Revenue Committee

Filed: 4/19/2007

 

 


 

 


 
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1
AMENDMENT TO HOUSE BILL 410

2     AMENDMENT NO. ______. Amend House Bill 410 by replacing
3 everything after the enacting clause with the following:
 
4     "Section 5. The Counties Code is amended by adding Section
5 5-1006.7 as follows:
 
6     (55 ILCS 5/5-1006.7 new)
7     Sec. 5-1006.7. School facility occupation taxes.
8     (a) For the purposes of this Section:
9     "Department" means the Department of Revenue.
10     "Occupation tax" means a tax imposed upon:
11         (1) all retailers engaged in the business of selling
12     tangible personal property, other than personal property
13     titled or registered with an agency of this State's
14     government, at retail in the county on the gross receipts
15     from the sales made in the course of business; and
16         (2) all servicemen engaged, in the county, in the

 

 

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1     business of making sales of service, who, as an incident to
2     making those sales of service, transfer tangible personal
3     property within the county as an incident to a sale of
4     service.
5     "Retailer" means and includes any person engaged in the
6 business of making sales at retail, as defined in Section 1 of
7 the Retailers' Occupation Tax Act.
8     "Serviceman" has the definition set forth in Section 2 of
9 the Service Occupation Tax Act.
10     "School-facility purposes" means the acquisition,
11 development, construction, reconstruction, rehabilitation,
12 improvement, financing, architectural planning, and
13 installation of capital facilities consisting of buildings,
14 structures, and durable equipment and for the acquisition and
15 improvement of real property and interests in real property
16 required, or expected to be required, in connection with the
17 capital facilities. "School-facility purposes" also includes
18 fire prevention, safety, energy conservation, disabled
19 accessibility, school security, and specified repair purposes
20 set forth under Section 17-2.11 of the School Code.
21     (b) A county board may impose an occupation tax within the
22 county, the proceeds of which may be used solely for
23 school-facility purposes.
24     This tax under this Section may be imposed only in
25 one-quarter percent increments and may not exceed 1%.
26     (c) The tax under this Section may not be imposed until the

 

 

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1 question of imposing the tax has been submitted to the electors
2 of the county at a regular election and approved by a majority
3 of the electors voting on the question. The county board must
4 certify the question to the proper election authority, which
5 must submit the question at an election in accordance with the
6 Election Code.
7     The election authority must submit the question in
8 substantially the following form:
9         Shall (name of county) be authorized to impose an
10     occupation tax (commonly referred to as a "sales tax") in
11     accordance with Section 5-1006.7 of the Counties Code at
12     the rate of (insert rate) to be used exclusively for
13     school-facility purposes within the county?
14 The election authority must record the votes as "Yes" or "No".
15     If a majority of the electors voting on the question vote
16 in the affirmative, then the county may, thereafter, impose the
17 tax.
18     (d) The tax under this Section may not be imposed on the
19 sales of food for human consumption that is to be consumed off
20 the premises where it is sold (other than alcoholic beverages,
21 soft drinks, and food that has been prepared for immediate
22 consumption) or prescription and non-prescription medicines,
23 drugs, medical appliances, and insulin, urine testing
24 materials, syringes, and needles used by diabetics.
25     Nothing in this Section may be construed to authorize a
26 county board to impose a tax upon the privilege of engaging in

 

 

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1 any business that under the Constitution of the United States
2 may not be made the subject of taxation by this State.
3     (e) The Department has full power to administer and enforce
4 this Section, to collect all taxes and penalties due under this
5 Section, to dispose of taxes and penalties so collected in the
6 manner provided in this Section, and to determine all rights to
7 credit memoranda arising on account of the erroneous payment of
8 a tax or penalty under this Section. The Department shall
9 deposit all taxes and penalties collected under this Section
10 into a special fund created for that purpose.
11     In the administration of and compliance with this Section
12 with respect to a retailer who is subject to this Section, the
13 Department and the retailer (i) have the same rights, remedies,
14 privileges, immunities, powers, and duties, (ii) are subject to
15 the same conditions, restrictions, limitations, penalties, and
16 definitions of terms, and (iii) shall employ the same modes of
17 procedure as are set forth in Sections 1, 1a, 1a-1, 1d, 1e, 1f,
18 1i, 1j, 1k, 1m, 1n, 2 through 2-70 (in respect to all
19 provisions contained in those Sections other than the State
20 rate of tax), 2a, 2b, 2c, 3 (except provisions relating to
21 transaction returns and quarter monthly payments), 4, 5, 5a,
22 5b, 5c, 5d, 5e, 5f, 5g, 5h, 5i, 5j, 5k, 5l, 6, 6a, 6b, 6c, 7, 8,
23 9, 10, 11, 11a, 12, and 13 of the Retailers' Occupation Tax Act
24 and Section 3-7 of the Uniform Penalty and Interest Act as if
25 those provisions were set forth in this Section. The
26 certificate of registration that is issued by the Department to

 

 

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1 a retailer under the Retailers' Occupation Tax Act permits the
2 retailer to engage in a business that is taxable without
3 registering separately with the Department under an ordinance
4 or resolution under this Section.
5     In the administration of and compliance with this Section
6 with respect to a serviceman who is subject to this Section,
7 the Department and the serviceman (i) have the same rights,
8 remedies, privileges, immunities, powers, and duties, (ii) are
9 subject to the same conditions, restrictions, limitations,
10 penalties, and definitions of terms, and (iii) shall employ the
11 same modes of procedure as are set forth in Sections 2 (except
12 that the reference to State in the definition of supplier
13 maintaining a place of business in this State means the
14 county), 2a, 2b, 2c, 3 through 3-50 (in respect to all
15 provisions contained in those Sections other than the State
16 rate of tax), 4 (except that the reference to the State means
17 to the county), 5, 7, 8 (except that the jurisdiction to which
18 the tax is a debt to the extent indicated in that Section 8 is
19 the county), 9 (except as to the disposition of taxes and
20 penalties collected), 10, 11, 12 (except the reference therein
21 to Section 2b of the Retailers' Occupation Tax Act), 13 (except
22 that any reference to the State means the county), Section 15,
23 16, 17, 18, 19, and 20 of the Service Occupation Tax Act and
24 Section 3-7 of the Uniform Penalty and Interest Act, as fully
25 as if those provisions were set forth in this Section.
26     A person who is subject to the tax imposed under the

 

 

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1 authority granted in this Section may reimburse himself or
2 herself for the tax liability by separately stating the tax as
3 an additional charge, which may be stated in combination, in a
4 single amount, with State tax that sellers are required to
5 collect under the Use Tax Act, pursuant to any bracketed
6 schedules set forth by the Department.
7     (f) The Department shall immediately pay over to the State
8 Treasurer, ex officio, as trustee, all taxes and penalties
9 collected under this Section to be deposited into the School
10 Facility Occupation Tax Fund, which shall be an unappropriated
11 trust fund held outside of the State treasury.
12     On or before the 25th day of each calendar month, the
13 Department shall prepare and certify to the Comptroller the
14 disbursement of stated sums of money to the regional
15 superintendents of schools in counties from which retailers or
16 servicemen have paid taxes or penalties to the Department
17 during the second preceding calendar month. The amount to be
18 paid to each regional superintendent of schools, and disbursed
19 by him or her in accordance with 3-14.31 of the School Code, is
20 equal to the amount (not including credit memoranda) collected
21 from the county under this Section during the second preceding
22 calendar month by the Department: plus
23         (1) an amount that the Department determines is
24     necessary to offset any amounts that were erroneously paid
25     to a different taxing body; less
26         (2) 2% of the amount under item (1), which must be

 

 

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1     deposited into the Tax Compliance and Administration Fund
2     and be used by the Department, subject to appropriation, to
3     cover the costs of the Department in administering and
4     enforcing the provisions of this Section on behalf of the
5     county; less
6         (3) an amount equal to the amount of refunds made
7     during the second preceding calendar month by the
8     Department on behalf of the county; and less
9         (4) any amount that the Department determines is
10     necessary to offset any amounts that were payable to a
11     different taxing body but were erroneously paid to the
12     county.
13 When certifying the amount of a monthly disbursement to a
14 regional superintendent of schools under this Section, the
15 Department shall increase or decrease the amounts by an amount
16 necessary to offset any miscalculation of previous
17 disbursements. The offset amount is the amount erroneously
18 disbursed within the previous 6 months from the time a
19 miscalculation is discovered.
20     Within 10 days after receipt by the Comptroller of the
21 disbursement certification to the regional superintendents of
22 schools provided for in this Section to be given to the
23 Comptroller by the Department, the Comptroller shall cause the
24 orders to be drawn for the respective amounts in accordance
25 with directions contained in the certification.
26     If the Department determines that a refund should be made

 

 

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1 under this Section to a claimant instead of issuing a credit
2 memorandum, then the Department shall notify the State
3 Comptroller, who shall cause the order to be drawn for the
4 amount specified and to the person named in the notification
5 from the Department. The refund shall be paid by the State
6 Treasurer out of the School Facility Occupation Tax Fund.
7     (g) For the purpose of determining the local governmental
8 unit whose tax is applicable, a retail sale by a producer of
9 coal or another mineral mined in Illinois is a sale at retail
10 at the place where the coal or other mineral mined in Illinois
11 is extracted from the earth. This paragraph does not apply to
12 coal or another mineral when it is delivered or shipped by the
13 seller to the purchaser at a point outside Illinois so that the
14 sale is exempt under the United States Constitution as a sale
15 in interstate or foreign commerce.
16     (h) If a county board imposes a tax under this Section,
17 then the board may, by ordinance, discontinue or reduce the
18 rate of the tax. If, however, a school board issues bonds under
19 Section 19c-5 of the School Code, then the county board may not
20 reduce the tax rate or discontinue the tax if that rate
21 reduction or discontinuance would inhibit the school board's
22 ability to pay the principal and interest on those bonds as
23 they become due. If the county board reduces the tax rate or
24 discontinues the tax, then a referendum must be held in
25 accordance with subsection (a) of this Section in order to
26 increase the rate of the tax or to reimpose the discontinued

 

 

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1 tax.
2     (i) The results of any election that authorizes a
3 proposition to impose a tax under this Section or to change the
4 rate of the tax, or any ordinance that lowers the rate or
5 discontinues the tax, must be certified by the county board and
6 filed with the Department either (i) on or before the first day
7 of April, whereupon the Department shall proceed to administer
8 and enforce the tax as of the first day of July next following
9 the filing; or (ii) on or before the first day of October,
10 whereupon the Department shall proceed to administer and
11 enforce the tax as of the first day of January next following
12 the filing.
13     (j) This Section does not apply to Cook County.
 
14     Section 10. The School Code is amended changing Sections
15 17-2.11 and 19-1 and by adding Sections 3-14.31, 10-20.40, and
16 Article 19c as follows:
 
17     (105 ILCS 5/3-14.31 new)
18     Sec. 3-14.31. School facility occupation tax proceeds.
19     (a) Within 30 days after receiving any proceeds of a school
20 facility occupation tax under Section 5-1006.7 of the Counties
21 Code, each regional superintendent must disburse those
22 proceeds to each school district that is located in the county
23 in which the tax was collected.
24     (b) The proceeds must be disbursed on a per-pupil basis.

 

 

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1 Each school district that is located in the county in which the
2 tax was collected must annually certify to the regional
3 superintendent the number of students who attend a school that
4 is located in the county in which the tax was collected. The
5 regional superintendent may conduct an audit of the
6 certification submitted by a school board.
 
7     (105 ILCS 5/10-20.40 new)
8     Sec. 10-20.40. School facility occupation tax fund. All
9 proceeds received by a school district from a distribution
10 under 3-14.31 must be maintained in a special fund known as the
11 school facility occupation tax fund. The district may use
12 moneys in that fund only for school-facility purposes, as that
13 term is defined under Section 5-1006.7 of the Counties Code.
 
14     (105 ILCS 5/17-2.11)  (from Ch. 122, par. 17-2.11)
15     Sec. 17-2.11. School board power to levy a tax or to borrow
16 money and issue bonds for fire prevention, safety, energy
17 conservation, disabled accessibility, school security, and
18 specified repair purposes. Whenever, as a result of any lawful
19 order of any agency, other than a school board, having
20 authority to enforce any school building code applicable to any
21 facility that houses students, or any law or regulation for the
22 protection and safety of the environment, pursuant to the
23 Environmental Protection Act, any school district having a
24 population of less than 500,000 inhabitants is required to

 

 

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1 alter or reconstruct any school building or permanent, fixed
2 equipment; or whenever any such district determines that it is
3 necessary for energy conservation purposes that any school
4 building or permanent, fixed equipment should be altered or
5 reconstructed and that such alterations or reconstruction will
6 be made with funds not necessary for the completion of approved
7 and recommended projects contained in any safety survey report
8 or amendments thereto authorized by Section 2-3.12 of this Act;
9 or whenever any such district determines that it is necessary
10 for disabled accessibility purposes and to comply with the
11 school building code that any school building or equipment
12 should be altered or reconstructed and that such alterations or
13 reconstruction will be made with funds not necessary for the
14 completion of approved and recommended projects contained in
15 any safety survey report or amendments thereto authorized under
16 Section 2-3.12 of this Act; or whenever any such district
17 determines that it is necessary for school security purposes
18 and the related protection and safety of pupils and school
19 personnel that any school building or property should be
20 altered or reconstructed or that security systems and equipment
21 (including but not limited to intercom, early detection and
22 warning, access control and television monitoring systems)
23 should be purchased and installed, and that such alterations,
24 reconstruction or purchase and installation of equipment will
25 be made with funds not necessary for the completion of approved
26 and recommended projects contained in any safety survey report

 

 

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1 or amendment thereto authorized by Section 2-3.12 of this Act
2 and will deter and prevent unauthorized entry or activities
3 upon school property by unknown or dangerous persons, assure
4 early detection and advance warning of any such actual or
5 attempted unauthorized entry or activities and help assure the
6 continued safety of pupils and school staff if any such
7 unauthorized entry or activity is attempted or occurs; or if a
8 school district does not need funds for other fire prevention
9 and safety projects, including the completion of approved and
10 recommended projects contained in any safety survey report or
11 amendments thereto authorized by Section 2-3.12 of this Act,
12 and it is determined after a public hearing (which is preceded
13 by at least one published notice (i) occurring at least 7 days
14 prior to the hearing in a newspaper of general circulation
15 within the school district and (ii) setting forth the time,
16 date, place, and general subject matter of the hearing) that
17 there is a substantial, immediate, and otherwise unavoidable
18 threat to the health, safety, or welfare of pupils due to
19 disrepair of school sidewalks, playgrounds, parking lots, or
20 school bus turnarounds and repairs must be made: then in any
21 such event, such district may, by proper resolution, levy a tax
22 for the purpose of making such alteration or reconstruction,
23 based on a survey report by an architect or engineer licensed
24 in the State of Illinois, upon all the taxable property of the
25 district at the value as assessed by the Department of Revenue
26 at a rate not to exceed .05% per year for a period sufficient

 

 

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1 to finance such alterations, repairs, or reconstruction, upon
2 the following conditions:
3         (a) When there are not sufficient funds available in
4     either the operations and maintenance fund of the district,
5     the school facility occupation tax fund of the district, or
6     the fire prevention and safety fund of the district as
7     determined by the district on the basis of regulations
8     adopted by the State Board of Education to make such
9     alterations, repairs, or reconstruction, or to purchase
10     and install such permanent fixed equipment so ordered or
11     determined as necessary. Appropriate school district
12     records shall be made available to the State Superintendent
13     of Education upon request to confirm such insufficiency.
14         (b) When a certified estimate of an architect or
15     engineer licensed in the State of Illinois stating the
16     estimated amount necessary to make the alterations or
17     repairs, or to purchase and install such equipment so
18     ordered has been secured by the district, and the estimate
19     has been approved by the regional superintendent of
20     schools, having jurisdiction of the district, and the State
21     Superintendent of Education. Approval shall not be granted
22     for any work that has already started without the prior
23     express authorization of the State Superintendent of
24     Education. If such estimate is not approved or denied
25     approval by the regional superintendent of schools within 3
26     months after the date on which it is submitted to him or

 

 

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

 

 

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1     Such tax shall be levied and collected in like manner as
2 all other taxes of school districts, subject to the provisions
3 contained in this Section.
4     The tax rate limit specified in this Section may be
5 increased to .10% upon the approval of a proposition to effect
6 such increase by a majority of the electors voting on that
7 proposition at a regular scheduled election. Such proposition
8 may be initiated by resolution of the school board and shall be
9 certified by the secretary to the proper election authorities
10 for submission in accordance with the general election law.
11     When taxes are levied by any school district for fire
12 prevention, safety, energy conservation, and school security
13 purposes as specified in this Section, and the purposes for
14 which the taxes have been levied are accomplished and paid in
15 full, and there remain funds on hand in the Fire Prevention and
16 Safety Fund from the proceeds of the taxes levied, including
17 interest earnings thereon, the school board by resolution shall
18 use such excess and other board restricted funds excluding bond
19 proceeds and earnings from such proceeds (1) for other
20 authorized fire prevention, safety, energy conservation, and
21 school security purposes or (2) for transfer to the Operations
22 and Maintenance Fund for the purpose of abating an equal amount
23 of operations and maintenance purposes taxes. If any transfer
24 is made to the Operation and Maintenance Fund, the secretary of
25 the school board shall within 30 days notify the county clerk
26 of the amount of that transfer and direct the clerk to abate

 

 

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1 the taxes to be extended for the purposes of operations and
2 maintenance authorized under Section 17-2 of this Act by an
3 amount equal to such transfer.
4     If the proceeds from the tax levy authorized by this
5 Section are insufficient to complete the work approved under
6 this Section, the school board is authorized to sell bonds
7 without referendum under the provisions of this Section in an
8 amount that, when added to the proceeds of the tax levy
9 authorized by this Section, will allow completion of the
10 approved work.
11     Such bonds shall bear interest at a rate not to exceed the
12 maximum rate authorized by law at the time of the making of the
13 contract, shall mature within 20 years from date, and shall be
14 signed by the president of the school board and the treasurer
15 of the school district.
16     In order to authorize and issue such bonds, the school
17 board shall adopt a resolution fixing the amount of bonds, the
18 date thereof, the maturities thereof, rates of interest
19 thereof, place of payment and denomination, which shall be in
20 denominations of not less than $100 and not more than $5,000,
21 and provide for the levy and collection of a direct annual tax
22 upon all the taxable property in the school district sufficient
23 to pay the principal and interest on such bonds to maturity.
24 Upon the filing in the office of the county clerk of the county
25 in which the school district is located of a certified copy of
26 the resolution, it is the duty of the county clerk to extend

 

 

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

 

 

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1 this Act that may appear to be or to have been more restrictive
2 than those Acts.
3     When the purposes for which the bonds are issued have been
4 accomplished and paid for in full and there remain funds on
5 hand from the proceeds of the bond sale and interest earnings
6 therefrom, the board shall, by resolution, use such excess
7 funds in accordance with the provisions of Section 10-22.14 of
8 this Act.
9     Whenever any tax is levied or bonds issued for fire
10 prevention, safety, energy conservation, and school security
11 purposes, such proceeds shall be deposited and accounted for
12 separately within the Fire Prevention and Safety Fund.
13 (Source: P.A. 88-251; 88-508; 88-628, eff. 9-9-94; 88-670, eff.
14 12-2-94; 89-235, eff. 8-4-95; 89-397, eff. 8-20-95.)
 
15     (105 ILCS 5/19-1)  (from Ch. 122, par. 19-1)
16     Sec. 19-1. Debt limitations of school districts.
17     (a) School districts shall not be subject to the provisions
18 limiting their indebtedness prescribed in "An Act to limit the
19 indebtedness of counties having a population of less than
20 500,000 and townships, school districts and other municipal
21 corporations having a population of less than 300,000",
22 approved February 15, 1928, as amended.
23     No school districts maintaining grades K through 8 or 9
24 through 12 shall become indebted in any manner or for any
25 purpose to an amount, including existing indebtedness, in the

 

 

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1 aggregate exceeding 6.9% on the value of the taxable property
2 therein to be ascertained by the last assessment for State and
3 county taxes or, until January 1, 1983, if greater, the sum
4 that is produced by multiplying the school district's 1978
5 equalized assessed valuation by the debt limitation percentage
6 in effect on January 1, 1979, previous to the incurring of such
7 indebtedness.
8     No school districts maintaining grades K through 12 shall
9 become indebted in any manner or for any purpose to an amount,
10 including existing indebtedness, in the aggregate exceeding
11 13.8% on the value of the taxable property therein to be
12 ascertained by the last assessment for State and county taxes
13 or, until January 1, 1983, if greater, the sum that is produced
14 by multiplying the school district's 1978 equalized assessed
15 valuation by the debt limitation percentage in effect on
16 January 1, 1979, previous to the incurring of such
17 indebtedness.
18     No partial elementary unit district, as defined in Article
19 11E of this Code, shall become indebted in any manner or for
20 any purpose in an amount, including existing indebtedness, in
21 the aggregate exceeding 6.9% of the value of the taxable
22 property of the entire district, to be ascertained by the last
23 assessment for State and county taxes, plus an amount,
24 including existing indebtedness, in the aggregate exceeding
25 6.9% of the value of the taxable property of that portion of
26 the district included in the elementary and high school

 

 

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

 

 

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

 

 

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

 

 

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

 

 

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1 subsection (d) may incur an additional indebtedness in an
2 amount not to exceed $4,500,000, even though the amount of the
3 additional indebtedness authorized by this subsection (d),
4 when incurred and added to the aggregate amount of indebtedness
5 of the district existing immediately prior to the district
6 incurring the additional indebtedness authorized by this
7 subsection (d), causes the aggregate indebtedness of the
8 district to exceed the debt limitation otherwise applicable to
9 that district under subsection (a):
10         (1) The additional indebtedness authorized by this
11     subsection (d) is incurred by the school district through
12     the issuance of bonds under and in accordance with Section
13     17-2.11a for the purpose of replacing a school building
14     which, because of mine subsidence damage, has been closed
15     as provided in paragraph (2) of this subsection (d) or
16     through the issuance of bonds under and in accordance with
17     Section 19-3 for the purpose of increasing the size of, or
18     providing for additional functions in, such replacement
19     school buildings, or both such purposes.
20         (2) The bonds issued by the school district as provided
21     in paragraph (1) above are issued for the purposes of
22     construction by the school district of a new school
23     building pursuant to Section 17-2.11, to replace an
24     existing school building that, because of mine subsidence
25     damage, is closed as of the end of the 1992-93 school year
26     pursuant to action of the regional superintendent of

 

 

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

 

 

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1     the result of improvements made or expected to be made to
2     passenger rail facilities located in the school district.
3     Notwithstanding the provisions of subsection (a) of this
4 Section or of any other law, a school district that has availed
5 itself of the provisions of this subsection (f) prior to July
6 22, 2004 (the effective date of Public Act 93-799) may also
7 issue bonds approved by referendum up to an amount, including
8 existing indebtedness, not exceeding 25% of the equalized
9 assessed value of the taxable property in the district if all
10 of the conditions set forth in items (1), (2), and (3) of this
11 subsection (f) are met.
12     (g) Notwithstanding the provisions of subsection (a) of
13 this Section or any other law, bonds in not to exceed an
14 aggregate amount of 25% of the equalized assessed value of the
15 taxable property of a school district and issued by a school
16 district meeting the criteria in paragraphs (i) through (iv) of
17 this subsection shall not be considered indebtedness for
18 purposes of any statutory limitation and may be issued pursuant
19 to resolution of the school board in an amount or amounts,
20 including existing indebtedness, in excess of any statutory
21 limitation of indebtedness heretofore or hereafter imposed:
22         (i) The bonds are issued for the purpose of
23     constructing a new high school building to replace two
24     adjacent existing buildings which together house a single
25     high school, each of which is more than 65 years old, and
26     which together are located on more than 10 acres and less

 

 

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1     than 11 acres of property.
2         (ii) At the time the resolution authorizing the
3     issuance of the bonds is adopted, the cost of constructing
4     a new school building to replace the existing school
5     building is less than 60% of the cost of repairing the
6     existing school building.
7         (iii) The sale of the bonds occurs before July 1, 1997.
8         (iv) The school district issuing the bonds is a unit
9     school district located in a county of less than 70,000 and
10     more than 50,000 inhabitants, which has an average daily
11     attendance of less than 1,500 and an equalized assessed
12     valuation of less than $29,000,000.
13     (h) Notwithstanding any other provisions of this Section or
14 the provisions of any other law, until January 1, 1998, a
15 community unit school district maintaining grades K through 12
16 may issue bonds up to an amount, including existing
17 indebtedness, not exceeding 27.6% of the equalized assessed
18 value of the taxable property in the district, if all of the
19 following conditions are met:
20         (i) The school district has an equalized assessed
21     valuation for calendar year 1995 of less than $24,000,000;
22         (ii) The bonds are issued for the capital improvement,
23     renovation, rehabilitation, or replacement of existing
24     school buildings of the district, all of which buildings
25     were originally constructed not less than 40 years ago;
26         (iii) The voters of the district approve a proposition

 

 

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1     for the issuance of the bonds at a referendum held after
2     March 19, 1996; and
3         (iv) The bonds are issued pursuant to Sections 19-2
4     through 19-7 of this Code.
5     (i) Notwithstanding any other provisions of this Section or
6 the provisions of any other law, until January 1, 1998, a
7 community unit school district maintaining grades K through 12
8 may issue bonds up to an amount, including existing
9 indebtedness, not exceeding 27% of the equalized assessed value
10 of the taxable property in the district, if all of the
11 following conditions are met:
12         (i) The school district has an equalized assessed
13     valuation for calendar year 1995 of less than $44,600,000;
14         (ii) The bonds are issued for the capital improvement,
15     renovation, rehabilitation, or replacement of existing
16     school buildings of the district, all of which existing
17     buildings were originally constructed not less than 80
18     years ago;
19         (iii) The voters of the district approve a proposition
20     for the issuance of the bonds at a referendum held after
21     December 31, 1996; and
22         (iv) The bonds are issued pursuant to Sections 19-2
23     through 19-7 of this Code.
24     (j) Notwithstanding any other provisions of this Section or
25 the provisions of any other law, until January 1, 1999, a
26 community unit school district maintaining grades K through 12

 

 

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

 

 

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1 the amount of the additional indebtedness authorized by this
2 subsection (k), when incurred and added to the aggregate amount
3 of indebtedness of the school district existing immediately
4 prior to the school district incurring such additional
5 indebtedness, causes the aggregate indebtedness of the school
6 district to exceed or increases the amount by which the
7 aggregate indebtedness of the district already exceeds the debt
8 limitation otherwise applicable to that school district under
9 subsection (a):
10         (1) the school district is located in 2 counties, and a
11     referendum to authorize the additional indebtedness was
12     approved by a majority of the voters of the school district
13     voting on the proposition to authorize that indebtedness;
14         (2) the additional indebtedness is for the purpose of
15     financing a multi-purpose room addition to the existing
16     high school;
17         (3) the additional indebtedness, together with the
18     existing indebtedness of the school district, shall not
19     exceed 17.4% of the value of the taxable property in the
20     school district, to be ascertained by the last assessment
21     for State and county taxes; and
22         (4) the bonds evidencing the additional indebtedness
23     are issued, if at all, within 120 days of the effective
24     date of this amendatory Act of 1998.
25     (l) Notwithstanding any other provisions of this Section or
26 the provisions of any other law, until January 1, 2000, a

 

 

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

 

 

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1     attendance centers that until 1976 were operated as the
2     attendance centers of 2 separate and distinct school
3     districts;
4         (iii) The bonds are issued for the construction of a
5     new elementary school building to replace an existing
6     multi-level elementary school building of the school
7     district that is not handicapped accessible at all levels
8     and parts of which were constructed more than 75 years ago;
9         (iv) The voters of the school district approve a
10     proposition for the issuance of the bonds at a referendum
11     held after July 1, 1998; and
12         (v) The bonds are issued pursuant to Sections 19-2
13     through 19-7 of this Code.
14     (n) Notwithstanding the debt limitation prescribed in
15 subsection (a) of this Section or any other provisions of this
16 Section or of any other law, a school district that meets all
17 of the criteria set forth in paragraphs (i) through (vi) of
18 this subsection (n) may incur additional indebtedness by the
19 issuance of bonds in an amount not exceeding the amount
20 certified by the Capital Development Board to the school
21 district as provided in paragraph (iii) of this subsection (n),
22 even though the amount of the additional indebtedness so
23 authorized, when incurred and added to the aggregate amount of
24 indebtedness of the district existing immediately prior to the
25 district incurring the additional indebtedness authorized by
26 this subsection (n), causes the aggregate indebtedness of the

 

 

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

 

 

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

 

 

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

 

 

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

 

 

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

 

 

09500HB0410ham001 - 38 - LRB095 06518 BDD 34129 a

1     pursuant to Sections 19-2 through 19-7 of this Code.
2     (p-15) In addition to all other authority to issue bonds,
3 the Oswego Community Unit School District Number 308 may issue
4 bonds with an aggregate principal amount not to exceed
5 $450,000,000, but only if all of the following conditions are
6 met:
7         (i) The voters of the district have approved a
8     proposition for the bond issue at the general election held
9     on November 7, 2006.
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 the new high school building, new junior high
13     school buildings, new elementary school buildings, early
14     childhood building, maintenance building, transportation
15     facility, and additions to existing school buildings, the
16     altering, repairing, equipping, and provision of
17     technology improvements to existing school buildings, and
18     the acquisition and improvement of school sites, as the
19     case may be, are required as a result of a projected
20     increase in the enrollment of students in the district; and
21     (B) the sale of bonds for these purposes is authorized by
22     legislation that exempts the debt incurred on the bonds
23     from the district's statutory debt limitation.
24         (iii) The bonds are issued, in one or more bond issues,
25     on or before November 7, 2011, but the aggregate principal
26     amount issued in all such bond issues combined must not

 

 

09500HB0410ham001 - 39 - LRB095 06518 BDD 34129 a

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

 

 

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1     statutory debt limitation.
2         (iii) The bonds are issued, in one or more bond issues,
3     on or before March 21, 2011, but the aggregate principal
4     amount issued in all such bond issues combined must not
5     exceed $225,000,000.
6         (iv) The bonds are issued in accordance with this
7     Article 19.
8         (v) The proceeds of the bonds are used only to
9     accomplish those projects approved by the voters at the
10     primary election held on March 21, 2006.
11 The debt incurred on any bonds issued under this subsection
12 (p-20) shall not be considered indebtedness for purposes of any
13 statutory debt limitation.
14     (q) A school district must notify the State Board of
15 Education prior to issuing any form of long-term or short-term
16 debt that will result in outstanding debt that exceeds 75% of
17 the debt limit specified in this Section or any other provision
18 of law.
19     (r) The debt incurred on any bonds issued under Article 19c
20 shall not be considered indebtedness for purposes of any
21 statutory debt limitation.
22 (Source: P.A. 93-13, eff. 6-9-03; 93-799, eff. 7-22-04;
23 93-1045, eff. 10-15-04; 94-234, eff. 7-1-06; 94-721, eff.
24 1-6-06; 94-952, eff. 6-27-06; 94-1019, eff. 7-10-06; 94-1078,
25 eff. 1-9-07.)".
 

 

 

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1     (105 ILCS 5/Art. 19c heading new)
2
ARTICLE 19c. SCHOOL FACILITY REVENUE BONDS

 
3     (105 ILCS 5/19c-5 new)
4     Sec. 19c-5. School facility revenue bonds.
5     (a) A school board may, from time to time, issue and
6 dispose of its interest bearing revenue bonds for
7 school-facility purposes and may also, from time to time, issue
8 and dispose of its interest bearing revenue bonds to refund any
9 bonds at maturity or pursuant to redemption provisions or at
10 any time before maturity with the consent of the holders
11 thereof. All such bonds are payable solely from the revenues or
12 income to be derived from the tax imposed under Section
13 5-1006.7 of the Counties Code and from funds, if any, received
14 and to be received by the school board from any other source.
15 The bonds may be sold at such price as the school board may
16 determine to finance and to refund or refinance any and all
17 bonds issued and sold by the board under this Article. No bonds
18 issued under this Article, however, may bear interest in excess
19 of the maximum rate authorized by the Bond Authorization Act,
20 as amended at the time of the making of the contract, computed
21 to the maturity of the bonds. The bonds must be issued in
22 denominations of not less than $100 and not more than $5,000
23 and must mature within 20 years from the date that they are
24 issued.
25     (b) It is and always has been the intention of the General

 

 

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1 Assembly (i) that the Omnibus Bond Acts are and always have
2 been supplementary grants of power to issue instruments in
3 accordance with the Omnibus Bond Acts, regardless of any
4 provision of this Act that may appear to be or to have been
5 more restrictive than those Acts, (ii) that the provisions of
6 this Section are not a limitation on the supplementary
7 authority granted by the Omnibus Bond Acts, and (iii) that
8 instruments issued under this Section within the supplementary
9 authority granted by the Omnibus Bond Acts are not invalid
10 because of any provision of this Act that may appear to be or
11 to have been more restrictive than those Acts.
12     (c) For the purpose of this Article, "school-facility
13 purposes" has the same meaning as defined in Section 5-1006.7
14 of the Counties Code.
 
15     Section 99. Effective date. This Act takes effect upon
16 becoming law.".