093_HB2910eng

 
HB2910 Engrossed                     LRB093 07384 NHT 07547 b

 1        AN ACT regarding schools.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.   The  School  Code  is  amended  by changing
 5    Section 19-1 as follows:

 6        (105 ILCS 5/19-1) (from Ch. 122, par. 19-1)
 7        Sec. 19-1.  Debt limitations of school districts.
 8        (a)  School  districts  shall  not  be  subject  to   the
 9    provisions  limiting their indebtedness prescribed in "An Act
10    to limit the indebtedness of counties having a population  of
11    less  than  500,000 and townships, school districts and other
12    municipal corporations  having  a  population  of  less  than
13    300,000", approved February 15, 1928, as amended.
14        No  school  districts maintaining grades K through 8 or 9
15    through 12 shall become indebted in any  manner  or  for  any
16    purpose to an amount, including existing indebtedness, in the
17    aggregate exceeding 6.9% on the value of the taxable property
18    therein  to  be  ascertained by the last assessment for State
19    and county taxes or, until January 1, 1983, if  greater,  the
20    sum  that  is  produced  by multiplying the school district's
21    1978 equalized assessed  valuation  by  the  debt  limitation
22    percentage  in  effect  on  January  1, 1979, previous to the
23    incurring of such indebtedness.
24        No school districts maintaining grades K through 12 shall
25    become indebted in any  manner  or  for  any  purpose  to  an
26    amount,  including  existing  indebtedness,  in the aggregate
27    exceeding 13.8% on the value of the taxable property  therein
28    to be ascertained by the last assessment for State and county
29    taxes  or, until January 1, 1983, if greater, the sum that is
30    produced by multiplying the school district's 1978  equalized
31    assessed  valuation  by  the  debt  limitation  percentage in
 
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 1    effect on January 1, 1979, previous to the incurring of  such
 2    indebtedness.
 3        Notwithstanding  the  provisions  of any other law to the
 4    contrary, in any  case  in  which  the  voters  of  a  school
 5    district  have  approved  a  proposition  for the issuance of
 6    bonds of such school district at an election  held  prior  to
 7    January  1,  1979,  and  all  of  the  bonds approved at such
 8    election have not been issued, the debt limitation applicable
 9    to such school district during the calendar year  1979  shall
10    be  computed  by  multiplying  the  value of taxable property
11    therein, including personal property, as ascertained  by  the
12    last  assessment  for State and county taxes, previous to the
13    incurring of such indebtedness, by the percentage  limitation
14    applicable  to  such  school district under the provisions of
15    this subsection (a).
16        (b)  Notwithstanding the debt  limitation  prescribed  in
17    subsection  (a)  of this Section, additional indebtedness may
18    be incurred in an amount not to exceed the estimated cost  of
19    acquiring  or  improving  school  sites  or  constructing and
20    equipping additional building facilities under the  following
21    conditions:
22             (1)  Whenever  the  enrollment  of  students for the
23        next school year is estimated by the board  of  education
24        to  increase  over  the  actual present enrollment by not
25        less than 35% or by not less than  200  students  or  the
26        actual  present enrollment of students has increased over
27        the previous school year by not less than 35% or  by  not
28        less  than  200  students  and  the  board  of  education
29        determines  that  additional  school  sites  or  building
30        facilities  are  required as a result of such increase in
31        enrollment; and
32             (2)  When the  Regional  Superintendent  of  Schools
33        having  jurisdiction  over  the  school  district and the
34        State  Superintendent  of  Education   concur   in   such
 
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 1        enrollment  projection  or  increase and approve the need
 2        for such additional school sites or  building  facilities
 3        and the estimated cost thereof; and
 4             (3)  When  the voters in the school district approve
 5        a proposition for the issuance of bonds for  the  purpose
 6        of  acquiring  or  improving  such needed school sites or
 7        constructing  and  equipping   such   needed   additional
 8        building  facilities  at  an election called and held for
 9        that purpose. Notice of such an election shall state that
10        the amount of indebtedness proposed to be incurred  would
11        exceed  the  debt  limitation otherwise applicable to the
12        school district.  The ballot for such  proposition  shall
13        state what percentage of the equalized assessed valuation
14        will  be outstanding in bonds if the proposed issuance of
15        bonds is approved by the voters; or
16             (4)  Notwithstanding the  provisions  of  paragraphs
17        (1)  through  (3)  of  this subsection (b), if the school
18        board determines that additional facilities are needed to
19        provide a quality educational program and not  less  than
20        2/3  of  those voting in an election called by the school
21        board on the question approve the issuance of  bonds  for
22        the  construction of such facilities, the school district
23        may issue bonds for this purpose; or
24             (5)  Notwithstanding the  provisions  of  paragraphs
25        (1) through (3) of this subsection (b), if (i) the school
26        district  has previously availed itself of the provisions
27        of paragraph (4) of this subsection (b) to enable  it  to
28        issue  bonds, (ii) the voters of the school district have
29        not defeated a proposition  for  the  issuance  of  bonds
30        since  the  referendum described in paragraph (4) of this
31        subsection  (b)  was  held,  (iii)   the   school   board
32        determines  that  additional  facilities  are  needed  to
33        provide   a  quality  educational  program,  and  (iv)  a
34        majority of those voting in an  election  called  by  the
 
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 1        school  board  on  the  question  approve the issuance of
 2        bonds for the construction of such facilities, the school
 3        district may issue bonds for this purpose.
 4        In no event shall the indebtedness incurred  pursuant  to
 5    this  subsection  (b)  and  the  existing indebtedness of the
 6    school district exceed  15%  of  the  value  of  the  taxable
 7    property therein to be ascertained by the last assessment for
 8    State  and  county  taxes,  previous to the incurring of such
 9    indebtedness or, until January 1, 1983, if greater,  the  sum
10    that  is  produced  by multiplying the school district's 1978
11    equalized  assessed  valuation   by   the   debt   limitation
12    percentage in effect on January 1, 1979.
13        The  indebtedness  provided  for  by  this subsection (b)
14    shall be in addition to and  in  excess  of  any  other  debt
15    limitation.
16        (c)  Notwithstanding  the  debt  limitation prescribed in
17    subsection (a) of this Section, in any case in which a public
18    question for the issuance  of  bonds  of  a  proposed  school
19    district  maintaining grades kindergarten through 12 received
20    at least 60% of the valid ballots cast on the question at  an
21    election  held  on or prior to November 8, 1994, and in which
22    the bonds approved at such election have not been issued, the
23    school district  pursuant  to  the  requirements  of  Section
24    11A-10  may  issue the total amount of bonds approved at such
25    election for the purpose stated in the question.
26        (d)  Notwithstanding the debt  limitation  prescribed  in
27    subsection  (a) of this Section, a school district that meets
28    all the criteria set forth in paragraphs (1) and (2) of  this
29    subsection  (d)  may  incur  an additional indebtedness in an
30    amount not to exceed $4,500,000, even though  the  amount  of
31    the  additional  indebtedness  authorized  by this subsection
32    (d), when incurred and  added  to  the  aggregate  amount  of
33    indebtedness  of  the  district existing immediately prior to
34    the district incurring the additional indebtedness authorized
 
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 1    by this subsection (d), causes the aggregate indebtedness  of
 2    the   district   to  exceed  the  debt  limitation  otherwise
 3    applicable to that district under subsection (a):
 4             (1)  The additional indebtedness authorized by  this
 5        subsection (d) is incurred by the school district through
 6        the  issuance  of  bonds  under  and  in  accordance with
 7        Section 17-2.11a for the purpose of  replacing  a  school
 8        building  which,  because  of mine subsidence damage, has
 9        been  closed  as  provided  in  paragraph  (2)  of   this
10        subsection (d) or through the issuance of bonds under and
11        in  accordance  with  Section  19-3  for  the  purpose of
12        increasing the  size  of,  or  providing  for  additional
13        functions  in, such replacement school buildings, or both
14        such purposes.
15             (2)  The bonds issued  by  the  school  district  as
16        provided  in  paragraph  (1)  above  are  issued  for the
17        purposes of construction by the school district of a  new
18        school  building  pursuant to Section 17-2.11, to replace
19        an  existing  school  building  that,  because  of   mine
20        subsidence damage, is closed as of the end of the 1992-93
21        school   year   pursuant   to   action  of  the  regional
22        superintendent of  schools  of  the  educational  service
23        region  in  which  the  district is located under Section
24        3-14.22 or are issued for the purpose of  increasing  the
25        size  of,  or  providing for additional functions in, the
26        new school building being constructed to replace a school
27        building closed as the result of mine subsidence  damage,
28        or both such purposes.
29        (e)  Notwithstanding  the  debt  limitation prescribed in
30    subsection (a) of this Section, a school district that  meets
31    all  the  criteria set forth in paragraphs (1) through (5) of
32    this  subsection  (e)  may,  without  referendum,  incur   an
33    additional indebtedness in an amount not to exceed the lesser
34    of  $5,000,000  or  1.5% of the value of the taxable property
 
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 1    within the district even though the amount of the  additional
 2    indebtedness authorized by this subsection (e), when incurred
 3    and  added  to  the  aggregate  amount of indebtedness of the
 4    district existing immediately prior to the district incurring
 5    that   additional   indebtedness,   causes   the    aggregate
 6    indebtedness  of  the  district  to  exceed  or increases the
 7    amount by which the aggregate indebtedness  of  the  district
 8    already  exceeds  the debt limitation otherwise applicable to
 9    that district under subsection (a):
10             (1)  The State  Board  of  Education  certifies  the
11        school  district  under  Section  19-1.5 as a financially
12        distressed district.
13             (2)  The additional indebtedness authorized by  this
14        subsection  (e) is incurred by the financially distressed
15        district during the school year or school years in  which
16        the  certification  of  the  district  as  a  financially
17        distressed  district  continues  in  effect  through  the
18        issuance  of  bonds for the lawful school purposes of the
19        district, pursuant to resolution of the school board  and
20        without  referendum, as provided in paragraph (5) of this
21        subsection.
22             (3)  The aggregate amount of  bonds  issued  by  the
23        financially  distressed  district during a fiscal year in
24        which  it  is  authorized  to  issue  bonds  under   this
25        subsection  does  not  exceed  the  amount  by  which the
26        aggregate expenditures of the  district  for  operational
27        purposes  during  the  immediately  preceding fiscal year
28        exceeds  the  amount  appropriated  for  the  operational
29        purposes of the district  in  the  annual  school  budget
30        adopted  by  the  school  board  of  the district for the
31        fiscal year in which the bonds are issued.
32             (4)  Throughout   each   fiscal   year   in    which
33        certification of the district as a financially distressed
34        district  continues  in effect, the district maintains in
 
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 1        effect a gross salary  expense  and  gross  wage  expense
 2        freeze  policy  under which the district expenditures for
 3        total employee salaries and  wages  do  not  exceed  such
 4        expenditures  for  the immediately preceding fiscal year.
 5        Nothing in this paragraph, however, shall  be  deemed  to
 6        impair  or  to  require  impairment  of  the  contractual
 7        obligations,  including collective bargaining agreements,
 8        of the district or to impair or require the impairment of
 9        the vested rights of any employee of the  district  under
10        the  terms  of any contract or agreement in effect on the
11        effective date of this amendatory Act of 1994.
12             (5)  Bonds  issued  by  the  financially  distressed
13        district under this subsection shall bear interest  at  a
14        rate  not to exceed the maximum rate authorized by law at
15        the time of the making  of  the  contract,  shall  mature
16        within  40  years  from their date of issue, and shall be
17        signed by the president of the school board and treasurer
18        of the school district.  In order to  issue  bonds  under
19        this   subsection,   the   school  board  shall  adopt  a
20        resolution fixing the amount of the bonds,  the  date  of
21        the  bonds,  the  maturities  of  the bonds, the rates of
22        interest of the bonds, and their  place  of  payment  and
23        denomination,   and   shall  provide  for  the  levy  and
24        collection of a direct annual tax upon  all  the  taxable
25        property  in the district sufficient to pay the principal
26        and interest on the bonds to maturity.  Upon  the  filing
27        in  the office of the county clerk of the county in which
28        the financially  distressed  district  is  located  of  a
29        certified  copy  of the resolution, it is the duty of the
30        county clerk to extend the tax therefor  in  addition  to
31        and  in  excess of all other taxes at any time authorized
32        to be levied by the district.  If bond proceeds from  the
33        sale of bonds include a premium or if the proceeds of the
34        bonds are invested as authorized by law, the school board
 
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 1        shall determine by resolution whether the interest earned
 2        on  the  investment  of  bond  proceeds  or  the  premium
 3        realized  on  the sale of the bonds is to be used for any
 4        of the lawful school purposes for which  the  bonds  were
 5        issued  or  for the payment of the principal indebtedness
 6        and interest on the bonds.  The proceeds of the bond sale
 7        shall be deposited in the educational  purposes  fund  of
 8        the  district  and  shall  be  used  to  pay  operational
 9        expenses  of the district.  This subsection is cumulative
10        and constitutes complete authority for  the  issuance  of
11        bonds as provided in this subsection, notwithstanding any
12        other law to the contrary.
13        (f)  Notwithstanding  the provisions of subsection (a) of
14    this Section or of any other law, bonds in not to exceed  the
15    aggregate  amount  of  $5,500,000  and  issued  by  a  school
16    district   meeting   the  following  criteria  shall  not  be
17    considered  indebtedness  for  purposes  of   any   statutory
18    limitation  and  may  be  issued  in  an  amount  or amounts,
19    including existing indebtedness, in excess of any  heretofore
20    or hereafter imposed statutory limitation as to indebtedness:
21             (1)  At  the  time  of  the  sale of such bonds, the
22        board of education of the district shall have  determined
23        by  resolution  that  the  enrollment  of students in the
24        district is projected to increase by  not  less  than  7%
25        during each of the next succeeding 2 school years.
26             (2)  The  board of education shall also determine by
27        resolution that the improvements to be financed with  the
28        proceeds of the bonds are needed because of the projected
29        enrollment increases.
30             (3)  The  board of education shall also determine by
31        resolution that the projected increases in enrollment are
32        the result of improvements made or expected to be made to
33        passenger rail facilities located in the school district.
34        (g)  Notwithstanding the provisions of subsection (a)  of
 
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 1    this  Section  or  any  other  law, bonds in not to exceed an
 2    aggregate amount of 25% of the equalized  assessed  value  of
 3    the  taxable  property  of  a school district and issued by a
 4    school  district  meeting  the  criteria  in  paragraphs  (i)
 5    through (iv) of  this  subsection  shall  not  be  considered
 6    indebtedness for purposes of any statutory limitation and may
 7    be  issued  pursuant  to resolution of the school board in an
 8    amount or amounts, including existing indebtedness, in excess
 9    of any statutory limitation  of  indebtedness  heretofore  or
10    hereafter imposed:
11             (i)  The   bonds  are  issued  for  the  purpose  of
12        constructing a new high school building  to  replace  two
13        adjacent existing buildings which together house a single
14        high school, each of which is more than 65 years old, and
15        which together are located on more than 10 acres and less
16        than 11 acres of property.
17             (ii)  At  the  time  the  resolution authorizing the
18        issuance  of  the  bonds  is   adopted,   the   cost   of
19        constructing   a  new  school  building  to  replace  the
20        existing school building is less than 60% of the cost  of
21        repairing the existing school building.
22             (iii)  The  sale  of the bonds occurs before July 1,
23        1997.
24             (iv)  The school district issuing  the  bonds  is  a
25        unit  school  district  located  in a county of less than
26        70,000 and more than 50,000  inhabitants,  which  has  an
27        average  daily  attendance  of  less  than  1,500  and an
28        equalized assessed valuation of less than $29,000,000.
29        (h)  Notwithstanding any other provisions of this Section
30    or the provisions of any other law, until January 1, 1998,  a
31    community  unit  school district maintaining grades K through
32    12 may issue  bonds  up  to  an  amount,  including  existing
33    indebtedness,  not  exceeding 27.6% of the equalized assessed
34    value of the taxable property in the district, if all of  the
 
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 1    following conditions are met:
 2             (i)  The  school  district has an equalized assessed
 3        valuation  for  calendar   year   1995   of   less   than
 4        $24,000,000;
 5             (ii)  The   bonds   are   issued   for  the  capital
 6        improvement, renovation, rehabilitation,  or  replacement
 7        of  existing  school  buildings  of  the district, all of
 8        which buildings were originally constructed not less than
 9        40 years ago;
10             (iii)  The  voters  of  the   district   approve   a
11        proposition for the issuance of the bonds at a referendum
12        held after March 19, 1996; and
13             (iv)  The bonds are issued pursuant to Sections 19-2
14        through 19-7 of this Code.
15        (i)  Notwithstanding any other provisions of this Section
16    or  the provisions of any other law, until January 1, 1998, a
17    community unit school district maintaining grades  K  through
18    12  may  issue  bonds  up  to  an  amount, including existing
19    indebtedness, not exceeding 27%  of  the  equalized  assessed
20    value  of the taxable property in the district, if all of the
21    following conditions are met:
22             (i)  The school district has an  equalized  assessed
23        valuation   for   calendar   year   1995   of  less  than
24        $44,600,000;
25             (ii)  The  bonds  are   issued   for   the   capital
26        improvement,  renovation,  rehabilitation, or replacement
27        of existing school buildings  of  the  district,  all  of
28        which  existing buildings were originally constructed not
29        less than 80 years ago;
30             (iii)  The  voters  of  the   district   approve   a
31        proposition for the issuance of the bonds at a referendum
32        held after December 31, 1996; and
33             (iv)  The bonds are issued pursuant to Sections 19-2
34        through 19-7 of this Code.
 
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 1        (j)  Notwithstanding any other provisions of this Section
 2    or  the provisions of any other law, until January 1, 1999, a
 3    community unit school district maintaining grades  K  through
 4    12  may  issue  bonds  up  to  an  amount, including existing
 5    indebtedness, not exceeding 27%  of  the  equalized  assessed
 6    value  of  the taxable property in the district if all of the
 7    following conditions are met:
 8             (i)  The school district has an  equalized  assessed
 9        valuation   for   calendar   year   1995   of  less  than
10        $140,000,000 and a best 3 months average daily attendance
11        for the 1995-96 school year of at least 2,800;
12             (ii)  The bonds are issued to purchase  a  site  and
13        build  and  equip  a  new  high  school,  and  the school
14        district's   existing   high   school   was    originally
15        constructed  not  less than 35 years prior to the sale of
16        the bonds;
17             (iii)  At the time of the sale  of  the  bonds,  the
18        board  of  education  determines by resolution that a new
19        high school is needed  because  of  projected  enrollment
20        increases;
21             (iv)  At  least  60%  of those voting in an election
22        held after December 31, 1996 approve  a  proposition  for
23        the issuance of the bonds; and
24             (v)  The  bonds are issued pursuant to Sections 19-2
25        through 19-7 of this Code.
26        (k)  Notwithstanding the debt  limitation  prescribed  in
27    subsection  (a) of this Section, a school district that meets
28    all the criteria set forth in paragraphs (1) through  (4)  of
29    this  subsection  (k)  may issue bonds to incur an additional
30    indebtedness in an  amount  not  to  exceed  $4,000,000  even
31    though  the  amount of the additional indebtedness authorized
32    by this subsection  (k),  when  incurred  and  added  to  the
33    aggregate  amount  of  indebtedness  of  the  school district
34    existing immediately prior to the school  district  incurring
 
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 1    such    additional   indebtedness,   causes   the   aggregate
 2    indebtedness of the school district to  exceed  or  increases
 3    the  amount  by  which  the  aggregate  indebtedness  of  the
 4    district   already  exceeds  the  debt  limitation  otherwise
 5    applicable to that school district under subsection (a):
 6             (1)  the school district is located in  2  counties,
 7        and a referendum to authorize the additional indebtedness
 8        was  approved  by  a majority of the voters of the school
 9        district voting on  the  proposition  to  authorize  that
10        indebtedness;
11             (2)  the  additional indebtedness is for the purpose
12        of  financing  a  multi-purpose  room  addition  to   the
13        existing high school;
14             (3)  the  additional indebtedness, together with the
15        existing indebtedness of the school district,  shall  not
16        exceed  17.4% of the value of the taxable property in the
17        school district, to be ascertained by the last assessment
18        for State and county taxes; and
19             (4)  the    bonds    evidencing    the    additional
20        indebtedness are issued, if at all, within  120  days  of
21        the effective date of this amendatory Act of 1998.
22        (l)  Notwithstanding any other provisions of this Section
23    or  the provisions of any other law, until January 1, 2000, a
24    school district maintaining grades kindergarten through 8 may
25    issue bonds up to an amount, including existing indebtedness,
26    not exceeding 15% of the  equalized  assessed  value  of  the
27    taxable  property  in  the  district  if all of the following
28    conditions are met:
29             (i)  the  district   has   an   equalized   assessed
30        valuation   for   calendar   year   1996   of  less  than
31        $10,000,000;
32             (ii)  the bonds are issued for capital  improvement,
33        renovation, rehabilitation, or replacement of one or more
34        school  buildings  of  the district, which buildings were
 
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 1        originally constructed not less than 70 years ago;
 2             (iii)  the  voters  of  the   district   approve   a
 3        proposition for the issuance of the bonds at a referendum
 4        held on or after March 17, 1998; and
 5             (iv)  the bonds are issued pursuant to Sections 19-2
 6        through 19-7 of this Code.
 7        (m)  Notwithstanding any other provisions of this Section
 8    or the provisions of any other law, until January 1, 1999, an
 9    elementary school district maintaining grades K through 8 may
10    issue bonds up to an amount, excluding existing indebtedness,
11    not  exceeding  18%  of  the  equalized assessed value of the
12    taxable property in the district, if  all  of  the  following
13    conditions are met:
14             (i)  The  school  district has an equalized assessed
15        valuation for calendar year 1995 or less than $7,700,000;
16             (ii)  The  school  district  operates  2  elementary
17        attendance centers that until 1976 were operated  as  the
18        attendance  centers  of  2  separate  and distinct school
19        districts;
20             (iii)  The bonds are issued for the construction  of
21        a  new  elementary school building to replace an existing
22        multi-level elementary  school  building  of  the  school
23        district that is not handicapped accessible at all levels
24        and  parts  of  which were constructed more than 75 years
25        ago;
26             (iv)  The voters of the school  district  approve  a
27        proposition for the issuance of the bonds at a referendum
28        held after July 1, 1998; and
29             (v)  The  bonds are issued pursuant to Sections 19-2
30        through 19-7 of this Code.
31        (n)  Notwithstanding the debt  limitation  prescribed  in
32    subsection  (a)  of  this  Section or any other provisions of
33    this Section or of any other  law,  a  school  district  that
34    meets all of the criteria set forth in paragraphs (i) through
 
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 1    (vi) of this subsection (n) may incur additional indebtedness
 2    by  the  issuance  of  bonds  in  an amount not exceeding the
 3    amount certified by the  Capital  Development  Board  to  the
 4    school  district  as  provided  in  paragraph  (iii)  of this
 5    subsection (n), even though  the  amount  of  the  additional
 6    indebtedness  so  authorized,  when incurred and added to the
 7    aggregate amount of indebtedness  of  the  district  existing
 8    immediately  prior  to  the district incurring the additional
 9    indebtedness authorized by this subsection  (n),  causes  the
10    aggregate  indebtedness  of  the  district to exceed the debt
11    limitation otherwise applicable by law to that district:
12             (i)  The school district applies to the State  Board
13        of  Education for a school construction project grant and
14        submits a district facilities  plan  in  support  of  its
15        application  pursuant  to  Section  5-20  of  the  School
16        Construction Law.
17             (ii)  The    school   district's   application   and
18        facilities  plan  are  approved  by,  and  the   district
19        receives  a  grant  entitlement for a school construction
20        project issued by, the State Board of Education under the
21        School Construction Law.
22             (iii)  The school district has exhausted its bonding
23        capacity or the unused bonding capacity of  the  district
24        is   less  than  the  amount  certified  by  the  Capital
25        Development Board to the district under Section  5-15  of
26        the  School  Construction Law as the dollar amount of the
27        school construction project's cost that the district will
28        be required to finance with non-grant funds in  order  to
29        receive  a  school  construction  project grant under the
30        School Construction Law.
31             (iv)  The   bonds   are   issued   for   a   "school
32        construction project", as that term is defined in Section
33        5-5 of the School Construction Law,  in  an  amount  that
34        does  not exceed the dollar amount certified, as provided
 
HB2910 Engrossed            -15-     LRB093 07384 NHT 07547 b
 1        in paragraph (iii) of this subsection (n), by the Capital
 2        Development Board to the school  district  under  Section
 3        5-15 of the School Construction Law.
 4             (v)  The   voters   of   the   district   approve  a
 5        proposition for the issuance of the bonds at a referendum
 6        held after the criteria specified in paragraphs  (i)  and
 7        (iii) of this subsection (n) are met.
 8             (vi)  The bonds are issued pursuant to Sections 19-2
 9        through 19-7 of the School Code.
10        (o)  Notwithstanding any other provisions of this Section
11    or the provisions of any other law, until November 1, 2007, a
12    community  unit  school district maintaining grades K through
13    12 may issue  bonds  up  to  an  amount,  including  existing
14    indebtedness,  not  exceeding  20%  of the equalized assessed
15    value of the taxable property in the district if all  of  the
16    following conditions are met:
17             (i)  the  school  district has an equalized assessed
18        valuation for calendar year 2001 of at least $737,000,000
19        and an enrollment for the 2002-2003  school  year  of  at
20        least 8,500;
21             (ii)  the bonds are issued to purchase school sites,
22        build  and equip a new high school, build and equip a new
23        junior high school, build  and  equip  5  new  elementary
24        schools,  and  make technology and other improvements and
25        additions to existing schools;
26             (iii)  at the time of the sale  of  the  bonds,  the
27        board  of  education  determines  by  resolution that the
28        sites and new or improved facilities are  needed  because
29        of projected enrollment increases;
30             (iv)  at  least  57%  of  those  voting in a general
31        election  held  prior  to  January  1,  2003  approved  a
32        proposition for the issuance of the bonds; and
33             (v)  the bonds are issued pursuant to Sections  19-2
34        through 19-7 of this Code.
 
HB2910 Engrossed            -16-     LRB093 07384 NHT 07547 b
 1    (Source: P.A.  90-570,  eff.  1-28-98;  90-757, eff. 8-14-98;
 2    91-55, eff. 6-30-99.)

 3        Section 99.  Effective date.  This Act takes effect  upon
 4    becoming law.