HB5572 EngrossedLRB100 16329 NHT 31455 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 1. Short title. This Act may be cited as the School
5District Debt Control and Taxpayer Protection Act.
 
6    Section 5. Definitions. As used in this Act:
7    "Debt" includes bonded debt costs of principal, interest,
8premium, and issuance costs.
9    "Equalized assessed value" means the assessed value as
10equalized by the Illinois Department of Revenue.
 
11    Section 10. Refinancing debt. Notwithstanding any other
12law to the contrary, a school district may not refinance debt
13past the repayment period of the debt when issued.
 
14    Section 15. Debt serviced more than 20 years.
15Notwithstanding any law to the contrary, a school district may
16not issue debt to be serviced over a period greater than 20
17years.
 
18    Section 20. Debt limitation. Notwithstanding any other law
19to the contrary, no school district may become indebted in any
20manner or for any purpose in an amount, including the entire

 

 

HB5572 Engrossed- 2 -LRB100 16329 NHT 31455 b

1debt service, in the aggregate exceeding 13.8% for a unit
2district or 6.9% for an elementary or high school district of
3the value of the taxable property therein to be ascertained by
4the last assessment for State and county taxes or, if greater,
5the sum that is produced by multiplying the school district's
62017 equalized assessed value by the debt limitation percentage
7in effect on the effective date of this Act, previous to the
8incurring of such indebtedness.
 
9    Section 25. New debt prohibited.
10    (a) Notwithstanding any other law to the contrary and on
11and after the effective date of this Act, a school district
12that exceeds the debt limitation of Section 20 of this Act may
13not incur any new debt until the school district's aggregate
14debt limitation is below the debt limitation of Section 20.
15    (b) Notwithstanding subsection (a), a school district may
16issue new debt on or after the effective date of this Act if a
17referendum allowing new debt to be issued was passed before the
18effective date of this Act.
 
19    Section 30. Additional debt. Nothing in this Act shall
20authorize any school district to issue additional debt above
21and beyond what is otherwise authorized by law.
 
22    Section 99. Effective date. This Act takes effect upon
23becoming law.