Bill Status of HB 459   100th General Assembly

Short Description:  DEBT CONTROL-TAXPYR PROTECTION

House Sponsors
Rep. Jeanne M Ives-Allen Skillicorn-Sam Yingling-Thomas Morrison and Martin J. Moylan

Last Action  View All Actions

DateChamber Action
  4/27/2017HouseThird Reading - Short Debate - Lost 043-070-000

Statutes Amended In Order of Appearance
New Act
105 ILCS 5/19-32 new

Synopsis As Introduced
Creates the School District Debt Control and Taxpayer Protection Act and amends the School Code. Provides that a school district may not refinance debt past the repayment period of the debt when issued, may not issue debt to be serviced over a period of greater than 20 years, and may not issue capital appreciation bonds. Provides that school districts may not be indebted in an amount greater than that indicated in the Act and if a school district does exceed the debt limitation, then the school district may not incur any new debt until the school district's debt is lower than the debt limitation. Effective immediately.

House Committee Amendment No. 2
Replaces everything after the enacting clause. Reinserts the contents of the bill with the following changes. Provides that, notwithstanding any other provision of the Act, a school district may only exceed its debt limitation upon the Governor declaring a disaster within the school district, in part or in whole, under the Illinois Emergency Management Agency Act or upon the Governor's prior approval for any other reason. Requires the referendum question allowing a school district to issue bonds to include the total cost of the bond, including interest, principal, and issuance costs, as well as the proposed term of the bond. Provides that any material or literature from a school district that is used to present information to the public about the issuance of bonds shall provide a projected cost per median-priced home in the district. Requires this information to include the school district's current long-term debt amount. Effective immediately.

House Floor Amendment No. 3
Deletes reference to:
105 ILCS 5/19-32 new

Replaces everything after the enacting clause. Reinserts the contents of the bill as amended by House Amendment No. 2, with the following changes. Provides that for the purpose of calculating the debt limit of a school district in relation to its equalized assessed value, debt shall include all debt issued and its associated interest and issuance costs (instead of the debt including alternate revenue bonds, privately placed debt, and all interest on all debt). Provides that no school district may become indebted in any manner or for any purpose in an amount in the aggregate exceeding 13.8% for a unit district or 6.9% for an elementary or high school district of the value of the taxable property therein (rather than just 13.8% of the value of the taxable property therein) or, if greater, the sum that is produced by multiplying the school district's 2016 equalized assessed value by the debt limitation percentage in effect on the effective date of the Act (instead of on January 1, 2017), previous to the incurring of such indebtedness. Removes the provisions allowing a school district to exceed its debt limitation upon the Governor declaring a disaster or upon the Governor's prior approval for any other reason. Changes the provisions concerning bond referendum information and bond issuance information. Removes the provisions amending the School Code. Effective immediately.

Actions 
DateChamber Action
  1/13/2017HouseFiled with the Clerk by Rep. Jeanne M Ives
  1/17/2017HouseFirst Reading
  1/17/2017HouseReferred to Rules Committee
  2/2/2017HouseAssigned to Elementary & Secondary Education: Licensing, Administration & Oversight
  2/8/2017HouseAdded Chief Co-Sponsor Rep. Allen Skillicorn
  2/9/2017HouseAdded Co-Sponsor Rep. Thomas Morrison
  2/14/2017HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Jeanne M Ives
  2/14/2017HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  2/16/2017HouseAdded Chief Co-Sponsor Rep. Thomas Morrison
  2/16/2017HouseRemoved Co-Sponsor Rep. Thomas Morrison
  3/16/2017HouseHouse Committee Amendment No. 2 Filed with Clerk by Rep. Jeanne M Ives
  3/16/2017HouseHouse Committee Amendment No. 2 Referred to Rules Committee
  3/21/2017HouseHouse Committee Amendment No. 2 Rules Refers to Elementary & Secondary Education: Licensing, Administration & Oversight
  3/22/2017HouseHouse Committee Amendment No. 2 Adopted in Elementary & Secondary Education: Licensing, Administration & Oversight; by Voice Vote
  3/22/2017HouseDo Pass as Amended / Short Debate Elementary & Secondary Education: Licensing, Administration & Oversight; 009-000-000
  3/22/2017HouseHouse Committee Amendment No. 1 Tabled Pursuant to Rule 40
  3/22/2017HousePlaced on Calendar 2nd Reading - Short Debate
  4/21/2017HouseHouse Floor Amendment No. 3 Filed with Clerk by Rep. Jeanne M Ives
  4/21/2017HouseHouse Floor Amendment No. 3 Referred to Rules Committee
  4/24/2017HouseHouse Floor Amendment No. 3 Rules Refers to Elementary & Secondary Education: Licensing, Administration & Oversight
  4/26/2017HouseHouse Floor Amendment No. 3 Recommends Be Adopted Elementary & Secondary Education: Licensing, Administration & Oversight; 008-000-000
  4/26/2017HouseSecond Reading - Short Debate
  4/26/2017HouseHouse Floor Amendment No. 3 Adopted
  4/26/2017HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/27/2017HouseAdded Co-Sponsor Rep. Martin J. Moylan
  4/27/2017HouseAdded Chief Co-Sponsor Rep. Sam Yingling
  4/27/2017HouseThird Reading - Short Debate - Lost 043-070-000

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