Bill Status of HB2505 100th General Assembly
Short Description: SCH CD-DEBT LIMIT EXCEPTION
Rep. Michael J. Zalewski
| 3/23/2017||House||Placed on Calendar Order of 3rd Reading - Short Debate|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the School Code. In a Section concerning the debt limitations of school districts, provides that, in addition to all other authority to issue bonds, Brookfield LaGrange Park School District Number 95 may issue bonds with an aggregate principal amount not to exceed $20,000,000 if certain conditions are met, including (1) that the voters of the district approve a proposition for the bond issuance at an election held on or after April 4, 2017 and (2) that, prior to the issuance of the bonds, the school board determines, by resolution, that the additions and renovations to the Brook Park Elementary and S. E. Gross Middle School buildings are required to accommodate enrollment growth, replace outdated facilities, and create spaces consistent with 21st century learning. Provides that the debt incurred on the bonds and on any bonds issued to refund or continue to refund such bonds shall not be considered indebtedness for purposes of any statutory debt limitation. Effective immediately.