CLAYBORNE AND DEMUZIO.
SCH CONSTRUCTION-BOND CAPACITY
Synopsis of Bill as introduced:
Amends the School Construction Law and the School Code. Requires
the State Board of Education to certify to a school district that has
been issued a grant entitlement for a school construction project the
amount of the project cost that the district will be required to
finance with non-grant funds. Authorizes such a district, if it has
no unused bonding capacity or if its remaining bonding capacity is
less than the amount certified by the State Board of Education, to by
referendum incur additional indebtedness by the issuance of school
construction project bonds in an amount not exceeding the project cost
that the district must finance with non-grant funds. Makes other
related changes. Effective immediately.
SENATE AMENDMENT NO. 1.
Requires the Capital Development Board (instead of the State
Board of Education) to certify to the district the amount of the
school construction project's cost.
FISCAL NOTE (Capital Development Board)
Since Chicago schools receive 20% of the grant funds awarded,
this has no measurable impact on CDB or its method of deter-
mining grant values.
Last action on Bill: PUBLIC ACT.............................. 91-0055
Last action date: 99-06-30
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1
END OF INQUIRY
Full Text Bill Status