Rep. John E. Bradley

Filed: 12/1/2014

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 2839

2    AMENDMENT NO. ______. Amend Senate Bill 2839, immediately
3above the enacting clause, by inserting the following:
 
4    "WHEREAS, The State of Illinois has a strategic interest in
5the operations of the Illinois International Port District and
6its Board, whose function is to develop the District's port and
7harbor facilities, issue construction permits, regulate the
8District's facilities and waterways, establish and operate
9foreign trade zones, and govern and administer all the District
10area within Chicago's corporate limits; and
 
11    WHEREAS, The Illinois International Port District is a very
12significant driver of freight movement and economic activity
13throughout the State of Illinois, including the downstate
14waterways and especially the Mississippi River and the Illinois
15River; and
 

 

 

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1    WHEREAS, In 2010, cargo shipments at the Port of Chicago
2directly or indirectly supported 6,930 jobs and generated
3$425,000,000 in revenue for Illinois firms, according to the
4Washington D.C.-based American Great Lakes Ports Association;
5and
 
6    WHEREAS, The Port of Chicago links rail and trucking lines
7with barges and ships supplying the Great Lakes and nearby
8rivers and handles an estimated 26,000,000 cargo tons annually
9throughout its 1,500 acre complex on the far south side,
10according to a recent estimate by a consortium of Great Lakes
11shipping interests; and
 
12    WHEREAS, In 1978, the Capital Development Board provided
13funds to the Illinois International Port District as authorized
14by Section 13 of the Capital Development Board Act, which
15provides for repayment by the Illinois International Port
16District using a flexible formula based on specified levels of
17revenues and profits; and
 
18    WHEREAS, In the over 30 years since that payment from the
19Capital Development Board, the Illinois International Port
20District has never been required to make a single payment to
21the Capital Development Board because it has never reached the
22levels of revenues and profits that would require such payment;
23and
 

 

 

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1    WHEREAS, The Capital Development Board annually certifies
2to the Illinois International Port District that it owes no
3payment for the year to the Capital Development Board; and
 
4    WHEREAS, It is virtually impossible that the Illinois
5International Port District will ever reach the level of
6revenues and profits that would require it to make a payment to
7the Capital Development Board; and
 
8    WHEREAS, In its financial statements for each year since at
9least 2005, the Capital Development Board has "reserved" the
10entire amount lent to the Illinois International Port District,
11indicating that it does not expect any payments under the loan,
12and that non-payment of the loan would not require any future
13or present cash outlay by the Capital Development Board or the
14State; and
 
15    WHEREAS, For the reasons discussed above, the existence of
16this debt is of no value whatsoever to the State and serves
17only to limit the investment in the Port of Chicago and the
18amount of economic activity throughout Illinois water and rail
19lines; and
 
20    WHEREAS, Official forgiveness of the obligation from the
21Illinois International Port District to the Capital

 

 

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1Development Board would benefit the entire State of Illinois by
2allowing greater investment in the State's waterways and
3freight facilities; therefore"; and
 
4by replacing everything after the enacting clause with the
5following:
 
6    "Section 5. The Capital Development Board Act is amended by
7changing Section 13 as follows:
 
8    (20 ILCS 3105/13)  (from Ch. 127, par. 783)
9    Sec. 13. The Board may provide cargo handling facilities
10and facilities designed for the movement of cargo to or from
11cargo handling facilities for the use of regional port
12districts. Pursuant to appropriations setting forth specific
13projects and regional port districts, the Board shall contract
14with the regional port district named in the Act making the
15appropriation for cargo handling facilities. Such contract
16shall provide that the regional port district shall remit to
17the State of Illinois an amount equal to not more than 20% of
18the gross receipts attributable to those facilities, and not
19less than 20% of the profit attributable to those facilities,
20whether collected by the regional port district or through an
21operator or other intermediary, until the full amount
22appropriated and expended by the State of Illinois has been
23remitted to the State. The exact amount of, the manner of, the

 

 

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1method of and the time for such remittances shall be agreed
2upon by the particular port district and the Board acting
3through its Executive Director, and such agreement may, from
4time to time, be amended by the parties so as to alter or
5modify the amount of, manner of, method of and time for the
6remittance, including, but not limited to, the temporary
7forgiveness, suspension or delay of the remittances not to
8exceed 24 months for any single suspension or delay. The
9payback is subordinate solely to any outstanding public bond
10agreements existing at the time of the contract and solely for
11the period of time of the running of those bond agreements. For
12any contract entered into under this Section, if, for a period
13of 25 years, a regional port district has not been required to
14remit any amount because the regional port district has failed
15to achieve the required level of profit, then the regional port
16district shall not be required to remit any amount under the
17contract.
18    This Section shall apply to all regional port district
19facilities to be constructed by the Board, including projects
20for which appropriations or reappropriations have been made
21prior to June 30, 1976, and to all contracts existing prior to
22January 1, 1986 (the effective date of Public Act 84-781) this
23amendatory Act of 1985 as well as contracts entered into on or
24after such date.
25(Source: P.A. 84-781.)
 

 

 

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1    Section 10. The School Code is amended by changing Section
219-1 as follows:
 
3    (105 ILCS 5/19-1)
4    Sec. 19-1. Debt limitations of school districts.
5    (a) School districts shall not be subject to the provisions
6limiting their indebtedness prescribed in "An Act to limit the
7indebtedness of counties having a population of less than
8500,000 and townships, school districts and other municipal
9corporations having a population of less than 300,000",
10approved February 15, 1928, as amended.
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
2413.8% on the value of the taxable property therein to be
25ascertained by the last assessment for State and county taxes

 

 

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1or, until January 1, 1983, if greater, the sum that is produced
2by multiplying the school district's 1978 equalized assessed
3valuation by the debt limitation percentage in effect on
4January 1, 1979, previous to the incurring of such
5indebtedness.
6    No partial elementary unit district, as defined in Article
711E of this Code, shall become indebted in any manner or for
8any purpose in an amount, including existing indebtedness, in
9the aggregate exceeding 6.9% of the value of the taxable
10property of the entire district, to be ascertained by the last
11assessment for State and county taxes, plus an amount,
12including existing indebtedness, in the aggregate exceeding
136.9% of the value of the taxable property of that portion of
14the district included in the elementary and high school
15classification, to be ascertained by the last assessment for
16State and county taxes. Moreover, no partial elementary unit
17district, as defined in Article 11E of this Code, shall become
18indebted on account of bonds issued by the district for high
19school purposes in the aggregate exceeding 6.9% of the value of
20the taxable property of the entire district, to be ascertained
21by the last assessment for State and county taxes, nor shall
22the district become indebted on account of bonds issued by the
23district for elementary purposes in the aggregate exceeding
246.9% of the value of the taxable property for that portion of
25the district included in the elementary and high school
26classification, to be ascertained by the last assessment for

 

 

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

 

 

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

 

 

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1    construction of such facilities, the school district may
2    issue bonds for this purpose; or
3        (5) Notwithstanding the provisions of paragraphs (1)
4    through (3) of this subsection (b), if (i) the school
5    district has previously availed itself of the provisions of
6    paragraph (4) of this subsection (b) to enable it to issue
7    bonds, (ii) the voters of the school district have not
8    defeated a proposition for the issuance of bonds since the
9    referendum described in paragraph (4) of this subsection
10    (b) was held, (iii) the school board determines that
11    additional facilities are needed to provide a quality
12    educational program, and (iv) a majority of those voting in
13    an election called by the school board on the question
14    approve the issuance of bonds for the construction of such
15    facilities, the school district may issue bonds for this
16    purpose.
17    In no event shall the indebtedness incurred pursuant to
18this subsection (b) and the existing indebtedness of the school
19district exceed 15% of the value of the taxable property
20therein to be ascertained by the last assessment for State and
21county taxes, previous to the incurring of such indebtedness
22or, until January 1, 1983, if greater, the sum that is produced
23by multiplying the school district's 1978 equalized assessed
24valuation by the debt limitation percentage in effect on
25January 1, 1979.
26    The indebtedness provided for by this subsection (b) shall

 

 

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

 

 

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

 

 

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1be issued in an amount or amounts, including existing
2indebtedness, in excess of any heretofore or hereafter imposed
3statutory limitation as to indebtedness:
4        (1) At the time of the sale of such bonds, the board of
5    education of the district shall have determined by
6    resolution that the enrollment of students in the district
7    is projected to increase by not less than 7% during each of
8    the next succeeding 2 school years.
9        (2) The board of education shall also determine by
10    resolution that the improvements to be financed with the
11    proceeds of the bonds are needed because of the projected
12    enrollment increases.
13        (3) The board of education shall also determine by
14    resolution that the projected increases in enrollment are
15    the result of improvements made or expected to be made to
16    passenger rail facilities located in the school district.
17    Notwithstanding the provisions of subsection (a) of this
18Section or of any other law, a school district that has availed
19itself of the provisions of this subsection (f) prior to July
2022, 2004 (the effective date of Public Act 93-799) may also
21issue bonds approved by referendum up to an amount, including
22existing indebtedness, not exceeding 25% of the equalized
23assessed value of the taxable property in the district if all
24of the conditions set forth in items (1), (2), and (3) of this
25subsection (f) are met.
26    (g) Notwithstanding the provisions of subsection (a) of

 

 

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1this Section or any other law, bonds in not to exceed an
2aggregate amount of 25% of the equalized assessed value of the
3taxable property of a school district and issued by a school
4district meeting the criteria in paragraphs (i) through (iv) of
5this subsection shall not be considered indebtedness for
6purposes of any statutory limitation and may be issued pursuant
7to resolution of the school board in an amount or amounts,
8including existing indebtedness, in excess of any statutory
9limitation of indebtedness heretofore or hereafter imposed:
10        (i) The bonds are issued for the purpose of
11    constructing a new high school building to replace two
12    adjacent existing buildings which together house a single
13    high school, each of which is more than 65 years old, and
14    which together are located on more than 10 acres and less
15    than 11 acres of property.
16        (ii) At the time the resolution authorizing the
17    issuance of the bonds is adopted, the cost of constructing
18    a new school building to replace the existing school
19    building is less than 60% of the cost of repairing the
20    existing school building.
21        (iii) The sale of the bonds occurs before July 1, 1997.
22        (iv) The school district issuing the bonds is a unit
23    school district located in a county of less than 70,000 and
24    more than 50,000 inhabitants, which has an average daily
25    attendance of less than 1,500 and an equalized assessed
26    valuation of less than $29,000,000.

 

 

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

 

 

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1    valuation for calendar year 1995 of less than $44,600,000;
2        (ii) The bonds are issued for the capital improvement,
3    renovation, rehabilitation, or replacement of existing
4    school buildings of the district, all of which existing
5    buildings were originally constructed not less than 80
6    years ago;
7        (iii) The voters of the district approve a proposition
8    for the issuance of the bonds at a referendum held after
9    December 31, 1996; and
10        (iv) The bonds are issued pursuant to Sections 19-2
11    through 19-7 of this Code.
12    (j) Notwithstanding any other provisions of this Section or
13the provisions of any other law, until January 1, 1999, a
14community unit school district maintaining grades K through 12
15may issue bonds up to an amount, including existing
16indebtedness, not exceeding 27% of the equalized assessed value
17of the taxable property in the district if all of the following
18conditions are met:
19        (i) The school district has an equalized assessed
20    valuation for calendar year 1995 of less than $140,000,000
21    and a best 3 months average daily attendance for the
22    1995-96 school year of at least 2,800;
23        (ii) The bonds are issued to purchase a site and build
24    and equip a new high school, and the school district's
25    existing high school was originally constructed not less
26    than 35 years prior to the sale of the bonds;

 

 

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

 

 

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1    voting on the proposition to authorize that indebtedness;
2        (2) the additional indebtedness is for the purpose of
3    financing a multi-purpose room addition to the existing
4    high school;
5        (3) the additional indebtedness, together with the
6    existing indebtedness of the school district, shall not
7    exceed 17.4% of the value of the taxable property in the
8    school district, to be ascertained by the last assessment
9    for State and county taxes; and
10        (4) the bonds evidencing the additional indebtedness
11    are issued, if at all, within 120 days of the effective
12    date of this amendatory Act of 1998.
13    (l) Notwithstanding any other provisions of this Section or
14the provisions of any other law, until January 1, 2000, a
15school district maintaining grades kindergarten through 8 may
16issue bonds up to an amount, including existing indebtedness,
17not exceeding 15% of the equalized assessed value of the
18taxable property in the district if all of the following
19conditions are met:
20        (i) the district has an equalized assessed valuation
21    for calendar year 1996 of less than $10,000,000;
22        (ii) the bonds are issued for capital improvement,
23    renovation, rehabilitation, or replacement of one or more
24    school buildings of the district, which buildings were
25    originally constructed not less than 70 years ago;
26        (iii) the voters of the district approve a proposition

 

 

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1    for the issuance of the bonds at a referendum held on or
2    after March 17, 1998; and
3        (iv) the bonds are issued pursuant to Sections 19-2
4    through 19-7 of this Code.
5    (m) Notwithstanding any other provisions of this Section or
6the provisions of any other law, until January 1, 1999, an
7elementary school district maintaining grades K through 8 may
8issue bonds up to an amount, excluding existing indebtedness,
9not exceeding 18% of the equalized assessed value of the
10taxable property in the district, if all of the following
11conditions are met:
12        (i) The school district has an equalized assessed
13    valuation for calendar year 1995 or less than $7,700,000;
14        (ii) The school district operates 2 elementary
15    attendance centers that until 1976 were operated as the
16    attendance centers of 2 separate and distinct school
17    districts;
18        (iii) The bonds are issued for the construction of a
19    new elementary school building to replace an existing
20    multi-level elementary school building of the school
21    district that is not handicapped accessible at all levels
22    and parts of which were constructed more than 75 years ago;
23        (iv) The voters of the school district approve a
24    proposition for the issuance of the bonds at a referendum
25    held after July 1, 1998; and
26        (v) The bonds are issued pursuant to Sections 19-2

 

 

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

 

 

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

 

 

09800SB2839ham002- 22 -LRB098 17093 HLH 62629 a

1indebtedness, not exceeding 20% of the equalized assessed value
2of the taxable property in the district if all of the following
3conditions are met:
4        (i) the school district has an equalized assessed
5    valuation for calendar year 2001 of at least $737,000,000
6    and an enrollment for the 2002-2003 school year of at least
7    8,500;
8        (ii) the bonds are issued to purchase school sites,
9    build and equip a new high school, build and equip a new
10    junior high school, build and equip 5 new elementary
11    schools, and make technology and other improvements and
12    additions to existing schools;
13        (iii) at the time of the sale of the bonds, the board
14    of education determines by resolution that the sites and
15    new or improved facilities are needed because of projected
16    enrollment increases;
17        (iv) at least 57% of those voting in a general election
18    held prior to January 1, 2003 approved a proposition for
19    the issuance of the bonds; and
20        (v) the bonds are issued pursuant to Sections 19-2
21    through 19-7 of this Code.
22    (p) Notwithstanding any other provisions of this Section or
23the provisions of any other law, a community unit school
24district maintaining grades K through 12 may issue bonds up to
25an amount, including indebtedness, not exceeding 27% of the
26equalized assessed value of the taxable property in the

 

 

09800SB2839ham002- 23 -LRB098 17093 HLH 62629 a

1district if all of the following conditions are met:
2        (i) The school district has an equalized assessed
3    valuation for calendar year 2001 of at least $295,741,187
4    and a best 3 months' average daily attendance for the
5    2002-2003 school year of at least 2,394.
6        (ii) The bonds are issued to build and equip 3
7    elementary school buildings; build and equip one middle
8    school building; and alter, repair, improve, and equip all
9    existing school buildings in the district.
10        (iii) At the time of the sale of the bonds, the board
11    of education determines by resolution that the project is
12    needed because of expanding growth in the school district
13    and a projected enrollment increase.
14        (iv) The bonds are issued pursuant to Sections 19-2
15    through 19-7 of this Code.
16    (p-5) Notwithstanding any other provisions of this Section
17or the provisions of any other law, bonds issued by a community
18unit school district maintaining grades K through 12 shall not
19be considered indebtedness for purposes of any statutory
20limitation and may be issued in an amount or amounts, including
21existing indebtedness, in excess of any heretofore or hereafter
22imposed statutory limitation as to indebtedness, if all of the
23following conditions are met:
24        (i) For each of the 4 most recent years, residential
25    property comprises more than 80% of the equalized assessed
26    valuation of the district.

 

 

09800SB2839ham002- 24 -LRB098 17093 HLH 62629 a

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

 

 

09800SB2839ham002- 25 -LRB098 17093 HLH 62629 a

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

 

 

09800SB2839ham002- 26 -LRB098 17093 HLH 62629 a

1    school buildings, new elementary school buildings, early
2    childhood building, maintenance building, transportation
3    facility, and additions to existing school buildings, the
4    altering, repairing, equipping, and provision of
5    technology improvements to existing school buildings, and
6    the acquisition and improvement of school sites, as the
7    case may be, are required as a result of a projected
8    increase in the enrollment of students in the district; and
9    (B) the sale of bonds for these purposes is authorized by
10    legislation that exempts the debt incurred on the bonds
11    from the district's statutory debt limitation.
12        (iii) The bonds are issued, in one or more bond issues,
13    on or before November 7, 2011, but the aggregate principal
14    amount issued in all such bond issues combined must not
15    exceed $450,000,000.
16        (iv) The bonds are issued in accordance with this
17    Article 19.
18        (v) The proceeds of the bonds are used only to
19    accomplish those projects approved by the voters at the
20    general election held on November 7, 2006.
21The debt incurred on any bonds issued under this subsection
22(p-15) shall not be considered indebtedness for purposes of any
23statutory debt limitation.
24    (p-20) In addition to all other authority to issue bonds,
25the Lincoln-Way Community High School District Number 210 may
26issue bonds with an aggregate principal amount not to exceed

 

 

09800SB2839ham002- 27 -LRB098 17093 HLH 62629 a

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

 

 

09800SB2839ham002- 28 -LRB098 17093 HLH 62629 a

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

 

 

09800SB2839ham002- 29 -LRB098 17093 HLH 62629 a

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

 

 

09800SB2839ham002- 30 -LRB098 17093 HLH 62629 a

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

 

 

09800SB2839ham002- 31 -LRB098 17093 HLH 62629 a

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

 

 

09800SB2839ham002- 32 -LRB098 17093 HLH 62629 a

1    issuances, on or before December 31, 2011, but the
2    aggregate principal amount issued in all such bond
3    issuances combined must not exceed $55,000,000.
4        (4) The bonds are issued in accordance with this
5    Article.
6        (5) The proceeds of the bonds are used to accomplish
7    only those projects approved by the voters at a regular
8    election held on or after November 4, 2008.
9    The debt incurred on any bonds issued under this subsection
10(p-40) shall not be considered indebtedness for purposes of any
11statutory debt limitation.
12    (p-45) Notwithstanding the provisions of subsection (a) of
13this Section or of any other law, bonds issued pursuant to
14Section 19-3.5 of this Code shall not be considered
15indebtedness for purposes of any statutory limitation if the
16bonds are issued in an amount or amounts, including existing
17indebtedness of the school district, not in excess of 18.5% of
18the value of the taxable property in the district to be
19ascertained by the last assessment for State and county taxes.
20    (p-50) Notwithstanding the provisions of subsection (a) of
21this Section or of any other law, bonds issued pursuant to
22Section 19-3.10 of this Code shall not be considered
23indebtedness for purposes of any statutory limitation if the
24bonds are issued in an amount or amounts, including existing
25indebtedness of the school district, not in excess of 43% of
26the value of the taxable property in the district to be

 

 

09800SB2839ham002- 33 -LRB098 17093 HLH 62629 a

1ascertained by the last assessment for State and county taxes.
2    (p-55) In addition to all other authority to issue bonds,
3Belle Valley School District 119 may issue bonds with an
4aggregate principal amount not to exceed $47,500,000, but only
5if 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 April
8    7, 2009.
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 mine subsidence in an existing school building and
13    because of the age and condition of another existing school
14    building and (ii) the issuance of bonds is authorized by
15    statute that exempts the debt incurred on the bonds from
16    the district's statutory debt limitation.
17        (3) The bonds are issued, in one or more bond
18    issuances, on or before March 31, 2014, but the aggregate
19    principal amount issued in all such bond issuances combined
20    must not exceed $47,500,000.
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 April 7, 2009.
26    The debt incurred on any bonds issued under this subsection

 

 

09800SB2839ham002- 34 -LRB098 17093 HLH 62629 a

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

 

 

09800SB2839ham002- 35 -LRB098 17093 HLH 62629 a

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

 

 

09800SB2839ham002- 36 -LRB098 17093 HLH 62629 a

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

 

 

09800SB2839ham002- 37 -LRB098 17093 HLH 62629 a

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

 

 

09800SB2839ham002- 38 -LRB098 17093 HLH 62629 a

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

 

 

09800SB2839ham002- 39 -LRB098 17093 HLH 62629 a

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

 

 

09800SB2839ham002- 40 -LRB098 17093 HLH 62629 a

1    February 2, 2010.
2        (2) At or prior to the time of the sale of the bonds,
3    the school board determines, by resolution, that (i) the
4    building and equipping of a new elementary school building
5    is required as a result of a projected increase in the
6    enrollment of students in the district and the age and
7    condition of the existing Lebanon Elementary School
8    building, (ii) a portion of the existing Lebanon Elementary
9    School building will be demolished and the remaining
10    portion will be altered, repaired, and equipped, and (iii)
11    the sale of bonds is authorized by a statute that exempts
12    the debt incurred on the bonds from the district's
13    statutory debt limitation.
14        (3) The bonds are issued, in one or more bond
15    issuances, on or before April 1, 2014, but the aggregate
16    principal amount issued in all such bond issuances combined
17    must not exceed $7,500,000.
18        (4) The bonds are issued in accordance with this
19    Article.
20        (5) The proceeds of the bonds are used to accomplish
21    only those projects approved by the voters at the general
22    primary election held on February 2, 2010.
23    The debt incurred on any bonds issued under this subsection
24(p-90) shall not be considered indebtedness for purposes of any
25statutory debt limitation.
26    (p-95) In addition to all other authority to issue bonds,

 

 

09800SB2839ham002- 41 -LRB098 17093 HLH 62629 a

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

 

 

09800SB2839ham002- 42 -LRB098 17093 HLH 62629 a

1date, notwithstanding any other law, including Section 19-3 of
2this Code, to the contrary.
3    (p-100) (p-95) In addition to all other authority to issue
4bonds, the community unit school district created in the
5territory comprising Milford Community Consolidated School
6District 280 and Milford Township High School District 233, as
7approved at the general primary election held on March 18,
82014, may issue bonds with an aggregate principal amount not to
9exceed $17,500,000, but only if all the following conditions
10are met:
11        (1) The voters of the district approve a proposition
12    for the bond issuance at an election held on or after
13    November 4, 2014.
14        (2) Prior to the issuance of the bonds, the school
15    board determines, by resolution, that (i) the building and
16    equipping of a new school building is required as a result
17    of the age and condition of an existing school building and
18    (ii) the issuance of bonds is authorized by a statute that
19    exempts the debt incurred on the bonds from the district's
20    statutory debt limitation.
21        (3) The bonds are issued, in one or more issuances, on
22    or before July 1, 2020, but the aggregate principal amount
23    issued in all such bond issuances combined must not exceed
24    $17,500,000.
25        (4) The bonds are issued in accordance with this
26    Article.

 

 

09800SB2839ham002- 43 -LRB098 17093 HLH 62629 a

1        (5) The proceeds of the bonds are used to accomplish
2    only those projects approved by the voters at an election
3    held on or after November 4, 2014.
4    The debt incurred on any bonds issued under this subsection
5(p-100) (p-95) shall not be considered indebtedness for
6purposes of any statutory debt limitation. Bonds issued under
7this subsection (p-100) (p-95) must mature within not to exceed
825 years from their date, notwithstanding any other law,
9including Section 19-3 of this Code, to the contrary.
10    (p-105) In addition to all other authority to issue bonds,
11Sandoval Community Unit School District 501 may issue bonds
12with an aggregate principal amount not to exceed $2,000,000,
13but only if all of the following conditions are met:
14        (1) The voters of the district approved a proposition
15    for the bond issuance at an election held on March 20,
16    2012.
17        (2) Prior to the issuance of the bonds, the school
18    board determines, by resolution, that (i) the building and
19    equipping of a new school building is required because of
20    the age and current condition of the Sandoval Elementary
21    School building and (ii) the issuance of bonds is
22    authorized by a statute that exempts the debt incurred on
23    the bonds from the district's statutory debt limitation.
24        (3) The bonds are issued, in one or more bond
25    issuances, on or before March 19, 2017, but the aggregate
26    principal amount issued in all such bond issuances combined

 

 

09800SB2839ham002- 44 -LRB098 17093 HLH 62629 a

1    must not exceed $2,000,000.
2        (4) The bonds are issued in accordance with this
3    Article.
4        (5) The proceeds of the bonds are used to accomplish
5    only those projects approved by the voters at the election
6    held on March 20, 2012.
7    The debt incurred on any bonds issued under this subsection
8(p-105) shall not be considered indebtedness for purposes of
9any statutory debt limitation.
10    (q) A school district must notify the State Board of
11Education prior to issuing any form of long-term or short-term
12debt that will result in outstanding debt that exceeds 75% of
13the debt limit specified in this Section or any other provision
14of law.
15(Source: P.A. 97-333, eff. 8-12-11; 97-834, eff. 7-20-12;
1697-1146, eff. 1-18-13; 98-617, eff. 1-7-14; 98-912, eff.
178-15-14; 98-916, eff. 8-15-14; revised 10-1-14.)".