|
||||||||||||||||||||
|
||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
1 | AN ACT concerning education.
| |||||||||||||||||||
2 | Be it enacted by the People of the State of Illinois, | |||||||||||||||||||
3 | represented in the General Assembly:
| |||||||||||||||||||
4 | Section 5. The School Code is amended by changing Section | |||||||||||||||||||
5 | 19-1 as follows:
| |||||||||||||||||||
6 | (105 ILCS 5/19-1) (from Ch. 122, par. 19-1)
| |||||||||||||||||||
7 | Sec. 19-1. Debt limitations of school districts.
| |||||||||||||||||||
8 | (a) School districts shall not be subject to the
the | |||||||||||||||||||
9 | provisions limiting their
indebtedness prescribed in "An Act to | |||||||||||||||||||
10 | limit the indebtedness of counties having
a population of less | |||||||||||||||||||
11 | than 500,000 and townships, school districts and other
| |||||||||||||||||||
12 | municipal corporations having a population of less than | |||||||||||||||||||
13 | 300,000", approved
February 15, 1928, as amended.
| |||||||||||||||||||
14 | No school districts maintaining grades K through 8 or 9 | |||||||||||||||||||
15 | through 12
shall become indebted in any manner or for any | |||||||||||||||||||
16 | purpose to an amount,
including existing indebtedness, in the | |||||||||||||||||||
17 | aggregate exceeding 6.9% on the
value of the taxable property | |||||||||||||||||||
18 | therein to be ascertained by the last assessment
for State and | |||||||||||||||||||
19 | county taxes or, until January 1, 1983, if greater, the sum | |||||||||||||||||||
20 | that
is produced by multiplying the school district's 1978 | |||||||||||||||||||
21 | equalized assessed
valuation by the debt limitation percentage | |||||||||||||||||||
22 | in effect on January 1, 1979,
previous to the incurring of such | |||||||||||||||||||
23 | indebtedness.
| |||||||||||||||||||
24 | No school districts maintaining grades K through 12 shall | |||||||||||||||||||
25 | become
indebted in any manner or for any purpose to an amount, | |||||||||||||||||||
26 | including
existing indebtedness, in the aggregate exceeding | |||||||||||||||||||
27 | 13.8% on the value of
the taxable property therein to be | |||||||||||||||||||
28 | ascertained by the last assessment
for State and county taxes | |||||||||||||||||||
29 | or, until January 1, 1983, if greater, the sum that
is produced | |||||||||||||||||||
30 | by multiplying the school district's 1978 equalized assessed
| |||||||||||||||||||
31 | valuation by the debt limitation percentage in effect on | |||||||||||||||||||
32 | January 1, 1979,
previous to the incurring of such |
| |||||||
| |||||||
1 | indebtedness.
| ||||||
2 | Notwithstanding the provisions of any other law to the | ||||||
3 | contrary, in any
case in which the voters of a school district | ||||||
4 | have approved a proposition
for the issuance of bonds of such | ||||||
5 | school district at an election held prior
to January 1, 1979, | ||||||
6 | and all of the bonds approved at such election have
not been | ||||||
7 | issued, the debt limitation applicable to such school district
| ||||||
8 | during the calendar year 1979 shall be computed by multiplying | ||||||
9 | the value
of taxable property therein, including personal | ||||||
10 | property, as ascertained
by the last assessment for State and | ||||||
11 | county taxes, previous to the incurring
of such indebtedness, | ||||||
12 | by the percentage limitation applicable to such school
district | ||||||
13 | under the provisions of this subsection (a).
| ||||||
14 | (b) Notwithstanding the debt limitation prescribed in | ||||||
15 | subsection (a)
of this Section, additional indebtedness may be | ||||||
16 | incurred in an amount
not to exceed the estimated cost of | ||||||
17 | acquiring or improving school sites
or constructing and | ||||||
18 | equipping additional building facilities under the
following | ||||||
19 | conditions:
| ||||||
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 | ||||||
27 | that additional school sites or
building facilities are | ||||||
28 | required as a result of such increase in
enrollment; and
| ||||||
29 | (2) When the Regional Superintendent of Schools having | ||||||
30 | jurisdiction
over the school district and the State | ||||||
31 | Superintendent of Education
concur in such enrollment | ||||||
32 | projection or increase and approve the need
for such | ||||||
33 | additional school sites or building facilities and the
| ||||||
34 | estimated cost thereof; and
| ||||||
35 | (3) When the voters in the school district approve a | ||||||
36 | proposition for
the issuance of bonds for the purpose of |
| |||||||
| |||||||
1 | acquiring or improving such
needed school sites or | ||||||
2 | constructing and equipping such needed additional
building | ||||||
3 | facilities at an election called and held for that purpose.
| ||||||
4 | Notice of such an election shall state that the amount of | ||||||
5 | indebtedness
proposed to be incurred would exceed the debt | ||||||
6 | limitation otherwise
applicable to the school district. | ||||||
7 | The ballot for such proposition
shall state what percentage | ||||||
8 | of the equalized assessed valuation will be
outstanding in | ||||||
9 | bonds if the proposed issuance of bonds is approved by
the | ||||||
10 | voters; or
| ||||||
11 | (4) Notwithstanding the provisions of paragraphs (1) | ||||||
12 | through (3) of
this subsection (b), if the school board | ||||||
13 | determines that additional
facilities are needed to | ||||||
14 | provide a quality educational program and not
less than 2/3 | ||||||
15 | of those voting in an election called by the school board
| ||||||
16 | on the question approve the issuance of bonds for the | ||||||
17 | construction of
such facilities, the school district may | ||||||
18 | issue bonds for this
purpose; or
| ||||||
19 | (5) Notwithstanding the provisions of paragraphs (1) | ||||||
20 | through (3) of this
subsection (b), if (i) the school | ||||||
21 | district has previously availed itself of the
provisions of | ||||||
22 | paragraph (4) of this subsection (b) to enable it to issue | ||||||
23 | bonds,
(ii) the voters of the school district have not | ||||||
24 | defeated a proposition for the
issuance of bonds since the | ||||||
25 | referendum described in paragraph (4) of this
subsection | ||||||
26 | (b) was held, (iii) the school board determines that | ||||||
27 | additional
facilities are needed to provide a quality | ||||||
28 | educational program, and (iv) a
majority of those voting in | ||||||
29 | an election called by the school board on the
question | ||||||
30 | approve the issuance of bonds for the construction of such | ||||||
31 | facilities,
the school district may issue bonds for this | ||||||
32 | purpose.
| ||||||
33 | In no event shall the indebtedness incurred pursuant to | ||||||
34 | this
subsection (b) and the existing indebtedness of the school | ||||||
35 | district
exceed 15% of the value of the taxable property | ||||||
36 | therein to be
ascertained by the last assessment for State and |
| |||||||
| |||||||
1 | county taxes, previous
to the incurring of such indebtedness | ||||||
2 | or, until January 1, 1983, if greater,
the sum that is produced | ||||||
3 | by multiplying the school district's 1978 equalized
assessed | ||||||
4 | valuation by the debt limitation percentage in effect on | ||||||
5 | January 1,
1979.
| ||||||
6 | The indebtedness provided for by this subsection (b) shall | ||||||
7 | be in
addition to and in excess of any other debt limitation.
| ||||||
8 | (c) Notwithstanding the debt limitation prescribed in | ||||||
9 | subsection (a)
of this Section, in any case in which a public | ||||||
10 | question for the issuance
of bonds of a proposed school | ||||||
11 | district maintaining grades kindergarten
through 12 received | ||||||
12 | at least 60% of the valid ballots cast on the question at
an | ||||||
13 | election held on or prior to November 8, 1994, and in which the | ||||||
14 | bonds
approved at such election have not been issued, the | ||||||
15 | school district pursuant to
the requirements of Section 11A-10 | ||||||
16 | may issue the total amount of bonds approved
at such election | ||||||
17 | for the purpose stated in the question.
| ||||||
18 | (d) Notwithstanding the debt limitation prescribed in | ||||||
19 | subsection (a)
of this Section, a school district that meets | ||||||
20 | all the criteria set forth in
paragraphs (1) and (2) of this | ||||||
21 | subsection (d) may incur an additional
indebtedness in an | ||||||
22 | amount not to exceed $4,500,000, even though the amount of
the | ||||||
23 | additional indebtedness authorized by this subsection (d), | ||||||
24 | when incurred
and added to the aggregate amount of indebtedness | ||||||
25 | of the district existing
immediately prior to the district | ||||||
26 | incurring the additional indebtedness
authorized by this | ||||||
27 | subsection (d), causes the aggregate indebtedness of the
| ||||||
28 | district to exceed the debt limitation otherwise applicable to | ||||||
29 | that district
under subsection (a):
| ||||||
30 | (1) The additional indebtedness authorized by this | ||||||
31 | subsection (d) is
incurred by the school district through | ||||||
32 | the issuance of bonds under and in
accordance with Section | ||||||
33 | 17-2.11a for the purpose of replacing a school
building | ||||||
34 | which, because of mine subsidence damage, has been closed | ||||||
35 | as provided
in paragraph (2) of this subsection (d) or | ||||||
36 | through the issuance of bonds under
and in accordance with |
| |||||||
| |||||||
1 | Section 19-3 for the purpose of increasing the size of,
or | ||||||
2 | providing for additional functions in, such replacement | ||||||
3 | school buildings, or
both such purposes.
| ||||||
4 | (2) The bonds issued by the school district as provided | ||||||
5 | in paragraph (1)
above are issued for the purposes of | ||||||
6 | construction by the school district of
a new school | ||||||
7 | building pursuant to Section 17-2.11, to replace an | ||||||
8 | existing
school building that, because of mine subsidence | ||||||
9 | damage, is closed as of the
end of the 1992-93 school year | ||||||
10 | pursuant to action of the regional
superintendent of | ||||||
11 | schools of the educational service region in which the
| ||||||
12 | district is located under Section 3-14.22 or are issued for | ||||||
13 | the purpose of
increasing the size of, or providing for | ||||||
14 | additional functions in, the new
school building being | ||||||
15 | constructed to replace a school building closed as the
| ||||||
16 | result of mine subsidence damage, or both such purposes.
| ||||||
17 | (e) Notwithstanding the debt limitation prescribed in | ||||||
18 | subsection (a) of
this Section, a school district that meets | ||||||
19 | all the criteria set forth in
paragraphs (1) through (5) of | ||||||
20 | this subsection (e) may, without referendum,
incur an | ||||||
21 | additional indebtedness in an amount not to exceed the lesser | ||||||
22 | of
$5,000,000 or 1.5% of the value of the taxable property | ||||||
23 | within the district
even though the amount of the additional | ||||||
24 | indebtedness authorized by this
subsection (e), when incurred | ||||||
25 | and added to the aggregate amount of indebtedness
of the | ||||||
26 | district existing immediately prior to the district incurring | ||||||
27 | that
additional indebtedness, causes the aggregate | ||||||
28 | indebtedness of the district to
exceed or increases the amount | ||||||
29 | by which the aggregate indebtedness of the
district already | ||||||
30 | exceeds the debt limitation otherwise applicable to that
| ||||||
31 | district under subsection (a):
| ||||||
32 | (1) The State Board of Education certifies the school | ||||||
33 | district under
Section 19-1.5 as a financially distressed | ||||||
34 | district.
| ||||||
35 | (2) The additional indebtedness authorized by this | ||||||
36 | subsection (e) is
incurred by the financially distressed |
| |||||||
| |||||||
1 | district during the school year or
school years in which | ||||||
2 | the certification of the district as a financially
| ||||||
3 | distressed district continues in effect through the | ||||||
4 | issuance of bonds for the
lawful school purposes of the | ||||||
5 | district, pursuant to resolution of the school
board and | ||||||
6 | without referendum, as provided in paragraph (5) of this | ||||||
7 | subsection.
| ||||||
8 | (3) The aggregate amount of bonds issued by the | ||||||
9 | financially distressed
district during a fiscal year in | ||||||
10 | which it is authorized to issue bonds under
this subsection | ||||||
11 | does not exceed the amount by which the aggregate | ||||||
12 | expenditures
of the district for operational purposes | ||||||
13 | during the immediately preceding
fiscal year exceeds the | ||||||
14 | amount appropriated for the operational
purposes of the | ||||||
15 | district in the annual school budget adopted by the school
| ||||||
16 | board of the district for the fiscal year in which the | ||||||
17 | bonds are issued.
| ||||||
18 | (4) Throughout each fiscal year in which certification | ||||||
19 | of the district as
a financially distressed district | ||||||
20 | continues in effect, the district maintains
in effect a | ||||||
21 | gross salary expense and gross wage expense freeze policy | ||||||
22 | under
which the district expenditures for total employee | ||||||
23 | salaries and wages do not
exceed such expenditures for the | ||||||
24 | immediately preceding fiscal year. Nothing in
this | ||||||
25 | paragraph, however, shall be deemed to impair or to require | ||||||
26 | impairment of
the contractual obligations, including | ||||||
27 | collective bargaining agreements, of the
district or to | ||||||
28 | impair or require the impairment of the vested rights of | ||||||
29 | any
employee of the district under the terms of any | ||||||
30 | contract or agreement in effect
on the effective date of | ||||||
31 | this amendatory Act of 1994.
| ||||||
32 | (5) Bonds issued by the financially distressed | ||||||
33 | district under this
subsection shall bear interest at a | ||||||
34 | rate not to exceed the maximum rate
authorized by law at | ||||||
35 | the time of the making of the contract, shall mature
within | ||||||
36 | 40 years from their date of issue, and shall be signed by |
| |||||||
| |||||||
1 | the president
of the school board and treasurer of the | ||||||
2 | school district. In order to issue
bonds under this | ||||||
3 | subsection, the school board shall adopt a resolution | ||||||
4 | fixing
the amount of the bonds, the
date of the bonds, the | ||||||
5 | maturities of the bonds, the rates of interest of the
| ||||||
6 | bonds, and their place of payment and denomination, and | ||||||
7 | shall provide
for the levy and collection of a direct | ||||||
8 | annual tax upon all the taxable
property in the district | ||||||
9 | sufficient to pay the principal and interest on the
bonds | ||||||
10 | to maturity. Upon the filing in the office of the county | ||||||
11 | clerk of the
county in which the financially
distressed | ||||||
12 | district is located of a certified copy of the resolution, | ||||||
13 | it is the
duty of the county clerk to extend the tax | ||||||
14 | therefor in addition to and in
excess of all other taxes at | ||||||
15 | any time authorized to be levied by the district.
If bond | ||||||
16 | proceeds from the sale of bonds include a premium or if the | ||||||
17 | proceeds of
the bonds are invested as authorized by law, | ||||||
18 | the school board shall determine
by resolution whether the | ||||||
19 | interest earned on the investment of bond proceeds or
the | ||||||
20 | premium realized on the sale of the bonds is to be used for | ||||||
21 | any of the
lawful school purposes for which the bonds were | ||||||
22 | issued or for the payment of
the principal indebtedness and | ||||||
23 | interest on the bonds. The proceeds of the bond
sale shall | ||||||
24 | be deposited in the educational purposes fund of the | ||||||
25 | district and
shall be used to pay operational expenses of | ||||||
26 | the district. This subsection is
cumulative and | ||||||
27 | constitutes complete authority for the issuance of bonds as
| ||||||
28 | provided in this subsection, notwithstanding any other law | ||||||
29 | to the contrary.
| ||||||
30 | (f) Notwithstanding the provisions of subsection (a) of | ||||||
31 | this Section or of
any other law, bonds in not to exceed the | ||||||
32 | aggregate amount of $5,500,000 and
issued by a school district | ||||||
33 | meeting the following criteria shall not be
considered | ||||||
34 | indebtedness for purposes of any statutory limitation and may | ||||||
35 | be
issued in an amount or amounts, including existing | ||||||
36 | indebtedness, in excess of
any heretofore or hereafter imposed |
| |||||||
| |||||||
1 | statutory limitation as to indebtedness:
| ||||||
2 | (1) At the time of the sale of such bonds, the board of | ||||||
3 | education of the
district shall have determined by | ||||||
4 | resolution that the enrollment of students in
the district | ||||||
5 | is projected to increase by not less than 7% during each of | ||||||
6 | the
next succeeding 2 school years.
| ||||||
7 | (2) The board of education shall also determine by | ||||||
8 | resolution that the
improvements to be financed with the | ||||||
9 | proceeds of the bonds are needed because
of the projected | ||||||
10 | enrollment increases.
| ||||||
11 | (3) The board of education shall also determine by | ||||||
12 | resolution that the
projected increases in enrollment are | ||||||
13 | the result of improvements made or
expected to be made to | ||||||
14 | passenger rail facilities located in the school
district.
| ||||||
15 | Notwithstanding the provisions of subsection (a) of this | ||||||
16 | Section or of any other law, a school district that has availed | ||||||
17 | itself of the provisions of this subsection (f) prior to July | ||||||
18 | 22, 2004 ( the effective date of Public Act 93-799)
this | ||||||
19 | amendatory Act of the 93rd General Assembly may also issue | ||||||
20 | bonds approved by referendum up to an amount, including | ||||||
21 | existing indebtedness, not exceeding 25% of the equalized | ||||||
22 | assessed value of the taxable property in the district if all | ||||||
23 | of the conditions set forth in items (1), (2), and (3) of this | ||||||
24 | subsection (f) are met.
| ||||||
25 | (g) Notwithstanding the provisions of subsection (a) of | ||||||
26 | this Section or any
other law, bonds in not to exceed an | ||||||
27 | aggregate amount of 25% of the equalized
assessed value of the | ||||||
28 | taxable property of a school district and issued by a
school | ||||||
29 | district meeting the criteria in paragraphs (i) through (iv) of | ||||||
30 | this
subsection shall not be considered indebtedness for | ||||||
31 | purposes of any statutory
limitation and may be issued pursuant | ||||||
32 | to resolution of the school board in an
amount or amounts, | ||||||
33 | including existing indebtedness, in
excess of any statutory | ||||||
34 | limitation of indebtedness heretofore or hereafter
imposed:
| ||||||
35 | (i) The bonds are issued for the purpose of | ||||||
36 | constructing a new high school
building to replace two |
| |||||||
| |||||||
1 | adjacent existing buildings which together house a
single | ||||||
2 | high school, each of which is more than 65 years old, and | ||||||
3 | which together
are located on more than 10 acres and less | ||||||
4 | than 11 acres of property.
| ||||||
5 | (ii) At the time the resolution authorizing the | ||||||
6 | issuance of the bonds is
adopted, the cost of constructing | ||||||
7 | a new school building to replace the existing
school | ||||||
8 | building is less than 60% of the cost of repairing the | ||||||
9 | existing school
building.
| ||||||
10 | (iii) The sale of the bonds occurs before July 1, 1997.
| ||||||
11 | (iv) The school district issuing the bonds is a unit | ||||||
12 | school district
located in a county of less than 70,000 and | ||||||
13 | more than 50,000 inhabitants,
which has an average daily | ||||||
14 | attendance of less than 1,500 and an equalized
assessed | ||||||
15 | valuation of less than $29,000,000.
| ||||||
16 | (h) Notwithstanding any other provisions of this Section or | ||||||
17 | the
provisions of any other law, until January 1, 1998, a | ||||||
18 | community unit school
district maintaining grades K through 12 | ||||||
19 | may issue bonds up to an amount,
including existing | ||||||
20 | indebtedness, not exceeding 27.6% of the equalized assessed
| ||||||
21 | value of the taxable property in the district, if all of the | ||||||
22 | following
conditions are met:
| ||||||
23 | (i) The school district has an equalized assessed | ||||||
24 | valuation for calendar
year 1995 of less than $24,000,000;
| ||||||
25 | (ii) The bonds are issued for the capital improvement, | ||||||
26 | renovation,
rehabilitation, or replacement of existing | ||||||
27 | school buildings of the district,
all of which buildings | ||||||
28 | were originally constructed not less than 40 years ago;
| ||||||
29 | (iii) The voters of the district approve a proposition | ||||||
30 | for the issuance of
the bonds at a referendum held after | ||||||
31 | March 19, 1996; and
| ||||||
32 | (iv) The bonds are issued pursuant to Sections 19-2 | ||||||
33 | through 19-7 of this
Code.
| ||||||
34 | (i) Notwithstanding any other provisions of this Section or | ||||||
35 | the provisions
of any other law, until January 1, 1998, a | ||||||
36 | community unit school district
maintaining grades K through 12 |
| |||||||
| |||||||
1 | may issue bonds up to an amount, including
existing | ||||||
2 | indebtedness, not exceeding 27% of the equalized assessed value | ||||||
3 | of the
taxable property in the district, if all of the | ||||||
4 | following conditions are met:
| ||||||
5 | (i) The school district has an equalized assessed | ||||||
6 | valuation for calendar
year 1995 of less than $44,600,000;
| ||||||
7 | (ii) The bonds are issued for the capital improvement, | ||||||
8 | renovation,
rehabilitation, or replacement
of existing | ||||||
9 | school buildings of the district, all of which
existing | ||||||
10 | buildings were originally constructed not less than 80 | ||||||
11 | years ago;
| ||||||
12 | (iii) The voters of the district approve a proposition | ||||||
13 | for the issuance of
the bonds at a referendum held after | ||||||
14 | December 31, 1996; and
| ||||||
15 | (iv) The bonds are issued pursuant to Sections 19-2 | ||||||
16 | through 19-7 of this
Code.
| ||||||
17 | (j) Notwithstanding any other provisions of this Section or | ||||||
18 | the
provisions of any other law, until January 1, 1999, a | ||||||
19 | community unit school
district maintaining grades K through 12 | ||||||
20 | may issue bonds up to an amount,
including existing | ||||||
21 | indebtedness, not exceeding 27% of the equalized assessed
value | ||||||
22 | of the taxable property in the district if all of the following
| ||||||
23 | conditions are met:
| ||||||
24 | (i) The school district has an equalized assessed | ||||||
25 | valuation for calendar
year 1995 of less than $140,000,000 | ||||||
26 | and a best 3 months
average daily
attendance for the | ||||||
27 | 1995-96 school year of at least 2,800;
| ||||||
28 | (ii) The bonds are issued to purchase a site and build | ||||||
29 | and equip a new
high school, and the school district's | ||||||
30 | existing high school was originally
constructed not less | ||||||
31 | than 35
years prior to the sale of the bonds;
| ||||||
32 | (iii) At the time of the sale of the bonds, the board | ||||||
33 | of education
determines
by resolution that a new high | ||||||
34 | school is needed because of projected enrollment
| ||||||
35 | increases;
| ||||||
36 | (iv) At least 60% of those voting in an election held
|
| |||||||
| |||||||
1 | after December 31, 1996 approve a proposition
for the | ||||||
2 | issuance of
the bonds; and
| ||||||
3 | (v) The bonds are issued pursuant to Sections 19-2 | ||||||
4 | through
19-7 of this Code.
| ||||||
5 | (k) Notwithstanding the debt limitation prescribed in | ||||||
6 | subsection (a) of
this Section, a school district that meets | ||||||
7 | all the criteria set forth in
paragraphs (1) through (4) of | ||||||
8 | this subsection (k) may issue bonds to incur an
additional | ||||||
9 | indebtedness in an amount not to exceed $4,000,000 even though | ||||||
10 | the
amount of the additional indebtedness authorized by this | ||||||
11 | subsection (k), when
incurred and added to the aggregate amount | ||||||
12 | of indebtedness of the school
district existing immediately | ||||||
13 | prior to the school district incurring such
additional | ||||||
14 | indebtedness, causes the aggregate indebtedness of the school
| ||||||
15 | district to exceed or increases the amount by which the | ||||||
16 | aggregate indebtedness
of the district already exceeds the debt | ||||||
17 | limitation otherwise applicable to
that school district under | ||||||
18 | subsection (a):
| ||||||
19 | (1) the school district is located in 2 counties, and a | ||||||
20 | referendum to
authorize the additional indebtedness was | ||||||
21 | approved by a majority of the voters
of the school district | ||||||
22 | voting on the proposition to authorize that
indebtedness;
| ||||||
23 | (2) the additional indebtedness is for the purpose of | ||||||
24 | financing a
multi-purpose room addition to the existing | ||||||
25 | high school;
| ||||||
26 | (3) the additional indebtedness, together with the | ||||||
27 | existing indebtedness
of the school district, shall not | ||||||
28 | exceed 17.4% of the value of the taxable
property in the | ||||||
29 | school district, to be ascertained by the last assessment | ||||||
30 | for
State and county taxes; and
| ||||||
31 | (4) the bonds evidencing the additional indebtedness | ||||||
32 | are issued, if at
all, within 120 days of the effective | ||||||
33 | date of this amendatory Act of 1998.
| ||||||
34 | (l) Notwithstanding any other provisions of this Section or | ||||||
35 | the
provisions of any other law, until January 1, 2000, a | ||||||
36 | school district
maintaining grades kindergarten through 8 may |
| |||||||
| |||||||
1 | issue bonds up to an amount,
including existing indebtedness, | ||||||
2 | not exceeding 15% of the equalized assessed
value of the | ||||||
3 | taxable property in the district if all of the following
| ||||||
4 | conditions are met:
| ||||||
5 | (i) the district has an equalized assessed valuation | ||||||
6 | for calendar year
1996 of less than $10,000,000;
| ||||||
7 | (ii) the bonds are issued for capital improvement, | ||||||
8 | renovation,
rehabilitation, or replacement of one or more | ||||||
9 | school buildings of the district,
which buildings were | ||||||
10 | originally constructed not less than 70 years ago;
| ||||||
11 | (iii) the voters of the district approve a proposition | ||||||
12 | for the issuance of
the bonds at a referendum held on or | ||||||
13 | after March 17, 1998; and
| ||||||
14 | (iv) the bonds are issued pursuant to Sections 19-2 | ||||||
15 | through 19-7 of this
Code.
| ||||||
16 | (m) Notwithstanding any other provisions of this Section or | ||||||
17 | the provisions
of
any other law, until January 1, 1999, an | ||||||
18 | elementary school district maintaining
grades K through 8 may | ||||||
19 | issue bonds up to an amount, excluding existing
indebtedness, | ||||||
20 | not exceeding 18% of the equalized assessed value of the | ||||||
21 | taxable
property in the district, if all of the following | ||||||
22 | conditions are met:
| ||||||
23 | (i) The school district has an equalized assessed | ||||||
24 | valuation for calendar
year 1995 or less than $7,700,000;
| ||||||
25 | (ii) The school district operates 2 elementary | ||||||
26 | attendance centers that
until
1976 were operated as the | ||||||
27 | attendance centers of 2 separate and distinct school
| ||||||
28 | districts;
| ||||||
29 | (iii) The bonds are issued for the construction of a | ||||||
30 | new elementary school
building to replace an existing | ||||||
31 | multi-level elementary school building of the
school | ||||||
32 | district that is not handicapped accessible at all levels | ||||||
33 | and parts of
which were constructed more than 75 years ago;
| ||||||
34 | (iv) The voters of the school district approve a | ||||||
35 | proposition for the
issuance of the bonds at a referendum | ||||||
36 | held after July 1, 1998; and
|
| |||||||
| |||||||
1 | (v) The bonds are issued pursuant to Sections 19-2 | ||||||
2 | through 19-7 of this
Code.
| ||||||
3 | (n) Notwithstanding the debt limitation prescribed in | ||||||
4 | subsection (a) of
this Section or any other provisions of this | ||||||
5 | Section or of any other law, a
school district that meets all | ||||||
6 | of the criteria set forth in paragraphs (i)
through (vi) of | ||||||
7 | this subsection (n) may incur additional indebtedness by the
| ||||||
8 | issuance of bonds in an amount not exceeding the amount | ||||||
9 | certified by the
Capital Development Board to the school | ||||||
10 | district as provided in paragraph (iii)
of
this subsection (n), | ||||||
11 | even though the amount of the additional indebtedness so
| ||||||
12 | authorized, when incurred and added to the aggregate amount of | ||||||
13 | indebtedness of
the district existing immediately prior to the | ||||||
14 | district incurring the
additional indebtedness authorized by | ||||||
15 | this subsection (n), causes the aggregate
indebtedness of the | ||||||
16 | district to exceed the debt limitation otherwise applicable
by | ||||||
17 | law to that district:
| ||||||
18 | (i) The school district applies to the State Board of | ||||||
19 | Education for a
school construction project grant and | ||||||
20 | submits a district facilities plan in
support
of its | ||||||
21 | application pursuant to Section 5-20 of
the School | ||||||
22 | Construction Law.
| ||||||
23 | (ii) The school district's application and facilities | ||||||
24 | plan are approved
by,
and the district receives a grant | ||||||
25 | entitlement for a school construction project
issued by, | ||||||
26 | the State Board of Education under the School Construction | ||||||
27 | Law.
| ||||||
28 | (iii) The school district has exhausted its bonding | ||||||
29 | capacity or the unused
bonding capacity of the district is | ||||||
30 | less than the amount certified by the
Capital Development | ||||||
31 | Board to the district under Section 5-15 of the School
| ||||||
32 | Construction Law as the dollar amount of the school | ||||||
33 | construction project's cost
that the district will be | ||||||
34 | required to finance with non-grant funds in order to
| ||||||
35 | receive a school construction project grant under the | ||||||
36 | School Construction Law.
|
| |||||||
| |||||||
1 | (iv) The bonds are issued for a "school construction | ||||||
2 | project", as that
term is defined in Section 5-5 of the | ||||||
3 | School Construction Law, in an amount
that does not exceed | ||||||
4 | the dollar amount certified, as provided in paragraph
(iii) | ||||||
5 | of this subsection (n), by the Capital Development Board
to | ||||||
6 | the school
district under Section 5-15 of the School | ||||||
7 | Construction Law.
| ||||||
8 | (v) The voters of the district approve a proposition | ||||||
9 | for the issuance of
the bonds at a referendum held after | ||||||
10 | the criteria specified in paragraphs (i)
and (iii) of this | ||||||
11 | subsection (n) are met.
| ||||||
12 | (vi) The bonds are issued pursuant to Sections 19-2 | ||||||
13 | through 19-7 of the
School Code.
| ||||||
14 | (o) Notwithstanding any other provisions of this Section or | ||||||
15 | the
provisions of any other law, until November 1, 2007, a | ||||||
16 | community unit
school district maintaining grades K through 12 | ||||||
17 | may issue bonds up to
an amount, including existing | ||||||
18 | indebtedness, not exceeding 20% of the
equalized assessed value | ||||||
19 | of the taxable property in the district if all of the
following | ||||||
20 | conditions are met:
| ||||||
21 | (i) the school district has an equalized assessed | ||||||
22 | valuation
for calendar year 2001 of at least $737,000,000 | ||||||
23 | and an enrollment
for the 2002-2003 school year of at least | ||||||
24 | 8,500;
| ||||||
25 | (ii) the bonds are issued to purchase school sites, | ||||||
26 | build and
equip a new high school, build and equip a new | ||||||
27 | junior high school,
build and equip 5 new elementary | ||||||
28 | schools, and make technology
and other improvements and | ||||||
29 | additions to existing schools;
| ||||||
30 | (iii) at the time of the sale of the bonds, the board | ||||||
31 | of
education determines by resolution that the sites and | ||||||
32 | new or
improved facilities are needed because of projected | ||||||
33 | enrollment
increases;
| ||||||
34 | (iv) at least 57% of those voting in a general election | ||||||
35 | held
prior to January 1, 2003 approved a proposition for | ||||||
36 | the issuance of
the bonds; and
|
| |||||||
| |||||||
1 | (v) the bonds are issued pursuant to Sections 19-2 | ||||||
2 | through
19-7 of this Code.
| ||||||
3 | (p) Notwithstanding any other provisions of this Section or | ||||||
4 | the provisions of any other law, a community unit school | ||||||
5 | district maintaining grades K through 12 may issue bonds up to | ||||||
6 | an amount, including indebtedness, not exceeding 27% of the | ||||||
7 | equalized assessed value of the taxable property in the | ||||||
8 | district if all of the following conditions are met: | ||||||
9 | (i) The school district has an equalized assessed | ||||||
10 | valuation for calendar year 2001 of at least $295,741,187 | ||||||
11 | and a best 3 months' average daily attendance for the | ||||||
12 | 2002-2003 school year of at least 2,394. | ||||||
13 | (ii) The bonds are issued to build and equip 3 | ||||||
14 | elementary school buildings; build and equip one middle | ||||||
15 | school building; and alter, repair, improve, and equip all | ||||||
16 | existing school buildings in the district. | ||||||
17 | (iii) At the time of the sale of the bonds, the board | ||||||
18 | of education determines by resolution that the project is | ||||||
19 | needed because of expanding growth in the school district | ||||||
20 | and a projected enrollment increase. | ||||||
21 | (iv) The bonds are issued pursuant to Sections 19-2 | ||||||
22 | through 19-7 of this Code.
| ||||||
23 | (Source: P.A. 93-13, eff. 6-9-03; 93-799, eff. 7-22-04; | ||||||
24 | 93-1045, eff. 10-15-04; revised 10-22-04.)
|