development Act is
13amended by changing Section 22 as follows:
 
14    (20 ILCS 3805/22)  (from Ch. 67 1/2, par. 322)
15    Sec. 22. (a) The Authority shall not have outstanding at
16any one time bonds and notes for any of its corporate purposes
17in an aggregate principal amount exceeding $11,500,000,000
18$7,200,000,000, excluding bonds and notes issued to refund
19outstanding bonds and notes.
20    (b) Of the authorized aggregate principal amount of
21$11,500,000,000 $7,200,000,000 provided for by this Section,
22the amount of $150,000,000 shall be used for the purposes
23specified in Sections 7.23 and 7.24 of this Act.

 

 

HB4582 Enrolled- 41 -LRB103 35517 HLH 65589 b

1    (c) Of the $1,000,000,000 authorized by this amendatory
2Act of 1985, an amount not less than $100,000,000 shall be
3reserved for financing developments which involve the
4rehabilitation of dwelling accommodations, subject to the
5occupancy reservation of low or moderate income persons or
6families as provided in this Act.
7(Source: P.A. 102-175, eff. 7-29-21.)
 
8
Article 25.

 
9    Section 25-5. The Local Government Debt Reform Act is
10amended by changing Sections 10, 16, and 17 as follows:
 
11    (30 ILCS 350/10)  (from Ch. 17, par. 6910)
12    Sec. 10. General provisions. Bonds authorized by
13applicable law may be issued in one or more series, bear such
14date or dates, become due at such time or times within 40
15years, except as expressly limited by applicable law, provided
16that notwithstanding any such express limitation bonds issued
17by any school district, Lockport High School, Township High
18School District 113, South Suburban Community College District
19No. 510, Elgin Community College District No. 509, or
20Kishwaukee Community College District No. 523 for the purpose
21of purchasing, constructing, or improving real or personal
22property, including bonds issued pursuant to Sections 17-2.11
23of the School Code, bonds issued to increase the working cash

 

 

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1fund of the district, and bonds issued to pay or paying claims
2against the any such district incurred for the purpose of
3purchasing, constructing, or improving real or personal
4property, and any bonds issued to refund or continue to refund
5those bonds, may become due within 30 25 years, bear interest
6payable at such intervals and at such rate or rates as
7authorized under applicable law, which rates may be fixed or
8variable, be in such denominations, be in such form, either
9coupon, registered or book-entry, carry such conversion,
10registration, and exchange privileges, be subject to
11defeasance upon such terms, have such rank or priority, be
12executed in such manner, be payable in such medium of payment
13at such place or places within or without the State of
14Illinois, make provision for a corporate trustee within or
15without the State with respect to such bonds, prescribe the
16rights, powers and duties thereof to be exercised for the
17benefit of the governmental unit and the protection of the
18bondholders, provide for the holding in trust, investment and
19use of moneys, funds and accounts held under an ordinance,
20provide for assignment of and direct payment of the moneys to
21pay such bonds or to be deposited into such funds or accounts
22directly to such trustee, be subject to such terms of
23redemption with or without premium, and be sold in such manner
24at private or public sale and at such price, all as the
25governing body shall determine. Whenever such bonds are sold
26at price less than par, they shall be sold at such price and

 

 

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1bear interest at such rate or rates such that either the true
2interest cost (yield) or the net interest rate, as may be
3selected by the governing body, received upon the sale of such
4bonds does not exceed the maximum rate otherwise authorized by
5applicable law. Except for an ordinance required to be
6published by applicable law in connection with a backdoor
7referendum, any bond ordinance adopted by a governing body
8under applicable law shall, in all instances, become effective
9immediately without publication or posting or any further act
10or requirement.
11(Source: P.A. 97-615, eff. 8-26-11; 98-36, eff. 6-28-13.)
 
12    (30 ILCS 350/16)  (from Ch. 17, par. 6916)
13    Sec. 16. Levy for bonds.
14    (a) A governmental unit may levy a tax for the payment of
15principal of and interest on general obligation bonds or
16limited bonds at any time prior to March 1 of the calendar year
17during which the tax will be collected. The county clerk shall
18accept the filing of the ordinance levying such tax
19notwithstanding that such time is subsequent to the end of the
20calendar year next preceding the calendar year during which
21such tax will be collected.
22    (b) The county clerk shall accept the electronic filing of
23any ordinance under subsection (a) and any certificate abating
24taxes levied by an ordinance under subsection (a). If a
25governmental unit electronically files an ordinance under

 

 

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1subsection (a) or a certificate abating taxes levied by an
2ordinance under subsection (a) electronically, then the
3governmental unit shall maintain an original signed copy of
4the ordinance as long as the general obligation bonds or
5limited bonds remain outstanding.
6    (c) In extending taxes for general obligation bonds, the
7county clerk shall add to the levy for debt service on such
8bonds an amount sufficient, in view of all losses and
9delinquencies in tax collection, to produce tax receipts
10adequate for the prompt payment of such debt service.
11(Source: P.A. 103-137, eff. 6-30-23.)
 
12    (30 ILCS 350/17)  (from Ch. 17, par. 6917)
13    Sec. 17. Leases and installment contracts.
14    (a) Interest not debt; debt on leases and installment
15contracts. Interest on bonds shall not be included in any
16computation of indebtedness of a governmental unit for the
17purpose of any statutory provision or limitation. For bonds
18consisting of leases and installment or financing contracts,
19(1) that portion of payments made by a governmental unit under
20the terms of a bond designated as interest in the bond or the
21ordinance authorizing such bond shall be treated as interest
22for purposes of this Section (2) where portions of payments
23due under the terms of a bond have not been designated as
24interest in the bond or the ordinance authorizing such bond,
25and all or a portion of such payments is to be used for the

 

 

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1payment of principal of and interest on other bonds of the
2governmental unit or bonds issued by another unit of local
3government, such as a public building commission, the payments
4equal to interest due on such corresponding bonds shall be
5treated as interest for purposes of this Section and (3) where
6portions of payments due under the terms of a bond have not
7been designated as interest in the bond or ordinance
8authorizing such bond and no portion of any such payment is to
9be used for the payment of principal of and interest on other
10bonds of the governmental unit or another unit of local
11government, a portion of each payment due under the terms of
12such bond shall be treated as interest for purposes of this
13Section; such portion shall be equal in amount to the interest
14that would have been paid on a notional obligation of the
15governmental unit (bearing interest at the highest rate
16permitted by law for bonds of the governmental unit at the time
17the bond was issued or, if no such limit existed, 12%) on which
18the payments of principal and interest were due at the same
19times and in the same amounts as payments are due under the
20terms of the bonds. The rule set forth in this Section shall be
21applicable to all interest no matter when earned or accrued or
22at what interval paid, and whether or not a bond bears interest
23which compounds at certain intervals. For purposes of bonds
24sold at amounts less than 95% of their stated value at
25maturity, interest for purposes of this Section includes the
26difference between the amount set forth on the face of the bond

 

 

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1as the original principal amount and the bond's stated value
2at maturity.
3    This subsection may be made applicable to bonds issued
4prior to the effective date of this Act by passage of an
5ordinance to such effect by the governing body of a
6governmental unit.
7    (b) Purchase or lease of property. The governing body of
8each governmental unit may purchase or lease either real or
9personal property, including investments, investment
10agreements, or investment services, through agreements that
11provide that the consideration for the purchase or lease may
12be paid through installments made at stated intervals for a
13period of no more than 20 years or another period of time
14authorized by law, whichever is greater; provided, however,
15that investments, investment agreements, or investment
16services purchased in connection with a bond issue may be paid
17through installments made at stated intervals for a period of
18time not in excess of the maximum term of such bond issue. Each
19governmental unit may issue certificates evidencing the
20indebtedness incurred under the lease or agreement. The
21governing body may provide for the treasurer, comptroller,
22finance officer, or other officer of the governing body
23charged with financial administration to act as counter-party
24to any such lease or agreement, as nominee lessor or seller.
25When the lease or agreement is executed by the officer of the
26governmental unit authorized by the governing body to bind the

 

 

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1governmental unit thereon by the execution thereof and is
2filed with and executed by the nominee lessor or seller, the
3lease or agreement shall be sufficiently executed so as to
4permit the governmental unit to issue certificates evidencing
5the indebtedness incurred under the lease or agreement. The
6certificates shall be valid whether or not an appropriation
7with respect thereto is included in any annual or supplemental
8budget adopted by the governmental unit. From time to time, as
9the governing body executes contracts for the purpose of
10acquiring and constructing the services or real or personal
11property that is a part of the subject of the lease or
12agreement, including financial, legal, architectural, and
13engineering services related to the lease or agreement, the
14governing body shall order the contracts shall be filed with
15the its nominee officer, and that officer shall identify the
16contracts to the lease or agreement; that identification shall
17permit the payment of the contract from the proceeds of the
18certificates; and the nominee officer shall duly apply or
19cause to be applied proceeds of the certificates to the
20payment of the contracts. The governing body of each
21governmental unit may sell, lease, convey, and reacquire
22either real or personal property, or any interest in real or
23personal property, upon any terms and conditions and in any
24manner, as the governing body shall determine, if the
25governmental unit will lease, acquire by purchase agreement,
26or otherwise reacquire the property, as authorized by this

 

 

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1subsection or any other applicable law.
2    All indebtedness incurred under this subsection, when
3aggregated with the existing indebtedness of the governmental
4unit, may not exceed the debt limits provided by applicable
5law.
6(Source: P.A. 91-493, eff. 8-13-99; 91-868, eff. 6-22-00;
792-879, eff. 1-13-03.)
 
8    Section 25-10. The Property Tax Code is amended by
9changing Section 18-185 as follows:
 
10    (35 ILCS 200/18-185)
11    Sec. 18-185. Short title; definitions. This Division 5
12may be cited as the Property Tax Extension Limitation Law. As
13used in this Division 5:
14    "Consumer Price Index" means the Consumer Price Index for
15All Urban Consumers for all items published by the United
16States Department of Labor.
17    "Extension limitation" means (a) the lesser of 5% or the
18percentage increase in the Consumer Price Index during the
1912-month calendar year preceding the levy year or (b) the rate
20of increase approved by voters under Section 18-205.
21    "Affected county" means a county of 3,000,000 or more
22inhabitants or a county contiguous to a county of 3,000,000 or
23more inhabitants.
24    "Taxing district" has the same meaning provided in Section

 

 

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11-150, except as otherwise provided in this Section. For the
21991 through 1994 levy years only, "taxing district" includes
3only each non-home rule taxing district having the majority of
4its 1990 equalized assessed value within any county or
5counties contiguous to a county with 3,000,000 or more
6inhabitants. Beginning with the 1995 levy year, "taxing
7district" includes only each non-home rule taxing district
8subject to this Law before the 1995 levy year and each non-home
9rule taxing district not subject to this Law before the 1995
10levy year having the majority of its 1994 equalized assessed
11value in an affected county or counties. Beginning with the
12levy year in which this Law becomes applicable to a taxing
13district as provided in Section 18-213, "taxing district" also
14includes those taxing districts made subject to this Law as
15provided in Section 18-213.
16    "Aggregate extension" for taxing districts to which this
17Law applied before the 1995 levy year means the annual
18corporate extension for the taxing district and those special
19purpose extensions that are made annually for the taxing
20district, excluding special purpose extensions: (a) made for
21the taxing district to pay interest or principal on general
22obligation bonds that were approved by referendum; (b) made
23for any taxing district to pay interest or principal on
24general obligation bonds issued before October 1, 1991; (c)
25made for any taxing district to pay interest or principal on
26bonds issued to refund or continue to refund those bonds

 

 

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1issued before October 1, 1991; (d) made for any taxing
2district to pay interest or principal on bonds issued to
3refund or continue to refund bonds issued after October 1,
41991 that were approved by referendum; (e) made for any taxing
5district to pay interest or principal on revenue bonds issued
6before October 1, 1991 for payment of which a property tax levy
7or the full faith and credit of the unit of local government is
8pledged; however, a tax for the payment of interest or
9principal on those bonds shall be made only after the
10governing body of the unit of local government finds that all
11other sources for payment are insufficient to make those
12payments; (f) made for payments under a building commission
13lease when the lease payments are for the retirement of bonds
14issued by the commission before October 1, 1991, to pay for the
15building project; (g) made for payments due under installment
16contracts entered into before October 1, 1991; (h) made for
17payments of principal and interest on bonds issued under the
18Metropolitan Water Reclamation District Act to finance
19construction projects initiated before October 1, 1991; (i)
20made for payments of principal and interest on limited bonds,
21as defined in Section 3 of the Local Government Debt Reform
22Act, in an amount not to exceed the debt service extension base
23less the amount in items (b), (c), (e), and (h) of this
24definition for non-referendum obligations, except obligations
25initially issued pursuant to referendum; (j) made for payments
26of principal and interest on bonds issued under Section 15 of

 

 

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1the Local Government Debt Reform Act; (k) made by a school
2district that participates in the Special Education District
3of Lake County, created by special education joint agreement
4under Section 10-22.31 of the School Code, for payment of the
5school district's share of the amounts required to be
6contributed by the Special Education District of Lake County
7to the Illinois Municipal Retirement Fund under Article 7 of
8the Illinois Pension Code; the amount of any extension under
9this item (k) shall be certified by the school district to the
10county clerk; (l) made to fund expenses of providing joint
11recreational programs for persons with disabilities under
12Section 5-8 of the Park District Code or Section 11-95-14 of
13the Illinois Municipal Code; (m) made for temporary relocation
14loan repayment purposes pursuant to Sections 2-3.77 and
1517-2.2d of the School Code; (n) made for payment of principal
16and interest on any bonds issued under the authority of
17Section 17-2.2d of the School Code; (o) made for contributions
18to a firefighter's pension fund created under Article 4 of the
19Illinois Pension Code, to the extent of the amount certified
20under item (5) of Section 4-134 of the Illinois Pension Code;
21and (p) made for road purposes in the first year after a
22township assumes the rights, powers, duties, assets, property,
23liabilities, obligations, and responsibilities of a road
24district abolished under the provisions of Section 6-133 of
25the Illinois Highway Code; and (q) made for the payment of
26principal and interest on any bonds issued under the authority

 

 

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1of Section 17-2.11 of the School Code or to refund or continue
2to refund those bonds.
3    "Aggregate extension" for the taxing districts to which
4this Law did not apply before the 1995 levy year (except taxing
5districts subject to this Law in accordance with Section
618-213) means the annual corporate extension for the taxing
7district and those special purpose extensions that are made
8annually for the taxing district, excluding special purpose
9extensions: (a) made for the taxing district to pay interest
10or principal on general obligation bonds that were approved by
11referendum; (b) made for any taxing district to pay interest
12or principal on general obligation bonds issued before March
131, 1995; (c) made for any taxing district to pay interest or
14principal on bonds issued to refund or continue to refund
15those bonds issued before March 1, 1995; (d) made for any
16taxing district to pay interest or principal on bonds issued
17to refund or continue to refund bonds issued after March 1,
181995 that were approved by referendum; (e) made for any taxing
19district to pay interest or principal on revenue bonds issued
20before March 1, 1995 for payment of which a property tax levy
21or the full faith and credit of the unit of local government is
22pledged; however, a tax for the payment of interest or
23principal on those bonds shall be made only after the
24governing body of the unit of local government finds that all
25other sources for payment are insufficient to make those
26payments; (f) made for payments under a building commission

 

 

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1lease when the lease payments are for the retirement of bonds
2issued by the commission before March 1, 1995 to pay for the
3building project; (g) made for payments due under installment
4contracts entered into before March 1, 1995; (h) made for
5payments of principal and interest on bonds issued under the
6Metropolitan Water Reclamation District Act to finance
7construction projects initiated before October 1, 1991; (h-4)
8made for stormwater management purposes by the Metropolitan
9Water Reclamation District of Greater Chicago under Section 12
10of the Metropolitan Water Reclamation District Act; (h-8) made
11for payments of principal and interest on bonds issued under
12Section 9.6a of the Metropolitan Water Reclamation District
13Act to make contributions to the pension fund established
14under Article 13 of the Illinois Pension Code; (i) made for
15payments of principal and interest on limited bonds, as
16defined in Section 3 of the Local Government Debt Reform Act,
17in an amount not to exceed the debt service extension base less
18the amount in items (b), (c), and (e) of this definition for
19non-referendum obligations, except obligations initially
20issued pursuant to referendum and bonds described in
21subsections (h) and (h-8) of this definition; (j) made for
22payments of principal and interest on bonds issued under
23Section 15 of the Local Government Debt Reform Act; (k) made
24for payments of principal and interest on bonds authorized by
25Public Act 88-503 and issued under Section 20a of the Chicago
26Park District Act for aquarium or museum projects and bonds

 

 

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1issued under Section 20a of the Chicago Park District Act for
2the purpose of making contributions to the pension fund
3established under Article 12 of the Illinois Pension Code; (l)
4made for payments of principal and interest on bonds
5authorized by Public Act 87-1191 or 93-601 and (i) issued
6pursuant to Section 21.2 of the Cook County Forest Preserve
7District Act, (ii) issued under Section 42 of the Cook County
8Forest Preserve District Act for zoological park projects, or
9(iii) issued under Section 44.1 of the Cook County Forest
10Preserve District Act for botanical gardens projects; (m) made
11pursuant to Section 34-53.5 of the School Code, whether levied
12annually or not; (n) made to fund expenses of providing joint
13recreational programs for persons with disabilities under
14Section 5-8 of the Park District Code or Section 11-95-14 of
15the Illinois Municipal Code; (o) made by the Chicago Park
16District for recreational programs for persons with
17disabilities under subsection (c) of Section 7.06 of the
18Chicago Park District Act; (p) made for contributions to a
19firefighter's pension fund created under Article 4 of the
20Illinois Pension Code, to the extent of the amount certified
21under item (5) of Section 4-134 of the Illinois Pension Code;
22(q) made by Ford Heights School District 169 under Section
2317-9.02 of the School Code; and (r) made for the purpose of
24making employer contributions to the Public School Teachers'
25Pension and Retirement Fund of Chicago under Section 34-53 of
26the School Code; and (s) made for the payment of principal and

 

 

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1interest on any bonds issued under the authority of Section
217-2.11 of the School Code or to refund or continue to refund
3those bonds.
4    "Aggregate extension" for all taxing districts to which
5this Law applies in accordance with Section 18-213, except for
6those taxing districts subject to paragraph (2) of subsection
7(e) of Section 18-213, means the annual corporate extension
8for the taxing district and those special purpose extensions
9that are made annually for the taxing district, excluding
10special purpose extensions: (a) made for the taxing district
11to pay interest or principal on general obligation bonds that
12were approved by referendum; (b) made for any taxing district
13to pay interest or principal on general obligation bonds
14issued before the date on which the referendum making this Law
15applicable to the taxing district is held; (c) made for any
16taxing district to pay interest or principal on bonds issued
17to refund or continue to refund those bonds issued before the
18date on which the referendum making this Law applicable to the
19taxing district is held; (d) made for any taxing district to
20pay interest or principal on bonds issued to refund or
21continue to refund bonds issued after the date on which the
22referendum making this Law applicable to the taxing district
23is held if the bonds were approved by referendum after the date
24on which the referendum making this Law applicable to the
25taxing district is held; (e) made for any taxing district to
26pay interest or principal on revenue bonds issued before the

 

 

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1date on which the referendum making this Law applicable to the
2taxing district is held for payment of which a property tax
3levy or the full faith and credit of the unit of local
4government is pledged; however, a tax for the payment of
5interest or principal on those bonds shall be made only after
6the governing body of the unit of local government finds that
7all other sources for payment are insufficient to make those
8payments; (f) made for payments under a building commission
9lease when the lease payments are for the retirement of bonds
10issued by the commission before the date on which the
11referendum making this Law applicable to the taxing district
12is held to pay for the building project; (g) made for payments
13due under installment contracts entered into before the date
14on which the referendum making this Law applicable to the
15taxing district is held; (h) made for payments of principal
16and interest on limited bonds, as defined in Section 3 of the
17Local Government Debt Reform Act, in an amount not to exceed
18the debt service extension base less the amount in items (b),
19(c), and (e) of this definition for non-referendum
20obligations, except obligations initially issued pursuant to
21referendum; (i) made for payments of principal and interest on
22bonds issued under Section 15 of the Local Government Debt
23Reform Act; (j) made for a qualified airport authority to pay
24interest or principal on general obligation bonds issued for
25the purpose of paying obligations due under, or financing
26airport facilities required to be acquired, constructed,

 

 

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1installed or equipped pursuant to, contracts entered into
2before March 1, 1996 (but not including any amendments to such
3a contract taking effect on or after that date); (k) made to
4fund expenses of providing joint recreational programs for
5persons with disabilities under Section 5-8 of the Park
6District Code or Section 11-95-14 of the Illinois Municipal
7Code; (l) made for contributions to a firefighter's pension
8fund created under Article 4 of the Illinois Pension Code, to
9the extent of the amount certified under item (5) of Section
104-134 of the Illinois Pension Code; and (m) made for the taxing
11district to pay interest or principal on general obligation
12bonds issued pursuant to Section 19-3.10 of the School Code;
13and (n) made for the payment of principal and interest on any
14bonds issued under the authority of Section 17-2.11 of the
15School Code or to refund or continue to refund those bonds.
16    "Aggregate extension" for all taxing districts to which
17this Law applies in accordance with paragraph (2) of
18subsection (e) of Section 18-213 means the annual corporate
19extension for the taxing district and those special purpose
20extensions that are made annually for the taxing district,
21excluding special purpose extensions: (a) made for the taxing
22district to pay interest or principal on general obligation
23bonds that were approved by referendum; (b) made for any
24taxing district to pay interest or principal on general
25obligation bonds issued before March 7, 1997 (the effective
26date of Public Act 89-718); (c) made for any taxing district to

 

 

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1pay interest or principal on bonds issued to refund or
2continue to refund those bonds issued before March 7, 1997
3(the effective date of Public Act 89-718); (d) made for any
4taxing district to pay interest or principal on bonds issued
5to refund or continue to refund bonds issued after March 7,
61997 (the effective date of Public Act 89-718) if the bonds
7were approved by referendum after March 7, 1997 (the effective
8date of Public Act 89-718); (e) made for any taxing district to
9pay interest or principal on revenue bonds issued before March
107, 1997 (the effective date of Public Act 89-718) for payment
11of which a property tax levy or the full faith and credit of
12the unit of local government is pledged; however, a tax for the
13payment of interest or principal on those bonds shall be made
14only after the governing body of the unit of local government
15finds that all other sources for payment are insufficient to
16make those payments; (f) made for payments under a building
17commission lease when the lease payments are for the
18retirement of bonds issued by the commission before March 7,
191997 (the effective date of Public Act 89-718) to pay for the
20building project; (g) made for payments due under installment
21contracts entered into before March 7, 1997 (the effective
22date of Public Act 89-718); (h) made for payments of principal
23and interest on limited bonds, as defined in Section 3 of the
24Local Government Debt Reform Act, in an amount not to exceed
25the debt service extension base less the amount in items (b),
26(c), and (e) of this definition for non-referendum

 

 

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1obligations, except obligations initially issued pursuant to
2referendum; (i) made for payments of principal and interest on
3bonds issued under Section 15 of the Local Government Debt
4Reform Act; (j) made for a qualified airport authority to pay
5interest or principal on general obligation bonds issued for
6the purpose of paying obligations due under, or financing
7airport facilities required to be acquired, constructed,
8installed or equipped pursuant to, contracts entered into
9before March 1, 1996 (but not including any amendments to such
10a contract taking effect on or after that date); (k) made to
11fund expenses of providing joint recreational programs for
12persons with disabilities under Section 5-8 of the Park
13District Code or Section 11-95-14 of the Illinois Municipal
14Code; and (l) made for contributions to a firefighter's
15pension fund created under Article 4 of the Illinois Pension
16Code, to the extent of the amount certified under item (5) of
17Section 4-134 of the Illinois Pension Code; and (m) made for
18the payment of principal and interest on any bonds issued
19under the authority of Section 17-2.11 of the School Code or to
20refund or continue to refund those bonds.
21    "Debt service extension base" means an amount equal to
22that portion of the extension for a taxing district for the
231994 levy year, or for those taxing districts subject to this
24Law in accordance with Section 18-213, except for those
25subject to paragraph (2) of subsection (e) of Section 18-213,
26for the levy year in which the referendum making this Law

 

 

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1applicable to the taxing district is held, or for those taxing
2districts subject to this Law in accordance with paragraph (2)
3of subsection (e) of Section 18-213 for the 1996 levy year,
4constituting an extension for payment of principal and
5interest on bonds issued by the taxing district without
6referendum, but not including excluded non-referendum bonds.
7For park districts (i) that were first subject to this Law in
81991 or 1995 and (ii) whose extension for the 1994 levy year
9for the payment of principal and interest on bonds issued by
10the park district without referendum (but not including
11excluded non-referendum bonds) was less than 51% of the amount
12for the 1991 levy year constituting an extension for payment
13of principal and interest on bonds issued by the park district
14without referendum (but not including excluded non-referendum
15bonds), "debt service extension base" means an amount equal to
16that portion of the extension for the 1991 levy year
17constituting an extension for payment of principal and
18interest on bonds issued by the park district without
19referendum (but not including excluded non-referendum bonds).
20A debt service extension base established or increased at any
21time pursuant to any provision of this Law, except Section
2218-212, shall be increased each year commencing with the later
23of (i) the 2009 levy year or (ii) the first levy year in which
24this Law becomes applicable to the taxing district, by the
25lesser of 5% or the percentage increase in the Consumer Price
26Index during the 12-month calendar year preceding the levy

 

 

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1year. The debt service extension base may be established or
2increased as provided under Section 18-212. "Excluded
3non-referendum bonds" means (i) bonds authorized by Public Act
488-503 and issued under Section 20a of the Chicago Park
5District Act for aquarium and museum projects; (ii) bonds
6issued under Section 15 of the Local Government Debt Reform
7Act; or (iii) refunding obligations issued to refund or to
8continue to refund obligations initially issued pursuant to
9referendum.
10    "Special purpose extensions" include, but are not limited
11to, extensions for levies made on an annual basis for
12unemployment and workers' compensation, self-insurance,
13contributions to pension plans, and extensions made pursuant
14to Section 6-601 of the Illinois Highway Code for a road
15district's permanent road fund whether levied annually or not.
16The extension for a special service area is not included in the
17aggregate extension.
18    "Aggregate extension base" means the taxing district's
19last preceding aggregate extension as adjusted under Sections
2018-135, 18-215, 18-230, 18-206, and 18-233. Beginning with
21levy year 2022, for taxing districts that are specified in
22Section 18-190.7, the taxing district's aggregate extension
23base shall be calculated as provided in Section 18-190.7. An
24adjustment under Section 18-135 shall be made for the 2007
25levy year and all subsequent levy years whenever one or more
26counties within which a taxing district is located (i) used

 

 

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1estimated valuations or rates when extending taxes in the
2taxing district for the last preceding levy year that resulted
3in the over or under extension of taxes, or (ii) increased or
4decreased the tax extension for the last preceding levy year
5as required by Section 18-135(c). Whenever an adjustment is
6required under Section 18-135, the aggregate extension base of
7the taxing district shall be equal to the amount that the
8aggregate extension of the taxing district would have been for
9the last preceding levy year if either or both (i) actual,
10rather than estimated, valuations or rates had been used to
11calculate the extension of taxes for the last levy year, or
12(ii) the tax extension for the last preceding levy year had not
13been adjusted as required by subsection (c) of Section 18-135.
14    Notwithstanding any other provision of law, for levy year
152012, the aggregate extension base for West Northfield School
16District No. 31 in Cook County shall be $12,654,592.
17    Notwithstanding any other provision of law, for levy year
182022, the aggregate extension base of a home equity assurance
19program that levied at least $1,000,000 in property taxes in
20levy year 2019 or 2020 under the Home Equity Assurance Act
21shall be the amount that the program's aggregate extension
22base for levy year 2021 would have been if the program had
23levied a property tax for levy year 2021.
24    "Levy year" has the same meaning as "year" under Section
251-155.
26    "New property" means (i) the assessed value, after final

 

 

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1board of review or board of appeals action, of new
2improvements or additions to existing improvements on any
3parcel of real property that increase the assessed value of
4that real property during the levy year multiplied by the
5equalization factor issued by the Department under Section
617-30, (ii) the assessed value, after final board of review or
7board of appeals action, of real property not exempt from real
8estate taxation, which real property was exempt from real
9estate taxation for any portion of the immediately preceding
10levy year, multiplied by the equalization factor issued by the
11Department under Section 17-30, including the assessed value,
12upon final stabilization of occupancy after new construction
13is complete, of any real property located within the
14boundaries of an otherwise or previously exempt military
15reservation that is intended for residential use and owned by
16or leased to a private corporation or other entity, (iii) in
17counties that classify in accordance with Section 4 of Article
18IX of the Illinois Constitution, an incentive property's
19additional assessed value resulting from a scheduled increase
20in the level of assessment as applied to the first year final
21board of review market value, and (iv) any increase in
22assessed value due to oil or gas production from an oil or gas
23well required to be permitted under the Hydraulic Fracturing
24Regulatory Act that was not produced in or accounted for
25during the previous levy year. In addition, the county clerk
26in a county containing a population of 3,000,000 or more shall

 

 

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1include in the 1997 recovered tax increment value for any
2school district, any recovered tax increment value that was
3applicable to the 1995 tax year calculations.
4    "Qualified airport authority" means an airport authority
5organized under the Airport Authorities Act and located in a
6county bordering on the State of Wisconsin and having a
7population in excess of 200,000 and not greater than 500,000.
8    "Recovered tax increment value" means, except as otherwise
9provided in this paragraph, the amount of the current year's
10equalized assessed value, in the first year after a
11municipality terminates the designation of an area as a
12redevelopment project area previously established under the
13Tax Increment Allocation Redevelopment Act in the Illinois
14Municipal Code, previously established under the Industrial
15Jobs Recovery Law in the Illinois Municipal Code, previously
16established under the Economic Development Project Area Tax
17Increment Act of 1995, or previously established under the
18Economic Development Area Tax Increment Allocation Act, of
19each taxable lot, block, tract, or parcel of real property in
20the redevelopment project area over and above the initial
21equalized assessed value of each property in the redevelopment
22project area. For the taxes which are extended for the 1997
23levy year, the recovered tax increment value for a non-home
24rule taxing district that first became subject to this Law for
25the 1995 levy year because a majority of its 1994 equalized
26assessed value was in an affected county or counties shall be

 

 

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1increased if a municipality terminated the designation of an
2area in 1993 as a redevelopment project area previously
3established under the Tax Increment Allocation Redevelopment
4Act in the Illinois Municipal Code, previously established
5under the Industrial Jobs Recovery Law in the Illinois
6Municipal Code, or previously established under the Economic
7Development Area Tax Increment Allocation Act, by an amount
8equal to the 1994 equalized assessed value of each taxable
9lot, block, tract, or parcel of real property in the
10redevelopment project area over and above the initial
11equalized assessed value of each property in the redevelopment
12project area. In the first year after a municipality removes a
13taxable lot, block, tract, or parcel of real property from a
14redevelopment project area established under the Tax Increment
15Allocation Redevelopment Act in the Illinois Municipal Code,
16the Industrial Jobs Recovery Law in the Illinois Municipal
17Code, or the Economic Development Area Tax Increment
18Allocation Act, "recovered tax increment value" means the
19amount of the current year's equalized assessed value of each
20taxable lot, block, tract, or parcel of real property removed
21from the redevelopment project area over and above the initial
22equalized assessed value of that real property before removal
23from the redevelopment project area.
24    Except as otherwise provided in this Section, "limiting
25rate" means a fraction the numerator of which is the last
26preceding aggregate extension base times an amount equal to

 

 

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1one plus the extension limitation defined in this Section and
2the denominator of which is the current year's equalized
3assessed value of all real property in the territory under the
4jurisdiction of the taxing district during the prior levy
5year. For those taxing districts that reduced their aggregate
6extension for the last preceding levy year, except for school
7districts that reduced their extension for educational
8purposes pursuant to Section 18-206, the highest aggregate
9extension in any of the last 3 preceding levy years shall be
10used for the purpose of computing the limiting rate. The
11denominator shall not include new property or the recovered
12tax increment value. If a new rate, a rate decrease, or a
13limiting rate increase has been approved at an election held
14after March 21, 2006, then (i) the otherwise applicable
15limiting rate shall be increased by the amount of the new rate
16or shall be reduced by the amount of the rate decrease, as the
17case may be, or (ii) in the case of a limiting rate increase,
18the limiting rate shall be equal to the rate set forth in the
19proposition approved by the voters for each of the years
20specified in the proposition, after which the limiting rate of
21the taxing district shall be calculated as otherwise provided.
22In the case of a taxing district that obtained referendum
23approval for an increased limiting rate on March 20, 2012, the
24limiting rate for tax year 2012 shall be the rate that
25generates the approximate total amount of taxes extendable for
26that tax year, as set forth in the proposition approved by the

 

 

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1voters; this rate shall be the final rate applied by the county
2clerk for the aggregate of all capped funds of the district for
3tax year 2012.
4(Source: P.A. 102-263, eff. 8-6-21; 102-311, eff. 8-6-21;
5102-519, eff. 8-20-21; 102-558, eff. 8-20-21; 102-707, eff.
64-22-22; 102-813, eff. 5-13-22; 102-895, eff. 5-23-22;
7103-154, eff. 6-30-23.)
 
8    Section 25-15. The School Code is amended by changing
9Sections 10-22.36, 17-2.11, 19-1, and 20-2 as follows:
 
10    (105 ILCS 5/10-22.36)  (from Ch. 122, par. 10-22.36)
11    Sec. 10-22.36. Buildings for school purposes.
12    (a) To build or purchase a building for school classroom
13or instructional purposes upon the approval of a majority of
14the voters upon the proposition at a referendum held for such
15purpose or in accordance with Section 17-2.11, 19-3.5, or
1619-3.10. The board may initiate such referendum by resolution.
17The board shall certify the resolution and proposition to the
18proper election authority for submission in accordance with
19the general election law.
20    The questions of building one or more new buildings for
21school purposes or office facilities, and issuing bonds for
22the purpose of borrowing money to purchase one or more
23buildings or sites for such buildings or office sites, to
24build one or more new buildings for school purposes or office

 

 

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1facilities or to make additions and improvements to existing
2school buildings, may be combined into one or more
3propositions on the ballot.
4    Before erecting, or purchasing or remodeling such a
5building the board shall submit the plans and specifications
6respecting heating, ventilating, lighting, seating, water
7supply, toilets and safety against fire to the regional
8superintendent of schools having supervision and control over
9the district, for approval in accordance with Section 2-3.12.
10    Notwithstanding any of the foregoing, no referendum shall
11be required if the purchase, construction, or building of any
12such building (1) occurs while the building is being leased by
13the school district or (2) is paid with (A) funds derived from
14the sale or disposition of other buildings, land, or
15structures of the school district or (B) funds received (i) as
16a grant under the School Construction Law or (ii) as gifts or
17donations, provided that no funds to purchase, construct, or
18build such building, other than lease payments, are derived
19from the district's bonded indebtedness or the tax levy of the
20district.
21    Notwithstanding any of the foregoing, no referendum shall
22be required if the purchase, construction, or building of any
23such building is paid with funds received from the County
24School Facility and Resources Occupation Tax Law under Section
255-1006.7 of the Counties Code or from the proceeds of bonds or
26other debt obligations secured by revenues obtained from that

 

 

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1Law.
2    Notwithstanding any of the foregoing, for Decatur School
3District Number 61, no referendum shall be required if at
4least 50% of the cost of the purchase, construction, or
5building of any such building is paid, or will be paid, with
6funds received or expected to be received as part of, or
7otherwise derived from, any COVID-19 pandemic relief program
8or funding source, including, but not limited to, Elementary
9and Secondary School Emergency Relief Fund grant proceeds.
10    (b) Notwithstanding the provisions of subsection (a), for
11any school district: (i) that is a tier 1 school, (ii) that has
12a population of less than 50,000 inhabitants, (iii) whose
13student population is between 5,800 and 6,300, (iv) in which
1457% to 62% of students are low-income, and (v) whose average
15district spending is between $10,000 to $12,000 per pupil,
16until July 1, 2025, no referendum shall be required if at least
1750% of the cost of the purchase, construction, or building of
18any such building is paid, or will be paid, with funds received
19or expected to be received as part of, or otherwise derived
20from, the federal Consolidated Appropriations Act and the
21federal American Rescue Plan Act of 2021.
22    For this subsection (b), the school board must hold at
23least 2 public hearings, the sole purpose of which shall be to
24discuss the decision to construct a school building and to
25receive input from the community. The notice of each public
26hearing that sets forth the time, date, place, and name or

 

 

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1description of the school building that the school board is
2considering constructing must be provided at least 10 days
3prior to the hearing by publication on the school board's
4Internet website.
5    (c) Notwithstanding the provisions of subsections
6subsection (a) and (b), for Cahokia Community Unit School
7District 187, no referendum shall be required for the lease of
8any building for school or educational purposes if the cost is
9paid or will be paid with funds available at the time of the
10lease in the district's existing fund balances to fund the
11lease of a building during the 2023-2024 or 2024-2025 school
12year.
13    For the purposes of this subsection (c), the school board
14must hold at least 2 public hearings, the sole purpose of which
15shall be to discuss the decision to lease a school building and
16to receive input from the community. The notice of each public
17hearing that sets forth the time, date, place, and name or
18description of the school building that the school board is
19considering leasing must be provided at least 10 days prior to
20the hearing by publication on the school district's website.
21    (d) (c) Notwithstanding the provisions of subsections
22subsection (a) and (b), for Bloomington School District 87, no
23referendum shall be required for the purchase, construction,
24or building of any building for school or education purposes
25if such cost is paid, or will be paid with funds available at
26the time of contract, purchase, construction, or building in

 

 

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1Bloomington School District Number 87's existing fund balances
2to fund the procurement or requisition of a building or site
3during the 2022-2023, 2023-2024, or 2024-2025 school year
4years.
5    For this subsection (d) (c), the school board must hold at
6least 2 public hearings, the sole purpose of which shall be to
7discuss the decision to construct a school building and to
8receive input from the community. The notice of each public
9hearing that sets forth the time, date, place, and name or
10description of the school building that the school board is
11considering constructing must be provided at least 10 days
12prior to the hearing by publication on the school board's
13website.
14    (e) Notwithstanding the provisions of subsection (a) and
15(b), beginning September 1, 2024, no referendum shall be
16required to build or purchase a building for school classroom
17or instructional purposes if, prior to the building or
18purchase of the building, the board determines, by resolution,
19that the building or purchase will result in an increase in
20pre-kindergarten or kindergarten classroom space in the
21district.
22(Source: P.A. 102-16, eff. 6-17-21; 102-699, eff. 7-1-22;
23103-8, eff. 6-7-23; 103-509, eff. 8-4-23; revised 8-31-23.)
 
24    (105 ILCS 5/17-2.11)  (from Ch. 122, par. 17-2.11)
25    Sec. 17-2.11. School board power to levy a tax or to borrow

 

 

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1money and issue bonds for fire prevention, safety, energy
2conservation, accessibility, school security, and specified
3repair purposes.
4    (a) Whenever, as a result of any lawful order of any
5agency, other than a school board, having authority to enforce
6any school building code applicable to any facility that
7houses students, or any law or regulation for the protection
8and safety of the environment, pursuant to the Environmental
9Protection Act, any school district having a population of
10less than 500,000 inhabitants is required to alter or
11reconstruct any school building or permanent, fixed equipment;
12the district may, by proper resolution, levy a tax for the
13purpose of making such alteration or reconstruction, based on
14a survey report by an architect or engineer licensed in this
15State, upon all of the taxable property of the district at the
16value as assessed by the Department of Revenue and at a rate
17not to exceed 0.05% per year for a period sufficient to finance
18such alteration or reconstruction, upon the following
19conditions:
20        (1) When there are not sufficient funds available in
21    the operations and maintenance fund of the school
22    district, the school facility occupation tax fund of the
23    district, or the fire prevention and safety fund of the
24    district, as determined by the district on the basis of
25    rules adopted by the State Board of Education, to make
26    such alteration or reconstruction or to purchase and

 

 

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1    install such permanent, fixed equipment so ordered or
2    determined as necessary. Appropriate school district
3    records must be made available to the State Superintendent
4    of Education, upon request, to confirm this insufficiency.
5        (2) When a certified estimate of an architect or
6    engineer licensed in this State stating the estimated
7    amount necessary to make the alteration or reconstruction
8    or to purchase and install the equipment so ordered has
9    been secured by the school district, and the estimate has
10    been approved by the regional superintendent of schools
11    having jurisdiction over the district and the State
12    Superintendent of Education. Approval must not be granted
13    for any work that has already started without the prior
14    express authorization of the State Superintendent of
15    Education. If the estimate is not approved or is denied
16    approval by the regional superintendent of schools within
17    3 months after the date on which it is submitted to him or
18    her, the school board of the district may submit the
19    estimate directly to the State Superintendent of Education
20    for approval or denial.
21    In the case of an emergency situation, where the estimated
22cost to effectuate emergency repairs is less than the amount
23specified in Section 10-20.21 of this Code, the school
24district may proceed with such repairs prior to approval by
25the State Superintendent of Education, but shall comply with
26the provisions of subdivision (2) of this subsection (a) as

 

 

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1soon thereafter as may be as well as Section 10-20.21 of this
2Code. If the estimated cost to effectuate emergency repairs is
3greater than the amount specified in Section 10-20.21 of this
4Code, then the school district shall proceed in conformity
5with Section 10-20.21 of this Code and with rules established
6by the State Board of Education to address such situations.
7The rules adopted by the State Board of Education to deal with
8these situations shall stipulate that emergency situations
9must be expedited and given priority consideration. For
10purposes of this paragraph, an emergency is a situation that
11presents an imminent and continuing threat to the health and
12safety of students or other occupants of a facility, requires
13complete or partial evacuation of a building or part of a
14building, or consumes one or more of the 5 emergency days built
15into the adopted calendar of the school or schools or would
16otherwise be expected to cause such school or schools to fall
17short of the minimum school calendar requirements.
18    (b) Whenever any such district determines that it is
19necessary for energy conservation purposes that any school
20building or permanent, fixed equipment should be altered or
21reconstructed and that such alterations or reconstruction will
22be made with funds not necessary for the completion of
23approved and recommended projects contained in any safety
24survey report or amendments thereto authorized by Section
252-3.12 of this Act; the district may levy a tax or issue bonds
26as provided in subsection (a) of this Section.

 

 

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1    (c) Whenever any such district determines that it is
2necessary for accessibility purposes and to comply with the
3school building code that any school building or equipment
4should be altered or reconstructed and that such alterations
5or reconstruction will be made with funds not necessary for
6the completion of approved and recommended projects contained
7in any safety survey report or amendments thereto authorized
8under Section 2-3.12 of this Act, the district may levy a tax
9or issue bonds as provided in subsection (a) of this Section.
10    (d) Whenever any such district determines that it is
11necessary for school security purposes and the related
12protection and safety of pupils and school personnel that any
13school building or property should be altered or reconstructed
14or that security systems and equipment (including but not
15limited to intercom, early detection and warning, access
16control and television monitoring systems) should be purchased
17and installed, and that such alterations, reconstruction or
18purchase and installation of equipment will be made with funds
19not necessary for the completion of approved and recommended
20projects contained in any safety survey report or amendment
21thereto authorized by Section 2-3.12 of this Act and will
22deter and prevent unauthorized entry or activities upon school
23property by unknown or dangerous persons, assure early
24detection and advance warning of any such actual or attempted
25unauthorized entry or activities and help assure the continued
26safety of pupils and school staff if any such unauthorized

 

 

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1entry or activity is attempted or occurs; the district may
2levy a tax or issue bonds as provided in subsection (a) of this
3Section.
4    If such a school district determines that it is necessary
5for school security purposes and the related protection and
6safety of pupils and school staff to hire a school resource
7officer or that personnel costs for school counselors, mental
8health experts, or school resource officers are necessary and
9the district determines that it does not need funds for any of
10the other purposes set forth in this Section, then the
11district may levy a tax or issue bonds as provided in
12subsection (a).
13    (e) If a school district does not need funds for other fire
14prevention and safety projects, including the completion of
15approved and recommended projects contained in any safety
16survey report or amendments thereto authorized by Section
172-3.12 of this Act, and it is determined after a public hearing
18(which is preceded by at least one published notice (i)
19occurring at least 7 days prior to the hearing in a newspaper
20of general circulation within the school district and (ii)
21setting forth the time, date, place, and general subject
22matter of the hearing) that there is a substantial, immediate,
23and otherwise unavoidable threat to the health, safety, or
24welfare of pupils due to disrepair of school sidewalks,
25playgrounds, parking lots, or school bus turnarounds and
26repairs must be made; then the district may levy a tax or issue

 

 

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1bonds as provided in subsection (a) of this Section.
2    (f) For purposes of this Section a school district may
3replace a school building or build additions to replace
4portions of a building when it is determined that the
5effectuation of the recommendations for the existing building
6will cost more than the replacement costs. Such determination
7shall be based on a comparison of estimated costs made by an
8architect or engineer licensed in the State of Illinois. The
9new building or addition shall be equivalent in area (square
10feet) and comparable in purpose and grades served and may be on
11the same site or another site. Such replacement may only be
12done upon order of the regional superintendent of schools and
13the approval of the State Superintendent of Education.
14    (g) The filing of a certified copy of the resolution
15levying the tax when accompanied by the certificates of the
16regional superintendent of schools and State Superintendent of
17Education shall be the authority of the county clerk to extend
18such tax.
19    (h) The county clerk of the county in which any school
20district levying a tax under the authority of this Section is
21located, in reducing raised levies, shall not consider any
22such tax as a part of the general levy for school purposes and
23shall not include the same in the limitation of any other tax
24rate which may be extended.
25    Such tax shall be levied and collected in like manner as
26all other taxes of school districts, subject to the provisions

 

 

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1contained in this Section.
2    (i) The tax rate limit specified in this Section may be
3increased to .10% upon the approval of a proposition to effect
4such increase by a majority of the electors voting on that
5proposition at a regular scheduled election. Such proposition
6may be initiated by resolution of the school board and shall be
7certified by the secretary to the proper election authorities
8for submission in accordance with the general election law.
9    (j) When taxes are levied by any school district for fire
10prevention, safety, energy conservation, and school security
11purposes as specified in this Section, and the purposes for
12which the taxes have been levied are accomplished and paid in
13full, and there remain funds on hand in the Fire Prevention and
14Safety Fund from the proceeds of the taxes levied, including
15interest earnings thereon, the school board by resolution
16shall use such excess and other board restricted funds,
17excluding bond proceeds and earnings from such proceeds, as
18follows:
19        (1) for other authorized fire prevention, safety,
20    energy conservation, required safety inspections, school
21    security purposes, sampling for lead in drinking water in
22    schools, and for repair and mitigation due to lead levels
23    in the drinking water supply; or
24        (2) for transfer to the Operations and Maintenance
25    Fund for the purpose of abating an equal amount of
26    operations and maintenance purposes taxes.

 

 

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1Notwithstanding subdivision (2) of this subsection (j) and
2subsection (k) of this Section, through June 30, 2021, the
3school board may, by proper resolution following a public
4hearing set by the school board or the president of the school
5board (that is preceded (i) by at least one published notice
6over the name of the clerk or secretary of the board, occurring
7at least 7 days and not more than 30 days prior to the hearing,
8in a newspaper of general circulation within the school
9district and (ii) by posted notice over the name of the clerk
10or secretary of the board, at least 48 hours before the
11hearing, at the principal office of the school board or at the
12building where the hearing is to be held if a principal office
13does not exist, with both notices setting forth the time,
14date, place, and subject matter of the hearing), transfer
15surplus life safety taxes and interest earnings thereon to the
16Operations and Maintenance Fund for building repair work.
17    (k) If any transfer is made to the Operation and
18Maintenance Fund, the secretary of the school board shall
19within 30 days notify the county clerk of the amount of that
20transfer and direct the clerk to abate the taxes to be extended
21for the purposes of operations and maintenance authorized
22under Section 17-2 of this Act by an amount equal to such
23transfer.
24    (l) If the proceeds from the tax levy authorized by this
25Section are insufficient to complete the work approved under
26this Section, the school board is authorized to sell bonds

 

 

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1without referendum under the provisions of this Section in an
2amount that, when added to the proceeds of the tax levy
3authorized by this Section, will allow completion of the
4approved work.
5    (m) Any bonds issued pursuant to this Section shall bear
6interest at a rate not to exceed the maximum rate authorized by
7law at the time of the making of the contract, shall mature
8within 20 years from date, and shall be signed by the president
9of the school board and the treasurer of the school district.
10The authorized amount of bonds issued pursuant to this Section
11may be increased by an amount not to exceed 3% of that
12authorized amount to provide for expenses of issuing the
13bonds, including underwriter's compensation and costs of bond
14insurance or other credit enhancement, and also an amount to
15pay capitalized interest as otherwise permitted by law.
16    (n) In order to authorize and issue such bonds, the school
17board shall adopt a resolution fixing the amount of bonds, the
18date thereof, the maturities thereof, rates of interest
19thereof, place of payment and denomination, which shall be in
20denominations of not less than $100 and not more than $5,000,
21and provide for the levy and collection of a direct annual tax
22upon all the taxable property in the school district
23sufficient to pay the principal and interest on such bonds to
24maturity. Upon the filing in the office of the county clerk of
25the county in which the school district is located of a
26certified copy of the resolution, it is the duty of the county

 

 

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1clerk to extend the tax therefor in addition to and in excess
2of all other taxes heretofore or hereafter authorized to be
3levied by such school district.
4    (o) After the time such bonds are issued as provided for by
5this Section, if additional alterations or reconstructions are
6required to be made because of surveys conducted by an
7architect or engineer licensed in the State of Illinois, the
8district may levy a tax at a rate not to exceed .05% per year
9upon all the taxable property of the district or issue
10additional bonds, whichever action shall be the most feasible.
11    (p) This Section is cumulative and constitutes complete
12authority for the issuance of bonds as provided in this
13Section notwithstanding any other statute or law to the
14contrary.
15    (q) With respect to instruments for the payment of money
16issued under this Section either before, on, or after the
17effective date of Public Act 86-004 (June 6, 1989), it is, and
18always has been, the intention of the General Assembly (i)
19that the Omnibus Bond Acts are, and always have been,
20supplementary grants of power to issue instruments in
21accordance with the Omnibus Bond Acts, regardless of any
22provision of this Act that may appear to be or to have been
23more restrictive than those Acts, (ii) that the provisions of
24this Section are not a limitation on the supplementary
25authority granted by the Omnibus Bond Acts, and (iii) that
26instruments issued under this Section within the supplementary

 

 

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1authority granted by the Omnibus Bond Acts are not invalid
2because of any provision of this Act that may appear to be or
3to have been more restrictive than those Acts.
4    (r) When the purposes for which the bonds are issued have
5been accomplished and paid for in full and there remain funds
6on hand from the proceeds of the bond sale and interest
7earnings therefrom, the board shall, by resolution, use such
8excess funds in accordance with the provisions of Section
910-22.14 of this Act.
10    (s) Whenever any tax is levied or bonds issued for fire
11prevention, safety, energy conservation, and school security
12purposes, such proceeds shall be deposited and accounted for
13separately within the Fire Prevention and Safety Fund.
14(Source: P.A. 100-465, eff. 8-31-17; 101-455, eff. 8-23-19;
15101-643, eff. 6-18-20.)
 
16    (105 ILCS 5/19-1)
17    Sec. 19-1. Debt limitations of school districts.
18    (a) School districts shall not be subject to the
19provisions limiting their indebtedness prescribed in the Local
20Government Debt Limitation Act.
21    No school districts maintaining grades K through 8 or 9
22through 12 shall become indebted in any manner or for any
23purpose to an amount, including existing indebtedness, in the
24aggregate exceeding 6.9% on the value of the taxable property
25therein to be ascertained by the last assessment for State and

 

 

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1county taxes or, until January 1, 1983, if greater, the sum
2that is produced by multiplying the school district's 1978
3equalized assessed valuation by the debt limitation percentage
4in effect on January 1, 1979, previous to the incurring of such
5indebtedness.
6    No school districts maintaining grades K through 12 shall
7become indebted in any manner or for any purpose to an amount,
8including existing indebtedness, in the aggregate exceeding
913.8% on the value of the taxable property therein to be
10ascertained by the last assessment for State and county taxes
11or, until January 1, 1983, if greater, the sum that is produced
12by multiplying the school district's 1978 equalized assessed
13valuation by the debt limitation percentage in effect on
14January 1, 1979, previous to the incurring of such
15indebtedness.
16    No partial elementary unit district, as defined in Article
1711E of this Code, shall become indebted in any manner or for
18any purpose in an amount, including existing indebtedness, in
19the aggregate exceeding 6.9% of the value of the taxable
20property of the entire district, to be ascertained by the last
21assessment for State and county taxes, plus an amount,
22including existing indebtedness, in the aggregate exceeding
236.9% of the value of the taxable property of that portion of
24the district included in the elementary and high school
25classification, to be ascertained by the last assessment for
26State and county taxes. Moreover, no partial elementary unit

 

 

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1district, as defined in Article 11E of this Code, shall become
2indebted on account of bonds issued by the district for high
3school purposes in the aggregate exceeding 6.9% of the value
4of the taxable property of the entire district, to be
5ascertained by the last assessment for State and county taxes,
6nor shall the district become indebted on account of bonds
7issued by the district for elementary purposes in the
8aggregate exceeding 6.9% of the value of the taxable property
9for that portion of the district included in the elementary
10and high school classification, to be ascertained by the last
11assessment for State and county taxes.
12    Notwithstanding the provisions of any other law to the
13contrary, in any case in which the voters of a school district
14have approved a proposition for the issuance of bonds of such
15school district at an election held prior to January 1, 1979,
16and all of the bonds approved at such election have not been
17issued, the debt limitation applicable to such school district
18during the calendar year 1979 shall be computed by multiplying
19the value of taxable property therein, including personal
20property, as ascertained by the last assessment for State and
21county taxes, previous to the incurring of such indebtedness,
22by the percentage limitation applicable to such school
23district under the provisions of this subsection (a).
24    (a-5) After January 1, 2018, no school district may issue
25bonds under Sections 19-2 through 19-7 of this Code and rely on
26an exception to the debt limitations in this Section unless it

 

 

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1has complied with the requirements of Section 21 of the Bond
2Issue Notification Act and the bonds have been approved by
3referendum.
4    (b) Notwithstanding the debt limitation prescribed in
5subsection (a) of this Section, additional indebtedness may be
6incurred in an amount not to exceed the estimated cost of
7acquiring or improving school sites or constructing and
8equipping additional building facilities under the following
9conditions:
10        (1) Whenever the enrollment of students for the next
11    school year is estimated by the board of education to
12    increase over the actual present enrollment by not less
13    than 35% or by not less than 200 students or the actual
14    present enrollment of students has increased over the
15    previous school year by not less than 35% or by not less
16    than 200 students and the board of education determines
17    that additional school sites or building facilities are
18    required as a result of such increase in enrollment; and
19        (2) When the Regional Superintendent of Schools having
20    jurisdiction over the school district and the State
21    Superintendent of Education concur in such enrollment
22    projection or increase and approve the need for such
23    additional school sites or building facilities and the
24    estimated cost thereof; and
25        (3) When the voters in the school district approve a
26    proposition for the issuance of bonds for the purpose of

 

 

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1    acquiring or improving such needed school sites or
2    constructing and equipping such needed additional building
3    facilities at an election called and held for that
4    purpose. Notice of such an election shall state that the
5    amount of indebtedness proposed to be incurred would
6    exceed the debt limitation otherwise applicable to the
7    school district. The ballot for such proposition shall
8    state what percentage of the equalized assessed valuation
9    will be outstanding in bonds if the proposed issuance of
10    bonds is approved by the voters; or
11        (4) Notwithstanding the provisions of paragraphs (1)
12    through (3) of this subsection (b), if the school board
13    determines that additional facilities are needed to
14    provide a quality educational program and not less than
15    2/3 of those voting in an election called by the school
16    board on the question approve the issuance of bonds for
17    the construction of such facilities, the school district
18    may issue bonds for this purpose; or
19        (5) Notwithstanding the provisions of paragraphs (1)
20    through (3) of this subsection (b), if (i) the school
21    district has previously availed itself of the provisions
22    of paragraph (4) of this subsection (b) to enable it to
23    issue bonds, (ii) the voters of the school district have
24    not defeated a proposition for the issuance of bonds since
25    the referendum described in paragraph (4) of this
26    subsection (b) was held, (iii) the school board determines

 

 

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1    that additional facilities are needed to provide a quality
2    educational program, and (iv) a majority of those voting
3    in an election called by the school board on the question
4    approve the issuance of bonds for the construction of such
5    facilities, the school district may issue bonds for this
6    purpose.
7    In no event shall the indebtedness incurred pursuant to
8this subsection (b) and the existing indebtedness of the
9school district exceed 15% of the value of the taxable
10property therein to be ascertained by the last assessment for
11State and county taxes, previous to the incurring of such
12indebtedness or, until January 1, 1983, if greater, the sum
13that is produced by multiplying the school district's 1978
14equalized assessed valuation by the debt limitation percentage
15in effect on January 1, 1979.
16    The indebtedness provided for by this subsection (b) shall
17be in addition to and in excess of any other debt limitation.
18    (c) Notwithstanding the debt limitation prescribed in
19subsection (a) of this Section, in any case in which a public
20question for the issuance of bonds of a proposed school
21district maintaining grades kindergarten through 12 received
22at least 60% of the valid ballots cast on the question at an
23election held on or prior to November 8, 1994, and in which the
24bonds approved at such election have not been issued, the
25school district pursuant to the requirements of Section 11A-10
26(now repealed) may issue the total amount of bonds approved at

 

 

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1such election for the purpose stated in the question.
2    (d) Notwithstanding the debt limitation prescribed in
3subsection (a) of this Section, a school district that meets
4all the criteria set forth in paragraphs (1) and (2) of this
5subsection (d) may incur an additional indebtedness in an
6amount not to exceed $4,500,000, even though the amount of the
7additional indebtedness authorized by this subsection (d),
8when incurred and added to the aggregate amount of
9indebtedness of the district existing immediately prior to the
10district incurring the additional indebtedness authorized by
11this subsection (d), causes the aggregate indebtedness of the
12district to exceed the debt limitation otherwise applicable to
13that district under subsection (a):
14        (1) The additional indebtedness authorized by this
15    subsection (d) is incurred by the school district through
16    the issuance of bonds under and in accordance with Section
17    17-2.11a for the purpose of replacing a school building
18    which, because of mine subsidence damage, has been closed
19    as provided in paragraph (2) of this subsection (d) or
20    through the issuance of bonds under and in accordance with
21    Section 19-3 for the purpose of increasing the size of, or
22    providing for additional functions in, such replacement
23    school buildings, or both such purposes.
24        (2) The bonds issued by the school district as
25    provided in paragraph (1) above are issued for the
26    purposes of construction by the school district of a new

 

 

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1    school building pursuant to Section 17-2.11, to replace an
2    existing school building that, because of mine subsidence
3    damage, is closed as of the end of the 1992-93 school year
4    pursuant to action of the regional superintendent of
5    schools of the educational service region in which the
6    district is located under Section 3-14.22 or are issued
7    for the purpose of increasing the size of, or providing
8    for additional functions in, the new school building being
9    constructed to replace a school building closed as the
10    result of mine subsidence damage, or both such purposes.
11    (e) (Blank).
12    (f) Notwithstanding the provisions of subsection (a) of
13this Section or of any other law, bonds in not to exceed the
14aggregate amount of $5,500,000 and issued by a school district
15meeting the following criteria shall not be considered
16indebtedness for purposes of any statutory limitation and may
17be issued in an amount or amounts, including existing
18indebtedness, in excess of any heretofore or hereafter imposed
19statutory limitation as to indebtedness:
20        (1) At the time of the sale of such bonds, the board of
21    education of the district shall have determined by
22    resolution that the enrollment of students in the district
23    is projected to increase by not less than 7% during each of
24    the next succeeding 2 school years.
25        (2) The board of education shall also determine by
26    resolution that the improvements to be financed with the

 

 

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1    proceeds of the bonds are needed because of the projected
2    enrollment increases.
3        (3) The board of education shall also determine by
4    resolution that the projected increases in enrollment are
5    the result of improvements made or expected to be made to
6    passenger rail facilities located in the school district.
7    Notwithstanding the provisions of subsection (a) of this
8Section or of any other law, a school district that has availed
9itself of the provisions of this subsection (f) prior to July
1022, 2004 (the effective date of Public Act 93-799) may also
11issue bonds approved by referendum up to an amount, including
12existing indebtedness, not exceeding 25% of the equalized
13assessed value of the taxable property in the district if all
14of the conditions set forth in items (1), (2), and (3) of this
15subsection (f) are met.
16    (g) Notwithstanding the provisions of subsection (a) of
17this Section or any other law, bonds in not to exceed an
18aggregate amount of 25% of the equalized assessed value of the
19taxable property of a school district and issued by a school
20district meeting the criteria in paragraphs (i) through (iv)
21of this subsection shall not be considered indebtedness for
22purposes of any statutory limitation and may be issued
23pursuant to resolution of the school board in an amount or
24amounts, including existing indebtedness, in excess of any
25statutory limitation of indebtedness heretofore or hereafter
26imposed:

 

 

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1        (i) The bonds are issued for the purpose of
2    constructing a new high school building to replace two
3    adjacent existing buildings which together house a single
4    high school, each of which is more than 65 years old, and
5    which together are located on more than 10 acres and less
6    than 11 acres of property.
7        (ii) At the time the resolution authorizing the
8    issuance of the bonds is adopted, the cost of constructing
9    a new school building to replace the existing school
10    building is less than 60% of the cost of repairing the
11    existing school building.
12        (iii) The sale of the bonds occurs before July 1,
13    1997.
14        (iv) The school district issuing the bonds is a unit
15    school district located in a county of less than 70,000
16    and more than 50,000 inhabitants, which has an average
17    daily attendance of less than 1,500 and an equalized
18    assessed valuation of less than $29,000,000.
19    (h) Notwithstanding any other provisions of this Section
20or the provisions of any other law, until January 1, 1998, a
21community unit school district maintaining grades K through 12
22may issue bonds up to an amount, including existing
23indebtedness, not exceeding 27.6% of the equalized assessed
24value of the taxable property in the district, if all of the
25following conditions are met:
26        (i) The school district has an equalized assessed

 

 

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1    valuation for calendar year 1995 of less than $24,000,000;
2        (ii) The bonds are issued for the capital improvement,
3    renovation, rehabilitation, or replacement of existing
4    school buildings of the district, all of which buildings
5    were originally constructed not less than 40 years ago;
6        (iii) The voters of the district approve a proposition
7    for the issuance of the bonds at a referendum held after
8    March 19, 1996; and
9        (iv) The bonds are issued pursuant to Sections 19-2
10    through 19-7 of this Code.
11    (i) Notwithstanding any other provisions of this Section
12or the provisions of any other law, until January 1, 1998, a
13community unit school district maintaining grades K through 12
14may issue bonds up to an amount, including existing
15indebtedness, not exceeding 27% of the equalized assessed
16value of the taxable property in the district, if all of the
17following conditions are met:
18        (i) The school district has an equalized assessed
19    valuation for calendar year 1995 of less than $44,600,000;
20        (ii) The bonds are issued for the capital improvement,
21    renovation, rehabilitation, or replacement of existing
22    school buildings of the district, all of which existing
23    buildings were originally constructed not less than 80
24    years ago;
25        (iii) The voters of the district approve a proposition
26    for the issuance of the bonds at a referendum held after

 

 

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1    December 31, 1996; and
2        (iv) The bonds are issued pursuant to Sections 19-2
3    through 19-7 of this Code.
4    (j) Notwithstanding any other provisions of this Section
5or the provisions of any other law, until January 1, 1999, a
6community unit school district maintaining grades K through 12
7may issue bonds up to an amount, including existing
8indebtedness, not exceeding 27% of the equalized assessed
9value of the taxable property in the district if all of the
10following conditions are met:
11        (i) The school district has an equalized assessed
12    valuation for calendar year 1995 of less than $140,000,000
13    and a best 3 months average daily attendance for the
14    1995-96 school year of at least 2,800;
15        (ii) The bonds are issued to purchase a site and build
16    and equip a new high school, and the school district's
17    existing high school was originally constructed not less
18    than 35 years prior to the sale of the bonds;
19        (iii) At the time of the sale of the bonds, the board
20    of education determines by resolution that a new high
21    school is needed because of projected enrollment
22    increases;
23        (iv) At least 60% of those voting in an election held
24    after December 31, 1996 approve a proposition for the
25    issuance of the bonds; and
26        (v) The bonds are issued pursuant to Sections 19-2

 

 

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1    through 19-7 of this Code.
2    (k) Notwithstanding the debt limitation prescribed in
3subsection (a) of this Section, a school district that meets
4all the criteria set forth in paragraphs (1) through (4) of
5this subsection (k) may issue bonds to incur an additional
6indebtedness in an amount not to exceed $4,000,000 even though
7the amount of the additional indebtedness authorized by this
8subsection (k), when incurred and added to the aggregate
9amount of indebtedness of the school district existing
10immediately prior to the school district incurring such
11additional indebtedness, causes the aggregate indebtedness of
12the school district to exceed or increases the amount by which
13the aggregate indebtedness of the district already exceeds the
14debt limitation otherwise applicable to that school district
15under subsection (a):
16        (1) the school district is located in 2 counties, and
17    a referendum to authorize the additional indebtedness was
18    approved by a majority of the voters of the school
19    district voting on the proposition to authorize that
20    indebtedness;
21        (2) the additional indebtedness is for the purpose of
22    financing a multi-purpose room addition to the existing
23    high school;
24        (3) the additional indebtedness, together with the
25    existing indebtedness of the school district, shall not
26    exceed 17.4% of the value of the taxable property in the

 

 

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1    school district, to be ascertained by the last assessment
2    for State and county taxes; and
3        (4) the bonds evidencing the additional indebtedness
4    are issued, if at all, within 120 days of August 14, 1998
5    (the effective date of Public Act 90-757).
6    (l) Notwithstanding any other provisions of this Section
7or the provisions of any other law, until January 1, 2000, a
8school district maintaining grades kindergarten through 8 may
9issue bonds up to an amount, including existing indebtedness,
10not exceeding 15% of the equalized assessed value of the
11taxable property in the district if all of the following
12conditions are met:
13        (i) the district has an equalized assessed valuation
14    for calendar year 1996 of less than $10,000,000;
15        (ii) the bonds are issued for capital improvement,
16    renovation, rehabilitation, or replacement of one or more
17    school buildings of the district, which buildings were
18    originally constructed not less than 70 years ago;
19        (iii) the voters of the district approve a proposition
20    for the issuance of the bonds at a referendum held on or
21    after March 17, 1998; and
22        (iv) the bonds are issued pursuant to Sections 19-2
23    through 19-7 of this Code.
24    (m) Notwithstanding any other provisions of this Section
25or the provisions of any other law, until January 1, 1999, an
26elementary school district maintaining grades K through 8 may

 

 

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1issue bonds up to an amount, excluding existing indebtedness,
2not exceeding 18% of the equalized assessed value of the
3taxable property in the district, if all of the following
4conditions are met:
5        (i) The school district has an equalized assessed
6    valuation for calendar year 1995 or less than $7,700,000;
7        (ii) The school district operates 2 elementary
8    attendance centers that until 1976 were operated as the
9    attendance centers of 2 separate and distinct school
10    districts;
11        (iii) The bonds are issued for the construction of a
12    new elementary school building to replace an existing
13    multi-level elementary school building of the school
14    district that is not accessible at all levels and parts of
15    which were constructed more than 75 years ago;
16        (iv) The voters of the school district approve a
17    proposition for the issuance of the bonds at a referendum
18    held after July 1, 1998; and
19        (v) The bonds are issued pursuant to Sections 19-2
20    through 19-7 of this Code.
21    (n) Notwithstanding the debt limitation prescribed in
22subsection (a) of this Section or any other provisions of this
23Section or of any other law, a school district that meets all
24of the criteria set forth in paragraphs (i) through (vi) of
25this subsection (n) may incur additional indebtedness by the
26issuance of bonds in an amount not exceeding the amount

 

 

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1certified by the Capital Development Board to the school
2district as provided in paragraph (iii) of this subsection
3(n), even though the amount of the additional indebtedness so
4authorized, when incurred and added to the aggregate amount of
5indebtedness of the district existing immediately prior to the
6district incurring the additional indebtedness authorized by
7this subsection (n), causes the aggregate indebtedness of the
8district to exceed the debt limitation otherwise applicable by
9law to that district:
10        (i) The school district applies to the State Board of
11    Education for a school construction project grant and
12    submits a district facilities plan in support of its
13    application pursuant to Section 5-20 of the School
14    Construction Law.
15        (ii) The school district's application and facilities
16    plan are approved by, and the district receives a grant
17    entitlement for a school construction project issued by,
18    the State Board of Education under the School Construction
19    Law.
20        (iii) The school district has exhausted its bonding
21    capacity or the unused bonding capacity of the district is
22    less than the amount certified by the Capital Development
23    Board to the district under Section 5-15 of the School
24    Construction Law as the dollar amount of the school
25    construction project's cost that the district will be
26    required to finance with non-grant funds in order to

 

 

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1    receive a school construction project grant under the
2    School Construction Law.
3        (iv) The bonds are issued for a "school construction
4    project", as that term is defined in Section 5-5 of the
5    School Construction Law, in an amount that does not exceed
6    the dollar amount certified, as provided in paragraph
7    (iii) of this subsection (n), by the Capital Development
8    Board to the school district under Section 5-15 of the
9    School Construction Law.
10        (v) The voters of the district approve a proposition
11    for the issuance of the bonds at a referendum held after
12    the criteria specified in paragraphs (i) and (iii) of this
13    subsection (n) are met.
14        (vi) The bonds are issued pursuant to Sections 19-2
15    through 19-7 of the School Code.
16    (o) Notwithstanding any other provisions of this Section
17or the provisions of any other law, until November 1, 2007, a
18community unit school district maintaining grades K through 12
19may issue bonds up to an amount, including existing
20indebtedness, not exceeding 20% of the equalized assessed
21value of the taxable property in the district if all of the
22following conditions are met:
23        (i) the school district has an equalized assessed
24    valuation for calendar year 2001 of at least $737,000,000
25    and an enrollment for the 2002-2003 school year of at
26    least 8,500;

 

 

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1        (ii) the bonds are issued to purchase school sites,
2    build and equip a new high school, build and equip a new
3    junior high school, build and equip 5 new elementary
4    schools, and make technology and other improvements and
5    additions to existing schools;
6        (iii) at the time of the sale of the bonds, the board
7    of education determines by resolution that the sites and
8    new or improved facilities are needed because of projected
9    enrollment increases;
10        (iv) at least 57% of those voting in a general
11    election held prior to January 1, 2003 approved a
12    proposition for the issuance of the bonds; and
13        (v) the bonds are issued pursuant to Sections 19-2
14    through 19-7 of this Code.
15    (p) Notwithstanding any other provisions of this Section
16or the provisions of any other law, a community unit school
17district maintaining grades K through 12 may issue bonds up to
18an amount, including indebtedness, not exceeding 27% of the
19equalized assessed value of the taxable property in the
20district if all of the following conditions are met:
21        (i) The school district has an equalized assessed
22    valuation for calendar year 2001 of at least $295,741,187
23    and a best 3 months' average daily attendance for the
24    2002-2003 school year of at least 2,394.
25        (ii) The bonds are issued to build and equip 3
26    elementary school buildings; build and equip one middle

 

 

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

 

 

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

 

 

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1    election.
2        (iv) At the time of the sale of the bonds, the school
3    board determines by resolution that the school sites and
4    building additions are needed because of an increase in
5    enrollment projected by the school board.
6        (v) The principal amount of the bonds, including
7    existing indebtedness, does not exceed 20% of the
8    equalized assessed value of the taxable property in the
9    district.
10        (vi) The bonds are issued prior to January 1, 2007,
11    pursuant to Sections 19-2 through 19-7 of this Code.
12    (p-15) In addition to all other authority to issue bonds,
13the Oswego Community Unit School District Number 308 may issue
14bonds with an aggregate principal amount not to exceed
15$450,000,000, but only if all of the following conditions are
16met:
17        (i) The voters of the district have approved a
18    proposition for the bond issue at the general election
19    held on November 7, 2006.
20        (ii) At the time of the sale of the bonds, the school
21    board determines, by resolution, that: (A) the building
22    and equipping of the new high school building, new junior
23    high school buildings, new elementary school buildings,
24    early childhood building, maintenance building,
25    transportation facility, and additions to existing school
26    buildings, the altering, repairing, equipping, and

 

 

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1    provision of technology improvements to existing school
2    buildings, and the acquisition and improvement of school
3    sites, as the case may be, are required as a result of a
4    projected increase in the enrollment of students in the
5    district; and (B) the sale of bonds for these purposes is
6    authorized by legislation that exempts the debt incurred
7    on the bonds from the district's statutory debt
8    limitation.
9        (iii) The bonds are issued, in one or more bond
10    issues, on or before November 7, 2011, but the aggregate
11    principal amount issued in all such bond issues combined
12    must not exceed $450,000,000.
13        (iv) The bonds are issued in accordance with this
14    Article 19.
15        (v) The proceeds of the bonds are used only to
16    accomplish those projects approved by the voters at the
17    general election held on November 7, 2006.
18The debt incurred on any bonds issued under this subsection
19(p-15) shall not be considered indebtedness for purposes of
20any statutory debt limitation.
21    (p-20) In addition to all other authority to issue bonds,
22the Lincoln-Way Community High School District Number 210 may
23issue bonds with an aggregate principal amount not to exceed
24$225,000,000, but only if all of the following conditions are
25met:
26        (i) The voters of the district have approved a

 

 

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1    proposition for the bond issue at the general primary
2    election held on March 21, 2006.
3        (ii) At the time of the sale of the bonds, the school
4    board determines, by resolution, that: (A) the building
5    and equipping of the new high school buildings, the
6    altering, repairing, and equipping of existing school
7    buildings, and the improvement of school sites, as the
8    case may be, are required as a result of a projected
9    increase in the enrollment of students in the district;
10    and (B) the sale of bonds for these purposes is authorized
11    by legislation that exempts the debt incurred on the bonds
12    from the district's statutory debt limitation.
13        (iii) The bonds are issued, in one or more bond
14    issues, on or before March 21, 2011, but the aggregate
15    principal amount issued in all such bond issues combined
16    must not exceed $225,000,000.
17        (iv) The bonds are issued in accordance with this
18    Article 19.
19        (v) The proceeds of the bonds are used only to
20    accomplish those projects approved by the voters at the
21    primary election held on March 21, 2006.
22The debt incurred on any bonds issued under this subsection
23(p-20) shall not be considered indebtedness for purposes of
24any statutory debt limitation.
25    (p-25) In addition to all other authority to issue bonds,
26Rochester Community Unit School District 3A may issue bonds

 

 

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1with an aggregate principal amount not to exceed $18,500,000,
2but only if all of the following conditions are met:
3        (i) The voters of the district approve a proposition
4    for the bond issuance at the general primary election held
5    in 2008.
6        (ii) At the time of the sale of the bonds, the school
7    board determines, by resolution, that: (A) the building
8    and equipping of a new high school building; the addition
9    of classrooms and support facilities at the high school,
10    middle school, and elementary school; 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
15    of bonds for these purposes is authorized by a law 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
19    issues, on or before December 31, 2012, but the aggregate
20    principal amount issued in all such bond issues combined
21    must not exceed $18,500,000.
22        (iv) The bonds are issued in accordance with this
23    Article 19.
24        (v) The proceeds of the bonds are used to accomplish
25    only those projects approved by the voters at the primary
26    election held in 2008.

 

 

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

 

 

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1The debt incurred on any bonds issued under this subsection
2(p-30) shall not be considered indebtedness for purposes of
3any statutory debt limitation.
4    (p-35) In addition to all other authority to issue bonds,
5Prairie Hill Community Consolidated School District 133 may
6issue bonds with an aggregate principal amount not to exceed
7$13,900,000, but only if all of the following conditions are
8met:
9        (i) The voters of the district approved a proposition
10    for the bond issuance at an election held on April 17,
11    2007.
12        (ii) At the time of the sale of the bonds, the school
13    board determines, by resolution, that (A) the improvement
14    of the site of and the building and equipping of a school
15    building are required as a result of a projected increase
16    in the enrollment of students in the district and (B) the
17    repairing and equipping of the Prairie Hill Elementary
18    School building is required because of the age of that
19    school building.
20        (iii) The bonds are issued, in one or more bond
21    issuances, on or before December 31, 2011, but the
22    aggregate principal amount issued in all such bond
23    issuances combined must not exceed $13,900,000.
24        (iv) The bonds are issued in accordance with this
25    Article.
26        (v) The proceeds of the bonds are used to accomplish

 

 

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

 

 

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1        (4) The bonds are issued in accordance with this
2    Article.
3        (5) The proceeds of the bonds are used to accomplish
4    only those projects approved by the voters at a regular
5    election held on or after November 4, 2008.
6    The debt incurred on any bonds issued under this
7subsection (p-40) shall not be considered indebtedness for
8purposes of any statutory debt limitation.
9    (p-45) Notwithstanding the provisions of subsection (a) of
10this Section or of any other law, bonds issued pursuant to
11Section 19-3.5 of this Code shall not be considered
12indebtedness for purposes of any statutory limitation if the
13bonds are issued in an amount or amounts, including existing
14indebtedness of the school district, not in excess of 18.5% of
15the value of the taxable property in the district to be
16ascertained by the last assessment for State and county taxes.
17    (p-50) Notwithstanding the provisions of subsection (a) of
18this Section or of any other law, bonds issued pursuant to
19Section 19-3.10 of this Code shall not be considered
20indebtedness for purposes of any statutory limitation if the
21bonds are issued in an amount or amounts, including existing
22indebtedness of the school district, not in excess of 43% of
23the value of the taxable property in the district to be
24ascertained by the last assessment for State and county taxes.
25    (p-55) In addition to all other authority to issue bonds,
26Belle Valley School District 119 may issue bonds with an

 

 

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1aggregate principal amount not to exceed $47,500,000, but only
2if all of 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 April
5    7, 2009.
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 as a result
9    of mine subsidence in an existing school building and
10    because of the age and condition of another existing
11    school building and (ii) the issuance of bonds is
12    authorized by statute that exempts the debt incurred on
13    the bonds from the district's statutory debt limitation.
14        (3) The bonds are issued, in one or more bond
15    issuances, on or before March 31, 2014, but the aggregate
16    principal amount issued in all such bond issuances
17    combined must not exceed $47,500,000.
18        (4) The bonds are issued in accordance with this
19    Article.
20        (5) The proceeds of the bonds are used to accomplish
21    only those projects approved by the voters at an election
22    held on or after April 7, 2009.
23    The debt incurred on any bonds issued under this
24subsection (p-55) shall not be considered indebtedness for
25purposes of any statutory debt limitation. Bonds issued under
26this subsection (p-55) must mature within not to exceed 30

 

 

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1years from their date, notwithstanding any other law to the
2contrary.
3    (p-60) In addition to all other authority to issue bonds,
4Wilmington Community Unit School District Number 209-U may
5issue bonds with an aggregate principal amount not to exceed
6$2,285,000, but only if all of the following conditions are
7met:
8        (1) The proceeds of the bonds are used to accomplish
9    only those projects approved by the voters at the general
10    primary election held on March 21, 2006.
11        (2) Prior to the issuance of the bonds, the school
12    board determines, by resolution, that (i) the projects
13    approved by the voters were and are required because of
14    the age and condition of the school district's prior and
15    existing school buildings and (ii) the issuance of the
16    bonds is authorized by legislation that exempts the debt
17    incurred on the bonds from the district's statutory debt
18    limitation.
19        (3) The bonds are issued in one or more bond issuances
20    on or before March 1, 2011, but the aggregate principal
21    amount issued in all those bond issuances combined must
22    not exceed $2,285,000.
23        (4) The bonds are issued in accordance with this
24    Article.
25    The debt incurred on any bonds issued under this
26subsection (p-60) shall not be considered indebtedness for

 

 

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1purposes of any statutory debt limitation.
2    (p-65) In addition to all other authority to issue bonds,
3West Washington County Community Unit School District 10 may
4issue bonds with an aggregate principal amount not to exceed
5$32,200,000 and maturing over a period not exceeding 25 years,
6but only if all of the following conditions are met:
7        (1) The voters of the district approve a proposition
8    for the bond issuance at an election held on or after
9    February 2, 2010.
10        (2) Prior to the issuance of the bonds, the school
11    board determines, by resolution, that (A) all or a portion
12    of the existing Okawville Junior/Senior High School
13    Building will be demolished; (B) the building and
14    equipping of a new school building to be attached to and
15    the alteration, repair, and equipping of the remaining
16    portion of the Okawville Junior/Senior High School
17    Building is required because of the age and current
18    condition of that school building; and (C) the issuance of
19    bonds is authorized by a statute that exempts the debt
20    incurred on the bonds from the district's statutory debt
21    limitation.
22        (3) The bonds are issued, in one or more bond
23    issuances, on or before March 31, 2014, but the aggregate
24    principal amount issued in all such bond issuances
25    combined must not exceed $32,200,000.
26        (4) The bonds are issued in accordance with this

 

 

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1    Article.
2        (5) The proceeds of the bonds are used to accomplish
3    only those projects approved by the voters at an election
4    held on or after February 2, 2010.
5    The debt incurred on any bonds issued under this
6subsection (p-65) shall not be considered indebtedness for
7purposes of any statutory debt limitation.
8    (p-70) In addition to all other authority to issue bonds,
9Cahokia Community Unit School District 187 may issue bonds
10with an aggregate principal amount not to exceed $50,000,000,
11but only if all the following conditions are met:
12        (1) The voters of the district approve a proposition
13    for the bond issuance at an election held on or after
14    November 2, 2010.
15        (2) Prior to the issuance of the bonds, the school
16    board determines, by resolution, that (i) the building and
17    equipping of a new school building is required as a result
18    of the age and condition of an existing school building
19    and (ii) the issuance of bonds is authorized by a statute
20    that exempts the debt incurred on the bonds from the
21    district's statutory debt limitation.
22        (3) The bonds are issued, in one or more issuances, on
23    or before July 1, 2016, but the aggregate principal amount
24    issued in all such bond issuances combined must not exceed
25    $50,000,000.
26        (4) The bonds are issued in accordance with this

 

 

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1    Article.
2        (5) The proceeds of the bonds are used to accomplish
3    only those projects approved by the voters at an election
4    held on or after November 2, 2010.
5    The debt incurred on any bonds issued under this
6subsection (p-70) shall not be considered indebtedness for
7purposes of any statutory debt limitation. Bonds issued under
8this subsection (p-70) must mature within not to exceed 25
9years from their date, notwithstanding any other law,
10including Section 19-3 of this Code, to the contrary.
11    (p-75) Notwithstanding the debt limitation prescribed in
12subsection (a) of this Section or any other provisions of this
13Section or of any other law, the execution of leases on or
14after January 1, 2007 and before July 1, 2011 by the Board of
15Education of Peoria School District 150 with a public building
16commission for leases entered into pursuant to the Public
17Building Commission Act shall not be considered indebtedness
18for purposes of any statutory debt limitation.
19    This subsection (p-75) applies only if the State Board of
20Education or the Capital Development Board makes one or more
21grants to Peoria School District 150 pursuant to the School
22Construction Law. The amount exempted from the debt limitation
23as prescribed in this subsection (p-75) shall be no greater
24than the amount of one or more grants awarded to Peoria School
25District 150 by the State Board of Education or the Capital
26Development Board.

 

 

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1    (p-80) In addition to all other authority to issue bonds,
2Ridgeland School District 122 may issue bonds with an
3aggregate principal amount not to exceed $50,000,000 for the
4purpose of refunding or continuing to refund bonds originally
5issued pursuant to voter approval at the general election held
6on November 7, 2000, and the debt incurred on any bonds issued
7under this subsection (p-80) shall not be considered
8indebtedness for purposes of any statutory debt limitation.
9Bonds issued under this subsection (p-80) may be issued in one
10or more issuances and must mature within not to exceed 25 years
11from their date, notwithstanding any other law, including
12Section 19-3 of this Code, to the contrary.
13    (p-85) In addition to all other authority to issue bonds,
14Hall High School District 502 may issue bonds with an
15aggregate principal amount not to exceed $32,000,000, but only
16if 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 April
19    9, 2013.
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,
24    (ii) the existing school building should be demolished in
25    its entirety or the existing school building should be
26    demolished except for the 1914 west wing of the building,

 

 

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1    and (iii) the issuance of bonds is authorized by a statute
2    that exempts the debt incurred on the bonds from the
3    district's statutory debt limitation.
4        (3) The bonds are issued, in one or more issuances,
5    not later than 5 years after the date of the referendum
6    approving the issuance of the bonds, but the aggregate
7    principal amount issued in all such bond issuances
8    combined must not exceed $32,000,000.
9        (4) The bonds are issued in accordance with this
10    Article.
11        (5) The proceeds of the bonds are used to accomplish
12    only those projects approved by the voters at an election
13    held on or after April 9, 2013.
14    The debt incurred on any bonds issued under this
15subsection (p-85) shall not be considered indebtedness for
16purposes of any statutory debt limitation. Bonds issued under
17this subsection (p-85) must mature within not to exceed 30
18years from their date, notwithstanding any other law,
19including Section 19-3 of this Code, to the contrary.
20    (p-90) In addition to all other authority to issue bonds,
21Lebanon Community Unit School District 9 may issue bonds with
22an aggregate principal amount not to exceed $7,500,000, but
23only if all of the following conditions are met:
24        (1) The voters of the district approved a proposition
25    for the bond issuance at the general primary election on
26    February 2, 2010.

 

 

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1        (2) At or prior to the time of the sale of the bonds,
2    the school board determines, by resolution, that (i) the
3    building and equipping of a new elementary school building
4    is required as a result of a projected increase in the
5    enrollment of students in the district and the age and
6    condition of the existing Lebanon Elementary School
7    building, (ii) a portion of the existing Lebanon
8    Elementary School building will be demolished and the
9    remaining portion will be altered, repaired, and equipped,
10    and (iii) the sale of bonds is authorized by a statute that
11    exempts the debt incurred on the bonds from the district's
12    statutory debt limitation.
13        (3) The bonds are issued, in one or more bond
14    issuances, on or before April 1, 2014, but the aggregate
15    principal amount issued in all such bond issuances
16    combined must not exceed $7,500,000.
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 general
21    primary election held on February 2, 2010.
22    The debt incurred on any bonds issued under this
23subsection (p-90) shall not be considered indebtedness for
24purposes of any statutory debt limitation.
25    (p-95) In addition to all other authority to issue bonds,
26Monticello Community Unit School District 25 may issue bonds

 

 

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1with an aggregate principal amount not to exceed $35,000,000,
2but only if all of 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 4, 2014.
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 as a result
9    of the age and condition of an existing school building
10    and (ii) the issuance of bonds is authorized by a statute
11    that exempts the debt incurred on the bonds from the
12    district's statutory debt limitation.
13        (3) The bonds are issued, in one or more issuances, on
14    or before July 1, 2020, but the aggregate principal amount
15    issued in all such bond issuances combined must not exceed
16    $35,000,000.
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 November 4, 2014.
22    The debt incurred on any bonds issued under this
23subsection (p-95) shall not be considered indebtedness for
24purposes of any statutory debt limitation. Bonds issued under
25this subsection (p-95) must mature within not to exceed 25
26years from their date, notwithstanding any other law,

 

 

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1including Section 19-3 of this Code, to the contrary.
2    (p-100) In addition to all other authority to issue bonds,
3the community unit school district created in the territory
4comprising Milford Community Consolidated School District 280
5and Milford Township High School District 233, as approved at
6the general primary election held on March 18, 2014, may issue
7bonds with an aggregate principal amount not to exceed
8$17,500,000, but only if all the following conditions are met:
9        (1) The voters of the district approve a proposition
10    for the bond issuance at an election held on or after
11    November 4, 2014.
12        (2) Prior to the issuance of the bonds, the school
13    board determines, by resolution, that (i) the building and
14    equipping of a new school building is required as a result
15    of the age and condition of an existing school building
16    and (ii) the issuance of bonds is authorized by a statute
17    that exempts the debt incurred on the bonds from the
18    district's statutory debt limitation.
19        (3) The bonds are issued, in one or more issuances, on
20    or before July 1, 2020, but the aggregate principal amount
21    issued in all such bond issuances combined must not exceed
22    $17,500,000.
23        (4) The bonds are issued in accordance with this
24    Article.
25        (5) The proceeds of the bonds are used to accomplish
26    only those projects approved by the voters at an election

 

 

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

 

 

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1    approving the issuance of the bonds, but the aggregate
2    principal amount issued in all such bond issuances
3    combined must not exceed $150,000,000.
4        (4) The bonds are issued in accordance with this
5    Article.
6        (5) The proceeds of the bonds are used to accomplish
7    only those projects approved by the voters at an election
8    held on or after March 15, 2016.
9    The debt incurred on any bonds issued under this
10subsection (p-105) and on any bonds issued to refund or
11continue to refund such bonds shall not be considered
12indebtedness for purposes of any statutory debt limitation.
13Bonds issued under this subsection (p-105) and any bonds
14issued to refund or continue to refund such bonds must mature
15within not to exceed 30 years from their date, notwithstanding
16any other law, including Section 19-3 of this Code, to the
17contrary.
18    (p-110) In addition to all other authority to issue bonds,
19Sandoval Community Unit School District 501 may issue bonds
20with an aggregate principal amount not to exceed $2,000,000,
21but only if all of the following conditions are met:
22        (1) The voters of the district approved a proposition
23    for the bond issuance at an election held on March 20,
24    2012.
25        (2) Prior to the issuance of the bonds, the school
26    board determines, by resolution, that (i) the building and

 

 

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1    equipping of a new school building is required because of
2    the age and current condition of the Sandoval Elementary
3    School building and (ii) the issuance of bonds is
4    authorized by a statute that exempts the debt incurred on
5    the bonds from the district's statutory debt limitation.
6        (3) The bonds are issued, in one or more bond
7    issuances, on or before March 19, 2022, but the aggregate
8    principal amount issued in all such bond issuances
9    combined must not exceed $2,000,000.
10        (4) The bonds are issued in accordance with this
11    Article.
12        (5) The proceeds of the bonds are used to accomplish
13    only those projects approved by the voters at the election
14    held on March 20, 2012.
15    The debt incurred on any bonds issued under this
16subsection (p-110) and on any bonds issued to refund or
17continue to refund the bonds shall not be considered
18indebtedness for purposes of any statutory debt limitation.
19    (p-115) In addition to all other authority to issue bonds,
20Bureau Valley Community Unit School District 340 may issue
21bonds with an aggregate principal amount not to exceed
22$25,000,000, but only if all of the following conditions are
23met:
24        (1) The voters of the district approve a proposition
25    for the bond issuance at an election held on or after March
26    15, 2016.

 

 

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1        (2) Prior to the issuances of the bonds, the school
2    board determines, by resolution, that (i) the renovating
3    and equipping of some existing school buildings, the
4    building and equipping of new school buildings, and the
5    demolishing of some existing school buildings are required
6    as a result of the age and condition of existing school
7    buildings and (ii) the issuance of bonds is authorized by
8    a statute that exempts the debt incurred on the bonds from
9    the district's statutory debt limitation.
10        (3) The bonds are issued, in one or more issuances, on
11    or before July 1, 2021, but the aggregate principal amount
12    issued in all such bond issuances combined must not exceed
13    $25,000,000.
14        (4) The bonds are issued in accordance with this
15    Article.
16        (5) The proceeds of the bonds are used to accomplish
17    only those projects approved by the voters at an election
18    held on or after March 15, 2016.
19    The debt incurred on any bonds issued under this
20subsection (p-115) shall not be considered indebtedness for
21purposes of any statutory debt limitation. Bonds issued under
22this subsection (p-115) must mature within not to exceed 30
23years from their date, notwithstanding any other law,
24including Section 19-3 of this Code, to the contrary.
25    (p-120) In addition to all other authority to issue bonds,
26Paxton-Buckley-Loda Community Unit School District 10 may

 

 

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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
9    and equipping of one or more school buildings or additions
10    to existing school buildings, are required as a result of
11    the age and condition of the District's existing buildings
12    and (ii) the issuance of bonds is authorized by a statute
13    that exempts the debt incurred on the bonds from the
14    district's statutory debt limitation.
15        (3) The bonds are issued, in one or more issuances,
16    not 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
19    combined 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
26subsection (p-120) and on any bonds issued to refund or

 

 

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1continue to refund such bonds shall not be considered
2indebtedness for purposes of any statutory debt limitation.
3Bonds issued under this subsection (p-120) and any bonds
4issued to refund or continue to refund such bonds must mature
5within not to exceed 25 years from their date, notwithstanding
6any other law, including Section 19-3 of this Code, to the
7contrary.
8    (p-125) In addition to all other authority to issue bonds,
9Hillsboro Community Unit School District 3 may issue bonds
10with an aggregate principal amount not to exceed $34,500,000,
11but only if all the following conditions are met:
12        (1) The voters of the district approve a proposition
13    for the bond issuance at an election held on or after March
14    15, 2016.
15        (2) Prior to the issuance of the bonds, the school
16    board determines, by resolution, that (i) altering,
17    repairing, and equipping the high school
18    agricultural/vocational building, demolishing the high
19    school main, cafeteria, and gym buildings, building and
20    equipping a school building, and improving sites are
21    required as a result of the age and condition of the
22    district's existing buildings and (ii) the issuance of
23    bonds is authorized by a statute that exempts the debt
24    incurred on the bonds from the district's statutory debt
25    limitation.
26        (3) The bonds are issued, in one or more issuances,

 

 

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1    not later than 5 years after the date of the referendum
2    approving the issuance of the bonds, but the aggregate
3    principal amount issued in all such bond issuances
4    combined must not exceed $34,500,000.
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 March 15, 2016.
10    The debt incurred on any bonds issued under this
11subsection (p-125) and on any bonds issued to refund or
12continue to refund such bonds shall not be considered
13indebtedness for purposes of any statutory debt limitation.
14Bonds issued under this subsection (p-125) and any bonds
15issued to refund or continue to refund such bonds must mature
16within not to exceed 25 years from their date, notwithstanding
17any other law, including Section 19-3 of this Code, to the
18contrary.
19    (p-130) In addition to all other authority to issue bonds,
20Waltham Community Consolidated School District 185 may incur
21indebtedness in an aggregate principal amount not to exceed
22$9,500,000 to build and equip a new school building and
23improve the site thereof, but only if all the following
24conditions are met:
25        (1) A majority of the voters of the district voting on
26    an advisory question voted in favor of the question

 

 

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1    regarding the use of funding sources to build a new school
2    building without increasing property tax rates at the
3    general election held on November 8, 2016.
4        (2) Prior to incurring the debt, the school board
5    enters into intergovernmental agreements with the City of
6    LaSalle to pledge moneys in a special tax allocation fund
7    associated with tax increment financing districts LaSalle
8    I and LaSalle III and with the Village of Utica to pledge
9    moneys in a special tax allocation fund associated with
10    tax increment financing district Utica I for the purposes
11    of repaying the debt issued pursuant to this subsection
12    (p-130). Notwithstanding any other provision of law to the
13    contrary, the intergovernmental agreement may extend these
14    tax increment financing districts as necessary to ensure
15    repayment of the debt.
16        (3) Prior to incurring the debt, the school board
17    determines, by resolution, that (i) the building and
18    equipping of a new school building is required as a result
19    of the age and condition of the district's existing
20    buildings and (ii) the debt is authorized by a statute
21    that exempts the debt from the district's statutory debt
22    limitation.
23        (4) The debt is incurred, in one or more issuances,
24    not later than January 1, 2021, and the aggregate
25    principal amount of debt issued in all such issuances
26    combined must not exceed $9,500,000.

 

 

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1    The debt incurred under this subsection (p-130) and on any
2bonds issued to pay, refund, or continue to refund such debt
3shall not be considered indebtedness for purposes of any
4statutory debt limitation. Debt issued under this subsection
5(p-130) and any bonds issued to pay, refund, or continue to
6refund such debt must mature within not to exceed 25 years from
7their date, notwithstanding any other law, including Section
819-11 of this Code and subsection (b) of Section 17 of the
9Local Government Debt Reform Act, to the contrary.
10    (p-133) Notwithstanding the provisions of subsection (a)
11of this Section or of any other law, bonds heretofore or
12hereafter issued by East Prairie School District 73 with an
13aggregate principal amount not to exceed $47,353,147 and
14approved by the voters of the district at the general election
15held on November 8, 2016, and any bonds issued to refund or
16continue to refund the bonds, shall not be considered
17indebtedness for the purposes of any statutory debt limitation
18and may mature within not to exceed 25 years from their date,
19notwithstanding any other law, including Section 19-3 of this
20Code, to the contrary.
21    (p-135) In addition to all other authority to issue bonds,
22Brookfield LaGrange Park School District Number 95 may issue
23bonds with an aggregate principal amount not to exceed
24$20,000,000, but only if all the following 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

 

 

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1    4, 2017.
2        (2) Prior to the issuance of the bonds, the school
3    board determines, by resolution, that (i) the additions
4    and renovations to the Brook Park Elementary and S. E.
5    Gross Middle School buildings are required to accommodate
6    enrollment growth, replace outdated facilities, and create
7    spaces consistent with 21st century learning and (ii) the
8    issuance of the bonds is authorized by a statute that
9    exempts the debt incurred on the bonds from the district's
10    statutory debt limitation.
11        (3) The bonds are issued, in one or more issuances,
12    not later than 5 years after the date of the referendum
13    approving the issuance of the bonds, but the aggregate
14    principal amount issued in all such bond issuances
15    combined must not exceed $20,000,000.
16        (4) The bonds are issued in accordance with this
17    Article.
18        (5) The proceeds of the bonds are used to accomplish
19    only those projects approved by the voters at an election
20    held on or after April 4, 2017.
21    The debt incurred on any bonds issued under this
22subsection (p-135) and on any bonds issued to refund or
23continue to refund such bonds shall not be considered
24indebtedness for purposes of any statutory debt limitation.
25    (p-140) The debt incurred on any bonds issued by Wolf
26Branch School District 113 under Section 17-2.11 of this Code

 

 

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1for the purpose of repairing or replacing all or a portion of a
2school building that has been damaged by mine subsidence in an
3aggregate principal amount not to exceed $17,500,000 and on
4any bonds issued to refund or continue to refund those bonds
5shall not be considered indebtedness for purposes of any
6statutory debt limitation and must mature no later than 25
7years from the date of issuance, notwithstanding any other
8provision of law to the contrary, including Section 19-3 of
9this Code. The maximum allowable amount of debt exempt from
10statutory debt limitations under this subsection (p-140) shall
11be reduced by an amount equal to any grants awarded by the
12State Board of Education or Capital Development Board for the
13explicit purpose of repairing or reconstructing a school
14building damaged by mine subsidence.
15    (p-145) In addition to all other authority to issue bonds,
16Greenview Community Unit School District 200 may issue bonds
17with an aggregate principal amount not to exceed $3,500,000,
18but only if all of the following conditions are met:
19        (1) The voters of the district approve a proposition
20    for the bond issuance at an election held on March 17,
21    2020.
22        (2) Prior to the issuance of the bonds, the school
23    board determines, by resolution, that the bonding is
24    necessary for construction and expansion of the district's
25    kindergarten through grade 12 facility.
26        (3) The bonds are issued, in one or more issuances,

 

 

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1    not later than 5 years after the date of the referendum
2    approving the issuance of the bonds, but the aggregate
3    principal amount issued in all such bond issuances
4    combined must not exceed $3,500,000.
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 the projects approved by the voters at an election
9    held on March 17, 2020.
10    The debt incurred on any bonds issued under this
11subsection (p-145) and on any bonds issued to refund or
12continue to refund such bonds shall not be considered
13indebtedness for purposes of any statutory debt limitation.
14Bonds issued under this subsection (p-145) and any bonds
15issued to refund or continue to refund such bonds must mature
16within not to exceed 25 years from their date, notwithstanding
17any other law, including Section 19-3 of this Code, to the
18contrary.
19    (p-150) In addition to all other authority to issue bonds,
20Komarek School District 94 may issue bonds with an aggregate
21principal amount not to exceed $20,800,000, but only if all of
22the following conditions are met:
23        (1) The voters of the district approve a proposition
24    for the bond issuance at an election held on or after March
25    17, 2020.
26        (2) Prior to the issuance of the bonds, the school

 

 

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1    board determines, by resolution, that (i) building and
2    equipping additions to, altering, repairing, equipping, or
3    demolishing a portion of, or improving the site of the
4    district's existing school building is required as a
5    result of the age and condition of the existing building
6    and (ii) the issuance of the bonds is authorized by a
7    statute that exempts the debt incurred on the bonds from
8    the district's statutory debt limitation.
9        (3) The bonds are issued, in one or more issuances, no
10    later than 5 years after the date of the referendum
11    approving the issuance of the bonds, but the aggregate
12    principal amount issued in all of the bond issuances
13    combined may not exceed $20,800,000.
14        (4) The bonds are issued in accordance with this
15    Article.
16        (5) The proceeds of the bonds are used to accomplish
17    only those projects approved by the voters at an election
18    held on or after March 17, 2020.
19    The debt incurred on any bonds issued under this
20subsection (p-150) and on any bonds issued to refund or
21continue to refund those bonds may not be considered
22indebtedness for purposes of any statutory debt limitation.
23Notwithstanding any other law to the contrary, including
24Section 19-3, bonds issued under this subsection (p-150) and
25any bonds issued to refund or continue to refund those bonds
26must mature within 30 years from their date of issuance.

 

 

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1    (p-155) In addition to all other authority to issue bonds,
2Williamsville Community Unit School District 15 may issue
3bonds with an aggregate principal amount not to exceed
4$40,000,000, but only if all of the following conditions are
5met:
6        (1) The voters of the school district approve a
7    proposition for the bond issuance at an election held on
8    March 17, 2020.
9        (2) Prior to the issuance of the bonds, the school
10    board determines, by resolution, that the projects set
11    forth in the proposition for the bond issuance were and
12    are required because of the age and condition of the
13    school district's existing school buildings.
14        (3) The bonds are issued, in one or more issuances,
15    not later than 5 years after the date of the referendum
16    approving the issuance of the bonds, but the aggregate
17    principal amount issued in all such bond issuances
18    combined must not exceed $40,000,000.
19        (4) The bonds are issued in accordance with this
20    Article.
21        (5) The proceeds of the bonds are used to accomplish
22    only the projects approved by the voters at an election
23    held on March 17, 2020.
24    The debt incurred on any bonds issued under this
25subsection (p-155) and on any bonds issued to refund or
26continue to refund such bonds shall not be considered

 

 

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1indebtedness for purposes of any statutory debt limitation.
2Bonds issued under this subsection (p-155) and any bonds
3issued to refund or continue to refund such bonds must mature
4within not to exceed 25 years from their date, notwithstanding
5any other law, including Section 19-3 of this Code, to the
6contrary.
7    (p-160) In addition to all other authority to issue bonds,
8Berkeley School District 87 may issue bonds with an aggregate
9principal amount not to exceed $105,000,000, but only if all
10of the following conditions are met:
11        (1) The voters of the district approve a proposition
12    for the bond issuance at the general primary election held
13    on March 17, 2020.
14        (2) Prior to the issuance of the bonds, the school
15    board determines, by resolution, that (i) building and
16    equipping a school building to replace the Sunnyside
17    Intermediate and MacArthur Middle School buildings;
18    building and equipping additions to and altering,
19    repairing, and equipping the Riley Intermediate and
20    Northlake Middle School buildings; altering, repairing,
21    and equipping the Whittier Primary and Jefferson Primary
22    School buildings; improving sites; renovating
23    instructional spaces; providing STEM (science, technology,
24    engineering, and mathematics) labs; and constructing life
25    safety, security, and infrastructure improvements are
26    required to replace outdated facilities and to provide

 

 

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1    safe spaces consistent with 21st century learning and (ii)
2    the issuance of bonds is authorized by a statute that
3    exempts the debt incurred on the bonds from the district's
4    statutory debt limitation.
5        (3) The bonds are issued, in one or more issuances,
6    not later than 5 years after the date of the referendum
7    approving the issuance of the bonds, but the aggregate
8    principal amount issued in all such bond issuances
9    combined must not exceed $105,000,000.
10        (4) The bonds are issued in accordance with this
11    Article.
12        (5) The proceeds of the bonds are used to accomplish
13    only those projects approved by the voters at the general
14    primary election held on March 17, 2020.
15    The debt incurred on any bonds issued under this
16subsection (p-160) and on any bonds issued to refund or
17continue to refund such bonds shall not be considered
18indebtedness for purposes of any statutory debt limitation.
19    (p-165) In addition to all other authority to issue bonds,
20Elmwood Park Community Unit School District 401 may issue
21bonds with an aggregate principal amount not to exceed
22$55,000,000, but only if all of the following conditions are
23met:
24        (1) The voters of the district approve a proposition
25    for the bond issuance at an election held on or after March
26    17, 2020.

 

 

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1        (2) Prior to the issuance of the bonds, the school
2    board determines, by resolution, that (i) the building and
3    equipping of an addition to the John Mills Elementary
4    School building; the renovating, altering, repairing, and
5    equipping of the John Mills and Elmwood Elementary School
6    buildings; the installation of safety and security
7    improvements; and the improvement of school sites are
8    required as a result of the age and condition of the
9    district's existing school buildings and (ii) the issuance
10    of bonds is authorized by a statute that exempts the debt
11    incurred on the bonds from the district's statutory debt
12    limitation.
13        (3) The bonds are issued, in one or more issuances,
14    not later than 5 years after the date of the referendum
15    approving the issuance of the bonds, but the aggregate
16    principal amount issued in all such bond issuances
17    combined must not exceed $55,000,000.
18        (4) The bonds are issued in accordance with this
19    Article.
20        (5) The proceeds of the bonds are used to accomplish
21    only the projects approved by the voters at an election
22    held on or after March 17, 2020.
23    The debt incurred on any bonds issued under this
24subsection (p-165) and on any bonds issued to refund or
25continue to refund such bonds shall not be considered
26indebtedness for purposes of any statutory debt limitation.

 

 

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1Bonds issued under this subsection (p-165) and any bonds
2issued to refund or continue to refund such bonds must mature
3within not to exceed 25 years from their date, notwithstanding
4any other law, including Section 19-3 of this Code, to the
5contrary.
6    (p-170) In addition to all other authority to issue bonds,
7Maroa-Forsyth Community Unit School District 2 may issue bonds
8with an aggregate principal amount not to exceed $33,000,000,
9but only if all of the following conditions are met:
10        (1) The voters of the school district approve a
11    proposition for the bond issuance at an election held on
12    March 17, 2020.
13        (2) Prior to the issuance of the bonds, the school
14    board determines, by resolution, that the projects set
15    forth in the proposition for the bond issuance were and
16    are required because of the age and condition of the
17    school district's existing school buildings.
18        (3) The bonds are issued, in one or more issuances,
19    not later than 5 years after the date of the referendum
20    approving the issuance of the bonds, but the aggregate
21    principal amount issued in all such bond issuances
22    combined must not exceed $33,000,000.
23        (4) The bonds are issued in accordance with this
24    Article.
25        (5) The proceeds of the bonds are used to accomplish
26    only the projects approved by the voters at an election

 

 

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1    held on March 17, 2020.
2    The debt incurred on any bonds issued under this
3subsection (p-170) and on any bonds issued to refund or
4continue to refund such bonds shall not be considered
5indebtedness for purposes of any statutory debt limitation.
6Bonds issued under this subsection (p-170) and any bonds
7issued to refund or continue to refund such bonds must mature
8within not to exceed 25 years from their date, notwithstanding
9any other law, including Section 19-3 of this Code, to the
10contrary.
11    (p-175) In addition to all other authority to issue bonds,
12Schiller Park School District 81 may issue bonds with an
13aggregate principal amount not to exceed $30,000,000, but only
14if all of the following conditions are met:
15        (1) The voters of the district approve a proposition
16    for the bond issuance at an election held on or after March
17    17, 2020.
18        (2) Prior to the issuance of the bonds, the school
19    board determines, by resolution, that (i) building and
20    equipping a school building to replace the Washington
21    Elementary School building, installing fire suppression
22    systems, security systems, and federal Americans with
23    Disability Act of 1990 compliance measures, acquiring
24    land, and improving the site are required to accommodate
25    enrollment growth, replace an outdated facility, and
26    create spaces consistent with 21st century learning and

 

 

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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,
5    not later than 5 years after the date of the referendum
6    approving the issuance of the bonds, but the aggregate
7    principal amount issued in all such bond issuances
8    combined must not exceed $30,000,000.
9        (4) The bonds are issued in accordance with this
10    Article.
11        (5) The proceeds of the bonds are used to accomplish
12    only the projects approved by the voters at an election
13    held on or after March 17, 2020.
14    The debt incurred on any bonds issued under this
15subsection (p-175) and on any bonds issued to refund or
16continue to refund such bonds shall not be considered
17indebtedness for purposes of any statutory debt limitation.
18Bonds issued under this subsection (p-175) and any bonds
19issued to refund or continue to refund such bonds must mature
20within not to exceed 27 years from their date, notwithstanding
21any other law, including Section 19-3 of this Code, to the
22contrary.
23    (p-180) In addition to all other authority to issue bonds,
24Iroquois County Community Unit School District 9 may issue
25bonds with an aggregate principal amount not to exceed
26$17,125,000, but only if all of the following conditions are

 

 

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1met:
2        (1) The voters of the district approve a proposition
3    for the bond issuance at an election held on or after April
4    6, 2021.
5        (2) Prior to the issuance of the bonds, the school
6    board determines, by resolution, that (i) building and
7    equipping a new school building in the City of Watseka;
8    altering, repairing, renovating, and equipping portions of
9    the existing facilities of the district; and making site
10    improvements is necessary because of the age and condition
11    of the district's existing school facilities and (ii) the
12    issuance of bonds is authorized by a statute that exempts
13    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,
16    not 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
19    combined must not exceed $17,125,000.
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 the projects approved by the voters at an election
24    held on or after April 6, 2021.
25    The debt incurred on any bonds issued under this
26subsection (p-180) and on any bonds issued to refund or

 

 

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1continue to refund such bonds shall not be considered
2indebtedness for purposes of any statutory debt limitation.
3Bonds issued under this subsection (p-180) and any bonds
4issued to refund or continue to refund such bonds must mature
5within not to exceed 25 years from their date, notwithstanding
6any other law, including Section 19-3 of this Code, to the
7contrary.
8    (p-185) In addition to all other authority to issue bonds,
9Field Community Consolidated School District 3 may issue bonds
10with an aggregate principal amount not to exceed $2,600,000,
11but only if all of the following conditions are met:
12        (1) The voters of the district approve a proposition
13    for the bond issuance at an election held on or after April
14    6, 2021.
15        (2) Prior to the issuance of the bonds, the school
16    board determines, by resolution, that (i) it is necessary
17    to alter, repair, renovate, and equip the existing
18    facilities of the district, including, but not limited to,
19    roof replacement, lighting replacement, electrical
20    upgrades, restroom repairs, and gym renovations, and make
21    site improvements because of the age and condition of the
22    district's existing school facilities and (ii) the
23    issuance of bonds is authorized by a statute that exempts
24    the debt incurred on the bonds from the district's
25    statutory debt limitation.
26        (3) The bonds are issued, in one or more issuances,

 

 

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1    not later than 5 years after the date of the referendum
2    approving the issuance of the bonds, but the aggregate
3    principal amount issued in all such bond issuances
4    combined must not exceed $2,600,000.
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 the projects approved by the voters at an election
9    held on or after April 6, 2021.
10    The debt incurred on any bonds issued under this
11subsection (p-185) and on any bonds issued to refund or
12continue to refund such bonds shall not be considered
13indebtedness for purposes of any statutory debt limitation.
14Bonds issued under this subsection (p-185) and any bonds
15issued to refund or continue to refund such bonds must mature
16within not to exceed 25 years from their date, notwithstanding
17any other law, including Section 19-3 of this Code, to the
18contrary.
19    (p-190) In addition to all other authority to issue bonds,
20Mahomet-Seymour Community Unit School District 3 may issue
21bonds with an aggregate principal amount not to exceed
22$97,900,000, but only if all the following conditions are met:
23        (1) The voters of the district approve a proposition
24    for the bond issuance at an election held on or after June
25    28, 2022.
26        (2) Prior to the issuance of the bonds, the school

 

 

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1    board determines, by resolution, that (i) it is necessary
2    to build and equip a new junior high school building,
3    build and equip a new transportation building, and build
4    and equip additions to, renovate, and make site
5    improvements at the Lincoln Trail Elementary building,
6    Middletown Prairie Elementary building, and
7    Mahomet-Seymour High School building and (ii) the issuance
8    of bonds is authorized by a statute that exempts the debt
9    incurred on the bonds from the district's statutory debt
10    limitation.
11        (3) The bonds are issued, in one or more issuances,
12    not later than 5 years after the date of the referendum
13    approving the issuance of the bonds, but the aggregate
14    principal amount issued in all such bond issuances
15    combined must not exceed $97,900,000.
16        (4) The bonds are issued in accordance with this
17    Article.
18        (5) The proceeds of the bonds are used to accomplish
19    only the projects approved by the voters at an election
20    held on or after June 28, 2022.
21    The debt incurred on any bonds issued under this
22subsection (p-190) and on any bonds issued to refund or
23continue to refund such bonds shall not be considered
24indebtedness for purposes of any statutory debt limitation.
25Bonds issued under this subsection (p-190) and any bonds
26issued to refund or continue to refund such bonds must mature

 

 

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1within not to exceed 25 years from their date, notwithstanding
2any other law, including Section 19-3 of this Code, to the
3contrary.
4    (p-195) In addition to all other authority to issue bonds,
5New Berlin Community Unit School District 16 may issue bonds
6with an aggregate principal amount not to exceed $23,500,000,
7but only if all the following conditions are met:
8        (1) The voters of the district approve a proposition
9    for the bond issuance at an election held on or after June
10    28, 2022.
11        (2) Prior to the issuance of the bonds, the school
12    board determines, by resolution, that (i) it is necessary
13    to alter, repair, and equip the junior/senior high school
14    building, including creating new classroom, gym, and other
15    instructional spaces, renovating the J.V. Kirby Pretzel
16    Dome, improving heating, cooling, and ventilation systems,
17    installing school safety and security improvements,
18    removing asbestos, and making site improvements, and (ii)
19    the issuance of bonds is authorized by a statute that
20    exempts the debt incurred on the bonds from the district's
21    statutory debt limitation.
22        (3) The bonds are issued, in one or more issuances,
23    not later than 5 years after the date of the referendum
24    approving the issuance of the bonds, but the aggregate
25    principal amount issued in all such bond issuances
26    combined must not exceed $23,500,000.

 

 

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1        (4) The bonds are issued in accordance with this
2    Article.
3        (5) The proceeds of the bonds are used to accomplish
4    only the projects approved by the voters at an election
5    held on or after June 28, 2022.
6    The debt incurred on any bonds issued under this
7subsection (p-195) and on any bonds issued to refund or
8continue to refund such bonds shall not be considered
9indebtedness for purposes of any statutory debt limitation.
10Bonds issued under this subsection (p-195) and any bonds
11issued to refund or continue to refund such bonds must mature
12within not to exceed 25 years from their date, notwithstanding
13any other law, including Section 19-3 of this Code, to the
14contrary.
15    (p-200) In addition to all other authority to issue bonds,
16Highland Community Unit School District 5 may issue bonds with
17an aggregate principal amount not to exceed $40,000,000, but
18only if all the following conditions are met:
19        (1) The voters of the district approve a proposition
20    for the bond issuance at an election held on or after June
21    28, 2022.
22        (2) Prior to the issuance of the bonds, the school
23    board determines, by resolution, that (i) it is necessary
24    to improve the sites of, build, and equip a new primary
25    school building and build and equip additions to and
26    alter, repair, and equip existing school buildings and

 

 

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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,
5    not later than 5 years after the date of the referendum
6    approving the issuance of the bonds, but the aggregate
7    principal amount issued in all such bond issuances
8    combined must not exceed $40,000,000.
9        (4) The bonds are issued in accordance with this
10    Article.
11        (5) The proceeds of the bonds are used to accomplish
12    only the projects approved by the voters at an election
13    held on or after June 28, 2022.
14    The debt incurred on any bonds issued under this
15subsection (p-200) and on any bonds issued to refund or
16continue to refund such bonds shall not be considered
17indebtedness for purposes of any statutory debt limitation.
18Bonds issued under this subsection (p-200) and any bonds
19issued to refund or continue to refund such bonds must mature
20within not to exceed 25 years from their date, notwithstanding
21any other law, including Section 19-3 of this Code, to the
22contrary.
23    (p-205) In addition to all other authority to issue bonds,
24Sullivan Community Unit School District 300 may issue bonds
25with an aggregate principal amount not to exceed $25,000,000,
26but only if all of the following conditions are met:

 

 

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1        (1) The voters of the district approve a proposition
2    for the bond issuance at an election held on or after June
3    28, 2022.
4        (2) Prior to the issuance of the bonds, the school
5    board determines, by resolution, that (i) the projects set
6    forth in the proposition for the issuance of the bonds are
7    required because of the age, condition, or capacity of the
8    school district's existing school buildings and (ii) the
9    issuance of bonds is authorized by a statute that exempts
10    the debt incurred on the bonds from the district's
11    statutory debt limitation.
12        (3) The bonds are issued, in one or more issuances,
13    not 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
16    combined must not exceed $25,000,000.
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 the projects approved by the voters at an election
21    held on or after June 28, 2022.
22    The debt incurred on any bonds issued under this
23subsection (p-205) and on any bonds issued to refund or
24continue to refund such bonds shall not be considered
25indebtedness for purposes of any statutory debt limitation.
26Bonds issued under this subsection (p-205) and any bonds

 

 

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1issued to refund or continue to refund such bonds must mature
2within not to exceed 25 years from their date, notwithstanding
3any other law, including Section 19-3 of this Code, to the
4contrary.
5    (p-210) In addition to all other authority to issue bonds,
6Manhattan School District 114 may issue bonds with an
7aggregate principal amount not to exceed $85,000,000, but only
8if all the following conditions are met:
9        (1) The voters of the district approve a proposition
10    for the bond issuance at an election held on or after June
11    28, 2022.
12        (2) Prior to the issuance of the bonds, the school
13    board determines, by resolution, that the projects set
14    forth in the proposition for the bond issuance were and
15    are required because of the age, condition, or capacity of
16    the school district's existing school buildings.
17        (3) The bonds are issued, in one or more issuances,
18    not later than 5 years after the date of the referendum
19    approving the issuances of the bonds, but the aggregate
20    principal amount issued in all such bond issuances
21    combined must not exceed $85,000,000.
22        (4) The bonds are issued in accordance with this
23    Article.
24        (5) The proceeds of the bonds are used to accomplish
25    only the projects approved by the voters at an election
26    held on or after June 28, 2022.

 

 

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1    The debt incurred on any bonds issued under this
2subsection (p-210) and on any bonds issued to refund or
3continue to refund such bonds shall not be considered
4indebtedness for purposes of any statutory debt limitation.
5Bonds issued under this subsection (p-210) and any bonds
6issued to refund or continue to refund such bonds must mature
7within not to exceed 30 years from their date, notwithstanding
8any other law, including Section 19-3 of this Code, to the
9contrary.
10    (p-215) In addition to all other authority to issue bonds,
11Golf Elementary School District 67 may issue bonds with an
12aggregate principal amount not to exceed $56,000,000, but only
13if all of the following conditions are met:
14        (1) The voters of the district approve a proposition
15    for the bond issuance at an election held on or after June
16    28, 2022.
17        (2) Prior to the issuance of the bonds, the school
18    board determines, by resolution, that (i) it is necessary
19    to build and equip a new school building and improve the
20    site thereof and (ii) the issuance of bonds is authorized
21    by a statute that exempts the debt incurred on the bonds
22    from the district's statutory debt limitation.
23        (3) The bonds are issued, in one or more issuances,
24    not later than 5 years after the date of the referendum
25    approving the issuance of the bonds, but the aggregate
26    principal amount issued in all such bond issuances

 

 

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1    combined must not exceed $56,000,000.
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 the projects approved by the voters at an election
6    held on or after June 28, 2022.
7    The debt incurred on any bonds issued under this
8subsection (p-215) and on any bonds issued to refund or
9continue to refund such bonds shall not be considered
10indebtedness for purposes of any statutory debt limitation.
11Bonds issued under this subsection (p-215) and any bonds
12issued to refund or continue to refund such bonds must mature
13within not to exceed 25 years from their date, notwithstanding
14any other law, including Section 19-3 of this Code, to the
15contrary.
16    (p-220) In addition to all other authority to issue bonds,
17Joliet Public Schools District 86 may issue bonds with an
18aggregate principal amount not to exceed $99,500,000, but only
19if 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 April
22    4, 2023.
23        (2) Prior to the issuance of the bonds, the school
24    board determines, by resolution, that the projects set
25    forth in the proposition for the bond issuance were and
26    are required because of the age and condition of the

 

 

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1    school district's existing school buildings.
2        (3) The bonds are issued, in one or more issuances,
3    not later than 5 years after the date of the referendum
4    approving the issuance of the bonds, but the aggregate
5    principal amount issued in all such bond issuances
6    combined must not exceed $99,500,000.
7        (4) The bonds are issued in accordance with this
8    Article.
9        (5) The proceeds of the bonds are used to accomplish
10    only the projects approved by the voters at an election
11    held on or after April 4, 2023.
12    The debt incurred on any bonds issued under this
13subsection (p-220), and on any bonds issued to refund or
14continue to refund such bonds, shall not be considered
15indebtedness for purposes of any statutory debt limitation.
16Bonds issued under this subsection (p-220) and any bonds
17issued to refund or continue to refund such bonds must mature
18within not to exceed 25 years from their date, notwithstanding
19any other law, including Section 19-3 of this Code, to the
20contrary.
21    (p-225) Notwithstanding the provisions of any other law to
22the contrary, debt incurred on any bonds issued under Section
2319-3 of this Code and authorized by an election held on or
24after November 5, 2024, and on any bonds issued to refund or
25continue to refund such bonds, shall not be considered
26indebtedness for purposes of any statutory debt limitation.

 

 

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1Bonds issued under Section 19-3 of this Code and authorized by
2an election held on or after November 5, 2024, and any bonds
3issued to refund or continue to refund such bonds must mature
4within 30 years from their date, notwithstanding any other
5law, including Section 19-3 of this Code, to the contrary.
6    (q) A school district must notify the State Board of
7Education prior to issuing any form of long-term or short-term
8debt that will result in outstanding debt that exceeds 75% of
9the debt limit specified in this Section or any other
10provision of law.
11(Source: P.A. 102-316, eff. 8-6-21; 102-949, eff. 5-27-22;
12103-449, eff. 1-1-24.)
 
13    (105 ILCS 5/20-2)  (from Ch. 122, par. 20-2)
14    Sec. 20-2. Indebtedness and bonds. For the purpose of
15creating, re-creating, or increasing a working cash fund, the
16school board of any such district may incur an indebtedness
17and issue bonds as evidence thereof in an amount or amounts not
18exceeding in the aggregate 85% of the taxes permitted to be
19levied for educational purposes for the then current year to
20be determined by multiplying the maximum educational tax rate
21or rates applicable to such school district by the last
22assessed valuation or assessed valuations as determined at the
23time of the issue of said bonds, plus 85% of the last known
24entitlement of such district to taxes as by law now or
25hereafter enacted or amended, imposed by the General Assembly

 

 

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1of the State of Illinois to replace revenue lost by units of
2local government and school districts as a result of the
3abolition of ad valorem personal property taxes, pursuant to
4Article IX, Section 5, paragraph (c) of the Constitution of
5the State of Illinois, plus 85% of the most recent amount of
6funding received by the school district under Section 18-8.15.
7The authorized amount of bonds issued pursuant to this Section
8may be increased by an amount not to exceed 3% of that
9authorized amount to provide for expenses of issuing such
10bonds, including underwriter's compensation and costs of bond
11insurance or other credit enhancement, and also an amount to
12pay capitalized interest as otherwise permitted by law. The
13bonds shall bear interest at not more than the maximum rate
14authorized by law and shall mature within 20 years from the
15date thereof. Subject to the foregoing limitations as to
16amount, the bonds may be issued in an amount including
17existing indebtedness which will not exceed the constitutional
18limitation as to debt, notwithstanding any statutory debt
19limitation to the contrary. The school board shall before or
20at the time of issuing the bonds provide for the collection of
21a direct annual tax upon all the taxable property within the
22district sufficient to pay the principal thereof at maturity
23and to pay the interest thereon as it falls due, which tax
24shall be in addition to the maximum amount of all other taxes,
25either educational; transportation; operations and
26maintenance; or fire prevention and safety fund taxes, now or

 

 

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1hereafter authorized and in addition to any limitations upon
2the levy of taxes as provided by Sections 17-2 through 17-9.
3    With respect to instruments for the payment of money
4issued under this Section either before, on, or after the
5effective date of this amendatory Act of 1989, it is and always
6has been the intention of the General Assembly (i) that the
7Omnibus Bond Acts are and always have been supplementary
8grants of power to issue instruments in accordance with the
9Omnibus Bond Acts, regardless of any provision of this Act
10that may appear to be or to have been more restrictive than
11those Acts, (ii) that the provisions of this Section are not a
12limitation on the supplementary authority granted by the
13Omnibus Bond Acts, and (iii) that instruments issued under
14this Section within the supplementary authority granted by the
15Omnibus Bond Acts are not invalid because of any provision of
16this Act that may appear to be or to have been more restrictive
17than those Acts.
18(Source: P.A. 101-416, eff. 8-16-19.)
 
19
Article 99.

 
20    Section 99-99. Effective date. This Act takes effect July
211, 2024.