Full Text of HB0459 100th General Assembly
HB0459ham002 100TH GENERAL ASSEMBLY | Rep. Jeanne M Ives Filed: 3/16/2017
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| 1 | | AMENDMENT TO HOUSE BILL 459
| 2 | | AMENDMENT NO. ______. Amend House Bill 459 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 1. Short title. This Act may be cited as the | 5 | | School District Debt Control and Taxpayer Protection Act. | 6 | | Section 5. Definitions. As used in this Act: | 7 | | "Capital appreciation bond" means debt issued without | 8 | | annual or semiannual payments of principal, interest, or both. | 9 | | "Entire debt service" means principal, interest, and | 10 | | issuance costs of all debt and bonds. | 11 | | "Equalized assessed value" means the assessed value as | 12 | | equalized by the Illinois Department of Revenue. | 13 | | "Tax anticipation warrants" means tax anticipation | 14 | | warrants drawn and issued under the School Code. | 15 | | Section 10. Refinancing debt. Notwithstanding any other |
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| 1 | | law to the contrary, a school district may not refinance debt | 2 | | past the repayment period of the debt when issued. | 3 | | Section 15. Debt serviced more than 20 years. | 4 | | Notwithstanding any law to the contrary, a school district may | 5 | | not issue debt to be serviced over a period greater than 20 | 6 | | years. | 7 | | Section 20. Equalized assessed value. Notwithstanding any | 8 | | other law to the contrary, for the purpose of calculating the | 9 | | debt limit of a school district in relation to its equalized | 10 | | assessed value, debt shall include alternate revenue bonds, | 11 | | privately placed debt, and all interest on all debt. | 12 | | Section 25. Debt limitation. Notwithstanding any other law | 13 | | to the contrary, no school district may become indebted in any | 14 | | manner or for any purpose in an amount, including the entire | 15 | | debt service, in the aggregate exceeding 13.8% of the value of | 16 | | the taxable property therein to be ascertained by the last | 17 | | assessment for State and county taxes or, if greater, the sum | 18 | | that is produced by multiplying the school district's 2016 | 19 | | equalized assessed value by the debt limitation percentage in | 20 | | effect on January 1, 2017, previous to the incurring of such | 21 | | indebtedness. | 22 | | Section 30. New debt prohibited. |
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| 1 | | (a) Notwithstanding any other law to the contrary and on | 2 | | and after the effective date of this Act, a school district | 3 | | that exceeds the debt limitation of Section 25 of this Act may | 4 | | not incur any new debt, including, but not limited to, tax | 5 | | anticipation warrants, until the school district's aggregate | 6 | | debt limitation is below the debt limitation of Section 25. | 7 | | (b) Notwithstanding subsection (a), a school district may | 8 | | issue new debt on or after the effective date of this Act if a | 9 | | referendum allowing new debt to be issued was passed before the | 10 | | effective date of this Act. | 11 | | Section 35. Capital appreciation bonds. Notwithstanding | 12 | | any other law to the contrary and on and after the effective | 13 | | date of this Act, no school district may issue capital | 14 | | appreciation bonds. | 15 | | Section 40. Additional debt. Nothing in this Act shall | 16 | | authorize any school district to issue additional debt above | 17 | | and beyond what is otherwise authorized by law. | 18 | | Section 45. Authority to exceed debt limitation. | 19 | | Notwithstanding any other provision of this Act, a school | 20 | | district may only exceed its debt limitation upon the Governor | 21 | | declaring a disaster within the school district, in part or in | 22 | | whole, under Section 7 of the Illinois Emergency Management | 23 | | Agency Act or upon the Governor's prior approval for any other |
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| 1 | | reason. | 2 | | Section 50. Bond referendum information. Notwithstanding | 3 | | any other law to the contrary, the referendum question allowing | 4 | | a school district to issue bonds must include the total cost of | 5 | | the bond, including interest, principal, and issuance costs, as | 6 | | well as the proposed term of the bond. | 7 | | Section 55. Bond issuance information. Any material or | 8 | | literature from a school district that is used to present | 9 | | information to the public about the issuance of bonds shall | 10 | | provide a projected cost per median-priced home in the | 11 | | district. This information must also include the school | 12 | | district's current long-term debt amount. | 13 | | Section 90. The School Code is amended by adding Section | 14 | | 19-32 as follows: | 15 | | (105 ILCS 5/19-32 new) | 16 | | Sec. 19-32. School District Debt Control and Taxpayer | 17 | | Protection Act. In any instance in which this Code conflicts | 18 | | with the School District Debt Control and Taxpayer Protection | 19 | | Act, that Act shall control.
| 20 | | Section 99. Effective date. This Act takes effect upon | 21 | | becoming law.".
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