Full Text of HB0459 100th General Assembly
HB0459eng 100TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning education.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 1. Short title. This Act may be cited as the School | 5 | | 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 | 16 | | law to the contrary, a school district may not refinance debt | 17 | | past the repayment period of the debt when issued. | 18 | | Section 15. Debt serviced more than 20 years. | 19 | | Notwithstanding any law to the contrary, a school district may | 20 | | not issue debt to be serviced over a period greater than 20 | 21 | | years. |
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| 1 | | Section 20. Equalized assessed value. Notwithstanding any | 2 | | other law to the contrary, for the purpose of calculating the | 3 | | debt limit of a school district in relation to its equalized | 4 | | assessed value, debt shall include all debt issued and its | 5 | | associated interest and issuance costs. | 6 | | Section 25. Debt limitation. Notwithstanding any other law | 7 | | to the contrary, no school district may become indebted in any | 8 | | manner or for any purpose in an amount, including the entire | 9 | | debt service, in the aggregate exceeding 13.8% for a unit | 10 | | district or 6.9% for an elementary or high school district of | 11 | | the value of the taxable property therein to be ascertained by | 12 | | the last assessment for State and county taxes or, if greater, | 13 | | the sum that is produced by multiplying the school district's | 14 | | 2016 equalized assessed value by the debt limitation percentage | 15 | | in effect on the effective date of this Act, previous to the | 16 | | incurring of such indebtedness. | 17 | | Section 30. New debt prohibited. | 18 | | (a) Notwithstanding any other law to the contrary and on | 19 | | and after the effective date of this Act, a school district | 20 | | that exceeds the debt limitation of Section 25 of this Act may | 21 | | not incur any new debt, including, but not limited to, tax | 22 | | anticipation warrants, until the school district's aggregate | 23 | | debt limitation is below the debt limitation of Section 25. |
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| 1 | | (b) Notwithstanding subsection (a), a school district may | 2 | | issue new debt on or after the effective date of this Act if a | 3 | | referendum allowing new debt to be issued was passed before the | 4 | | effective date of this Act. | 5 | | Section 35. Capital appreciation bonds. Notwithstanding | 6 | | any other law to the contrary and on and after the effective | 7 | | date of this Act, no school district may issue capital | 8 | | appreciation bonds. | 9 | | Section 40. Additional debt. Nothing in this Act shall | 10 | | authorize any school district to issue additional debt above | 11 | | and beyond what is otherwise authorized by law. | 12 | | Section 45. Bond referendum information. Notwithstanding | 13 | | any other law to the contrary, the referendum question allowing | 14 | | a school district to issue bonds must include the following: | 15 | | (1) a description of the project for which the bonds
| 16 | | will be issued; | 17 | | (2) an estimate of the number of years during which the
| 18 | | bonds will be outstanding; and | 19 | | (3) an estimate of the total debt service to be paid on
| 20 | | the bonds, including principal, interest, and costs of
| 21 | | issuing the bonds. | 22 | | Section 50. Bond issuance information. If a school district |
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| 1 | | presents information to the public about a bond issuance, then | 2 | | that information must include an estimate of the average annual | 3 | | property tax
needed to pay the principal of and interest on the | 4 | | bonds
extendable against property containing a median-priced | 5 | | home in the school district's boundaries at a fair market | 6 | | value.
| 7 | | Section 99. Effective date. This Act takes effect upon | 8 | | becoming law.
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