HB2505 EngrossedLRB100 08207 NHT 18304 b

1    AN ACT concerning education.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The School Code is amended by changing Section
519-1 as follows:
 
6    (105 ILCS 5/19-1)
7    Sec. 19-1. Debt limitations of school districts.
8    (a) School districts shall not be subject to the provisions
9limiting their indebtedness prescribed in the Local Government
10Debt Limitation Act.
11    No school districts maintaining grades K through 8 or 9
12through 12 shall become indebted in any manner or for any
13purpose to an amount, including existing indebtedness, in the
14aggregate exceeding 6.9% on the value of the taxable property
15therein to be ascertained by the last assessment for State and
16county taxes or, until January 1, 1983, if greater, the sum
17that is produced by multiplying the school district's 1978
18equalized assessed valuation by the debt limitation percentage
19in effect on January 1, 1979, previous to the incurring of such
20indebtedness.
21    No school districts maintaining grades K through 12 shall
22become indebted in any manner or for any purpose to an amount,
23including existing indebtedness, in the aggregate exceeding

 

 

HB2505 Engrossed- 2 -LRB100 08207 NHT 18304 b

113.8% on the value of the taxable property therein to be
2ascertained by the last assessment for State and county taxes
3or, until January 1, 1983, if greater, the sum that is produced
4by multiplying the school district's 1978 equalized assessed
5valuation by the debt limitation percentage in effect on
6January 1, 1979, previous to the incurring of such
7indebtedness.
8    No partial elementary unit district, as defined in Article
911E of this Code, shall become indebted in any manner or for
10any purpose in an amount, including existing indebtedness, in
11the aggregate exceeding 6.9% of the value of the taxable
12property of the entire district, to be ascertained by the last
13assessment for State and county taxes, plus an amount,
14including existing indebtedness, in the aggregate exceeding
156.9% of the value of the taxable property of that portion of
16the district included in the elementary and high school
17classification, to be ascertained by the last assessment for
18State and county taxes. Moreover, no partial elementary unit
19district, as defined in Article 11E of this Code, shall become
20indebted on account of bonds issued by the district for high
21school purposes in the aggregate exceeding 6.9% of the value of
22the taxable property of the entire district, to be ascertained
23by the last assessment for State and county taxes, nor shall
24the district become indebted on account of bonds issued by the
25district for elementary purposes in the aggregate exceeding
266.9% of the value of the taxable property for that portion of

 

 

HB2505 Engrossed- 3 -LRB100 08207 NHT 18304 b

1the district included in the elementary and high school
2classification, to be ascertained by the last assessment for
3State and county taxes.
4    Notwithstanding the provisions of any other law to the
5contrary, in any case in which the voters of a school district
6have approved a proposition for the issuance of bonds of such
7school district at an election held prior to January 1, 1979,
8and all of the bonds approved at such election have not been
9issued, the debt limitation applicable to such school district
10during the calendar year 1979 shall be computed by multiplying
11the value of taxable property therein, including personal
12property, as ascertained by the last assessment for State and
13county taxes, previous to the incurring of such indebtedness,
14by the percentage limitation applicable to such school district
15under the provisions of this subsection (a).
16    (b) Notwithstanding the debt limitation prescribed in
17subsection (a) of this Section, additional indebtedness may be
18incurred in an amount not to exceed the estimated cost of
19acquiring or improving school sites or constructing and
20equipping additional building facilities under the following
21conditions:
22        (1) Whenever the enrollment of students for the next
23    school year is estimated by the board of education to
24    increase over the actual present enrollment by not less
25    than 35% or by not less than 200 students or the actual
26    present enrollment of students has increased over the

 

 

HB2505 Engrossed- 4 -LRB100 08207 NHT 18304 b

1    previous school year by not less than 35% or by not less
2    than 200 students and the board of education determines
3    that additional school sites or building facilities are
4    required as a result of such increase in enrollment; and
5        (2) When the Regional Superintendent of Schools having
6    jurisdiction over the school district and the State
7    Superintendent of Education concur in such enrollment
8    projection or increase and approve the need for such
9    additional school sites or building facilities and the
10    estimated cost thereof; and
11        (3) When the voters in the school district approve a
12    proposition for the issuance of bonds for the purpose of
13    acquiring or improving such needed school sites or
14    constructing and equipping such needed additional building
15    facilities at an election called and held for that purpose.
16    Notice of such an election shall state that the amount of
17    indebtedness proposed to be incurred would exceed the debt
18    limitation otherwise applicable to the school district.
19    The ballot for such proposition shall state what percentage
20    of the equalized assessed valuation will be outstanding in
21    bonds if the proposed issuance of bonds is approved by the
22    voters; or
23        (4) Notwithstanding the provisions of paragraphs (1)
24    through (3) of this subsection (b), if the school board
25    determines that additional facilities are needed to
26    provide a quality educational program and not less than 2/3

 

 

HB2505 Engrossed- 5 -LRB100 08207 NHT 18304 b

1    of those voting in an election called by the school board
2    on the question approve the issuance of bonds for the
3    construction of such facilities, the school district may
4    issue bonds for this purpose; or
5        (5) Notwithstanding the provisions of paragraphs (1)
6    through (3) of this subsection (b), if (i) the school
7    district has previously availed itself of the provisions of
8    paragraph (4) of this subsection (b) to enable it to issue
9    bonds, (ii) the voters of the school district have not
10    defeated a proposition for the issuance of bonds since the
11    referendum described in paragraph (4) of this subsection
12    (b) was held, (iii) the school board determines that
13    additional facilities are needed to provide a quality
14    educational program, and (iv) a majority of those voting in
15    an election called by the school board on the question
16    approve the issuance of bonds for the construction of such
17    facilities, the school district may issue bonds for this
18    purpose.
19    In no event shall the indebtedness incurred pursuant to
20this subsection (b) and the existing indebtedness of the school
21district exceed 15% of the value of the taxable property
22therein to be ascertained by the last assessment for State and
23county taxes, previous to the incurring of such indebtedness
24or, until January 1, 1983, if greater, the sum that is produced
25by multiplying the school district's 1978 equalized assessed
26valuation by the debt limitation percentage in effect on

 

 

HB2505 Engrossed- 6 -LRB100 08207 NHT 18304 b

1January 1, 1979.
2    The indebtedness provided for by this subsection (b) shall
3be in addition to and in excess of any other debt limitation.
4    (c) Notwithstanding the debt limitation prescribed in
5subsection (a) of this Section, in any case in which a public
6question for the issuance of bonds of a proposed school
7district maintaining grades kindergarten through 12 received
8at least 60% of the valid ballots cast on the question at an
9election held on or prior to November 8, 1994, and in which the
10bonds approved at such election have not been issued, the
11school district pursuant to the requirements of Section 11A-10
12(now repealed) may issue the total amount of bonds approved at
13such election for the purpose stated in the question.
14    (d) Notwithstanding the debt limitation prescribed in
15subsection (a) of this Section, a school district that meets
16all the criteria set forth in paragraphs (1) and (2) of this
17subsection (d) may incur an additional indebtedness in an
18amount not to exceed $4,500,000, even though the amount of the
19additional indebtedness authorized by this subsection (d),
20when incurred and added to the aggregate amount of indebtedness
21of the district existing immediately prior to the district
22incurring the additional indebtedness authorized by this
23subsection (d), causes the aggregate indebtedness of the
24district to exceed the debt limitation otherwise applicable to
25that district under subsection (a):
26        (1) The additional indebtedness authorized by this

 

 

HB2505 Engrossed- 7 -LRB100 08207 NHT 18304 b

1    subsection (d) is incurred by the school district through
2    the issuance of bonds under and in accordance with Section
3    17-2.11a for the purpose of replacing a school building
4    which, because of mine subsidence damage, has been closed
5    as provided in paragraph (2) of this subsection (d) or
6    through the issuance of bonds under and in accordance with
7    Section 19-3 for the purpose of increasing the size of, or
8    providing for additional functions in, such replacement
9    school buildings, or both such purposes.
10        (2) The bonds issued by the school district as provided
11    in paragraph (1) above are issued for the purposes of
12    construction by the school district of a new school
13    building pursuant to Section 17-2.11, to replace an
14    existing school building that, because of mine subsidence
15    damage, is closed as of the end of the 1992-93 school year
16    pursuant to action of the regional superintendent of
17    schools of the educational service region in which the
18    district is located under Section 3-14.22 or are issued for
19    the purpose of increasing the size of, or providing for
20    additional functions in, the new school building being
21    constructed to replace a school building closed as the
22    result of mine subsidence damage, or both such purposes.
23    (e) (Blank).
24    (f) Notwithstanding the provisions of subsection (a) of
25this Section or of any other law, bonds in not to exceed the
26aggregate amount of $5,500,000 and issued by a school district

 

 

HB2505 Engrossed- 8 -LRB100 08207 NHT 18304 b

1meeting the following criteria shall not be considered
2indebtedness for purposes of any statutory limitation and may
3be issued in an amount or amounts, including existing
4indebtedness, in excess of any heretofore or hereafter imposed
5statutory limitation as to indebtedness:
6        (1) At the time of the sale of such bonds, the board of
7    education of the district shall have determined by
8    resolution that the enrollment of students in the district
9    is projected to increase by not less than 7% during each of
10    the next succeeding 2 school years.
11        (2) The board of education shall also determine by
12    resolution that the improvements to be financed with the
13    proceeds of the bonds are needed because of the projected
14    enrollment increases.
15        (3) The board of education shall also determine by
16    resolution that the projected increases in enrollment are
17    the result of improvements made or expected to be made to
18    passenger rail facilities located in the school district.
19    Notwithstanding the provisions of subsection (a) of this
20Section or of any other law, a school district that has availed
21itself of the provisions of this subsection (f) prior to July
2222, 2004 (the effective date of Public Act 93-799) may also
23issue bonds approved by referendum up to an amount, including
24existing indebtedness, not exceeding 25% of the equalized
25assessed value of the taxable property in the district if all
26of the conditions set forth in items (1), (2), and (3) of this

 

 

HB2505 Engrossed- 9 -LRB100 08207 NHT 18304 b

1subsection (f) are met.
2    (g) Notwithstanding the provisions of subsection (a) of
3this Section or any other law, bonds in not to exceed an
4aggregate amount of 25% of the equalized assessed value of the
5taxable property of a school district and issued by a school
6district meeting the criteria in paragraphs (i) through (iv) of
7this subsection shall not be considered indebtedness for
8purposes of any statutory limitation and may be issued pursuant
9to resolution of the school board in an amount or amounts,
10including existing indebtedness, in excess of any statutory
11limitation of indebtedness heretofore or hereafter imposed:
12        (i) The bonds are issued for the purpose of
13    constructing a new high school building to replace two
14    adjacent existing buildings which together house a single
15    high school, each of which is more than 65 years old, and
16    which together are located on more than 10 acres and less
17    than 11 acres of property.
18        (ii) At the time the resolution authorizing the
19    issuance of the bonds is adopted, the cost of constructing
20    a new school building to replace the existing school
21    building is less than 60% of the cost of repairing the
22    existing school building.
23        (iii) The sale of the bonds occurs before July 1, 1997.
24        (iv) The school district issuing the bonds is a unit
25    school district located in a county of less than 70,000 and
26    more than 50,000 inhabitants, which has an average daily

 

 

HB2505 Engrossed- 10 -LRB100 08207 NHT 18304 b

1    attendance of less than 1,500 and an equalized assessed
2    valuation of less than $29,000,000.
3    (h) Notwithstanding any other provisions of this Section or
4the provisions of any other law, until January 1, 1998, a
5community unit school district maintaining grades K through 12
6may issue bonds up to an amount, including existing
7indebtedness, not exceeding 27.6% of the equalized assessed
8value of the taxable property in the district, if all of the
9following conditions are met:
10        (i) The school district has an equalized assessed
11    valuation for calendar year 1995 of less than $24,000,000;
12        (ii) The bonds are issued for the capital improvement,
13    renovation, rehabilitation, or replacement of existing
14    school buildings of the district, all of which buildings
15    were originally constructed not less than 40 years ago;
16        (iii) The voters of the district approve a proposition
17    for the issuance of the bonds at a referendum held after
18    March 19, 1996; and
19        (iv) The bonds are issued pursuant to Sections 19-2
20    through 19-7 of this Code.
21    (i) Notwithstanding any other provisions of this Section or
22the provisions of any other law, until January 1, 1998, a
23community unit school district maintaining grades K through 12
24may issue bonds up to an amount, including existing
25indebtedness, not exceeding 27% of the equalized assessed value
26of the taxable property in the district, if all of the

 

 

HB2505 Engrossed- 11 -LRB100 08207 NHT 18304 b

1following conditions are met:
2        (i) The school district has an equalized assessed
3    valuation for calendar year 1995 of less than $44,600,000;
4        (ii) The bonds are issued for the capital improvement,
5    renovation, rehabilitation, or replacement of existing
6    school buildings of the district, all of which existing
7    buildings were originally constructed not less than 80
8    years ago;
9        (iii) The voters of the district approve a proposition
10    for the issuance of the bonds at a referendum held after
11    December 31, 1996; and
12        (iv) The bonds are issued pursuant to Sections 19-2
13    through 19-7 of this Code.
14    (j) Notwithstanding any other provisions of this Section or
15the provisions of any other law, until January 1, 1999, a
16community unit school district maintaining grades K through 12
17may issue bonds up to an amount, including existing
18indebtedness, not exceeding 27% of the equalized assessed value
19of the taxable property in the district if all of the following
20conditions are met:
21        (i) The school district has an equalized assessed
22    valuation for calendar year 1995 of less than $140,000,000
23    and a best 3 months average daily attendance for the
24    1995-96 school year of at least 2,800;
25        (ii) The bonds are issued to purchase a site and build
26    and equip a new high school, and the school district's

 

 

HB2505 Engrossed- 12 -LRB100 08207 NHT 18304 b

1    existing high school was originally constructed not less
2    than 35 years prior to the sale of the bonds;
3        (iii) At the time of the sale of the bonds, the board
4    of education determines by resolution that a new high
5    school is needed because of projected enrollment
6    increases;
7        (iv) At least 60% of those voting in an election held
8    after December 31, 1996 approve a proposition for the
9    issuance of the bonds; and
10        (v) The bonds are issued pursuant to Sections 19-2
11    through 19-7 of this Code.
12    (k) Notwithstanding the debt limitation prescribed in
13subsection (a) of this Section, a school district that meets
14all the criteria set forth in paragraphs (1) through (4) of
15this subsection (k) may issue bonds to incur an additional
16indebtedness in an amount not to exceed $4,000,000 even though
17the amount of the additional indebtedness authorized by this
18subsection (k), when incurred and added to the aggregate amount
19of indebtedness of the school district existing immediately
20prior to the school district incurring such additional
21indebtedness, causes the aggregate indebtedness of the school
22district to exceed or increases the amount by which the
23aggregate indebtedness of the district already exceeds the debt
24limitation otherwise applicable to that school district under
25subsection (a):
26        (1) the school district is located in 2 counties, and a

 

 

HB2505 Engrossed- 13 -LRB100 08207 NHT 18304 b

1    referendum to authorize the additional indebtedness was
2    approved by a majority of the voters of the school district
3    voting on the proposition to authorize that indebtedness;
4        (2) the additional indebtedness is for the purpose of
5    financing a multi-purpose room addition to the existing
6    high school;
7        (3) the additional indebtedness, together with the
8    existing indebtedness of the school district, shall not
9    exceed 17.4% of the value of the taxable property in the
10    school district, to be ascertained by the last assessment
11    for State and county taxes; and
12        (4) the bonds evidencing the additional indebtedness
13    are issued, if at all, within 120 days of August 14, 1998
14    (the effective date of Public Act 90-757).
15    (l) Notwithstanding any other provisions of this Section or
16the provisions of any other law, until January 1, 2000, a
17school district maintaining grades kindergarten through 8 may
18issue bonds up to an amount, including existing indebtedness,
19not exceeding 15% of the equalized assessed value of the
20taxable property in the district if all of the following
21conditions are met:
22        (i) the district has an equalized assessed valuation
23    for calendar year 1996 of less than $10,000,000;
24        (ii) the bonds are issued for capital improvement,
25    renovation, rehabilitation, or replacement of one or more
26    school buildings of the district, which buildings were

 

 

HB2505 Engrossed- 14 -LRB100 08207 NHT 18304 b

1    originally constructed not less than 70 years ago;
2        (iii) the voters of the district approve a proposition
3    for the issuance of the bonds at a referendum held on or
4    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 or
8the provisions of any other law, until January 1, 1999, an
9elementary school district maintaining grades K through 8 may
10issue bonds up to an amount, excluding existing indebtedness,
11not exceeding 18% of the equalized assessed value of the
12taxable property in the district, if all of the following
13conditions 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 a
21    new elementary school building to replace an existing
22    multi-level elementary school building of the school
23    district that is not accessible at all levels and parts of
24    which were constructed more than 75 years ago;
25        (iv) The voters of the school district approve a
26    proposition for the issuance of the bonds at a referendum

 

 

HB2505 Engrossed- 15 -LRB100 08207 NHT 18304 b

1    held after July 1, 1998; and
2        (v) The bonds are issued pursuant to Sections 19-2
3    through 19-7 of this Code.
4    (n) Notwithstanding the debt limitation prescribed in
5subsection (a) of this Section or any other provisions of this
6Section or of any other law, a school district that meets all
7of the criteria set forth in paragraphs (i) through (vi) of
8this subsection (n) may incur additional indebtedness by the
9issuance of bonds in an amount not exceeding the amount
10certified by the Capital Development Board to the school
11district as provided in paragraph (iii) of this subsection (n),
12even though the amount of the additional indebtedness so
13authorized, when incurred and added to the aggregate amount of
14indebtedness of the district existing immediately prior to the
15district incurring the additional indebtedness authorized by
16this subsection (n), causes the aggregate indebtedness of the
17district to exceed the debt limitation otherwise applicable by
18law to that district:
19        (i) The school district applies to the State Board of
20    Education for a school construction project grant and
21    submits a district facilities plan in support of its
22    application pursuant to Section 5-20 of the School
23    Construction Law.
24        (ii) The school district's application and facilities
25    plan are approved by, and the district receives a grant
26    entitlement for a school construction project issued by,

 

 

HB2505 Engrossed- 16 -LRB100 08207 NHT 18304 b

1    the State Board of Education under the School Construction
2    Law.
3        (iii) The school district has exhausted its bonding
4    capacity or the unused bonding capacity of the district is
5    less than the amount certified by the Capital Development
6    Board to the district under Section 5-15 of the School
7    Construction Law as the dollar amount of the school
8    construction project's cost that the district will be
9    required to finance with non-grant funds in order to
10    receive a school construction project grant under the
11    School Construction Law.
12        (iv) The bonds are issued for a "school construction
13    project", as that term is defined in Section 5-5 of the
14    School Construction Law, in an amount that does not exceed
15    the dollar amount certified, as provided in paragraph (iii)
16    of this subsection (n), by the Capital Development Board to
17    the school district under Section 5-15 of the School
18    Construction Law.
19        (v) The voters of the district approve a proposition
20    for the issuance of the bonds at a referendum held after
21    the criteria specified in paragraphs (i) and (iii) of this
22    subsection (n) are met.
23        (vi) The bonds are issued pursuant to Sections 19-2
24    through 19-7 of the School Code.
25    (o) Notwithstanding any other provisions of this Section or
26the provisions of any other law, until November 1, 2007, a

 

 

HB2505 Engrossed- 17 -LRB100 08207 NHT 18304 b

1community unit school district maintaining grades K through 12
2may issue bonds up to an amount, including existing
3indebtedness, not exceeding 20% of the equalized assessed value
4of the taxable property in the district if all of the following
5conditions are met:
6        (i) the school district has an equalized assessed
7    valuation for calendar year 2001 of at least $737,000,000
8    and an enrollment for the 2002-2003 school year of at least
9    8,500;
10        (ii) the bonds are issued to purchase school sites,
11    build and equip a new high school, build and equip a new
12    junior high school, build and equip 5 new elementary
13    schools, and make technology and other improvements and
14    additions to existing schools;
15        (iii) at the time of the sale of the bonds, the board
16    of education determines by resolution that the sites and
17    new or improved facilities are needed because of projected
18    enrollment increases;
19        (iv) at least 57% of those voting in a general election
20    held prior to January 1, 2003 approved a proposition for
21    the issuance of the bonds; and
22        (v) the bonds are issued pursuant to Sections 19-2
23    through 19-7 of this Code.
24    (p) Notwithstanding any other provisions of this Section or
25the provisions of any other law, a community unit school
26district maintaining grades K through 12 may issue bonds up to

 

 

HB2505 Engrossed- 18 -LRB100 08207 NHT 18304 b

1an amount, including indebtedness, not exceeding 27% of the
2equalized assessed value of the taxable property in the
3district if all of the following conditions are met:
4        (i) The school district has an equalized assessed
5    valuation for calendar year 2001 of at least $295,741,187
6    and a best 3 months' average daily attendance for the
7    2002-2003 school year of at least 2,394.
8        (ii) The bonds are issued to build and equip 3
9    elementary school buildings; build and equip one middle
10    school building; and alter, repair, improve, and equip all
11    existing school buildings in the district.
12        (iii) At the time of the sale of the bonds, the board
13    of education determines by resolution that the project is
14    needed because of expanding growth in the school district
15    and a projected enrollment increase.
16        (iv) The bonds are issued pursuant to Sections 19-2
17    through 19-7 of this Code.
18    (p-5) Notwithstanding any other provisions of this Section
19or the provisions of any other law, bonds issued by a community
20unit school district maintaining grades K through 12 shall not
21be considered indebtedness for purposes of any statutory
22limitation and may be issued in an amount or amounts, including
23existing indebtedness, in excess of any heretofore or hereafter
24imposed statutory limitation as to indebtedness, if all of the
25following conditions are met:
26        (i) For each of the 4 most recent years, residential

 

 

HB2505 Engrossed- 19 -LRB100 08207 NHT 18304 b

1    property comprises more than 80% of the equalized assessed
2    valuation of the district.
3        (ii) At least 2 school buildings that were constructed
4    40 or more years prior to the issuance of the bonds will be
5    demolished and will be replaced by new buildings or
6    additions to one or more existing buildings.
7        (iii) Voters of the district approve a proposition for
8    the issuance of the bonds at a regularly scheduled
9    election.
10        (iv) At the time of the sale of the bonds, the school
11    board determines by resolution that the new buildings or
12    building additions are needed because of an increase in
13    enrollment projected by the school board.
14        (v) The principal amount of the bonds, including
15    existing indebtedness, does not exceed 25% of the equalized
16    assessed value of the taxable property in the district.
17        (vi) The bonds are issued prior to January 1, 2007,
18    pursuant to Sections 19-2 through 19-7 of this Code.
19    (p-10) Notwithstanding any other provisions of this
20Section or the provisions of any other law, bonds issued by a
21community consolidated school district maintaining grades K
22through 8 shall not be considered indebtedness for purposes of
23any statutory limitation and may be issued in an amount or
24amounts, including existing indebtedness, in excess of any
25heretofore or hereafter imposed statutory limitation as to
26indebtedness, if all of the following conditions are met:

 

 

HB2505 Engrossed- 20 -LRB100 08207 NHT 18304 b

1        (i) For each of the 4 most recent years, residential
2    and farm property comprises more than 80% of the equalized
3    assessed valuation of the district.
4        (ii) The bond proceeds are to be used to acquire and
5    improve school sites and build and equip a school building.
6        (iii) Voters of the district approve a proposition for
7    the issuance of the bonds at a regularly scheduled
8    election.
9        (iv) At the time of the sale of the bonds, the school
10    board determines by resolution that the school sites and
11    building additions are needed because of an increase in
12    enrollment projected by the school board.
13        (v) The principal amount of the bonds, including
14    existing indebtedness, does not exceed 20% of the equalized
15    assessed value of the taxable property in the district.
16        (vi) The bonds are issued prior to January 1, 2007,
17    pursuant to Sections 19-2 through 19-7 of this Code.
18    (p-15) In addition to all other authority to issue bonds,
19the Oswego Community Unit School District Number 308 may issue
20bonds with an aggregate principal amount not to exceed
21$450,000,000, but only if all of the following conditions are
22met:
23        (i) The voters of the district have approved a
24    proposition for the bond issue at the general election held
25    on November 7, 2006.
26        (ii) At the time of the sale of the bonds, the school

 

 

HB2505 Engrossed- 21 -LRB100 08207 NHT 18304 b

1    board determines, by resolution, that: (A) the building and
2    equipping of the new high school building, new junior high
3    school buildings, new elementary school buildings, early
4    childhood building, maintenance building, transportation
5    facility, and additions to existing school buildings, the
6    altering, repairing, equipping, and provision of
7    technology improvements to existing school buildings, and
8    the acquisition and improvement of school sites, as the
9    case may be, are required as a result of a projected
10    increase in the enrollment of students in the district; and
11    (B) the sale of bonds for these purposes is authorized by
12    legislation that exempts the debt incurred on the bonds
13    from the district's statutory debt limitation.
14        (iii) The bonds are issued, in one or more bond issues,
15    on or before November 7, 2011, but the aggregate principal
16    amount issued in all such bond issues combined must not
17    exceed $450,000,000.
18        (iv) The bonds are issued in accordance with this
19    Article 19.
20        (v) The proceeds of the bonds are used only to
21    accomplish those projects approved by the voters at the
22    general election held on November 7, 2006.
23The debt incurred on any bonds issued under this subsection
24(p-15) shall not be considered indebtedness for purposes of any
25statutory debt limitation.
26    (p-20) In addition to all other authority to issue bonds,

 

 

HB2505 Engrossed- 22 -LRB100 08207 NHT 18304 b

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

 

 

HB2505 Engrossed- 23 -LRB100 08207 NHT 18304 b

1The debt incurred on any bonds issued under this subsection
2(p-20) shall not be considered indebtedness for purposes of any
3statutory debt limitation.
4    (p-25) In addition to all other authority to issue bonds,
5Rochester Community Unit School District 3A may issue bonds
6with an aggregate principal amount not to exceed $18,500,000,
7but only if all of the following conditions are met:
8        (i) The voters of the district approve a proposition
9    for the bond issuance at the general primary election held
10    in 2008.
11        (ii) At the time of the sale of the bonds, the school
12    board determines, by resolution, that: (A) the building and
13    equipping of a new high school building; the addition of
14    classrooms and support facilities at the high school,
15    middle school, and elementary school; the altering,
16    repairing, and equipping of existing school buildings; and
17    the improvement of school sites, as the case may be, are
18    required as a result of a projected increase in the
19    enrollment of students in the district; and (B) the sale of
20    bonds for these purposes is authorized by a law that
21    exempts the debt incurred on the bonds from the district's
22    statutory debt limitation.
23        (iii) The bonds are issued, in one or more bond issues,
24    on or before December 31, 2012, but the aggregate principal
25    amount issued in all such bond issues combined must not
26    exceed $18,500,000.

 

 

HB2505 Engrossed- 24 -LRB100 08207 NHT 18304 b

1        (iv) The bonds are issued in accordance with this
2    Article 19.
3        (v) The proceeds of the bonds are used to accomplish
4    only those projects approved by the voters at the primary
5    election held in 2008.
6The debt incurred on any bonds issued under this subsection
7(p-25) shall not be considered indebtedness for purposes of any
8statutory debt limitation.
9    (p-30) In addition to all other authority to issue bonds,
10Prairie Grove Consolidated School District 46 may issue bonds
11with an aggregate principal amount not to exceed $30,000,000,
12but only if all of the following conditions are met:
13        (i) The voters of the district approve a proposition
14    for the bond issuance at an election held in 2008.
15        (ii) At the time of the sale of the bonds, the school
16    board determines, by resolution, that (A) the building and
17    equipping of a new school building and additions to
18    existing school buildings are required as a result of a
19    projected increase in the enrollment of students in the
20    district and (B) the altering, repairing, and equipping of
21    existing school buildings are required because of the age
22    of the existing school buildings.
23        (iii) The bonds are issued, in one or more bond
24    issuances, on or before December 31, 2012; however, the
25    aggregate principal amount issued in all such bond
26    issuances combined must not exceed $30,000,000.

 

 

HB2505 Engrossed- 25 -LRB100 08207 NHT 18304 b

1        (iv) The bonds are issued in accordance with this
2    Article.
3        (v) The proceeds of the bonds are used to accomplish
4    only those projects approved by the voters at an election
5    held in 2008.
6The debt incurred on any bonds issued under this subsection
7(p-30) shall not be considered indebtedness for purposes of any
8statutory debt limitation.
9    (p-35) In addition to all other authority to issue bonds,
10Prairie Hill Community Consolidated School District 133 may
11issue bonds with an aggregate principal amount not to exceed
12$13,900,000, but only if all of the following conditions are
13met:
14        (i) The voters of the district approved a proposition
15    for the bond issuance at an election held on April 17,
16    2007.
17        (ii) At the time of the sale of the bonds, the school
18    board determines, by resolution, that (A) the improvement
19    of the site of and the building and equipping of a school
20    building are required as a result of a projected increase
21    in the enrollment of students in the district and (B) the
22    repairing and equipping of the Prairie Hill Elementary
23    School building is required because of the age of that
24    school building.
25        (iii) The bonds are issued, in one or more bond
26    issuances, on or before December 31, 2011, but the

 

 

HB2505 Engrossed- 26 -LRB100 08207 NHT 18304 b

1    aggregate principal amount issued in all such bond
2    issuances combined must not exceed $13,900,000.
3        (iv) The bonds are issued in accordance with this
4    Article.
5        (v) The proceeds of the bonds are used to accomplish
6    only those projects approved by the voters at an election
7    held on April 17, 2007.
8The debt incurred on any bonds issued under this subsection
9(p-35) shall not be considered indebtedness for purposes of any
10statutory debt limitation.
11    (p-40) In addition to all other authority to issue bonds,
12Mascoutah Community Unit District 19 may issue bonds with an
13aggregate principal amount not to exceed $55,000,000, but only
14if all of the following conditions are met:
15        (1) The voters of the district approve a proposition
16    for the bond issuance at a regular election held on or
17    after November 4, 2008.
18        (2) At the time of the sale of the bonds, the school
19    board determines, by resolution, that (i) the building and
20    equipping of a new high school building is required as a
21    result of a projected increase in the enrollment of
22    students in the district and the age and condition of the
23    existing high school building, (ii) the existing high
24    school building will be demolished, and (iii) the sale of
25    bonds is authorized by statute that exempts the debt
26    incurred on the bonds from the district's statutory debt

 

 

HB2505 Engrossed- 27 -LRB100 08207 NHT 18304 b

1    limitation.
2        (3) The bonds are issued, in one or more bond
3    issuances, on or before December 31, 2011, but the
4    aggregate principal amount issued in all such bond
5    issuances combined must not exceed $55,000,000.
6        (4) The bonds are issued in accordance with this
7    Article.
8        (5) The proceeds of the bonds are used to accomplish
9    only those projects approved by the voters at a regular
10    election held on or after November 4, 2008.
11    The debt incurred on any bonds issued under this subsection
12(p-40) shall not be considered indebtedness for purposes of any
13statutory debt limitation.
14    (p-45) Notwithstanding the provisions of subsection (a) of
15this Section or of any other law, bonds issued pursuant to
16Section 19-3.5 of this Code shall not be considered
17indebtedness for purposes of any statutory limitation if the
18bonds are issued in an amount or amounts, including existing
19indebtedness of the school district, not in excess of 18.5% of
20the value of the taxable property in the district to be
21ascertained by the last assessment for State and county taxes.
22    (p-50) Notwithstanding the provisions of subsection (a) of
23this Section or of any other law, bonds issued pursuant to
24Section 19-3.10 of this Code shall not be considered
25indebtedness for purposes of any statutory limitation if the
26bonds are issued in an amount or amounts, including existing

 

 

HB2505 Engrossed- 28 -LRB100 08207 NHT 18304 b

1indebtedness of the school district, not in excess of 43% of
2the value of the taxable property in the district to be
3ascertained by the last assessment for State and county taxes.
4    (p-55) In addition to all other authority to issue bonds,
5Belle Valley School District 119 may issue bonds with an
6aggregate principal amount not to exceed $47,500,000, but only
7if all of the following conditions are met:
8        (1) The voters of the district approve a proposition
9    for the bond issuance at an election held on or after April
10    7, 2009.
11        (2) Prior to the issuance of the bonds, the school
12    board determines, by resolution, that (i) the building and
13    equipping of a new school building is required as a result
14    of mine subsidence in an existing school building and
15    because of the age and condition of another existing school
16    building and (ii) the issuance of bonds is authorized by
17    statute that exempts the debt incurred on the bonds from
18    the district's statutory debt limitation.
19        (3) The bonds are issued, in one or more bond
20    issuances, on or before March 31, 2014, but the aggregate
21    principal amount issued in all such bond issuances combined
22    must not exceed $47,500,000.
23        (4) The bonds are issued in accordance with this
24    Article.
25        (5) The proceeds of the bonds are used to accomplish
26    only those projects approved by the voters at an election

 

 

HB2505 Engrossed- 29 -LRB100 08207 NHT 18304 b

1    held on or after April 7, 2009.
2    The debt incurred on any bonds issued under this subsection
3(p-55) shall not be considered indebtedness for purposes of any
4statutory debt limitation. Bonds issued under this subsection
5(p-55) must mature within not to exceed 30 years from their
6date, notwithstanding any other law to the contrary.
7    (p-60) In addition to all other authority to issue bonds,
8Wilmington Community Unit School District Number 209-U may
9issue bonds with an aggregate principal amount not to exceed
10$2,285,000, but only if all of the following conditions are
11met:
12        (1) The proceeds of the bonds are used to accomplish
13    only those projects approved by the voters at the general
14    primary election held on March 21, 2006.
15        (2) Prior to the issuance of the bonds, the school
16    board determines, by resolution, that (i) the projects
17    approved by the voters were and are required because of the
18    age and condition of the school district's prior and
19    existing school buildings and (ii) the issuance of the
20    bonds is authorized by legislation that exempts the debt
21    incurred on the bonds from the district's statutory debt
22    limitation.
23        (3) The bonds are issued in one or more bond issuances
24    on or before March 1, 2011, but the aggregate principal
25    amount issued in all those bond issuances combined must not
26    exceed $2,285,000.

 

 

HB2505 Engrossed- 30 -LRB100 08207 NHT 18304 b

1        (4) The bonds are issued in accordance with this
2    Article.
3    The debt incurred on any bonds issued under this subsection
4(p-60) shall not be considered indebtedness for purposes of any
5statutory debt limitation.
6    (p-65) In addition to all other authority to issue bonds,
7West Washington County Community Unit School District 10 may
8issue bonds with an aggregate principal amount not to exceed
9$32,200,000 and maturing over a period not exceeding 25 years,
10but only if all of the following conditions are met:
11        (1) The voters of the district approve a proposition
12    for the bond issuance at an election held on or after
13    February 2, 2010.
14        (2) Prior to the issuance of the bonds, the school
15    board determines, by resolution, that (A) all or a portion
16    of the existing Okawville Junior/Senior High School
17    Building will be demolished; (B) the building and equipping
18    of a new school building to be attached to and the
19    alteration, repair, and equipping of the remaining portion
20    of the Okawville Junior/Senior High School Building is
21    required because of the age and current condition of that
22    school building; and (C) the issuance of bonds is
23    authorized by a statute that exempts the debt incurred on
24    the bonds from the district's statutory debt limitation.
25        (3) The bonds are issued, in one or more bond
26    issuances, on or before March 31, 2014, but the aggregate

 

 

HB2505 Engrossed- 31 -LRB100 08207 NHT 18304 b

1    principal amount issued in all such bond issuances combined
2    must not exceed $32,200,000.
3        (4) The bonds are issued in accordance with this
4    Article.
5        (5) The proceeds of the bonds are used to accomplish
6    only those projects approved by the voters at an election
7    held on or after February 2, 2010.
8    The debt incurred on any bonds issued under this subsection
9(p-65) shall not be considered indebtedness for purposes of any
10statutory debt limitation.
11    (p-70) In addition to all other authority to issue bonds,
12Cahokia Community Unit School District 187 may issue bonds with
13an aggregate principal amount not to exceed $50,000,000, but
14only if all the following conditions are met:
15        (1) The voters of the district approve a proposition
16    for the bond issuance at an election held on or after
17    November 2, 2010.
18        (2) Prior to the issuance of the bonds, the school
19    board determines, by resolution, that (i) the building and
20    equipping of a new school building is required as a result
21    of the age and condition of an existing school building and
22    (ii) the issuance of bonds is authorized by a statute that
23    exempts the debt incurred on the bonds from the district's
24    statutory debt limitation.
25        (3) The bonds are issued, in one or more issuances, on
26    or before July 1, 2016, but the aggregate principal amount

 

 

HB2505 Engrossed- 32 -LRB100 08207 NHT 18304 b

1    issued in all such bond issuances combined must not exceed
2    $50,000,000.
3        (4) The bonds are issued in accordance with this
4    Article.
5        (5) The proceeds of the bonds are used to accomplish
6    only those projects approved by the voters at an election
7    held on or after November 2, 2010.
8    The debt incurred on any bonds issued under this subsection
9(p-70) shall not be considered indebtedness for purposes of any
10statutory debt limitation. Bonds issued under this subsection
11(p-70) must mature within not to exceed 25 years from their
12date, notwithstanding any other law, including Section 19-3 of
13this Code, to the contrary.
14    (p-75) Notwithstanding the debt limitation prescribed in
15subsection (a) of this Section or any other provisions of this
16Section or of any other law, the execution of leases on or
17after January 1, 2007 and before July 1, 2011 by the Board of
18Education of Peoria School District 150 with a public building
19commission for leases entered into pursuant to the Public
20Building Commission Act shall not be considered indebtedness
21for purposes of any statutory debt limitation.
22    This subsection (p-75) applies only if the State Board of
23Education or the Capital Development Board makes one or more
24grants to Peoria School District 150 pursuant to the School
25Construction Law. The amount exempted from the debt limitation
26as prescribed in this subsection (p-75) shall be no greater

 

 

HB2505 Engrossed- 33 -LRB100 08207 NHT 18304 b

1than the amount of one or more grants awarded to Peoria School
2District 150 by the State Board of Education or the Capital
3Development Board.
4    (p-80) In addition to all other authority to issue bonds,
5Ridgeland School District 122 may issue bonds with an aggregate
6principal amount not to exceed $50,000,000 for the purpose of
7refunding or continuing to refund bonds originally issued
8pursuant to voter approval at the general election held on
9November 7, 2000, and the debt incurred on any bonds issued
10under this subsection (p-80) shall not be considered
11indebtedness for purposes of any statutory debt limitation.
12Bonds issued under this subsection (p-80) may be issued in one
13or more issuances and must mature within not to exceed 25 years
14from their date, notwithstanding any other law, including
15Section 19-3 of this Code, to the contrary.
16    (p-85) In addition to all other authority to issue bonds,
17Hall High School District 502 may issue bonds with an aggregate
18principal amount not to exceed $32,000,000, but only if all the
19following conditions are met:
20        (1) The voters of the district approve a proposition
21    for the bond issuance at an election held on or after April
22    9, 2013.
23        (2) Prior to the issuance of the bonds, the school
24    board determines, by resolution, that (i) the building and
25    equipping of a new school building is required as a result
26    of the age and condition of an existing school building,

 

 

HB2505 Engrossed- 34 -LRB100 08207 NHT 18304 b

1    (ii) the existing school building should be demolished in
2    its entirety or the existing school building should be
3    demolished except for the 1914 west wing of the building,
4    and (iii) the issuance of bonds is authorized by a statute
5    that exempts the debt incurred on the bonds from the
6    district's statutory debt limitation.
7        (3) The bonds are issued, in one or more issuances, not
8    later than 5 years after the date of the referendum
9    approving the issuance of the bonds, but the aggregate
10    principal amount issued in all such bond issuances combined
11    must not exceed $32,000,000.
12        (4) The bonds are issued in accordance with this
13    Article.
14        (5) The proceeds of the bonds are used to accomplish
15    only those projects approved by the voters at an election
16    held on or after April 9, 2013.
17    The debt incurred on any bonds issued under this subsection
18(p-85) shall not be considered indebtedness for purposes of any
19statutory debt limitation. Bonds issued under this subsection
20(p-85) must mature within not to exceed 30 years from their
21date, notwithstanding any other law, including Section 19-3 of
22this Code, to the contrary.
23    (p-90) In addition to all other authority to issue bonds,
24Lebanon Community Unit School District 9 may issue bonds with
25an aggregate principal amount not to exceed $7,500,000, but
26only if all of the following conditions are met:

 

 

HB2505 Engrossed- 35 -LRB100 08207 NHT 18304 b

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

 

 

HB2505 Engrossed- 36 -LRB100 08207 NHT 18304 b

1statutory debt limitation.
2    (p-95) In addition to all other authority to issue bonds,
3Monticello Community Unit School District 25 may issue bonds
4with an aggregate principal amount not to exceed $35,000,000,
5but only if all of the following conditions are met:
6        (1) The voters of the district approve a proposition
7    for the bond issuance at an election held on or after
8    November 4, 2014.
9        (2) Prior to the issuance of the bonds, the school
10    board determines, by resolution, that (i) the building and
11    equipping of a new school building is required as a result
12    of the age and condition of an existing school building and
13    (ii) the issuance of bonds is authorized by a statute that
14    exempts the debt incurred on the bonds from the district's
15    statutory debt limitation.
16        (3) The bonds are issued, in one or more issuances, on
17    or before July 1, 2020, but the aggregate principal amount
18    issued in all such bond issuances combined must not exceed
19    $35,000,000.
20        (4) The bonds are issued in accordance with this
21    Article.
22        (5) The proceeds of the bonds are used to accomplish
23    only those projects approved by the voters at an election
24    held on or after November 4, 2014.
25    The debt incurred on any bonds issued under this subsection
26(p-95) shall not be considered indebtedness for purposes of any

 

 

HB2505 Engrossed- 37 -LRB100 08207 NHT 18304 b

1statutory debt limitation. Bonds issued under this subsection
2(p-95) must mature within not to exceed 25 years from their
3date, notwithstanding any other law, including Section 19-3 of
4this Code, to the contrary.
5    (p-100) In addition to all other authority to issue bonds,
6the community unit school district created in the territory
7comprising Milford Community Consolidated School District 280
8and Milford Township High School District 233, as approved at
9the general primary election held on March 18, 2014, may issue
10bonds with an aggregate principal amount not to exceed
11$17,500,000, but only if all the following conditions are met:
12        (1) The voters of the district approve a proposition
13    for the bond issuance at an election held on or after
14    November 4, 2014.
15        (2) Prior to the issuance of the bonds, the school
16    board determines, by resolution, that (i) the building and
17    equipping of a new school building is required as a result
18    of the age and condition of an existing school building and
19    (ii) the issuance of bonds is authorized by a statute that
20    exempts the debt incurred on the bonds from the district's
21    statutory debt limitation.
22        (3) The bonds are issued, in one or more issuances, on
23    or before July 1, 2020, but the aggregate principal amount
24    issued in all such bond issuances combined must not exceed
25    $17,500,000.
26        (4) The bonds are issued in accordance with this

 

 

HB2505 Engrossed- 38 -LRB100 08207 NHT 18304 b

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

 

 

HB2505 Engrossed- 39 -LRB100 08207 NHT 18304 b

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

 

 

HB2505 Engrossed- 40 -LRB100 08207 NHT 18304 b

1        (2) Prior to the issuance of the bonds, the school
2    board determines, by resolution, that (i) the building and
3    equipping of a new school building is required because of
4    the age and current condition of the Sandoval Elementary
5    School building and (ii) the issuance of bonds is
6    authorized by a statute that exempts the debt incurred on
7    the bonds from the district's statutory debt limitation.
8        (3) The bonds are issued, in one or more bond
9    issuances, on or before March 19, 2017, but the aggregate
10    principal amount issued in all such bond issuances combined
11    must not exceed $2,000,000.
12        (4) The bonds are issued in accordance with this
13    Article.
14        (5) The proceeds of the bonds are used to accomplish
15    only those projects approved by the voters at the election
16    held on March 20, 2012.
17    The debt incurred on any bonds issued under this subsection
18(p-110) shall not be considered indebtedness for purposes of
19any statutory debt limitation.
20    (p-115) In addition to all other authority to issue bonds,
21Bureau Valley Community Unit School District 340 may issue
22bonds with an aggregate principal amount not to exceed
23$25,000,000, but only if all of the following conditions are
24met:
25        (1) The voters of the district approve a proposition
26    for the bond issuance at an election held on or after March

 

 

HB2505 Engrossed- 41 -LRB100 08207 NHT 18304 b

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

 

 

HB2505 Engrossed- 42 -LRB100 08207 NHT 18304 b

1Paxton-Buckley-Loda Community Unit School District 10 may
2issue bonds with an aggregate principal amount not to exceed
3$28,500,000, but only if all the following conditions are met:
4        (1) The voters of the district approve a proposition
5    for the bond issuance at an election held on or after
6    November 8, 2016.
7        (2) Prior to the issuance of the bonds, the school
8    board determines, by resolution, that (i) the projects as
9    described in said proposition, relating to the building and
10    equipping of one or more school buildings or additions to
11    existing school buildings, are required as a result of the
12    age and condition of the District's existing buildings and
13    (ii) the issuance of bonds is authorized by a statute that
14    exempts the debt incurred on the bonds from the district's
15    statutory debt limitation.
16        (3) The bonds are issued, in one or more issuances, not
17    later than 5 years after the date of the referendum
18    approving the issuance of the bonds, but the aggregate
19    principal amount issued in all such bond issuances combined
20    must not exceed $28,500,000.
21        (4) The bonds are issued in accordance with this
22    Article.
23        (5) The proceeds of the bonds are used to accomplish
24    only those projects approved by the voters at an election
25    held on or after November 8, 2016.
26    The debt incurred on any bonds issued under this subsection

 

 

HB2505 Engrossed- 43 -LRB100 08207 NHT 18304 b

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

 

 

HB2505 Engrossed- 44 -LRB100 08207 NHT 18304 b

1    later than 5 years after the date of the referendum
2    approving the issuance of the bonds, but the aggregate
3    principal amount issued in all such bond issuances combined
4    must not exceed $34,500,000.
5        (4) The bonds are issued in accordance with this
6    Article.
7        (5) The proceeds of the bonds are used to accomplish
8    only those projects approved by the voters at an election
9    held on or after March 15, 2016.
10    The debt incurred on any bonds issued under this subsection
11(p-125) and on any bonds issued to refund or continue to refund
12such bonds shall not be considered indebtedness for purposes of
13any statutory debt limitation. Bonds issued under this
14subsection (p-125) and any bonds issued to refund or continue
15to refund such bonds must mature within not to exceed 25 years
16from their date, notwithstanding any other law, including
17Section 19-3 of this Code, to the contrary.
18    (p-130) In addition to all other authority to issue bonds,
19Brookfield LaGrange Park School District Number 95 may issue
20bonds with an aggregate principal amount not to exceed
21$20,000,000, but only if all the following conditions are met:
22        (1) The voters of the district approve a proposition
23    for the bond issuance at an election held on or after April
24    4, 2017.
25        (2) Prior to the issuance of the bonds, the school
26    board determines, by resolution, that (i) the additions and

 

 

HB2505 Engrossed- 45 -LRB100 08207 NHT 18304 b

1    renovations to the Brook Park Elementary and S. E. Gross
2    Middle School buildings are required to accommodate
3    enrollment growth, replace outdated facilities, and create
4    spaces consistent with 21st century learning and (ii) the
5    issuance of the bonds is authorized by a statute that
6    exempts the debt incurred on the bonds from the district's
7    statutory debt limitation.
8        (3) The bonds are issued, in one or more issuances, not
9    later than 5 years after the date of the referendum
10    approving the issuance of the bonds, but the aggregate
11    principal amount issued in all such bond issuances combined
12    must not exceed $20,000,000.
13        (4) The bonds are issued in accordance with this
14    Article.
15        (5) The proceeds of the bonds are used to accomplish
16    only those projects approved by the voters at an election
17    held on or after April 4, 2017.
18    The debt incurred on any bonds issued under this subsection
19(p-130) and on any bonds issued to refund or continue to refund
20such bonds shall not be considered indebtedness for purposes of
21any statutory debt limitation.
22    (q) A school district must notify the State Board of
23Education prior to issuing any form of long-term or short-term
24debt that will result in outstanding debt that exceeds 75% of
25the debt limit specified in this Section or any other provision
26of law.

 

 

HB2505 Engrossed- 46 -LRB100 08207 NHT 18304 b

1(Source: P.A. 98-617, eff. 1-7-14; 98-912, eff. 8-15-14;
298-916, eff. 8-15-14; 99-78, eff. 7-20-15; 99-143, eff.
37-27-15; 99-390, eff. 8-18-15; 99-642, eff. 7-28-16; 99-735,
4eff. 8-5-16.)
 
5    Section 99. Effective date. This Act takes effect upon
6becoming law.