Sen. Don Harmon

Filed: 5/26/2024

 

 


 

 


 
10300HB4582sam001LRB103 35517 JDS 74233 a

1
AMENDMENT TO HOUSE BILL 4582

2    AMENDMENT NO. ______. Amend House Bill 4582 by replacing
3everything after the enacting clause with the following:
 
4
"Article 1.

 
5    Section 1-1. This Act may be referred to as the Bond
6Authorization Act of 2024.
 
7
Article 5.

 
8    Section 5-5. The State Finance Act is amended by changing
9Section 6z-78 as follows:
 
10    (30 ILCS 105/6z-78)
11    Sec. 6z-78. Capital Projects Fund; bonded indebtedness;
12transfers. Money in the Capital Projects Fund shall, if and
13when the State of Illinois incurs any bonded indebtedness

 

 

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1using the bond authorizations for capital projects enacted in
2Public Act 96-36, Public Act 96-1554, Public Act 97-771,
3Public Act 98-94, and this amendatory Act of the 103rd General
4Assembly and using the general obligation bond authorizations
5for capital projects enacted in Public Act 101-30 and Public
6Act 103-7 and in this amendatory Act of the 103rd General
7Assembly, be set aside and used for the purpose of paying and
8discharging annually the principal and interest on that bonded
9indebtedness then due and payable.
10    In addition to other transfers to the General Obligation
11Bond Retirement and Interest Fund made pursuant to Section 15
12of the General Obligation Bond Act, upon each delivery of
13general obligation bonds for capital projects using bond
14authorizations enacted in Public Act 96-36, Public Act
1596-1554, Public Act 97-771, Public Act 98-94, Public Act
16101-30 (except for amounts in Public Act 101-30 that increase
17bond authorization under paragraph (1) of subsection (a) of
18Section 4 and subsection (e) of Section 4 of the General
19Obligation Bond Act), Public Act 103-7, and this amendatory
20Act of the 103rd General Assembly and this amendatory Act of
21the 103rd General Assembly, the State Comptroller shall
22compute and certify to the State Treasurer the total amount of
23principal of, interest on, and premium, if any, on such bonds
24during the then current and each succeeding fiscal year. With
25respect to the interest payable on variable rate bonds, such
26certifications shall be calculated at the maximum rate of

 

 

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1interest that may be payable during the fiscal year, after
2taking into account any credits permitted in the related
3indenture or other instrument against the amount of such
4interest required to be appropriated for the period.
5    (a) Except as provided for in subsection (b), on or before
6the last day of each month, the State Treasurer and State
7Comptroller shall transfer from the Capital Projects Fund to
8the General Obligation Bond Retirement and Interest Fund an
9amount sufficient to pay the aggregate of the principal of,
10interest on, and premium, if any, on the bonds payable on their
11next payment date, divided by the number of monthly transfers
12occurring between the last previous payment date (or the
13delivery date if no payment date has yet occurred) and the next
14succeeding payment date. Interest payable on variable rate
15bonds shall be calculated at the maximum rate of interest that
16may be payable for the relevant period, after taking into
17account any credits permitted in the related indenture or
18other instrument against the amount of such interest required
19to be appropriated for that period. Interest for which moneys
20have already been deposited into the capitalized interest
21account within the General Obligation Bond Retirement and
22Interest Fund shall not be included in the calculation of the
23amounts to be transferred under this subsection.
24    (b) On or before the last day of each month, the State
25Treasurer and State Comptroller shall transfer from the
26Capital Projects Fund to the General Obligation Bond

 

 

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1Retirement and Interest Fund an amount sufficient to pay the
2aggregate of the principal of, interest on, and premium, if
3any, on the bonds issued prior to January 1, 2012 pursuant to
4Section 4(d) of the General Obligation Bond Act payable on
5their next payment date, divided by the number of monthly
6transfers occurring between the last previous payment date (or
7the delivery date if no payment date has yet occurred) and the
8next succeeding payment date. If the available balance in the
9Capital Projects Fund is not sufficient for the transfer
10required in this subsection, the State Treasurer and State
11Comptroller shall transfer the difference from the Road Fund
12to the General Obligation Bond Retirement and Interest Fund;
13except that such Road Fund transfers shall constitute a debt
14of the Capital Projects Fund which shall be repaid according
15to subsection (c). Interest payable on variable rate bonds
16shall be calculated at the maximum rate of interest that may be
17payable for the relevant period, after taking into account any
18credits permitted in the related indenture or other instrument
19against the amount of such interest required to be
20appropriated for that period. Interest for which moneys have
21already been deposited into the capitalized interest account
22within the General Obligation Bond Retirement and Interest
23Fund shall not be included in the calculation of the amounts to
24be transferred under this subsection.
25    (c) On the first day of any month when the Capital Projects
26Fund is carrying a debt to the Road Fund due to the provisions

 

 

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1of subsection (b), the State Treasurer and State Comptroller
2shall transfer from the Capital Projects Fund to the Road Fund
3an amount sufficient to discharge that debt. These transfers
4to the Road Fund shall continue until the Capital Projects
5Fund has repaid to the Road Fund all transfers made from the
6Road Fund pursuant to subsection (b). Notwithstanding any
7other law to the contrary, transfers to the Road Fund from the
8Capital Projects Fund shall be made prior to any other
9expenditures or transfers out of the Capital Projects Fund.
10(Source: P.A. 103-7, eff. 7-1-23.)
 
11
Article 10.

 
12    Section 10-5. The General Obligation Bond Act is amended
13by changing Sections 2, 3, and 9 as follows:
 
14    (30 ILCS 330/2)  (from Ch. 127, par. 652)
15    Sec. 2. Authorization for Bonds. The State of Illinois is
16authorized to issue, sell and provide for the retirement of
17General Obligation Bonds of the State of Illinois for the
18categories and specific purposes expressed in Sections 2
19through 8 of this Act, in the total amount of $81,789,839,969
20$79,440,839,969.
21    The bonds authorized in this Section 2 and in Section 16 of
22this Act are herein called "Bonds".
23    Of the total amount of Bonds authorized in this Act, up to

 

 

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1$2,200,000,000 in aggregate original principal amount may be
2issued and sold in accordance with the Baccalaureate Savings
3Act in the form of General Obligation College Savings Bonds.
4    Of the total amount of Bonds authorized in this Act, up to
5$300,000,000 in aggregate original principal amount may be
6issued and sold in accordance with the Retirement Savings Act
7in the form of General Obligation Retirement Savings Bonds.
8    Of the total amount of Bonds authorized in this Act, the
9additional $10,000,000,000 authorized by Public Act 93-2, the
10$3,466,000,000 authorized by Public Act 96-43, and the
11$4,096,348,300 authorized by Public Act 96-1497 shall be used
12solely as provided in Section 7.2.
13    Of the total amount of Bonds authorized in this Act, the
14additional $6,000,000,000 authorized by Public Act 100-23
15shall be used solely as provided in Section 7.6 and shall be
16issued by December 31, 2017.
17    Of the total amount of Bonds authorized in this Act,
18$2,000,000,000 of the additional amount authorized by Public
19Act 100-587 and by Public Act 102-718 shall be used solely as
20provided in Section 7.7.
21    The issuance and sale of Bonds pursuant to the General
22Obligation Bond Act is an economical and efficient method of
23financing the long-term capital needs of the State. This Act
24will permit the issuance of a multi-purpose General Obligation
25Bond with uniform terms and features. This will not only lower
26the cost of registration but also reduce the overall cost of

 

 

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1issuing debt by improving the marketability of Illinois
2General Obligation Bonds.
3(Source: P.A. 102-718, eff. 5-5-22; 103-7, eff. 7-1-23.)
 
4    (30 ILCS 330/3)  (from Ch. 127, par. 653)
5    Sec. 3. Capital facilities. The amount of $21,094,011,269
6$18,745,011,269 is authorized to be used for the acquisition,
7development, construction, reconstruction, improvement,
8demolition, financing, architectural planning and installation
9of capital facilities within the State, consisting of
10buildings, structures, durable equipment, land, interests in
11land, and the costs associated with the purchase and
12implementation of information technology, including but not
13limited to the purchase of hardware and software, for the
14following specific purposes:
15        (a) $6,908,676,500 $6,333,676,500 for educational
16    purposes by State universities and public community
17    colleges, the Illinois Community College Board created by
18    the Public Community College Act and for grants to public
19    community colleges as authorized by Sections 5-11 and 5-12
20    of the Public Community College Act;
21        (b) $2,590,506,300 $1,690,506,300 for correctional
22    purposes at State prison and correctional centers;
23        (c) $691,492,300 $688,492,300 for open spaces,
24    recreational and conservation purposes and the protection
25    of land, including expenditures and grants for the

 

 

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1    Illinois Conservation Reserve Enhancement Program and for
2    ecosystem restoration and for plugging of abandoned wells;
3        (d) $1,078,503,900 for State child care facilities,
4    mental and public health facilities, and facilities for
5    the care of veterans with disabilities and their spouses,
6    and for grants to public and private community health
7    centers, hospitals, and other health care providers for
8    capital facilities;
9        (e) $8,439,753,300 $7,568,753,300 for use by the
10    State, its departments, authorities, public corporations,
11    commissions and agencies, including renewable energy
12    upgrades at State facilities;
13        (f) $818,100 for cargo handling facilities at port
14    districts and for breakwaters, including harbor entrances,
15    at port districts in conjunction with facilities for small
16    boats and pleasure crafts;
17        (g) $425,457,000 for water resource management
18    projects, including flood mitigation and State dam and
19    waterway projects;
20        (h) $16,940,269 for the provision of facilities for
21    food production research and related instructional and
22    public service activities at the State universities and
23    public community colleges;
24        (i) $75,134,700 for grants by the Secretary of State,
25    as State Librarian, for central library facilities
26    authorized by Section 8 of the Illinois Library System Act

 

 

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1    and for grants by the Capital Development Board to units
2    of local government for public library facilities;
3        (j) $25,000,000 for the acquisition, development,
4    construction, reconstruction, improvement, financing,
5    architectural planning and installation of capital
6    facilities consisting of buildings, structures, durable
7    equipment and land for grants to counties, municipalities
8    or public building commissions with correctional
9    facilities that do not comply with the minimum standards
10    of the Department of Corrections under Section 3-15-2 of
11    the Unified Code of Corrections;
12        (k) $5,011,600 for grants by the Department of
13    Conservation for improvement or expansion of aquarium
14    facilities located on property owned by a park district;
15        (l) $599,590,000 to State agencies for grants to local
16    governments for the acquisition, financing, architectural
17    planning, development, alteration, installation, and
18    construction of capital facilities consisting of
19    buildings, structures, durable equipment, and land; and
20        (m) $237,127,300 for the Illinois Open Land Trust
21    Program as defined by the Illinois Open Land Trust Act.
22    The amounts authorized above for capital facilities may be
23used for the acquisition, installation, alteration,
24construction, or reconstruction of capital facilities and for
25the purchase of equipment for the purpose of major capital
26improvements which will reduce energy consumption in State

 

 

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1buildings or facilities.
2(Source: P.A. 103-7, eff. 7-1-23.)
 
3    (30 ILCS 330/9)  (from Ch. 127, par. 659)
4    Sec. 9. Conditions for issuance and sale of Bonds;
5requirements for Bonds.
6    (a) Except as otherwise provided in this subsection,
7subsection (h), and subsection (i), Bonds shall be issued and
8sold from time to time, in one or more series, in such amounts
9and at such prices as may be directed by the Governor, upon
10recommendation by the Director of the Governor's Office of
11Management and Budget. Bonds shall be in such form (either
12coupon, registered or book entry), in such denominations,
13payable within 25 years from their date, subject to such terms
14of redemption with or without premium, bear interest payable
15at such times and at such fixed or variable rate or rates, and
16be dated as shall be fixed and determined by the Director of
17the Governor's Office of Management and Budget in the order
18authorizing the issuance and sale of any series of Bonds,
19which order shall be approved by the Governor and is herein
20called a "Bond Sale Order"; provided however, that interest
21payable at fixed or variable rates shall not exceed that
22permitted in the Bond Authorization Act, as now or hereafter
23amended. Bonds shall be payable at such place or places,
24within or without the State of Illinois, and may be made
25registrable as to either principal or as to both principal and

 

 

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1interest, as shall be specified in the Bond Sale Order. Bonds
2may be callable or subject to purchase and retirement or
3tender and remarketing as fixed and determined in the Bond
4Sale Order. Bonds, other than Bonds issued under Section 3 of
5this Act for the costs associated with the purchase and
6implementation of information technology, (i) except for
7refunding Bonds satisfying the requirements of Section 16 of
8this Act must be issued with principal or mandatory redemption
9amounts in equal amounts, with the first maturity issued
10occurring within the fiscal year in which the Bonds are issued
11or within the next succeeding fiscal year, except that Bonds
12issued during fiscal year 2025 may be issued with principal or
13mandatory redemption amounts in unequal amounts, and (ii) must
14mature or be subject to mandatory redemption each fiscal year
15thereafter up to 25 years, except for refunding Bonds
16satisfying the requirements of Section 16 of this Act and sold
17during fiscal year 2009, 2010, or 2011 which must mature or be
18subject to mandatory redemption each fiscal year thereafter up
19to 16 years. Bonds issued under Section 3 of this Act for the
20costs associated with the purchase and implementation of
21information technology must be issued with principal or
22mandatory redemption amounts in equal amounts, with the first
23maturity issued occurring with the fiscal year in which the
24respective bonds are issued or with the next succeeding fiscal
25year, with the respective bonds issued maturing or subject to
26mandatory redemption each fiscal year thereafter up to 10

 

 

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1years, except that Bonds issued during fiscal year 2025 may be
2issued with principal or mandatory redemption amounts in
3unequal amounts. Notwithstanding any provision of this Act to
4the contrary, the Bonds authorized by Public Act 96-43 shall
5be payable within 5 years from their date and must be issued
6with principal or mandatory redemption amounts in equal
7amounts, with payment of principal or mandatory redemption
8beginning in the first fiscal year following the fiscal year
9in which the Bonds are issued.
10    Notwithstanding any provision of this Act to the contrary,
11the Bonds authorized by Public Act 96-1497 shall be payable
12within 8 years from their date and shall be issued with payment
13of maturing principal or scheduled mandatory redemptions in
14accordance with the following schedule, except the following
15amounts shall be prorated if less than the total additional
16amount of Bonds authorized by Public Act 96-1497 are issued:
17    Fiscal Year After Issuance    Amount
18        1-2                        $0 
19        3                          $110,712,120
20        4                          $332,136,360
21        5                          $664,272,720
22        6-8                        $996,409,080
23    Notwithstanding any provision of this Act to the contrary,
24Income Tax Proceed Bonds issued under Section 7.6 shall be
25payable 12 years from the date of sale and shall be issued with
26payment of principal or mandatory redemption.

 

 

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1    In the case of any series of Bonds bearing interest at a
2variable interest rate ("Variable Rate Bonds"), in lieu of
3determining the rate or rates at which such series of Variable
4Rate Bonds shall bear interest and the price or prices at which
5such Variable Rate Bonds shall be initially sold or remarketed
6(in the event of purchase and subsequent resale), the Bond
7Sale Order may provide that such interest rates and prices may
8vary from time to time depending on criteria established in
9such Bond Sale Order, which criteria may include, without
10limitation, references to indices or variations in interest
11rates as may, in the judgment of a remarketing agent, be
12necessary to cause Variable Rate Bonds of such series to be
13remarketable from time to time at a price equal to their
14principal amount, and may provide for appointment of a bank,
15trust company, investment bank, or other financial institution
16to serve as remarketing agent in that connection. The Bond
17Sale Order may provide that alternative interest rates or
18provisions for establishing alternative interest rates,
19different security or claim priorities, or different call or
20amortization provisions will apply during such times as
21Variable Rate Bonds of any series are held by a person
22providing credit or liquidity enhancement arrangements for
23such Bonds as authorized in subsection (b) of this Section.
24The Bond Sale Order may also provide for such variable
25interest rates to be established pursuant to a process
26generally known as an auction rate process and may provide for

 

 

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1appointment of one or more financial institutions to serve as
2auction agents and broker-dealers in connection with the
3establishment of such interest rates and the sale and
4remarketing of such Bonds.
5    (b) In connection with the issuance of any series of
6Bonds, the State may enter into arrangements to provide
7additional security and liquidity for such Bonds, including,
8without limitation, bond or interest rate insurance or letters
9of credit, lines of credit, bond purchase contracts, or other
10arrangements whereby funds are made available to retire or
11purchase Bonds, thereby assuring the ability of owners of the
12Bonds to sell or redeem their Bonds. The State may enter into
13contracts and may agree to pay fees to persons providing such
14arrangements, but only under circumstances where the Director
15of the Governor's Office of Management and Budget certifies
16that he or she reasonably expects the total interest paid or to
17be paid on the Bonds, together with the fees for the
18arrangements (being treated as if interest), would not, taken
19together, cause the Bonds to bear interest, calculated to
20their stated maturity, at a rate in excess of the rate that the
21Bonds would bear in the absence of such arrangements.
22    The State may, with respect to Bonds issued or anticipated
23to be issued, participate in and enter into arrangements with
24respect to interest rate protection or exchange agreements,
25guarantees, or financial futures contracts for the purpose of
26limiting, reducing, or managing interest rate exposure. The

 

 

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1authority granted under this paragraph, however, shall not
2increase the principal amount of Bonds authorized to be issued
3by law. The arrangements may be executed and delivered by the
4Director of the Governor's Office of Management and Budget on
5behalf of the State. Net payments for such arrangements shall
6constitute interest on the Bonds and shall be paid from the
7General Obligation Bond Retirement and Interest Fund. The
8Director of the Governor's Office of Management and Budget
9shall at least annually certify to the Governor and the State
10Comptroller his or her estimate of the amounts of such net
11payments to be included in the calculation of interest
12required to be paid by the State.
13    (c) Prior to the issuance of any Variable Rate Bonds
14pursuant to subsection (a), the Director of the Governor's
15Office of Management and Budget shall adopt an interest rate
16risk management policy providing that the amount of the
17State's variable rate exposure with respect to Bonds shall not
18exceed 20%. This policy shall remain in effect while any Bonds
19are outstanding and the issuance of Bonds shall be subject to
20the terms of such policy. The terms of this policy may be
21amended from time to time by the Director of the Governor's
22Office of Management and Budget but in no event shall any
23amendment cause the permitted level of the State's variable
24rate exposure with respect to Bonds to exceed 20%.
25    (d) "Build America Bonds" in this Section means Bonds
26authorized by Section 54AA of the Internal Revenue Code of

 

 

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11986, as amended ("Internal Revenue Code"), and bonds issued
2from time to time to refund or continue to refund "Build
3America Bonds".
4    (e) Notwithstanding any other provision of this Section,
5Qualified School Construction Bonds shall be issued and sold
6from time to time, in one or more series, in such amounts and
7at such prices as may be directed by the Governor, upon
8recommendation by the Director of the Governor's Office of
9Management and Budget. Qualified School Construction Bonds
10shall be in such form (either coupon, registered or book
11entry), in such denominations, payable within 25 years from
12their date, subject to such terms of redemption with or
13without premium, and if the Qualified School Construction
14Bonds are issued with a supplemental coupon, bear interest
15payable at such times and at such fixed or variable rate or
16rates, and be dated as shall be fixed and determined by the
17Director of the Governor's Office of Management and Budget in
18the order authorizing the issuance and sale of any series of
19Qualified School Construction Bonds, which order shall be
20approved by the Governor and is herein called a "Bond Sale
21Order"; except that interest payable at fixed or variable
22rates, if any, shall not exceed that permitted in the Bond
23Authorization Act, as now or hereafter amended. Qualified
24School Construction Bonds shall be payable at such place or
25places, within or without the State of Illinois, and may be
26made registrable as to either principal or as to both

 

 

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1principal and interest, as shall be specified in the Bond Sale
2Order. Qualified School Construction Bonds may be callable or
3subject to purchase and retirement or tender and remarketing
4as fixed and determined in the Bond Sale Order. Qualified
5School Construction Bonds must be issued with principal or
6mandatory redemption amounts or sinking fund payments into the
7General Obligation Bond Retirement and Interest Fund (or
8subaccount therefor) in equal amounts, with the first maturity
9issued, mandatory redemption payment or sinking fund payment
10occurring within the fiscal year in which the Qualified School
11Construction Bonds are issued or within the next succeeding
12fiscal year, with Qualified School Construction Bonds issued
13maturing or subject to mandatory redemption or with sinking
14fund payments thereof deposited each fiscal year thereafter up
15to 25 years. Sinking fund payments set forth in this
16subsection shall be permitted only to the extent authorized in
17Section 54F of the Internal Revenue Code or as otherwise
18determined by the Director of the Governor's Office of
19Management and Budget. "Qualified School Construction Bonds"
20in this subsection means Bonds authorized by Section 54F of
21the Internal Revenue Code and for bonds issued from time to
22time to refund or continue to refund such "Qualified School
23Construction Bonds".
24    (f) Beginning with the next issuance by the Governor's
25Office of Management and Budget of a request for
26qualifications for the purpose of formulating a new pool of

 

 

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1qualified underwriters, all entities responding to such a
2request for qualifications for inclusion on that list shall
3provide a written report to the Governor's Office of
4Management and Budget and the Illinois Comptroller. The
5written report submitted to the Comptroller shall (i) be
6published on the Comptroller's Internet website and (ii) be
7used by the Governor's Office of Management and Budget for the
8purposes of scoring such a request for qualifications. The
9written report, at a minimum, shall:
10        (1) disclose whether, within the past 3 months,
11    pursuant to its credit default swap market-making
12    activities, the firm has entered into any State of
13    Illinois credit default swaps ("CDS");
14        (2) include, in the event of State of Illinois CDS
15    activity, disclosure of the firm's cumulative notional
16    volume of State of Illinois CDS trades and the firm's
17    outstanding gross and net notional amount of State of
18    Illinois CDS, as of the end of the current 3-month period;
19        (3) indicate, pursuant to the firm's proprietary
20    trading activities, disclosure of whether the firm, within
21    the past 3 months, has entered into any proprietary trades
22    for its own account in State of Illinois CDS;
23        (4) include, in the event of State of Illinois
24    proprietary trades, disclosure of the firm's outstanding
25    gross and net notional amount of proprietary State of
26    Illinois CDS and whether the net position is short or long

 

 

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1    credit protection, as of the end of the current 3-month
2    period;
3        (5) list all time periods during the past 3 months
4    during which the firm held net long or net short State of
5    Illinois CDS proprietary credit protection positions, the
6    amount of such positions, and whether those positions were
7    net long or net short credit protection positions; and
8        (6) indicate whether, within the previous 3 months,
9    the firm released any publicly available research or
10    marketing reports that reference State of Illinois CDS and
11    include those research or marketing reports as
12    attachments.
13    (g) All entities included on a Governor's Office of
14Management and Budget's pool of qualified underwriters list
15shall, as soon as possible after March 18, 2011 (the effective
16date of Public Act 96-1554), but not later than January 21,
172011, and on a quarterly fiscal basis thereafter, provide a
18written report to the Governor's Office of Management and
19Budget and the Illinois Comptroller. The written reports
20submitted to the Comptroller shall be published on the
21Comptroller's Internet website. The written reports, at a
22minimum, shall:
23        (1) disclose whether, within the past 3 months,
24    pursuant to its credit default swap market-making
25    activities, the firm has entered into any State of
26    Illinois credit default swaps ("CDS");

 

 

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1        (2) include, in the event of State of Illinois CDS
2    activity, disclosure of the firm's cumulative notional
3    volume of State of Illinois CDS trades and the firm's
4    outstanding gross and net notional amount of State of
5    Illinois CDS, as of the end of the current 3-month period;
6        (3) indicate, pursuant to the firm's proprietary
7    trading activities, disclosure of whether the firm, within
8    the past 3 months, has entered into any proprietary trades
9    for its own account in State of Illinois CDS;
10        (4) include, in the event of State of Illinois
11    proprietary trades, disclosure of the firm's outstanding
12    gross and net notional amount of proprietary State of
13    Illinois CDS and whether the net position is short or long
14    credit protection, as of the end of the current 3-month
15    period;
16        (5) list all time periods during the past 3 months
17    during which the firm held net long or net short State of
18    Illinois CDS proprietary credit protection positions, the
19    amount of such positions, and whether those positions were
20    net long or net short credit protection positions; and
21        (6) indicate whether, within the previous 3 months,
22    the firm released any publicly available research or
23    marketing reports that reference State of Illinois CDS and
24    include those research or marketing reports as
25    attachments.
26    (h) Notwithstanding any other provision of this Section,

 

 

10300HB4582sam001- 21 -LRB103 35517 JDS 74233 a

1for purposes of maximizing market efficiencies and cost
2savings, Income Tax Proceed Bonds may be issued and sold from
3time to time, in one or more series, in such amounts and at
4such prices as may be directed by the Governor, upon
5recommendation by the Director of the Governor's Office of
6Management and Budget. Income Tax Proceed Bonds shall be in
7such form, either coupon, registered, or book entry, in such
8denominations, shall bear interest payable at such times and
9at such fixed or variable rate or rates, and be dated as shall
10be fixed and determined by the Director of the Governor's
11Office of Management and Budget in the order authorizing the
12issuance and sale of any series of Income Tax Proceed Bonds,
13which order shall be approved by the Governor and is herein
14called a "Bond Sale Order"; provided, however, that interest
15payable at fixed or variable rates shall not exceed that
16permitted in the Bond Authorization Act. Income Tax Proceed
17Bonds shall be payable at such place or places, within or
18without the State of Illinois, and may be made registrable as
19to either principal or as to both principal and interest, as
20shall be specified in the Bond Sale Order. Income Tax Proceed
21Bonds may be callable or subject to purchase and retirement or
22tender and remarketing as fixed and determined in the Bond
23Sale Order.
24    (i) Notwithstanding any other provision of this Section,
25for purposes of maximizing market efficiencies and cost
26savings, State Pension Obligation Acceleration Bonds may be

 

 

10300HB4582sam001- 22 -LRB103 35517 JDS 74233 a

1issued and sold from time to time, in one or more series, in
2such amounts and at such prices as may be directed by the
3Governor, upon recommendation by the Director of the
4Governor's Office of Management and Budget. State Pension
5Obligation Acceleration Bonds shall be in such form, either
6coupon, registered, or book entry, in such denominations,
7shall bear interest payable at such times and at such fixed or
8variable rate or rates, and be dated as shall be fixed and
9determined by the Director of the Governor's Office of
10Management and Budget in the order authorizing the issuance
11and sale of any series of State Pension Obligation
12Acceleration Bonds, which order shall be approved by the
13Governor and is herein called a "Bond Sale Order"; provided,
14however, that interest payable at fixed or variable rates
15shall not exceed that permitted in the Bond Authorization Act.
16State Pension Obligation Acceleration Bonds shall be payable
17at such place or places, within or without the State of
18Illinois, and may be made registrable as to either principal
19or as to both principal and interest, as shall be specified in
20the Bond Sale Order. State Pension Obligation Acceleration
21Bonds may be callable or subject to purchase and retirement or
22tender and remarketing as fixed and determined in the Bond
23Sale Order.
24(Source: P.A. 103-7, eff. 7-1-23.)
 
25
Article 15.

 

 

 

10300HB4582sam001- 23 -LRB103 35517 JDS 74233 a

1    Section 15-5. The Build Illinois Bond Act is amended by
2changing Sections 2, 4, 6, and 13 as follows:
 
3    (30 ILCS 425/2)  (from Ch. 127, par. 2802)
4    Sec. 2. Authorization for Bonds. The State of Illinois is
5authorized to issue, sell and provide for the retirement of
6limited obligation bonds, notes and other evidences of
7indebtedness of the State of Illinois in the total principal
8amount of $11,358,681,100 $10,019,681,100 herein called
9"Bonds". Such amount of authorized Bonds shall be exclusive of
10any refunding Bonds issued pursuant to Section 15 of this Act
11and exclusive of any Bonds issued pursuant to this Section
12which are redeemed, purchased, advance refunded, or defeased
13in accordance with paragraph (f) of Section 4 of this Act.
14Bonds shall be issued for the categories and specific purposes
15expressed in Section 4 of this Act.
16(Source: P.A. 102-1071, eff. 6-10-22; 103-7, eff. 7-1-23.)
 
17    (30 ILCS 425/4)  (from Ch. 127, par. 2804)
18    Sec. 4. Purposes of Bonds. Bonds shall be issued for the
19following purposes and in the approximate amounts as set forth
20below:
21    (a) $4,741,094,533 $4,506,094,533 for the expenses of
22issuance and sale of Bonds, including bond discounts, and for
23planning, engineering, acquisition, construction,

 

 

10300HB4582sam001- 24 -LRB103 35517 JDS 74233 a

1reconstruction, development, improvement, demolition, and
2extension of the public infrastructure in the State of
3Illinois, including: the making of loans or grants to local
4governments for waste disposal systems, water and sewer line
5extensions and water distribution and purification facilities,
6rail or air or water port improvements, gas and electric
7utility extensions, publicly owned industrial and commercial
8sites, buildings used for public administration purposes and
9other public infrastructure capital improvements; the making
10of loans or grants to units of local government for financing
11and construction of wastewater facilities, including grants to
12serve unincorporated areas; refinancing or retiring bonds
13issued between January 1, 1987 and January 1, 1990 by home rule
14municipalities, debt service on which is provided from a tax
15imposed by home rule municipalities prior to January 1, 1990
16on the sale of food and drugs pursuant to Section 8-11-1 of the
17Home Rule Municipal Retailers' Occupation Tax Act or Section
188-11-5 of the Home Rule Municipal Service Occupation Tax Act;
19the making of deposits not to exceed $70,000,000 in the
20aggregate into the Water Pollution Control Revolving Fund to
21provide assistance in accordance with the provisions of Title
22IV-A of the Environmental Protection Act; the planning,
23engineering, acquisition, construction, reconstruction,
24alteration, expansion, extension and improvement of highways,
25bridges, structures separating highways and railroads, rest
26areas, interchanges, access roads to and from any State or

 

 

10300HB4582sam001- 25 -LRB103 35517 JDS 74233 a

1local highway and other transportation improvement projects
2which are related to economic development activities; the
3making of loans or grants for planning, engineering,
4rehabilitation, improvement or construction of rail and
5transit facilities; the planning, engineering, acquisition,
6construction, reconstruction and improvement of watershed,
7drainage, flood control, recreation and related improvements
8and facilities, including expenses related to land and
9easement acquisition, relocation, control structures, channel
10work and clearing and appurtenant work; the planning,
11engineering, acquisition, construction, reconstruction and
12improvement of State facilities and related infrastructure;
13the making of Park and Recreational Facilities Construction
14(PARC) grants; the making of grants to units of local
15government for community development capital projects; the
16making of grants for improvement and development of zoos and
17park district field houses and related structures; and the
18making of grants for improvement and development of Navy Pier
19and related structures.
20    (b) $3,554,636,967 $2,474,636,967 for fostering economic
21development and increased employment and fostering the well
22being of the citizens of Illinois through community
23development, including: the making of grants for improvement
24and development of McCormick Place and related structures; the
25planning and construction of a microelectronics research
26center, including the planning, engineering, construction,

 

 

10300HB4582sam001- 26 -LRB103 35517 JDS 74233 a

1improvement, renovation and acquisition of buildings,
2equipment and related utility support systems; the making of
3loans to businesses and investments in small businesses;
4acquiring real properties for industrial or commercial site
5development; acquiring, rehabilitating and reconveying
6industrial and commercial properties for the purpose of
7expanding employment and encouraging private and other public
8sector investment in the economy of Illinois; the payment of
9expenses associated with siting the Superconducting Super
10Collider Particle Accelerator in Illinois and with its
11acquisition, construction, maintenance, operation, promotion
12and support; the making of loans for the planning,
13engineering, acquisition, construction, improvement and
14conversion of facilities and equipment which will foster the
15use of Illinois coal; the payment of expenses associated with
16the promotion, establishment, acquisition and operation of
17small business incubator facilities and agribusiness research
18facilities, including the lease, purchase, renovation,
19planning, engineering, construction and maintenance of
20buildings, utility support systems and equipment designated
21for such purposes and the establishment and maintenance of
22centralized support services within such facilities; the
23making of grants for transportation electrification
24infrastructure projects that promote use of clean and
25renewable energy; the making of capital expenditures and
26grants for broadband development and for a statewide broadband

 

 

10300HB4582sam001- 27 -LRB103 35517 JDS 74233 a

1deployment grant program; the making of grants to public
2entities and private persons and entities for community
3development capital projects; the making of grants to public
4entities and private persons and entities for capital projects
5in the context of grant programs focused on assisting
6economically depressed areas, expanding affordable housing,
7supporting the provision of human services, supporting
8emerging technology enterprises, fostering the advancement of
9quantum information science and technology, and supporting
10minority owned businesses; and the making of grants or loans
11to units of local government for Urban Development Action
12Grant and Housing Partnership programs.
13    (c) $2,785,076,600 $2,761,076,600 for the development and
14improvement of educational, scientific, technical and
15vocational programs and facilities and the expansion of health
16and human services for all citizens of Illinois, including:
17the making of grants to school districts and not-for-profit
18organizations for early childhood construction projects
19pursuant to Section 5-300 of the School Construction Law; the
20making of grants to educational institutions for educational,
21scientific, technical and vocational program equipment and
22facilities; the making of grants to museums for equipment and
23facilities; the making of construction and improvement grants
24and loans to public libraries and library systems; the making
25of grants and loans for planning, engineering, acquisition and
26construction of a new State central library in Springfield;

 

 

10300HB4582sam001- 28 -LRB103 35517 JDS 74233 a

1the planning, engineering, acquisition and construction of an
2animal and dairy sciences facility; the planning, engineering,
3acquisition and construction of a campus and all related
4buildings, facilities, equipment and materials for Richland
5Community College; the acquisition, rehabilitation and
6installation of equipment and materials for scientific and
7historical surveys; the making of grants or loans for
8distribution to eligible vocational education instructional
9programs for the upgrading of vocational education programs,
10school shops and laboratories, including the acquisition,
11rehabilitation and installation of technical equipment and
12materials; the making of grants or loans for distribution to
13eligible local educational agencies for the upgrading of math
14and science instructional programs, including the acquisition
15of instructional equipment and materials; miscellaneous
16capital improvements for universities and community colleges
17including the planning, engineering, construction,
18reconstruction, remodeling, improvement, repair and
19installation of capital facilities and costs of planning,
20supplies, equipment, materials, services, and all other
21required expenses; the making of grants or loans for repair,
22renovation and miscellaneous capital improvements for
23privately operated colleges and universities and community
24colleges, including the planning, engineering, acquisition,
25construction, reconstruction, remodeling, improvement, repair
26and installation of capital facilities and costs of planning,

 

 

10300HB4582sam001- 29 -LRB103 35517 JDS 74233 a

1supplies, equipment, materials, services, and all other
2required expenses; and the making of grants or loans for
3distribution to local governments for hospital and other
4health care facilities including the planning, engineering,
5acquisition, construction, reconstruction, remodeling,
6improvement, repair and installation of capital facilities and
7costs of planning, supplies, equipment, materials, services
8and all other required expenses.
9    (d) $277,873,000 for protection, preservation, restoration
10and conservation of environmental and natural resources,
11including: the making of grants to soil and water conservation
12districts for the planning and implementation of conservation
13practices and for funding contracts with the Soil Conservation
14Service for watershed planning; the making of grants to units
15of local government for the capital development and
16improvement of recreation areas, including planning and
17engineering costs, sewer projects, including planning and
18engineering costs and water projects, including planning and
19engineering costs, and for the acquisition of open space
20lands, including the acquisition of easements and other
21property interests of less than fee simple ownership; the
22making of grants to units of local government through the
23Illinois Green Infrastructure Grant Program to protect water
24quality and mitigate flooding; the acquisition and related
25costs and development and management of natural heritage
26lands, including natural areas and areas providing habitat for

 

 

10300HB4582sam001- 30 -LRB103 35517 JDS 74233 a

1endangered species and nongame wildlife, and buffer area
2lands; the acquisition and related costs and development and
3management of habitat lands, including forest, wildlife
4habitat and wetlands; and the removal and disposition of
5hazardous substances, including the cost of project
6management, equipment, laboratory analysis, and contractual
7services necessary for preventative and corrective actions
8related to the preservation, restoration and conservation of
9the environment, including deposits not to exceed $60,000,000
10in the aggregate into the Hazardous Waste Fund and the
11Brownfields Redevelopment Fund for improvements in accordance
12with the provisions of Titles V and XVII of the Environmental
13Protection Act.
14    (e) The amount specified in paragraph (a) above shall
15include an amount necessary to pay reasonable expenses of each
16issuance and sale of the Bonds, as specified in the related
17Bond Sale Order (hereinafter defined).
18    (f) Any unexpended proceeds from any sale of Bonds which
19are held in the Build Illinois Bond Fund may be used to redeem,
20purchase, advance refund, or defease any Bonds outstanding.
21(Source: P.A. 103-7, eff. 7-1-23.)
 
22    (30 ILCS 425/6)  (from Ch. 127, par. 2806)
23    Sec. 6. Conditions for issuance and sale of Bonds -
24requirements for Bonds - master and supplemental indentures -
25credit and liquidity enhancement.

 

 

10300HB4582sam001- 31 -LRB103 35517 JDS 74233 a

1    (a) Bonds shall be issued and sold from time to time, in
2one or more series, in such amounts and at such prices as
3directed by the Governor, upon recommendation by the Director
4of the Governor's Office of Management and Budget. Bonds shall
5be payable only from the specific sources and secured in the
6manner provided in this Act. Bonds shall be in such form, in
7such denominations, mature on such dates within 25 years from
8their date of issuance, be subject to optional or mandatory
9redemption, bear interest payable at such times and at such
10rate or rates, fixed or variable, and be dated as shall be
11fixed and determined by the Director of the Governor's Office
12of Management and Budget in an order authorizing the issuance
13and sale of any series of Bonds, which order shall be approved
14by the Governor and is herein called a "Bond Sale Order";
15provided, however, that interest payable at fixed rates shall
16not exceed that permitted in "An Act to authorize public
17corporations to issue bonds, other evidences of indebtedness
18and tax anticipation warrants subject to interest rate
19limitations set forth therein", approved May 26, 1970, as now
20or hereafter amended, and interest payable at variable rates
21shall not exceed the maximum rate permitted in the Bond Sale
22Order. Said Bonds shall be payable at such place or places,
23within or without the State of Illinois, and may be made
24registrable as to either principal only or as to both
25principal and interest, as shall be specified in the Bond Sale
26Order. Bonds may be callable or subject to purchase and

 

 

10300HB4582sam001- 32 -LRB103 35517 JDS 74233 a

1retirement or remarketing as fixed and determined in the Bond
2Sale Order. Bonds (i) except for refunding Bonds satisfying
3the requirements of Section 15 of this Act must be issued with
4principal or mandatory redemption amounts in equal amounts,
5with the first maturity issued occurring within the fiscal
6year in which the Bonds are issued or within the next
7succeeding fiscal year, except that Bonds issued during fiscal
8year 2025 may be issued with principal or mandatory redemption
9amounts in unequal amounts, and (ii) must mature or be subject
10to mandatory redemption each fiscal year thereafter up to 25
11years, except for refunding Bonds satisfying the requirements
12of Section 15 of this Act and sold during fiscal year 2009,
132010, or 2011 which must mature or be subject to mandatory
14redemption each fiscal year thereafter up to 16 years.
15    All Bonds authorized under this Act shall be issued
16pursuant to a master trust indenture ("Master Indenture")
17executed and delivered on behalf of the State by the Director
18of the Governor's Office of Management and Budget, such Master
19Indenture to be in substantially the form approved in the Bond
20Sale Order authorizing the issuance and sale of the initial
21series of Bonds issued under this Act. Such initial series of
22Bonds may, and each subsequent series of Bonds shall, also be
23issued pursuant to a supplemental trust indenture
24("Supplemental Indenture") executed and delivered on behalf of
25the State by the Director of the Governor's Office of
26Management and Budget, each such Supplemental Indenture to be

 

 

10300HB4582sam001- 33 -LRB103 35517 JDS 74233 a

1in substantially the form approved in the Bond Sale Order
2relating to such series. The Master Indenture and any
3Supplemental Indenture shall be entered into with a bank or
4trust company in the State of Illinois having trust powers and
5possessing capital and surplus of not less than $100,000,000.
6Such indentures shall set forth the terms and conditions of
7the Bonds and provide for payment of and security for the
8Bonds, including the establishment and maintenance of debt
9service and reserve funds, and for other protections for
10holders of the Bonds. The term "reserve funds" as used in this
11Act shall include funds and accounts established under
12indentures to provide for the payment of principal of and
13premium and interest on Bonds, to provide for the purchase,
14retirement or defeasance of Bonds, to provide for fees of
15trustees, registrars, paying agents and other fiduciaries and
16to provide for payment of costs of and debt service payable in
17respect of credit or liquidity enhancement arrangements,
18interest rate swaps or guarantees or financial futures
19contracts and indexing and remarketing agents' services.
20    In the case of any series of Bonds bearing interest at a
21variable interest rate ("Variable Rate Bonds"), in lieu of
22determining the rate or rates at which such series of Variable
23Rate Bonds shall bear interest and the price or prices at which
24such Variable Rate Bonds shall be initially sold or remarketed
25(in the event of purchase and subsequent resale), the Bond
26Sale Order may provide that such interest rates and prices may

 

 

10300HB4582sam001- 34 -LRB103 35517 JDS 74233 a

1vary from time to time depending on criteria established in
2such Bond Sale Order, which criteria may include, without
3limitation, references to indices or variations in interest
4rates as may, in the judgment of a remarketing agent, be
5necessary to cause Bonds of such series to be remarketable
6from time to time at a price equal to their principal amount
7(or compound accreted value in the case of original issue
8discount Bonds), and may provide for appointment of indexing
9agents and a bank, trust company, investment bank or other
10financial institution to serve as remarketing agent in that
11connection. The Bond Sale Order may provide that alternative
12interest rates or provisions for establishing alternative
13interest rates, different security or claim priorities or
14different call or amortization provisions will apply during
15such times as Bonds of any series are held by a person
16providing credit or liquidity enhancement arrangements for
17such Bonds as authorized in subsection (b) of Section 6 of this
18Act.
19    (b) In connection with the issuance of any series of
20Bonds, the State may enter into arrangements to provide
21additional security and liquidity for such Bonds, including,
22without limitation, bond or interest rate insurance or letters
23of credit, lines of credit, bond purchase contracts or other
24arrangements whereby funds are made available to retire or
25purchase Bonds, thereby assuring the ability of owners of the
26Bonds to sell or redeem their Bonds. The State may enter into

 

 

10300HB4582sam001- 35 -LRB103 35517 JDS 74233 a

1contracts and may agree to pay fees to persons providing such
2arrangements, but only under circumstances where the Director
3of the Bureau of the Budget (now Governor's Office of
4Management and Budget) certifies that he reasonably expects
5the total interest paid or to be paid on the Bonds, together
6with the fees for the arrangements (being treated as if
7interest), would not, taken together, cause the Bonds to bear
8interest, calculated to their stated maturity, at a rate in
9excess of the rate which the Bonds would bear in the absence of
10such arrangements. Any bonds, notes or other evidences of
11indebtedness issued pursuant to any such arrangements for the
12purpose of retiring and discharging outstanding Bonds shall
13constitute refunding Bonds under Section 15 of this Act. The
14State may participate in and enter into arrangements with
15respect to interest rate swaps or guarantees or financial
16futures contracts for the purpose of limiting or restricting
17interest rate risk; provided that such arrangements shall be
18made with or executed through banks having capital and surplus
19of not less than $100,000,000 or insurance companies holding
20the highest policyholder rating accorded insurers by A.M. Best &
21 Co. or any comparable rating service or government bond
22dealers reporting to, trading with, and recognized as primary
23dealers by a Federal Reserve Bank and having capital and
24surplus of not less than $100,000,000, or other persons whose
25debt securities are rated in the highest long-term categories
26by both Moody's Investors' Services, Inc. and Standard &

 

 

10300HB4582sam001- 36 -LRB103 35517 JDS 74233 a

1Poor's Corporation. Agreements incorporating any of the
2foregoing arrangements may be executed and delivered by the
3Director of the Governor's Office of Management and Budget on
4behalf of the State in substantially the form approved in the
5Bond Sale Order relating to such Bonds.
6    (c) "Build America Bonds" in this Section means Bonds
7authorized by Section 54AA of the Internal Revenue Code of
81986, as amended ("Internal Revenue Code"), and bonds issued
9from time to time to refund or continue to refund "Build
10America Bonds".
11(Source: P.A. 100-23, eff. 7-6-17; 100-587, eff. 6-4-18;
12101-30, eff. 6-28-19.)
 
13    (30 ILCS 425/13)  (from Ch. 127, par. 2813)
14    Sec. 13. Computation of principal and interest; transfer
15from Build Illinois Bond Account; payment from Build Illinois
16Bond Retirement and Interest Fund. Upon each delivery of
17Bonds authorized to be issued under this Act, the trustee
18under the Master Indenture shall compute and certify to the
19Director of the Governor's Office of Management and Budget,
20the Comptroller and the Treasurer (a) the total amount of the
21principal of and the interest and the premium, if any, on the
22Bonds then being issued and on Bonds previously issued and
23outstanding that will be payable in order to retire such Bonds
24at their stated maturities or mandatory sinking fund payment
25dates and (b) the amount of principal of and interest and

 

 

10300HB4582sam001- 37 -LRB103 35517 JDS 74233 a

1premium, if any, on such Bonds that will be payable on each
2principal, interest and mandatory sinking fund payment date
3according to the tenor of such Bonds during the then current
4and each succeeding fiscal year. Such certifications shall
5include with respect to interest payable on Variable Rate
6Bonds the maximum amount of interest which may be payable for
7the relevant period after taking into account any credits
8permitted in the related indenture against the amount of such
9interest required to be appropriated for such period pursuant
10to subsection (c) of Section 11 of this Act.
11    On or before June 20, 1993 and on or before each June 20
12thereafter so long as Bonds remain outstanding, the trustee
13under the Master Indenture shall deliver to the Director of
14the Governor's Office of Management and Budget (formerly
15Bureau of the Budget), the Comptroller and the Treasurer a
16certificate setting forth the "Certified Annual Debt Service
17Requirement" (hereinafter defined) for the next succeeding
18fiscal year. If Bonds are issued subsequent to the delivery of
19any such certificate, upon the issuance of such Bonds the
20trustee under the Master Indenture shall deliver a
21supplemental certificate setting forth the revisions, if any,
22in the Certified Annual Debt Service Requirement resulting
23from the issuance of such Bonds. The "Certified Annual Debt
24Service Requirement" for any fiscal year shall be an amount
25equal to (a) the aggregate amount of principal, interest and
26premium, if any, payable on outstanding Bonds during such

 

 

10300HB4582sam001- 38 -LRB103 35517 JDS 74233 a

1fiscal year plus (b) the amount required to be deposited into
2any reserve fund securing such Bonds or for the purpose of
3retiring or defeasing such Bonds plus (c) the amount of any
4deficiencies in required transfers of amounts described in
5clauses (a) and (b) for any prior fiscal year, minus (d) the
6amount, if any, of such interest to be paid from Bond proceeds
7on deposit under any indenture; provided, however, that
8interest payable on Variable Rate Bonds shall be calculated at
9the maximum rate of interest which may be payable during such
10fiscal year after taking into account any credits permitted in
11the related indenture against the amount of such interest
12required to be appropriated for such period pursuant to
13subsection (c) of Section 11 of this Act.
14    In each month during fiscal years 1986 through 1993, the
15State Treasurer and Comptroller shall transfer, on the last
16day of such month, from the Build Illinois Bond Account to the
17Build Illinois Bond Retirement and Interest Fund and shall
18make payment from the Build Illinois Bond Retirement and
19Interest Fund to the trustee under the Master Indenture of an
20amount equal to 1/12 of 150% of the amount set forth below for
21each such fiscal year, plus any cumulative deficiency in such
22transfers and payments for prior months; provided that such
23transfers shall commence in October, 1985 and such amounts for
24fiscal year 1986 shall equal 1/9 of 150% of the amount set
25forth below for such fiscal year:
26Fiscal YearAmount

 

 

10300HB4582sam001- 39 -LRB103 35517 JDS 74233 a

11986$15,000,000
21987$25,000,000
31988$40,000,000
41989$54,000,000
51990$85,400,000
61991$133,600,000
71992$164,400,000
81993$188,900,000
9provided that payments of such amounts from the Build Illinois
10Bond Retirement and Interest Fund to the trustee under the
11Master Indenture shall commence on the last day of the month in
12which Bonds are initially issued under this Act; and, further
13provided, that the first such payment to said trustee shall
14equal the entire amount then on deposit in the Build Illinois
15Bond Retirement and Interest Fund; and, further provided, that
16the aggregate amount of transfers and payments for any such
17fiscal year shall not exceed the amount set forth above for
18such fiscal year.
19    In each month in which Bonds are outstanding during fiscal
20year 1994 and each fiscal year thereafter, the State Treasurer
21and Comptroller shall transfer, on the last day of such month,
22(i) with respect to Bonds constituting bonds issued pursuant
23to the bond authorization under this Act enacted pursuant to
24Public Act 96-36 and this amendatory Act of the 103rd General
25Assembly this amendatory Act of the 96th General Assembly (and
26any refunding Bonds issued to refund such Bonds), first from

 

 

10300HB4582sam001- 40 -LRB103 35517 JDS 74233 a

1the Capital Projects Fund and second, if needed, from the
2Build Illinois Bond Account and (ii) with respect to all other
3Bonds not described in clause (i), from the Build Illinois
4Bond Account, in each case, to the Build Illinois Bond
5Retirement and Interest Fund and shall make payment from the
6Build Illinois Bond Retirement and Interest Fund to the
7trustee under the Master Indenture of an amount equal to the
8greater of (a) 1/12th of 150% of the Certified Annual Debt
9Service Requirement or (b) the Tax Act Amount (as defined in
10Section 3 of the "Retailers' Occupation Tax Act", as amended)
11deposited in the Build Illinois Bond Account during such
12month, plus any cumulative deficiency in such transfers and
13payments for prior months; provided that such transfers and
14payments for any such fiscal year shall not exceed the greater
15of (a) the Certified Annual Debt Service Requirement or (b)
16the Tax Act Amount.
17(Source: P.A. 96-36, eff. 7-13-09.)
 
18
Article 20.

 
19    Section 20-5. The Illinois Housing Development Act is
20amended by changing Section 22 as follows:
 
21    (20 ILCS 3805/22)  (from Ch. 67 1/2, par. 322)
22    Sec. 22. (a) The Authority shall not have outstanding at
23any one time bonds and notes for any of its corporate purposes

 

 

10300HB4582sam001- 41 -LRB103 35517 JDS 74233 a

1in an aggregate principal amount exceeding $11,500,000,000
2$7,200,000,000, excluding bonds and notes issued to refund
3outstanding bonds and notes.
4    (b) Of the authorized aggregate principal amount of
5$11,500,000,000 $7,200,000,000 provided for by this Section,
6the amount of $150,000,000 shall be used for the purposes
7specified in Sections 7.23 and 7.24 of this Act.
8    (c) Of the $1,000,000,000 authorized by this amendatory
9Act of 1985, an amount not less than $100,000,000 shall be
10reserved for financing developments which involve the
11rehabilitation of dwelling accommodations, subject to the
12occupancy reservation of low or moderate income persons or
13families as provided in this Act.
14(Source: P.A. 102-175, eff. 7-29-21.)
 
15
Article 25.

 
16    Section 25-5. The Local Government Debt Reform Act is
17amended by changing Sections 10, 16, and 17 as follows:
 
18    (30 ILCS 350/10)  (from Ch. 17, par. 6910)
19    Sec. 10. General provisions. Bonds authorized by
20applicable law may be issued in one or more series, bear such
21date or dates, become due at such time or times within 40
22years, except as expressly limited by applicable law, provided
23that notwithstanding any such express limitation bonds issued

 

 

10300HB4582sam001- 42 -LRB103 35517 JDS 74233 a

1by any school district, Lockport High School, Township High
2School District 113, South Suburban Community College District
3No. 510, Elgin Community College District No. 509, or
4Kishwaukee Community College District No. 523 for the purpose
5of purchasing, constructing, or improving real or personal
6property, including bonds issued pursuant to Sections 17-2.11
7of the School Code, bonds issued to increase the working cash
8fund of the district, and bonds issued to pay or paying claims
9against the any such district incurred for the purpose of
10purchasing, constructing, or improving real or personal
11property, and any bonds issued to refund or continue to refund
12those bonds, may become due within 30 25 years, bear interest
13payable at such intervals and at such rate or rates as
14authorized under applicable law, which rates may be fixed or
15variable, be in such denominations, be in such form, either
16coupon, registered or book-entry, carry such conversion,
17registration, and exchange privileges, be subject to
18defeasance upon such terms, have such rank or priority, be
19executed in such manner, be payable in such medium of payment
20at such place or places within or without the State of
21Illinois, make provision for a corporate trustee within or
22without the State with respect to such bonds, prescribe the
23rights, powers and duties thereof to be exercised for the
24benefit of the governmental unit and the protection of the
25bondholders, provide for the holding in trust, investment and
26use of moneys, funds and accounts held under an ordinance,

 

 

10300HB4582sam001- 43 -LRB103 35517 JDS 74233 a

1provide for assignment of and direct payment of the moneys to
2pay such bonds or to be deposited into such funds or accounts
3directly to such trustee, be subject to such terms of
4redemption with or without premium, and be sold in such manner
5at private or public sale and at such price, all as the
6governing body shall determine. Whenever such bonds are sold
7at price less than par, they shall be sold at such price and
8bear interest at such rate or rates such that either the true
9interest cost (yield) or the net interest rate, as may be
10selected by the governing body, received upon the sale of such
11bonds does not exceed the maximum rate otherwise authorized by
12applicable law. Except for an ordinance required to be
13published by applicable law in connection with a backdoor
14referendum, any bond ordinance adopted by a governing body
15under applicable law shall, in all instances, become effective
16immediately without publication or posting or any further act
17or requirement.
18(Source: P.A. 97-615, eff. 8-26-11; 98-36, eff. 6-28-13.)
 
19    (30 ILCS 350/16)  (from Ch. 17, par. 6916)
20    Sec. 16. Levy for bonds.
21    (a) A governmental unit may levy a tax for the payment of
22principal of and interest on general obligation bonds or
23limited bonds at any time prior to March 1 of the calendar year
24during which the tax will be collected. The county clerk shall
25accept the filing of the ordinance levying such tax

 

 

10300HB4582sam001- 44 -LRB103 35517 JDS 74233 a

1notwithstanding that such time is subsequent to the end of the
2calendar year next preceding the calendar year during which
3such tax will be collected.
4    (b) The county clerk shall accept the electronic filing of
5any ordinance under subsection (a) and any certificate abating
6taxes levied by an ordinance under subsection (a). If a
7governmental unit electronically files an ordinance under
8subsection (a) or a certificate abating taxes levied by an
9ordinance under subsection (a) electronically, then the
10governmental unit shall maintain an original signed copy of
11the ordinance as long as the general obligation bonds or
12limited bonds remain outstanding.
13    (c) In extending taxes for general obligation bonds, the
14county clerk shall add to the levy for debt service on such
15bonds an amount sufficient, in view of all losses and
16delinquencies in tax collection, to produce tax receipts
17adequate for the prompt payment of such debt service.
18(Source: P.A. 103-137, eff. 6-30-23.)
 
19    (30 ILCS 350/17)  (from Ch. 17, par. 6917)
20    Sec. 17. Leases and installment contracts.
21    (a) Interest not debt; debt on leases and installment
22contracts. Interest on bonds shall not be included in any
23computation of indebtedness of a governmental unit for the
24purpose of any statutory provision or limitation. For bonds
25consisting of leases and installment or financing contracts,

 

 

10300HB4582sam001- 45 -LRB103 35517 JDS 74233 a

1(1) that portion of payments made by a governmental unit under
2the terms of a bond designated as interest in the bond or the
3ordinance authorizing such bond shall be treated as interest
4for purposes of this Section (2) where portions of payments
5due under the terms of a bond have not been designated as
6interest in the bond or the ordinance authorizing such bond,
7and all or a portion of such payments is to be used for the
8payment of principal of and interest on other bonds of the
9governmental unit or bonds issued by another unit of local
10government, such as a public building commission, the payments
11equal to interest due on such corresponding bonds shall be
12treated as interest for purposes of this Section and (3) where
13portions of payments due under the terms of a bond have not
14been designated as interest in the bond or ordinance
15authorizing such bond and no portion of any such payment is to
16be used for the payment of principal of and interest on other
17bonds of the governmental unit or another unit of local
18government, a portion of each payment due under the terms of
19such bond shall be treated as interest for purposes of this
20Section; such portion shall be equal in amount to the interest
21that would have been paid on a notional obligation of the
22governmental unit (bearing interest at the highest rate
23permitted by law for bonds of the governmental unit at the time
24the bond was issued or, if no such limit existed, 12%) on which
25the payments of principal and interest were due at the same
26times and in the same amounts as payments are due under the

 

 

10300HB4582sam001- 46 -LRB103 35517 JDS 74233 a

1terms of the bonds. The rule set forth in this Section shall be
2applicable to all interest no matter when earned or accrued or
3at what interval paid, and whether or not a bond bears interest
4which compounds at certain intervals. For purposes of bonds
5sold at amounts less than 95% of their stated value at
6maturity, interest for purposes of this Section includes the
7difference between the amount set forth on the face of the bond
8as the original principal amount and the bond's stated value
9at maturity.
10    This subsection may be made applicable to bonds issued
11prior to the effective date of this Act by passage of an
12ordinance to such effect by the governing body of a
13governmental unit.
14    (b) Purchase or lease of property. The governing body of
15each governmental unit may purchase or lease either real or
16personal property, including investments, investment
17agreements, or investment services, through agreements that
18provide that the consideration for the purchase or lease may
19be paid through installments made at stated intervals for a
20period of no more than 20 years or another period of time
21authorized by law, whichever is greater; provided, however,
22that investments, investment agreements, or investment
23services purchased in connection with a bond issue may be paid
24through installments made at stated intervals for a period of
25time not in excess of the maximum term of such bond issue. Each
26governmental unit may issue certificates evidencing the

 

 

10300HB4582sam001- 47 -LRB103 35517 JDS 74233 a

1indebtedness incurred under the lease or agreement. The
2governing body may provide for the treasurer, comptroller,
3finance officer, or other officer of the governing body
4charged with financial administration to act as counter-party
5to any such lease or agreement, as nominee lessor or seller.
6When the lease or agreement is executed by the officer of the
7governmental unit authorized by the governing body to bind the
8governmental unit thereon by the execution thereof and is
9filed with and executed by the nominee lessor or seller, the
10lease or agreement shall be sufficiently executed so as to
11permit the governmental unit to issue certificates evidencing
12the indebtedness incurred under the lease or agreement. The
13certificates shall be valid whether or not an appropriation
14with respect thereto is included in any annual or supplemental
15budget adopted by the governmental unit. From time to time, as
16the governing body executes contracts for the purpose of
17acquiring and constructing the services or real or personal
18property that is a part of the subject of the lease or
19agreement, including financial, legal, architectural, and
20engineering services related to the lease or agreement, the
21governing body shall order the contracts shall be filed with
22the its nominee officer, and that officer shall identify the
23contracts to the lease or agreement; that identification shall
24permit the payment of the contract from the proceeds of the
25certificates; and the nominee officer shall duly apply or
26cause to be applied proceeds of the certificates to the

 

 

10300HB4582sam001- 48 -LRB103 35517 JDS 74233 a

1payment of the contracts. The governing body of each
2governmental unit may sell, lease, convey, and reacquire
3either real or personal property, or any interest in real or
4personal property, upon any terms and conditions and in any
5manner, as the governing body shall determine, if the
6governmental unit will lease, acquire by purchase agreement,
7or otherwise reacquire the property, as authorized by this
8subsection or any other applicable law.
9    All indebtedness incurred under this subsection, when
10aggregated with the existing indebtedness of the governmental
11unit, may not exceed the debt limits provided by applicable
12law.
13(Source: P.A. 91-493, eff. 8-13-99; 91-868, eff. 6-22-00;
1492-879, eff. 1-13-03.)
 
15    Section 25-10. The Property Tax Code is amended by
16changing Section 18-185 as follows:
 
17    (35 ILCS 200/18-185)
18    Sec. 18-185. Short title; definitions. This Division 5
19may be cited as the Property Tax Extension Limitation Law. As
20used in this Division 5:
21    "Consumer Price Index" means the Consumer Price Index for
22All Urban Consumers for all items published by the United
23States Department of Labor.
24    "Extension limitation" means (a) the lesser of 5% or the

 

 

10300HB4582sam001- 49 -LRB103 35517 JDS 74233 a

1percentage increase in the Consumer Price Index during the
212-month calendar year preceding the levy year or (b) the rate
3of increase approved by voters under Section 18-205.
4    "Affected county" means a county of 3,000,000 or more
5inhabitants or a county contiguous to a county of 3,000,000 or
6more inhabitants.
7    "Taxing district" has the same meaning provided in Section
81-150, except as otherwise provided in this Section. For the
91991 through 1994 levy years only, "taxing district" includes
10only each non-home rule taxing district having the majority of
11its 1990 equalized assessed value within any county or
12counties contiguous to a county with 3,000,000 or more
13inhabitants. Beginning with the 1995 levy year, "taxing
14district" includes only each non-home rule taxing district
15subject to this Law before the 1995 levy year and each non-home
16rule taxing district not subject to this Law before the 1995
17levy year having the majority of its 1994 equalized assessed
18value in an affected county or counties. Beginning with the
19levy year in which this Law becomes applicable to a taxing
20district as provided in Section 18-213, "taxing district" also
21includes those taxing districts made subject to this Law as
22provided in Section 18-213.
23    "Aggregate extension" for taxing districts to which this
24Law applied before the 1995 levy year means the annual
25corporate extension for the taxing district and those special
26purpose extensions that are made annually for the taxing

 

 

10300HB4582sam001- 50 -LRB103 35517 JDS 74233 a

1district, excluding special purpose extensions: (a) made for
2the taxing district to pay interest or principal on general
3obligation bonds that were approved by referendum; (b) made
4for any taxing district to pay interest or principal on
5general obligation bonds issued before October 1, 1991; (c)
6made for any taxing district to pay interest or principal on
7bonds issued to refund or continue to refund those bonds
8issued before October 1, 1991; (d) made for any taxing
9district to pay interest or principal on bonds issued to
10refund or continue to refund bonds issued after October 1,
111991 that were approved by referendum; (e) made for any taxing
12district to pay interest or principal on revenue bonds issued
13before October 1, 1991 for payment of which a property tax levy
14or the full faith and credit of the unit of local government is
15pledged; however, a tax for the payment of interest or
16principal on those bonds shall be made only after the
17governing body of the unit of local government finds that all
18other sources for payment are insufficient to make those
19payments; (f) made for payments under a building commission
20lease when the lease payments are for the retirement of bonds
21issued by the commission before October 1, 1991, to pay for the
22building project; (g) made for payments due under installment
23contracts entered into before October 1, 1991; (h) made for
24payments of principal and interest on bonds issued under the
25Metropolitan Water Reclamation District Act to finance
26construction projects initiated before October 1, 1991; (i)

 

 

10300HB4582sam001- 51 -LRB103 35517 JDS 74233 a

1made for payments of principal and interest on limited bonds,
2as defined in Section 3 of the Local Government Debt Reform
3Act, in an amount not to exceed the debt service extension base
4less the amount in items (b), (c), (e), and (h) of this
5definition for non-referendum obligations, except obligations
6initially issued pursuant to referendum; (j) made for payments
7of principal and interest on bonds issued under Section 15 of
8the Local Government Debt Reform Act; (k) made by a school
9district that participates in the Special Education District
10of Lake County, created by special education joint agreement
11under Section 10-22.31 of the School Code, for payment of the
12school district's share of the amounts required to be
13contributed by the Special Education District of Lake County
14to the Illinois Municipal Retirement Fund under Article 7 of
15the Illinois Pension Code; the amount of any extension under
16this item (k) shall be certified by the school district to the
17county clerk; (l) made to fund expenses of providing joint
18recreational programs for persons with disabilities under
19Section 5-8 of the Park District Code or Section 11-95-14 of
20the Illinois Municipal Code; (m) made for temporary relocation
21loan repayment purposes pursuant to Sections 2-3.77 and
2217-2.2d of the School Code; (n) made for payment of principal
23and interest on any bonds issued under the authority of
24Section 17-2.2d of the School Code; (o) made for contributions
25to a firefighter's pension fund created under Article 4 of the
26Illinois Pension Code, to the extent of the amount certified

 

 

10300HB4582sam001- 52 -LRB103 35517 JDS 74233 a

1under item (5) of Section 4-134 of the Illinois Pension Code;
2and (p) made for road purposes in the first year after a
3township assumes the rights, powers, duties, assets, property,
4liabilities, obligations, and responsibilities of a road
5district abolished under the provisions of Section 6-133 of
6the Illinois Highway Code; and (q) made for the payment of
7principal and interest on any bonds issued under the authority
8of Section 17-2.11 of the School Code or to refund or continue
9to refund those bonds.
10    "Aggregate extension" for the taxing districts to which
11this Law did not apply before the 1995 levy year (except taxing
12districts subject to this Law in accordance with Section
1318-213) means the annual corporate extension for the taxing
14district and those special purpose extensions that are made
15annually for the taxing district, excluding special purpose
16extensions: (a) made for the taxing district to pay interest
17or principal on general obligation bonds that were approved by
18referendum; (b) made for any taxing district to pay interest
19or principal on general obligation bonds issued before March
201, 1995; (c) made for any taxing district to pay interest or
21principal on bonds issued to refund or continue to refund
22those bonds issued before March 1, 1995; (d) made for any
23taxing district to pay interest or principal on bonds issued
24to refund or continue to refund bonds issued after March 1,
251995 that were approved by referendum; (e) made for any taxing
26district to pay interest or principal on revenue bonds issued

 

 

10300HB4582sam001- 53 -LRB103 35517 JDS 74233 a

1before March 1, 1995 for payment of which a property tax levy
2or the full faith and credit of the unit of local government is
3pledged; however, a tax for the payment of interest or
4principal on those bonds shall be made only after the
5governing body of the unit of local government finds that all
6other sources for payment are insufficient to make those
7payments; (f) made for payments under a building commission
8lease when the lease payments are for the retirement of bonds
9issued by the commission before March 1, 1995 to pay for the
10building project; (g) made for payments due under installment
11contracts entered into before March 1, 1995; (h) made for
12payments of principal and interest on bonds issued under the
13Metropolitan Water Reclamation District Act to finance
14construction projects initiated before October 1, 1991; (h-4)
15made for stormwater management purposes by the Metropolitan
16Water Reclamation District of Greater Chicago under Section 12
17of the Metropolitan Water Reclamation District Act; (h-8) made
18for payments of principal and interest on bonds issued under
19Section 9.6a of the Metropolitan Water Reclamation District
20Act to make contributions to the pension fund established
21under Article 13 of the Illinois Pension Code; (i) made for
22payments of principal and interest on limited bonds, as
23defined in Section 3 of the Local Government Debt Reform Act,
24in an amount not to exceed the debt service extension base less
25the amount in items (b), (c), and (e) of this definition for
26non-referendum obligations, except obligations initially

 

 

10300HB4582sam001- 54 -LRB103 35517 JDS 74233 a

1issued pursuant to referendum and bonds described in
2subsections (h) and (h-8) of this definition; (j) made for
3payments of principal and interest on bonds issued under
4Section 15 of the Local Government Debt Reform Act; (k) made
5for payments of principal and interest on bonds authorized by
6Public Act 88-503 and issued under Section 20a of the Chicago
7Park District Act for aquarium or museum projects and bonds
8issued under Section 20a of the Chicago Park District Act for
9the purpose of making contributions to the pension fund
10established under Article 12 of the Illinois Pension Code; (l)
11made for payments of principal and interest on bonds
12authorized by Public Act 87-1191 or 93-601 and (i) issued
13pursuant to Section 21.2 of the Cook County Forest Preserve
14District Act, (ii) issued under Section 42 of the Cook County
15Forest Preserve District Act for zoological park projects, or
16(iii) issued under Section 44.1 of the Cook County Forest
17Preserve District Act for botanical gardens projects; (m) made
18pursuant to Section 34-53.5 of the School Code, whether levied
19annually or not; (n) made to fund expenses of providing joint
20recreational programs for persons with disabilities under
21Section 5-8 of the Park District Code or Section 11-95-14 of
22the Illinois Municipal Code; (o) made by the Chicago Park
23District for recreational programs for persons with
24disabilities under subsection (c) of Section 7.06 of the
25Chicago Park District Act; (p) made for contributions to a
26firefighter's pension fund created under Article 4 of the

 

 

10300HB4582sam001- 55 -LRB103 35517 JDS 74233 a

1Illinois Pension Code, to the extent of the amount certified
2under item (5) of Section 4-134 of the Illinois Pension Code;
3(q) made by Ford Heights School District 169 under Section
417-9.02 of the School Code; and (r) made for the purpose of
5making employer contributions to the Public School Teachers'
6Pension and Retirement Fund of Chicago under Section 34-53 of
7the School Code; and (s) made for the payment of principal and
8interest on any bonds issued under the authority of Section
917-2.11 of the School Code or to refund or continue to refund
10those bonds.
11    "Aggregate extension" for all taxing districts to which
12this Law applies in accordance with Section 18-213, except for
13those taxing districts subject to paragraph (2) of subsection
14(e) of Section 18-213, means the annual corporate extension
15for the taxing district and those special purpose extensions
16that are made annually for the taxing district, excluding
17special purpose extensions: (a) made for the taxing district
18to pay interest or principal on general obligation bonds that
19were approved by referendum; (b) made for any taxing district
20to pay interest or principal on general obligation bonds
21issued before the date on which the referendum making this Law
22applicable to the taxing district is held; (c) made for any
23taxing district to pay interest or principal on bonds issued
24to refund or continue to refund those bonds issued before the
25date on which the referendum making this Law applicable to the
26taxing district is held; (d) made for any taxing district to

 

 

10300HB4582sam001- 56 -LRB103 35517 JDS 74233 a

1pay interest or principal on bonds issued to refund or
2continue to refund bonds issued after the date on which the
3referendum making this Law applicable to the taxing district
4is held if the bonds were approved by referendum after the date
5on which the referendum making this Law applicable to the
6taxing district is held; (e) made for any taxing district to
7pay interest or principal on revenue bonds issued before the
8date on which the referendum making this Law applicable to the
9taxing district is held for payment of which a property tax
10levy or the full faith and credit of the unit of local
11government is pledged; however, a tax for the payment of
12interest or principal on those bonds shall be made only after
13the governing body of the unit of local government finds that
14all other sources for payment are insufficient to make those
15payments; (f) made for payments under a building commission
16lease when the lease payments are for the retirement of bonds
17issued by the commission before the date on which the
18referendum making this Law applicable to the taxing district
19is held to pay for the building project; (g) made for payments
20due under installment contracts entered into before the date
21on which the referendum making this Law applicable to the
22taxing district is held; (h) made for payments of principal
23and interest on limited bonds, as defined in Section 3 of the
24Local Government Debt Reform Act, in an amount not to exceed
25the debt service extension base less the amount in items (b),
26(c), and (e) of this definition for non-referendum

 

 

10300HB4582sam001- 57 -LRB103 35517 JDS 74233 a

1obligations, except obligations initially issued pursuant to
2referendum; (i) made for payments of principal and interest on
3bonds issued under Section 15 of the Local Government Debt
4Reform Act; (j) made for a qualified airport authority to pay
5interest or principal on general obligation bonds issued for
6the purpose of paying obligations due under, or financing
7airport facilities required to be acquired, constructed,
8installed or equipped pursuant to, contracts entered into
9before March 1, 1996 (but not including any amendments to such
10a contract taking effect on or after that date); (k) made to
11fund expenses of providing joint recreational programs for
12persons with disabilities under Section 5-8 of the Park
13District Code or Section 11-95-14 of the Illinois Municipal
14Code; (l) made for contributions to a firefighter's pension
15fund created under Article 4 of the Illinois Pension Code, to
16the extent of the amount certified under item (5) of Section
174-134 of the Illinois Pension Code; and (m) made for the taxing
18district to pay interest or principal on general obligation
19bonds issued pursuant to Section 19-3.10 of the School Code;
20and (n) made for the payment of principal and interest on any
21bonds issued under the authority of Section 17-2.11 of the
22School Code or to refund or continue to refund those bonds.
23    "Aggregate extension" for all taxing districts to which
24this Law applies in accordance with paragraph (2) of
25subsection (e) of Section 18-213 means the annual corporate
26extension for the taxing district and those special purpose

 

 

10300HB4582sam001- 58 -LRB103 35517 JDS 74233 a

1extensions that are made annually for the taxing district,
2excluding special purpose extensions: (a) made for the taxing
3district to pay interest or principal on general obligation
4bonds that were approved by referendum; (b) made for any
5taxing district to pay interest or principal on general
6obligation bonds issued before March 7, 1997 (the effective
7date of Public Act 89-718); (c) made for any taxing district to
8pay interest or principal on bonds issued to refund or
9continue to refund those bonds issued before March 7, 1997
10(the effective date of Public Act 89-718); (d) made for any
11taxing district to pay interest or principal on bonds issued
12to refund or continue to refund bonds issued after March 7,
131997 (the effective date of Public Act 89-718) if the bonds
14were approved by referendum after March 7, 1997 (the effective
15date of Public Act 89-718); (e) made for any taxing district to
16pay interest or principal on revenue bonds issued before March
177, 1997 (the effective date of Public Act 89-718) for payment
18of which a property tax levy or the full faith and credit of
19the unit of local government is pledged; however, a tax for the
20payment of interest or principal on those bonds shall be made
21only after the governing body of the unit of local government
22finds that all other sources for payment are insufficient to
23make those payments; (f) made for payments under a building
24commission lease when the lease payments are for the
25retirement of bonds issued by the commission before March 7,
261997 (the effective date of Public Act 89-718) to pay for the

 

 

10300HB4582sam001- 59 -LRB103 35517 JDS 74233 a

1building project; (g) made for payments due under installment
2contracts entered into before March 7, 1997 (the effective
3date of Public Act 89-718); (h) made for payments of principal
4and interest on limited bonds, as defined in Section 3 of the
5Local Government Debt Reform Act, in an amount not to exceed
6the debt service extension base less the amount in items (b),
7(c), and (e) of this definition for non-referendum
8obligations, except obligations initially issued pursuant to
9referendum; (i) made for payments of principal and interest on
10bonds issued under Section 15 of the Local Government Debt
11Reform Act; (j) made for a qualified airport authority to pay
12interest or principal on general obligation bonds issued for
13the purpose of paying obligations due under, or financing
14airport facilities required to be acquired, constructed,
15installed or equipped pursuant to, contracts entered into
16before March 1, 1996 (but not including any amendments to such
17a contract taking effect on or after that date); (k) made to
18fund expenses of providing joint recreational programs for
19persons with disabilities under Section 5-8 of the Park
20District Code or Section 11-95-14 of the Illinois Municipal
21Code; and (l) made for contributions to a firefighter's
22pension fund created under Article 4 of the Illinois Pension
23Code, to the extent of the amount certified under item (5) of
24Section 4-134 of the Illinois Pension Code; and (m) made for
25the payment of principal and interest on any bonds issued
26under the authority of Section 17-2.11 of the School Code or to

 

 

10300HB4582sam001- 60 -LRB103 35517 JDS 74233 a

1refund or continue to refund those bonds.
2    "Debt service extension base" means an amount equal to
3that portion of the extension for a taxing district for the
41994 levy year, or for those taxing districts subject to this
5Law in accordance with Section 18-213, except for those
6subject to paragraph (2) of subsection (e) of Section 18-213,
7for the levy year in which the referendum making this Law
8applicable to the taxing district is held, or for those taxing
9districts subject to this Law in accordance with paragraph (2)
10of subsection (e) of Section 18-213 for the 1996 levy year,
11constituting an extension for payment of principal and
12interest on bonds issued by the taxing district without
13referendum, but not including excluded non-referendum bonds.
14For park districts (i) that were first subject to this Law in
151991 or 1995 and (ii) whose extension for the 1994 levy year
16for the payment of principal and interest on bonds issued by
17the park district without referendum (but not including
18excluded non-referendum bonds) was less than 51% of the amount
19for the 1991 levy year constituting an extension for payment
20of principal and interest on bonds issued by the park district
21without referendum (but not including excluded non-referendum
22bonds), "debt service extension base" means an amount equal to
23that portion of the extension for the 1991 levy year
24constituting an extension for payment of principal and
25interest on bonds issued by the park district without
26referendum (but not including excluded non-referendum bonds).

 

 

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1A debt service extension base established or increased at any
2time pursuant to any provision of this Law, except Section
318-212, shall be increased each year commencing with the later
4of (i) the 2009 levy year or (ii) the first levy year in which
5this Law becomes applicable to the taxing district, by the
6lesser of 5% or the percentage increase in the Consumer Price
7Index during the 12-month calendar year preceding the levy
8year. The debt service extension base may be established or
9increased as provided under Section 18-212. "Excluded
10non-referendum bonds" means (i) bonds authorized by Public Act
1188-503 and issued under Section 20a of the Chicago Park
12District Act for aquarium and museum projects; (ii) bonds
13issued under Section 15 of the Local Government Debt Reform
14Act; or (iii) refunding obligations issued to refund or to
15continue to refund obligations initially issued pursuant to
16referendum.
17    "Special purpose extensions" include, but are not limited
18to, extensions for levies made on an annual basis for
19unemployment and workers' compensation, self-insurance,
20contributions to pension plans, and extensions made pursuant
21to Section 6-601 of the Illinois Highway Code for a road
22district's permanent road fund whether levied annually or not.
23The extension for a special service area is not included in the
24aggregate extension.
25    "Aggregate extension base" means the taxing district's
26last preceding aggregate extension as adjusted under Sections

 

 

10300HB4582sam001- 62 -LRB103 35517 JDS 74233 a

118-135, 18-215, 18-230, 18-206, and 18-233. Beginning with
2levy year 2022, for taxing districts that are specified in
3Section 18-190.7, the taxing district's aggregate extension
4base shall be calculated as provided in Section 18-190.7. An
5adjustment under Section 18-135 shall be made for the 2007
6levy year and all subsequent levy years whenever one or more
7counties within which a taxing district is located (i) used
8estimated valuations or rates when extending taxes in the
9taxing district for the last preceding levy year that resulted
10in the over or under extension of taxes, or (ii) increased or
11decreased the tax extension for the last preceding levy year
12as required by Section 18-135(c). Whenever an adjustment is
13required under Section 18-135, the aggregate extension base of
14the taxing district shall be equal to the amount that the
15aggregate extension of the taxing district would have been for
16the last preceding levy year if either or both (i) actual,
17rather than estimated, valuations or rates had been used to
18calculate the extension of taxes for the last levy year, or
19(ii) the tax extension for the last preceding levy year had not
20been adjusted as required by subsection (c) of Section 18-135.
21    Notwithstanding any other provision of law, for levy year
222012, the aggregate extension base for West Northfield School
23District No. 31 in Cook County shall be $12,654,592.
24    Notwithstanding any other provision of law, for levy year
252022, the aggregate extension base of a home equity assurance
26program that levied at least $1,000,000 in property taxes in

 

 

10300HB4582sam001- 63 -LRB103 35517 JDS 74233 a

1levy year 2019 or 2020 under the Home Equity Assurance Act
2shall be the amount that the program's aggregate extension
3base for levy year 2021 would have been if the program had
4levied a property tax for levy year 2021.
5    "Levy year" has the same meaning as "year" under Section
61-155.
7    "New property" means (i) the assessed value, after final
8board of review or board of appeals action, of new
9improvements or additions to existing improvements on any
10parcel of real property that increase the assessed value of
11that real property during the levy year multiplied by the
12equalization factor issued by the Department under Section
1317-30, (ii) the assessed value, after final board of review or
14board of appeals action, of real property not exempt from real
15estate taxation, which real property was exempt from real
16estate taxation for any portion of the immediately preceding
17levy year, multiplied by the equalization factor issued by the
18Department under Section 17-30, including the assessed value,
19upon final stabilization of occupancy after new construction
20is complete, of any real property located within the
21boundaries of an otherwise or previously exempt military
22reservation that is intended for residential use and owned by
23or leased to a private corporation or other entity, (iii) in
24counties that classify in accordance with Section 4 of Article
25IX of the Illinois Constitution, an incentive property's
26additional assessed value resulting from a scheduled increase

 

 

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1in the level of assessment as applied to the first year final
2board of review market value, and (iv) any increase in
3assessed value due to oil or gas production from an oil or gas
4well required to be permitted under the Hydraulic Fracturing
5Regulatory Act that was not produced in or accounted for
6during the previous levy year. In addition, the county clerk
7in a county containing a population of 3,000,000 or more shall
8include in the 1997 recovered tax increment value for any
9school district, any recovered tax increment value that was
10applicable to the 1995 tax year calculations.
11    "Qualified airport authority" means an airport authority
12organized under the Airport Authorities Act and located in a
13county bordering on the State of Wisconsin and having a
14population in excess of 200,000 and not greater than 500,000.
15    "Recovered tax increment value" means, except as otherwise
16provided in this paragraph, the amount of the current year's
17equalized assessed value, in the first year after a
18municipality terminates the designation of an area as a
19redevelopment project area previously established under the
20Tax Increment Allocation Redevelopment Act in the Illinois
21Municipal Code, previously established under the Industrial
22Jobs Recovery Law in the Illinois Municipal Code, previously
23established under the Economic Development Project Area Tax
24Increment Act of 1995, or previously established under the
25Economic Development Area Tax Increment Allocation Act, of
26each taxable lot, block, tract, or parcel of real property in

 

 

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1the redevelopment project area over and above the initial
2equalized assessed value of each property in the redevelopment
3project area. For the taxes which are extended for the 1997
4levy year, the recovered tax increment value for a non-home
5rule taxing district that first became subject to this Law for
6the 1995 levy year because a majority of its 1994 equalized
7assessed value was in an affected county or counties shall be
8increased if a municipality terminated the designation of an
9area in 1993 as a redevelopment project area previously
10established under the Tax Increment Allocation Redevelopment
11Act in the Illinois Municipal Code, previously established
12under the Industrial Jobs Recovery Law in the Illinois
13Municipal Code, or previously established under the Economic
14Development Area Tax Increment Allocation Act, by an amount
15equal to the 1994 equalized assessed value of each taxable
16lot, block, tract, or parcel of real property in the
17redevelopment project area over and above the initial
18equalized assessed value of each property in the redevelopment
19project area. In the first year after a municipality removes a
20taxable lot, block, tract, or parcel of real property from a
21redevelopment project area established under the Tax Increment
22Allocation Redevelopment Act in the Illinois Municipal Code,
23the Industrial Jobs Recovery Law in the Illinois Municipal
24Code, or the Economic Development Area Tax Increment
25Allocation Act, "recovered tax increment value" means the
26amount of the current year's equalized assessed value of each

 

 

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1taxable lot, block, tract, or parcel of real property removed
2from the redevelopment project area over and above the initial
3equalized assessed value of that real property before removal
4from the redevelopment project area.
5    Except as otherwise provided in this Section, "limiting
6rate" means a fraction the numerator of which is the last
7preceding aggregate extension base times an amount equal to
8one plus the extension limitation defined in this Section and
9the denominator of which is the current year's equalized
10assessed value of all real property in the territory under the
11jurisdiction of the taxing district during the prior levy
12year. For those taxing districts that reduced their aggregate
13extension for the last preceding levy year, except for school
14districts that reduced their extension for educational
15purposes pursuant to Section 18-206, the highest aggregate
16extension in any of the last 3 preceding levy years shall be
17used for the purpose of computing the limiting rate. The
18denominator shall not include new property or the recovered
19tax increment value. If a new rate, a rate decrease, or a
20limiting rate increase has been approved at an election held
21after March 21, 2006, then (i) the otherwise applicable
22limiting rate shall be increased by the amount of the new rate
23or shall be reduced by the amount of the rate decrease, as the
24case may be, or (ii) in the case of a limiting rate increase,
25the limiting rate shall be equal to the rate set forth in the
26proposition approved by the voters for each of the years

 

 

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1specified in the proposition, after which the limiting rate of
2the taxing district shall be calculated as otherwise provided.
3In the case of a taxing district that obtained referendum
4approval for an increased limiting rate on March 20, 2012, the
5limiting rate for tax year 2012 shall be the rate that
6generates the approximate total amount of taxes extendable for
7that tax year, as set forth in the proposition approved by the
8voters; this rate shall be the final rate applied by the county
9clerk for the aggregate of all capped funds of the district for
10tax year 2012.
11(Source: P.A. 102-263, eff. 8-6-21; 102-311, eff. 8-6-21;
12102-519, eff. 8-20-21; 102-558, eff. 8-20-21; 102-707, eff.
134-22-22; 102-813, eff. 5-13-22; 102-895, eff. 5-23-22;
14103-154, eff. 6-30-23.)
 
15    Section 25-15. The School Code is amended by changing
16Sections 10-22.36, 17-2.11, 19-1, and 20-2 as follows:
 
17    (105 ILCS 5/10-22.36)  (from Ch. 122, par. 10-22.36)
18    Sec. 10-22.36. Buildings for school purposes.
19    (a) To build or purchase a building for school classroom
20or instructional purposes upon the approval of a majority of
21the voters upon the proposition at a referendum held for such
22purpose or in accordance with Section 17-2.11, 19-3.5, or
2319-3.10. The board may initiate such referendum by resolution.
24The board shall certify the resolution and proposition to the

 

 

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1proper election authority for submission in accordance with
2the general election law.
3    The questions of building one or more new buildings for
4school purposes or office facilities, and issuing bonds for
5the purpose of borrowing money to purchase one or more
6buildings or sites for such buildings or office sites, to
7build one or more new buildings for school purposes or office
8facilities or to make additions and improvements to existing
9school buildings, may be combined into one or more
10propositions on the ballot.
11    Before erecting, or purchasing or remodeling such a
12building the board shall submit the plans and specifications
13respecting heating, ventilating, lighting, seating, water
14supply, toilets and safety against fire to the regional
15superintendent of schools having supervision and control over
16the district, for approval in accordance with Section 2-3.12.
17    Notwithstanding any of the foregoing, no referendum shall
18be required if the purchase, construction, or building of any
19such building (1) occurs while the building is being leased by
20the school district or (2) is paid with (A) funds derived from
21the sale or disposition of other buildings, land, or
22structures of the school district or (B) funds received (i) as
23a grant under the School Construction Law or (ii) as gifts or
24donations, provided that no funds to purchase, construct, or
25build such building, other than lease payments, are derived
26from the district's bonded indebtedness or the tax levy of the

 

 

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1district.
2    Notwithstanding any of the foregoing, no referendum shall
3be required if the purchase, construction, or building of any
4such building is paid with funds received from the County
5School Facility and Resources Occupation Tax Law under Section
65-1006.7 of the Counties Code or from the proceeds of bonds or
7other debt obligations secured by revenues obtained from that
8Law.
9    Notwithstanding any of the foregoing, for Decatur School
10District Number 61, no referendum shall be required if at
11least 50% of the cost of the purchase, construction, or
12building of any such building is paid, or will be paid, with
13funds received or expected to be received as part of, or
14otherwise derived from, any COVID-19 pandemic relief program
15or funding source, including, but not limited to, Elementary
16and Secondary School Emergency Relief Fund grant proceeds.
17    (b) Notwithstanding the provisions of subsection (a), for
18any school district: (i) that is a tier 1 school, (ii) that has
19a population of less than 50,000 inhabitants, (iii) whose
20student population is between 5,800 and 6,300, (iv) in which
2157% to 62% of students are low-income, and (v) whose average
22district spending is between $10,000 to $12,000 per pupil,
23until July 1, 2025, no referendum shall be required if at least
2450% of the cost of the purchase, construction, or building of
25any such building is paid, or will be paid, with funds received
26or expected to be received as part of, or otherwise derived

 

 

10300HB4582sam001- 70 -LRB103 35517 JDS 74233 a

1from, the federal Consolidated Appropriations Act and the
2federal American Rescue Plan Act of 2021.
3    For this subsection (b), the school board must hold at
4least 2 public hearings, the sole purpose of which shall be to
5discuss the decision to construct a school building and to
6receive input from the community. The notice of each public
7hearing that sets forth the time, date, place, and name or
8description of the school building that the school board is
9considering constructing must be provided at least 10 days
10prior to the hearing by publication on the school board's
11Internet website.
12    (c) Notwithstanding the provisions of subsections
13subsection (a) and (b), for Cahokia Community Unit School
14District 187, no referendum shall be required for the lease of
15any building for school or educational purposes if the cost is
16paid or will be paid with funds available at the time of the
17lease in the district's existing fund balances to fund the
18lease of a building during the 2023-2024 or 2024-2025 school
19year.
20    For the purposes of this subsection (c), the school board
21must hold at least 2 public hearings, the sole purpose of which
22shall be to discuss the decision to lease a school building and
23to receive input from the community. The notice of each public
24hearing that sets forth the time, date, place, and name or
25description of the school building that the school board is
26considering leasing must be provided at least 10 days prior to

 

 

10300HB4582sam001- 71 -LRB103 35517 JDS 74233 a

1the hearing by publication on the school district's website.
2    (d) (c) Notwithstanding the provisions of subsections
3subsection (a) and (b), for Bloomington School District 87, no
4referendum shall be required for the purchase, construction,
5or building of any building for school or education purposes
6if such cost is paid, or will be paid with funds available at
7the time of contract, purchase, construction, or building in
8Bloomington School District Number 87's existing fund balances
9to fund the procurement or requisition of a building or site
10during the 2022-2023, 2023-2024, or 2024-2025 school year
11years.
12    For this subsection (d) (c), the school board must hold at
13least 2 public hearings, the sole purpose of which shall be to
14discuss the decision to construct a school building and to
15receive input from the community. The notice of each public
16hearing that sets forth the time, date, place, and name or
17description of the school building that the school board is
18considering constructing must be provided at least 10 days
19prior to the hearing by publication on the school board's
20website.
21    (e) Notwithstanding the provisions of subsection (a) and
22(b), beginning September 1, 2024, no referendum shall be
23required to build or purchase a building for school classroom
24or instructional purposes if, prior to the building or
25purchase of the building, the board determines, by resolution,
26that the building or purchase will result in an increase in

 

 

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1pre-kindergarten or kindergarten classroom space in the
2district.
3(Source: P.A. 102-16, eff. 6-17-21; 102-699, eff. 7-1-22;
4103-8, eff. 6-7-23; 103-509, eff. 8-4-23; revised 8-31-23.)
 
5    (105 ILCS 5/17-2.11)  (from Ch. 122, par. 17-2.11)
6    Sec. 17-2.11. School board power to levy a tax or to borrow
7money and issue bonds for fire prevention, safety, energy
8conservation, accessibility, school security, and specified
9repair purposes.
10    (a) Whenever, as a result of any lawful order of any
11agency, other than a school board, having authority to enforce
12any school building code applicable to any facility that
13houses students, or any law or regulation for the protection
14and safety of the environment, pursuant to the Environmental
15Protection Act, any school district having a population of
16less than 500,000 inhabitants is required to alter or
17reconstruct any school building or permanent, fixed equipment;
18the district may, by proper resolution, levy a tax for the
19purpose of making such alteration or reconstruction, based on
20a survey report by an architect or engineer licensed in this
21State, upon all of the taxable property of the district at the
22value as assessed by the Department of Revenue and at a rate
23not to exceed 0.05% per year for a period sufficient to finance
24such alteration or reconstruction, upon the following
25conditions:

 

 

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1        (1) When there are not sufficient funds available in
2    the operations and maintenance fund of the school
3    district, the school facility occupation tax fund of the
4    district, or the fire prevention and safety fund of the
5    district, as determined by the district on the basis of
6    rules adopted by the State Board of Education, to make
7    such alteration or reconstruction or to purchase and
8    install such permanent, fixed equipment so ordered or
9    determined as necessary. Appropriate school district
10    records must be made available to the State Superintendent
11    of Education, upon request, to confirm this insufficiency.
12        (2) When a certified estimate of an architect or
13    engineer licensed in this State stating the estimated
14    amount necessary to make the alteration or reconstruction
15    or to purchase and install the equipment so ordered has
16    been secured by the school district, and the estimate has
17    been approved by the regional superintendent of schools
18    having jurisdiction over the district and the State
19    Superintendent of Education. Approval must not be granted
20    for any work that has already started without the prior
21    express authorization of the State Superintendent of
22    Education. If the estimate is not approved or is denied
23    approval by the regional superintendent of schools within
24    3 months after the date on which it is submitted to him or
25    her, the school board of the district may submit the
26    estimate directly to the State Superintendent of Education

 

 

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1    for approval or denial.
2    In the case of an emergency situation, where the estimated
3cost to effectuate emergency repairs is less than the amount
4specified in Section 10-20.21 of this Code, the school
5district may proceed with such repairs prior to approval by
6the State Superintendent of Education, but shall comply with
7the provisions of subdivision (2) of this subsection (a) as
8soon thereafter as may be as well as Section 10-20.21 of this
9Code. If the estimated cost to effectuate emergency repairs is
10greater than the amount specified in Section 10-20.21 of this
11Code, then the school district shall proceed in conformity
12with Section 10-20.21 of this Code and with rules established
13by the State Board of Education to address such situations.
14The rules adopted by the State Board of Education to deal with
15these situations shall stipulate that emergency situations
16must be expedited and given priority consideration. For
17purposes of this paragraph, an emergency is a situation that
18presents an imminent and continuing threat to the health and
19safety of students or other occupants of a facility, requires
20complete or partial evacuation of a building or part of a
21building, or consumes one or more of the 5 emergency days built
22into the adopted calendar of the school or schools or would
23otherwise be expected to cause such school or schools to fall
24short of the minimum school calendar requirements.
25    (b) Whenever any such district determines that it is
26necessary for energy conservation purposes that any school

 

 

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1building or permanent, fixed equipment should be altered or
2reconstructed and that such alterations or reconstruction will
3be made with funds not necessary for the completion of
4approved and recommended projects contained in any safety
5survey report or amendments thereto authorized by Section
62-3.12 of this Act; the district may levy a tax or issue bonds
7as provided in subsection (a) of this Section.
8    (c) Whenever any such district determines that it is
9necessary for accessibility purposes and to comply with the
10school building code that any school building or equipment
11should be altered or reconstructed and that such alterations
12or reconstruction will be made with funds not necessary for
13the completion of approved and recommended projects contained
14in any safety survey report or amendments thereto authorized
15under Section 2-3.12 of this Act, the district may levy a tax
16or issue bonds as provided in subsection (a) of this Section.
17    (d) Whenever any such district determines that it is
18necessary for school security purposes and the related
19protection and safety of pupils and school personnel that any
20school building or property should be altered or reconstructed
21or that security systems and equipment (including but not
22limited to intercom, early detection and warning, access
23control and television monitoring systems) should be purchased
24and installed, and that such alterations, reconstruction or
25purchase and installation of equipment will be made with funds
26not necessary for the completion of approved and recommended

 

 

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1projects contained in any safety survey report or amendment
2thereto authorized by Section 2-3.12 of this Act and will
3deter and prevent unauthorized entry or activities upon school
4property by unknown or dangerous persons, assure early
5detection and advance warning of any such actual or attempted
6unauthorized entry or activities and help assure the continued
7safety of pupils and school staff if any such unauthorized
8entry or activity is attempted or occurs; the district may
9levy a tax or issue bonds as provided in subsection (a) of this
10Section.
11    If such a school district determines that it is necessary
12for school security purposes and the related protection and
13safety of pupils and school staff to hire a school resource
14officer or that personnel costs for school counselors, mental
15health experts, or school resource officers are necessary and
16the district determines that it does not need funds for any of
17the other purposes set forth in this Section, then the
18district may levy a tax or issue bonds as provided in
19subsection (a).
20    (e) If a school district does not need funds for other fire
21prevention and safety projects, including the completion of
22approved and recommended projects contained in any safety
23survey report or amendments thereto authorized by Section
242-3.12 of this Act, and it is determined after a public hearing
25(which is preceded by at least one published notice (i)
26occurring at least 7 days prior to the hearing in a newspaper

 

 

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1of general circulation within the school district and (ii)
2setting forth the time, date, place, and general subject
3matter of the hearing) that there is a substantial, immediate,
4and otherwise unavoidable threat to the health, safety, or
5welfare of pupils due to disrepair of school sidewalks,
6playgrounds, parking lots, or school bus turnarounds and
7repairs must be made; then the district may levy a tax or issue
8bonds as provided in subsection (a) of this Section.
9    (f) For purposes of this Section a school district may
10replace a school building or build additions to replace
11portions of a building when it is determined that the
12effectuation of the recommendations for the existing building
13will cost more than the replacement costs. Such determination
14shall be based on a comparison of estimated costs made by an
15architect or engineer licensed in the State of Illinois. The
16new building or addition shall be equivalent in area (square
17feet) and comparable in purpose and grades served and may be on
18the same site or another site. Such replacement may only be
19done upon order of the regional superintendent of schools and
20the approval of the State Superintendent of Education.
21    (g) The filing of a certified copy of the resolution
22levying the tax when accompanied by the certificates of the
23regional superintendent of schools and State Superintendent of
24Education shall be the authority of the county clerk to extend
25such tax.
26    (h) The county clerk of the county in which any school

 

 

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1district levying a tax under the authority of this Section is
2located, in reducing raised levies, shall not consider any
3such tax as a part of the general levy for school purposes and
4shall not include the same in the limitation of any other tax
5rate which may be extended.
6    Such tax shall be levied and collected in like manner as
7all other taxes of school districts, subject to the provisions
8contained in this Section.
9    (i) The tax rate limit specified in this Section may be
10increased to .10% upon the approval of a proposition to effect
11such increase by a majority of the electors voting on that
12proposition at a regular scheduled election. Such proposition
13may be initiated by resolution of the school board and shall be
14certified by the secretary to the proper election authorities
15for submission in accordance with the general election law.
16    (j) When taxes are levied by any school district for fire
17prevention, safety, energy conservation, and school security
18purposes as specified in this Section, and the purposes for
19which the taxes have been levied are accomplished and paid in
20full, and there remain funds on hand in the Fire Prevention and
21Safety Fund from the proceeds of the taxes levied, including
22interest earnings thereon, the school board by resolution
23shall use such excess and other board restricted funds,
24excluding bond proceeds and earnings from such proceeds, as
25follows:
26        (1) for other authorized fire prevention, safety,

 

 

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1    energy conservation, required safety inspections, school
2    security purposes, sampling for lead in drinking water in
3    schools, and for repair and mitigation due to lead levels
4    in the drinking water supply; or
5        (2) for transfer to the Operations and Maintenance
6    Fund for the purpose of abating an equal amount of
7    operations and maintenance purposes taxes.
8Notwithstanding subdivision (2) of this subsection (j) and
9subsection (k) of this Section, through June 30, 2021, the
10school board may, by proper resolution following a public
11hearing set by the school board or the president of the school
12board (that is preceded (i) by at least one published notice
13over the name of the clerk or secretary of the board, occurring
14at least 7 days and not more than 30 days prior to the hearing,
15in a newspaper of general circulation within the school
16district and (ii) by posted notice over the name of the clerk
17or secretary of the board, at least 48 hours before the
18hearing, at the principal office of the school board or at the
19building where the hearing is to be held if a principal office
20does not exist, with both notices setting forth the time,
21date, place, and subject matter of the hearing), transfer
22surplus life safety taxes and interest earnings thereon to the
23Operations and Maintenance Fund for building repair work.
24    (k) If any transfer is made to the Operation and
25Maintenance Fund, the secretary of the school board shall
26within 30 days notify the county clerk of the amount of that

 

 

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1transfer and direct the clerk to abate the taxes to be extended
2for the purposes of operations and maintenance authorized
3under Section 17-2 of this Act by an amount equal to such
4transfer.
5    (l) If the proceeds from the tax levy authorized by this
6Section are insufficient to complete the work approved under
7this Section, the school board is authorized to sell bonds
8without referendum under the provisions of this Section in an
9amount that, when added to the proceeds of the tax levy
10authorized by this Section, will allow completion of the
11approved work.
12    (m) Any bonds issued pursuant to this Section shall bear
13interest at a rate not to exceed the maximum rate authorized by
14law at the time of the making of the contract, shall mature
15within 20 years from date, and shall be signed by the president
16of the school board and the treasurer of the school district.
17The authorized amount of bonds issued pursuant to this Section
18may be increased by an amount not to exceed 3% of that
19authorized amount to provide for expenses of issuing the
20bonds, including underwriter's compensation and costs of bond
21insurance or other credit enhancement, and also an amount to
22pay capitalized interest as otherwise permitted by law.
23    (n) In order to authorize and issue such bonds, the school
24board shall adopt a resolution fixing the amount of bonds, the
25date thereof, the maturities thereof, rates of interest
26thereof, place of payment and denomination, which shall be in

 

 

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1denominations of not less than $100 and not more than $5,000,
2and provide for the levy and collection of a direct annual tax
3upon all the taxable property in the school district
4sufficient to pay the principal and interest on such bonds to
5maturity. Upon the filing in the office of the county clerk of
6the county in which the school district is located of a
7certified copy of the resolution, it is the duty of the county
8clerk to extend the tax therefor in addition to and in excess
9of all other taxes heretofore or hereafter authorized to be
10levied by such school district.
11    (o) After the time such bonds are issued as provided for by
12this Section, if additional alterations or reconstructions are
13required to be made because of surveys conducted by an
14architect or engineer licensed in the State of Illinois, the
15district may levy a tax at a rate not to exceed .05% per year
16upon all the taxable property of the district or issue
17additional bonds, whichever action shall be the most feasible.
18    (p) This Section is cumulative and constitutes complete
19authority for the issuance of bonds as provided in this
20Section notwithstanding any other statute or law to the
21contrary.
22    (q) With respect to instruments for the payment of money
23issued under this Section either before, on, or after the
24effective date of Public Act 86-004 (June 6, 1989), it is, and
25always has been, the intention of the General Assembly (i)
26that the Omnibus Bond Acts are, and always have been,

 

 

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1supplementary grants of power to issue instruments in
2accordance with the Omnibus Bond Acts, regardless of any
3provision of this Act that may appear to be or to have been
4more restrictive than those Acts, (ii) that the provisions of
5this Section are not a limitation on the supplementary
6authority granted by the Omnibus Bond Acts, and (iii) that
7instruments issued under this Section within the supplementary
8authority granted by the Omnibus Bond Acts are not invalid
9because of any provision of this Act that may appear to be or
10to have been more restrictive than those Acts.
11    (r) When the purposes for which the bonds are issued have
12been accomplished and paid for in full and there remain funds
13on hand from the proceeds of the bond sale and interest
14earnings therefrom, the board shall, by resolution, use such
15excess funds in accordance with the provisions of Section
1610-22.14 of this Act.
17    (s) Whenever any tax is levied or bonds issued for fire
18prevention, safety, energy conservation, and school security
19purposes, such proceeds shall be deposited and accounted for
20separately within the Fire Prevention and Safety Fund.
21(Source: P.A. 100-465, eff. 8-31-17; 101-455, eff. 8-23-19;
22101-643, eff. 6-18-20.)
 
23    (105 ILCS 5/19-1)
24    Sec. 19-1. Debt limitations of school districts.
25    (a) School districts shall not be subject to the

 

 

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1provisions limiting their indebtedness prescribed in the Local
2Government Debt Limitation Act.
3    No school districts maintaining grades K through 8 or 9
4through 12 shall become indebted in any manner or for any
5purpose to an amount, including existing indebtedness, in the
6aggregate exceeding 6.9% on the value of the taxable property
7therein to be ascertained by the last assessment for State and
8county taxes or, until January 1, 1983, if greater, the sum
9that is produced by multiplying the school district's 1978
10equalized assessed valuation by the debt limitation percentage
11in effect on January 1, 1979, previous to the incurring of such
12indebtedness.
13    No school districts maintaining grades K through 12 shall
14become indebted in any manner or for any purpose to an amount,
15including existing indebtedness, in the aggregate exceeding
1613.8% on the value of the taxable property therein to be
17ascertained by the last assessment for State and county taxes
18or, until January 1, 1983, if greater, the sum that is produced
19by multiplying the school district's 1978 equalized assessed
20valuation by the debt limitation percentage in effect on
21January 1, 1979, previous to the incurring of such
22indebtedness.
23    No partial elementary unit district, as defined in Article
2411E of this Code, shall become indebted in any manner or for
25any purpose in an amount, including existing indebtedness, in
26the aggregate exceeding 6.9% of the value of the taxable

 

 

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1property of the entire district, to be ascertained by the last
2assessment for State and county taxes, plus an amount,
3including existing indebtedness, in the aggregate exceeding
46.9% of the value of the taxable property of that portion of
5the district included in the elementary and high school
6classification, to be ascertained by the last assessment for
7State and county taxes. Moreover, no partial elementary unit
8district, as defined in Article 11E of this Code, shall become
9indebted on account of bonds issued by the district for high
10school purposes in the aggregate exceeding 6.9% of the value
11of the taxable property of the entire district, to be
12ascertained by the last assessment for State and county taxes,
13nor shall the district become indebted on account of bonds
14issued by the district for elementary purposes in the
15aggregate exceeding 6.9% of the value of the taxable property
16for that portion of the district included in the elementary
17and high school classification, to be ascertained by the last
18assessment for State and county taxes.
19    Notwithstanding the provisions of any other law to the
20contrary, in any case in which the voters of a school district
21have approved a proposition for the issuance of bonds of such
22school district at an election held prior to January 1, 1979,
23and all of the bonds approved at such election have not been
24issued, the debt limitation applicable to such school district
25during the calendar year 1979 shall be computed by multiplying
26the value of taxable property therein, including personal

 

 

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1property, as ascertained by the last assessment for State and
2county taxes, previous to the incurring of such indebtedness,
3by the percentage limitation applicable to such school
4district under the provisions of this subsection (a).
5    (a-5) After January 1, 2018, no school district may issue
6bonds under Sections 19-2 through 19-7 of this Code and rely on
7an exception to the debt limitations in this Section unless it
8has complied with the requirements of Section 21 of the Bond
9Issue Notification Act and the bonds have been approved by
10referendum.
11    (b) Notwithstanding the debt limitation prescribed in
12subsection (a) of this Section, additional indebtedness may be
13incurred in an amount not to exceed the estimated cost of
14acquiring or improving school sites or constructing and
15equipping additional building facilities under the following
16conditions:
17        (1) Whenever the enrollment of students for the next
18    school year is estimated by the board of education to
19    increase over the actual present enrollment by not less
20    than 35% or by not less than 200 students or the actual
21    present enrollment of students has increased over the
22    previous school year by not less than 35% or by not less
23    than 200 students and the board of education determines
24    that additional school sites or building facilities are
25    required as a result of such increase in enrollment; and
26        (2) When the Regional Superintendent of Schools having

 

 

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

 

 

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

 

 

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1question for the issuance of bonds of a proposed school
2district maintaining grades kindergarten through 12 received
3at least 60% of the valid ballots cast on the question at an
4election held on or prior to November 8, 1994, and in which the
5bonds approved at such election have not been issued, the
6school district pursuant to the requirements of Section 11A-10
7(now repealed) may issue the total amount of bonds approved at
8such election for the purpose stated in the question.
9    (d) Notwithstanding the debt limitation prescribed in
10subsection (a) of this Section, a school district that meets
11all the criteria set forth in paragraphs (1) and (2) of this
12subsection (d) may incur an additional indebtedness in an
13amount not to exceed $4,500,000, even though the amount of the
14additional indebtedness authorized by this subsection (d),
15when incurred and added to the aggregate amount of
16indebtedness of the district existing immediately prior to the
17district incurring the additional indebtedness authorized by
18this subsection (d), causes the aggregate indebtedness of the
19district to exceed the debt limitation otherwise applicable to
20that district under subsection (a):
21        (1) The additional indebtedness authorized by this
22    subsection (d) is incurred by the school district through
23    the issuance of bonds under and in accordance with Section
24    17-2.11a for the purpose of replacing a school building
25    which, because of mine subsidence damage, has been closed
26    as provided in paragraph (2) of this subsection (d) or

 

 

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

 

 

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1        (1) At the time of the sale of such bonds, the board of
2    education of the district shall have determined by
3    resolution that the enrollment of students in the district
4    is projected to increase by not less than 7% during each of
5    the next succeeding 2 school years.
6        (2) The board of education shall also determine by
7    resolution that the improvements to be financed with the
8    proceeds of the bonds are needed because of the projected
9    enrollment increases.
10        (3) The board of education shall also determine by
11    resolution that the projected increases in enrollment are
12    the result of improvements made or expected to be made to
13    passenger rail facilities located in the school district.
14    Notwithstanding the provisions of subsection (a) of this
15Section or of any other law, a school district that has availed
16itself of the provisions of this subsection (f) prior to July
1722, 2004 (the effective date of Public Act 93-799) may also
18issue bonds approved by referendum up to an amount, including
19existing indebtedness, not exceeding 25% of the equalized
20assessed value of the taxable property in the district if all
21of the conditions set forth in items (1), (2), and (3) of this
22subsection (f) are met.
23    (g) Notwithstanding the provisions of subsection (a) of
24this Section or any other law, bonds in not to exceed an
25aggregate amount of 25% of the equalized assessed value of the
26taxable property of a school district and issued by a school

 

 

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

 

 

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1or the provisions of any other law, until January 1, 1998, a
2community unit school district maintaining grades K through 12
3may issue bonds up to an amount, including existing
4indebtedness, not exceeding 27.6% of the equalized assessed
5value of the taxable property in the district, if all of the
6following conditions are met:
7        (i) The school district has an equalized assessed
8    valuation for calendar year 1995 of less than $24,000,000;
9        (ii) The bonds are issued for the capital improvement,
10    renovation, rehabilitation, or replacement of existing
11    school buildings of the district, all of which buildings
12    were originally constructed not less than 40 years ago;
13        (iii) The voters of the district approve a proposition
14    for the issuance of the bonds at a referendum held after
15    March 19, 1996; and
16        (iv) The bonds are issued pursuant to Sections 19-2
17    through 19-7 of this Code.
18    (i) Notwithstanding any other provisions of this Section
19or the provisions of any other law, until January 1, 1998, a
20community unit school district maintaining grades K through 12
21may issue bonds up to an amount, including existing
22indebtedness, not exceeding 27% of the equalized assessed
23value of the taxable property in the district, if all of the
24following conditions are met:
25        (i) The school district has an equalized assessed
26    valuation for calendar year 1995 of less than $44,600,000;

 

 

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

 

 

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

 

 

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1    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 August 14, 1998
12    (the effective date of Public Act 90-757).
13    (l) Notwithstanding any other provisions of this Section
14or the 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
6or the 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 accessible at all levels and parts of
22    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
10(n), even 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
14    (iii) of this subsection (n), by the Capital Development
15    Board to the school district under Section 5-15 of the
16    School 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
24or the 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

 

 

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1indebtedness, not exceeding 20% of the equalized assessed
2value of the taxable property in the district if all of the
3following conditions 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
7    least 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
18    election held prior to January 1, 2003 approved a
19    proposition for 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
23or the 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

 

 

10300HB4582sam001- 100 -LRB103 35517 JDS 74233 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,
21including existing indebtedness, in excess of any heretofore
22or hereafter imposed statutory limitation as to indebtedness,
23if all of the following 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.

 

 

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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
14    equalized assessed value of the taxable property in the
15    district.
16        (vi) The bonds are issued prior to January 1, 2007,
17    pursuant to Sections 19-2 through 19-7 of this Code.
18    (p-10) Notwithstanding any other provisions of this
19Section or the provisions of any other law, bonds issued by a
20community consolidated school district maintaining grades K
21through 8 shall not be considered indebtedness for purposes of
22any statutory limitation and may be issued in an amount or
23amounts, including existing indebtedness, in excess of any
24heretofore or hereafter imposed statutory limitation as to
25indebtedness, if all of the following conditions are met:
26        (i) For each of the 4 most recent years, residential

 

 

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1    and farm property comprises more than 80% of the equalized
2    assessed valuation of the district.
3        (ii) The bond proceeds are to be used to acquire and
4    improve school sites and build and equip a school
5    building.
6        (iii) Voters of the district approve a proposition for
7    the issuance of the bonds at a regularly scheduled
8    election.
9        (iv) At the time of the sale of the bonds, the school
10    board determines by resolution that the school sites and
11    building additions are needed because of an increase in
12    enrollment projected by the school board.
13        (v) The principal amount of the bonds, including
14    existing indebtedness, does not exceed 20% of the
15    equalized assessed value of the taxable property in the
16    district.
17        (vi) The bonds are issued prior to January 1, 2007,
18    pursuant to Sections 19-2 through 19-7 of this Code.
19    (p-15) In addition to all other authority to issue bonds,
20the Oswego Community Unit School District Number 308 may issue
21bonds with an aggregate principal amount not to exceed
22$450,000,000, but only if all of the following conditions are
23met:
24        (i) The voters of the district have approved a
25    proposition for the bond issue at the general election
26    held on November 7, 2006.

 

 

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1        (ii) At the time of the sale of the bonds, the school
2    board determines, by resolution, that: (A) the building
3    and equipping of the new high school building, new junior
4    high school buildings, new elementary school buildings,
5    early childhood building, maintenance building,
6    transportation facility, and additions to existing school
7    buildings, the altering, repairing, equipping, and
8    provision of technology improvements to existing school
9    buildings, and the acquisition and improvement of school
10    sites, as the case may be, are required as a result of a
11    projected increase in the enrollment of students in the
12    district; and (B) the sale of bonds for these purposes is
13    authorized by legislation that exempts the debt incurred
14    on the bonds from the district's statutory debt
15    limitation.
16        (iii) The bonds are issued, in one or more bond
17    issues, on or before November 7, 2011, but the aggregate
18    principal amount issued in all such bond issues combined
19    must not exceed $450,000,000.
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    general election held on November 7, 2006.
25The debt incurred on any bonds issued under this subsection
26(p-15) shall not be considered indebtedness for purposes of

 

 

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1any statutory debt limitation.
2    (p-20) In addition to all other authority to issue bonds,
3the Lincoln-Way Community High School District Number 210 may
4issue bonds with an aggregate principal amount not to exceed
5$225,000,000, but only if all of the following conditions are
6met:
7        (i) The voters of the district have approved a
8    proposition for the bond issue at the general primary
9    election held on March 21, 2006.
10        (ii) At the time of the sale of the bonds, the school
11    board determines, by resolution, that: (A) the building
12    and equipping of the new high school buildings, the
13    altering, repairing, and equipping of existing school
14    buildings, and the improvement of school sites, as the
15    case may be, are required as a result of a projected
16    increase in the enrollment of students in the district;
17    and (B) the sale of bonds for these purposes is authorized
18    by legislation that exempts the debt incurred on the bonds
19    from the district's statutory debt limitation.
20        (iii) The bonds are issued, in one or more bond
21    issues, on or before March 21, 2011, but the aggregate
22    principal amount issued in all such bond issues combined
23    must not exceed $225,000,000.
24        (iv) The bonds are issued in accordance with this
25    Article 19.
26        (v) The proceeds of the bonds are used only to

 

 

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1    accomplish those projects approved by the voters at the
2    primary election held on March 21, 2006.
3The debt incurred on any bonds issued under this subsection
4(p-20) shall not be considered indebtedness for purposes of
5any statutory debt limitation.
6    (p-25) In addition to all other authority to issue bonds,
7Rochester Community Unit School District 3A may issue bonds
8with an aggregate principal amount not to exceed $18,500,000,
9but only if all of the following conditions are met:
10        (i) The voters of the district approve a proposition
11    for the bond issuance at the general primary election held
12    in 2008.
13        (ii) At the time of the sale of the bonds, the school
14    board determines, by resolution, that: (A) the building
15    and equipping of a new high school building; the addition
16    of classrooms and support facilities at the high school,
17    middle school, and elementary school; the altering,
18    repairing, and equipping of existing school buildings; and
19    the improvement of school sites, as the case may be, are
20    required as a result of a projected increase in the
21    enrollment of students in the district; and (B) the sale
22    of bonds for these purposes is authorized by a law that
23    exempts the debt incurred on the bonds from the district's
24    statutory debt limitation.
25        (iii) The bonds are issued, in one or more bond
26    issues, on or before December 31, 2012, but the aggregate

 

 

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1    principal amount issued in all such bond issues combined
2    must not exceed $18,500,000.
3        (iv) The bonds are issued in accordance with this
4    Article 19.
5        (v) The proceeds of the bonds are used to accomplish
6    only those projects approved by the voters at the primary
7    election held in 2008.
8The debt incurred on any bonds issued under this subsection
9(p-25) shall not be considered indebtedness for purposes of
10any statutory debt limitation.
11    (p-30) In addition to all other authority to issue bonds,
12Prairie Grove Consolidated School District 46 may issue bonds
13with an aggregate principal amount not to exceed $30,000,000,
14but only if all of the following conditions are met:
15        (i) The voters of the district approve a proposition
16    for the bond issuance at an election held in 2008.
17        (ii) At the time of the sale of the bonds, the school
18    board determines, by resolution, that (A) the building and
19    equipping of a new school building and additions to
20    existing school buildings are required as a result of a
21    projected increase in the enrollment of students in the
22    district and (B) the altering, repairing, and equipping of
23    existing school buildings are required because of the age
24    of the existing school buildings.
25        (iii) The bonds are issued, in one or more bond
26    issuances, on or before December 31, 2012; however, the

 

 

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

 

 

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1        (iii) The bonds are issued, in one or more bond
2    issuances, on or before December 31, 2011, but the
3    aggregate principal amount issued in all such bond
4    issuances combined must not exceed $13,900,000.
5        (iv) The bonds are issued in accordance with this
6    Article.
7        (v) The proceeds of the bonds are used to accomplish
8    only those projects approved by the voters at an election
9    held on April 17, 2007.
10The debt incurred on any bonds issued under this subsection
11(p-35) shall not be considered indebtedness for purposes of
12any statutory debt limitation.
13    (p-40) In addition to all other authority to issue bonds,
14Mascoutah Community Unit District 19 may issue bonds with an
15aggregate principal amount not to exceed $55,000,000, but only
16if all of the following conditions are met:
17        (1) The voters of the district approve a proposition
18    for the bond issuance at a regular election held on or
19    after November 4, 2008.
20        (2) At the time of the sale of the bonds, the school
21    board determines, by resolution, that (i) the building and
22    equipping of a new high school building is required as a
23    result of a projected increase in the enrollment of
24    students in the district and the age and condition of the
25    existing high school building, (ii) the existing high
26    school building will be demolished, and (iii) the sale of

 

 

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

 

 

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1indebtedness for purposes of any statutory limitation if the
2bonds are issued in an amount or amounts, including existing
3indebtedness of the school district, not in excess of 43% of
4the value of the taxable property in the district to be
5ascertained by the last assessment for State and county taxes.
6    (p-55) In addition to all other authority to issue bonds,
7Belle Valley School District 119 may issue bonds with an
8aggregate principal amount not to exceed $47,500,000, but only
9if all of the following conditions are met:
10        (1) The voters of the district approve a proposition
11    for the bond issuance at an election held on or after April
12    7, 2009.
13        (2) Prior to the issuance of the bonds, the school
14    board determines, by resolution, that (i) the building and
15    equipping of a new school building is required as a result
16    of mine subsidence in an existing school building and
17    because of the age and condition of another existing
18    school building and (ii) the issuance of bonds is
19    authorized by statute that exempts the debt incurred on
20    the bonds from the district's statutory debt limitation.
21        (3) The bonds are issued, in one or more bond
22    issuances, on or before March 31, 2014, but the aggregate
23    principal amount issued in all such bond issuances
24    combined must not exceed $47,500,000.
25        (4) The bonds are issued in accordance with this
26    Article.

 

 

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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 April 7, 2009.
4    The debt incurred on any bonds issued under this
5subsection (p-55) shall not be considered indebtedness for
6purposes of any statutory debt limitation. Bonds issued under
7this subsection (p-55) must mature within not to exceed 30
8years from their date, notwithstanding any other law to the
9contrary.
10    (p-60) In addition to all other authority to issue bonds,
11Wilmington Community Unit School District Number 209-U may
12issue bonds with an aggregate principal amount not to exceed
13$2,285,000, but only if all of the following conditions are
14met:
15        (1) The proceeds of the bonds are used to accomplish
16    only those projects approved by the voters at the general
17    primary election held on March 21, 2006.
18        (2) Prior to the issuance of the bonds, the school
19    board determines, by resolution, that (i) the projects
20    approved by the voters were and are required because of
21    the age and condition of the school district's prior and
22    existing school buildings and (ii) the issuance of the
23    bonds is authorized by legislation 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 issuances

 

 

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1    on or before March 1, 2011, but the aggregate principal
2    amount issued in all those bond issuances combined must
3    not exceed $2,285,000.
4        (4) The bonds are issued in accordance with this
5    Article.
6    The debt incurred on any bonds issued under this
7subsection (p-60) shall not be considered indebtedness for
8purposes of any statutory debt limitation.
9    (p-65) In addition to all other authority to issue bonds,
10West Washington County Community Unit School District 10 may
11issue bonds with an aggregate principal amount not to exceed
12$32,200,000 and maturing over a period not exceeding 25 years,
13but only if all of the following conditions are met:
14        (1) The voters of the district approve a proposition
15    for the bond issuance at an election held on or after
16    February 2, 2010.
17        (2) Prior to the issuance of the bonds, the school
18    board determines, by resolution, that (A) all or a portion
19    of the existing Okawville Junior/Senior High School
20    Building will be demolished; (B) the building and
21    equipping of a new school building to be attached to and
22    the alteration, repair, and equipping of the remaining
23    portion of the Okawville Junior/Senior High School
24    Building is required because of the age and current
25    condition of that school building; and (C) the issuance of
26    bonds is authorized by a statute that exempts the debt

 

 

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1    incurred on the bonds from the district's statutory debt
2    limitation.
3        (3) The bonds are issued, in one or more bond
4    issuances, on or before March 31, 2014, but the aggregate
5    principal amount issued in all such bond issuances
6    combined must not exceed $32,200,000.
7        (4) The bonds are issued in accordance with this
8    Article.
9        (5) The proceeds of the bonds are used to accomplish
10    only those projects approved by the voters at an election
11    held on or after February 2, 2010.
12    The debt incurred on any bonds issued under this
13subsection (p-65) shall not be considered indebtedness for
14purposes of any statutory debt limitation.
15    (p-70) In addition to all other authority to issue bonds,
16Cahokia Community Unit School District 187 may issue bonds
17with an aggregate principal amount not to exceed $50,000,000,
18but only if all the following conditions are met:
19        (1) The voters of the district approve a proposition
20    for the bond issuance at an election held on or after
21    November 2, 2010.
22        (2) Prior to the issuance of the bonds, the school
23    board determines, by resolution, that (i) the building and
24    equipping of a new school building is required as a result
25    of the age and condition of an existing school building
26    and (ii) the issuance of bonds is authorized by a statute

 

 

10300HB4582sam001- 114 -LRB103 35517 JDS 74233 a

1    that exempts the debt incurred on the bonds from the
2    district's statutory debt limitation.
3        (3) The bonds are issued, in one or more issuances, on
4    or before July 1, 2016, but the aggregate principal amount
5    issued in all such bond issuances combined must not exceed
6    $50,000,000.
7        (4) The bonds are issued in accordance with this
8    Article.
9        (5) The proceeds of the bonds are used to accomplish
10    only those projects approved by the voters at an election
11    held on or after November 2, 2010.
12    The debt incurred on any bonds issued under this
13subsection (p-70) shall not be considered indebtedness for
14purposes of any statutory debt limitation. Bonds issued under
15this subsection (p-70) must mature within not to exceed 25
16years from their date, notwithstanding any other law,
17including Section 19-3 of this Code, to the contrary.
18    (p-75) Notwithstanding the debt limitation prescribed in
19subsection (a) of this Section or any other provisions of this
20Section or of any other law, the execution of leases on or
21after January 1, 2007 and before July 1, 2011 by the Board of
22Education of Peoria School District 150 with a public building
23commission for leases entered into pursuant to the Public
24Building Commission Act shall not be considered indebtedness
25for purposes of any statutory debt limitation.
26    This subsection (p-75) applies only if the State Board of

 

 

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1Education or the Capital Development Board makes one or more
2grants to Peoria School District 150 pursuant to the School
3Construction Law. The amount exempted from the debt limitation
4as prescribed in this subsection (p-75) shall be no greater
5than the amount of one or more grants awarded to Peoria School
6District 150 by the State Board of Education or the Capital
7Development Board.
8    (p-80) In addition to all other authority to issue bonds,
9Ridgeland School District 122 may issue bonds with an
10aggregate principal amount not to exceed $50,000,000 for the
11purpose of refunding or continuing to refund bonds originally
12issued pursuant to voter approval at the general election held
13on November 7, 2000, and the debt incurred on any bonds issued
14under this subsection (p-80) shall not be considered
15indebtedness for purposes of any statutory debt limitation.
16Bonds issued under this subsection (p-80) may be issued in one
17or more issuances and must mature within not to exceed 25 years
18from their date, notwithstanding any other law, including
19Section 19-3 of this Code, to the contrary.
20    (p-85) In addition to all other authority to issue bonds,
21Hall High School District 502 may issue bonds with an
22aggregate principal amount not to exceed $32,000,000, but only
23if all the following conditions are met:
24        (1) The voters of the district approve a proposition
25    for the bond issuance at an election held on or after April
26    9, 2013.

 

 

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1        (2) Prior to the issuance of the bonds, the school
2    board determines, by resolution, that (i) the building and
3    equipping of a new school building is required as a result
4    of the age and condition of an existing school building,
5    (ii) the existing school building should be demolished in
6    its entirety or the existing school building should be
7    demolished except for the 1914 west wing of the building,
8    and (iii) the issuance of bonds is authorized by a statute
9    that exempts the debt incurred on the bonds from the
10    district's statutory debt limitation.
11        (3) The bonds are issued, in one or more issuances,
12    not later than 5 years after the date of the referendum
13    approving the issuance of the bonds, but the aggregate
14    principal amount issued in all such bond issuances
15    combined must not exceed $32,000,000.
16        (4) The bonds are issued in accordance with this
17    Article.
18        (5) The proceeds of the bonds are used to accomplish
19    only those projects approved by the voters at an election
20    held on or after April 9, 2013.
21    The debt incurred on any bonds issued under this
22subsection (p-85) shall not be considered indebtedness for
23purposes of any statutory debt limitation. Bonds issued under
24this subsection (p-85) must mature within not to exceed 30
25years from their date, notwithstanding any other law,
26including Section 19-3 of this Code, to the contrary.

 

 

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

 

 

10300HB4582sam001- 118 -LRB103 35517 JDS 74233 a

1    only those projects approved by the voters at the general
2    primary election held on February 2, 2010.
3    The debt incurred on any bonds issued under this
4subsection (p-90) shall not be considered indebtedness for
5purposes of any statutory debt limitation.
6    (p-95) In addition to all other authority to issue bonds,
7Monticello Community Unit School District 25 may issue bonds
8with an aggregate principal amount not to exceed $35,000,000,
9but only if all of the following conditions are met:
10        (1) The voters of the district approve a proposition
11    for the bond issuance at an election held on or after
12    November 4, 2014.
13        (2) Prior to the issuance of the bonds, the school
14    board determines, by resolution, that (i) the building and
15    equipping of a new school building is required as a result
16    of the age and condition of an existing school building
17    and (ii) the issuance of bonds is authorized by a statute
18    that exempts the debt incurred on the bonds from the
19    district's statutory debt limitation.
20        (3) The bonds are issued, in one or more issuances, on
21    or before July 1, 2020, but the aggregate principal amount
22    issued in all such bond issuances combined must not exceed
23    $35,000,000.
24        (4) The bonds are issued in accordance with this
25    Article.
26        (5) The proceeds of the bonds are used to accomplish

 

 

10300HB4582sam001- 119 -LRB103 35517 JDS 74233 a

1    only those projects approved by the voters at an election
2    held on or after November 4, 2014.
3    The debt incurred on any bonds issued under this
4subsection (p-95) shall not be considered indebtedness for
5purposes of any statutory debt limitation. Bonds issued under
6this subsection (p-95) must mature within not to exceed 25
7years from their date, notwithstanding any other law,
8including Section 19-3 of this Code, to the contrary.
9    (p-100) In addition to all other authority to issue bonds,
10the community unit school district created in the territory
11comprising Milford Community Consolidated School District 280
12and Milford Township High School District 233, as approved at
13the general primary election held on March 18, 2014, may issue
14bonds with an aggregate principal amount not to exceed
15$17,500,000, but only if all the following conditions are met:
16        (1) The voters of the district approve a proposition
17    for the bond issuance at an election held on or after
18    November 4, 2014.
19        (2) Prior to the issuance of the bonds, the school
20    board determines, by resolution, that (i) the building and
21    equipping of a new school building is required as a result
22    of the age and condition of an existing school building
23    and (ii) the issuance of bonds is authorized by a statute
24    that exempts the debt incurred on the bonds from the
25    district's statutory debt limitation.
26        (3) The bonds are issued, in one or more issuances, on

 

 

10300HB4582sam001- 120 -LRB103 35517 JDS 74233 a

1    or before July 1, 2020, but the aggregate principal amount
2    issued in all such bond issuances combined must not exceed
3    $17,500,000.
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 an election
8    held on or after November 4, 2014.
9    The debt incurred on any bonds issued under this
10subsection (p-100) shall not be considered indebtedness for
11purposes of any statutory debt limitation. Bonds issued under
12this subsection (p-100) must mature within not to exceed 25
13years from their date, notwithstanding any other law,
14including Section 19-3 of this Code, to the contrary.
15    (p-105) In addition to all other authority to issue bonds,
16North Shore School District 112 may issue bonds with an
17aggregate principal amount not to exceed $150,000,000, but
18only if all of the following conditions are met:
19        (1) The voters of the district approve a proposition
20    for the bond issuance at an election held on or after March
21    15, 2016.
22        (2) Prior to the issuance of the bonds, the school
23    board determines, by resolution, that (i) the building and
24    equipping of new buildings and improving the sites thereof
25    and the building and equipping of additions to, altering,
26    repairing, equipping, and renovating existing buildings

 

 

10300HB4582sam001- 121 -LRB103 35517 JDS 74233 a

1    and improving the sites thereof are required as a result
2    of the age and condition of the district's existing
3    buildings and (ii) the issuance of bonds is authorized by
4    a statute that exempts the debt incurred on the bonds from
5    the district's statutory debt limitation.
6        (3) The bonds are issued, in one or more issuances,
7    not later than 5 years after the date of the referendum
8    approving the issuance of the bonds, but the aggregate
9    principal amount issued in all such bond issuances
10    combined must not exceed $150,000,000.
11        (4) The bonds are issued in accordance with this
12    Article.
13        (5) The proceeds of the bonds are used to accomplish
14    only those projects approved by the voters at an election
15    held on or after March 15, 2016.
16    The debt incurred on any bonds issued under this
17subsection (p-105) and on any bonds issued to refund or
18continue to refund such bonds shall not be considered
19indebtedness for purposes of any statutory debt limitation.
20Bonds issued under this subsection (p-105) and any bonds
21issued to refund or continue to refund such bonds must mature
22within not to exceed 30 years from their date, notwithstanding
23any other law, including Section 19-3 of this Code, to the
24contrary.
25    (p-110) In addition to all other authority to issue bonds,
26Sandoval Community Unit School District 501 may issue bonds

 

 

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1with an aggregate principal amount not to exceed $2,000,000,
2but only if all of the following conditions are met:
3        (1) The voters of the district approved a proposition
4    for the bond issuance at an election held on March 20,
5    2012.
6        (2) Prior to the issuance of the bonds, the school
7    board determines, by resolution, that (i) the building and
8    equipping of a new school building is required because of
9    the age and current condition of the Sandoval Elementary
10    School building and (ii) the issuance of bonds is
11    authorized by a statute that exempts the debt incurred on
12    the bonds from the district's statutory debt limitation.
13        (3) The bonds are issued, in one or more bond
14    issuances, on or before March 19, 2022, but the aggregate
15    principal amount issued in all such bond issuances
16    combined must not exceed $2,000,000.
17        (4) The bonds are issued in accordance with this
18    Article.
19        (5) The proceeds of the bonds are used to accomplish
20    only those projects approved by the voters at the election
21    held on March 20, 2012.
22    The debt incurred on any bonds issued under this
23subsection (p-110) and on any bonds issued to refund or
24continue to refund the bonds shall not be considered
25indebtedness for purposes of any statutory debt limitation.
26    (p-115) In addition to all other authority to issue bonds,

 

 

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1Bureau Valley Community Unit School District 340 may issue
2bonds with an aggregate principal amount not to exceed
3$25,000,000, but only if all of the following conditions are
4met:
5        (1) The voters of the district approve a proposition
6    for the bond issuance at an election held on or after March
7    15, 2016.
8        (2) Prior to the issuances of the bonds, the school
9    board determines, by resolution, that (i) the renovating
10    and equipping of some existing school buildings, the
11    building and equipping of new school buildings, and the
12    demolishing of some existing school buildings are required
13    as a result of the age and condition of existing school
14    buildings and (ii) the issuance of bonds is authorized by
15    a 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 issuances, on
18    or before July 1, 2021, but the aggregate principal amount
19    issued in all such bond issuances combined must not exceed
20    $25,000,000.
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 March 15, 2016.
26    The debt incurred on any bonds issued under this

 

 

10300HB4582sam001- 124 -LRB103 35517 JDS 74233 a

1subsection (p-115) shall not be considered indebtedness for
2purposes of any statutory debt limitation. Bonds issued under
3this subsection (p-115) must mature within not to exceed 30
4years from their date, notwithstanding any other law,
5including Section 19-3 of this Code, to the contrary.
6    (p-120) In addition to all other authority to issue bonds,
7Paxton-Buckley-Loda Community Unit School District 10 may
8issue bonds with an aggregate principal amount not to exceed
9$28,500,000, but only if all the following conditions are met:
10        (1) The voters of the district approve a proposition
11    for the bond issuance at an election held on or after
12    November 8, 2016.
13        (2) Prior to the issuance of the bonds, the school
14    board determines, by resolution, that (i) the projects as
15    described in said proposition, relating to the building
16    and equipping of one or more school buildings or additions
17    to existing school buildings, are required as a result of
18    the age and condition of the District's existing buildings
19    and (ii) the issuance of bonds is authorized by a statute
20    that exempts the debt incurred on the bonds from the
21    district's statutory debt limitation.
22        (3) The bonds are issued, in one or more issuances,
23    not later than 5 years after the date of the referendum
24    approving the issuance of the bonds, but the aggregate
25    principal amount issued in all such bond issuances
26    combined must not exceed $28,500,000.

 

 

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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 8, 2016.
6    The debt incurred on any bonds issued under this
7subsection (p-120) and on any bonds issued to refund or
8continue to refund such bonds shall not be considered
9indebtedness for purposes of any statutory debt limitation.
10Bonds issued under this subsection (p-120) and any bonds
11issued to refund or continue to refund such bonds must mature
12within not to exceed 25 years from their date, notwithstanding
13any other law, including Section 19-3 of this Code, to the
14contrary.
15    (p-125) In addition to all other authority to issue bonds,
16Hillsboro Community Unit School District 3 may issue bonds
17with an aggregate principal amount not to exceed $34,500,000,
18but only if all the following conditions are met:
19        (1) The voters of the district approve a proposition
20    for the bond issuance at an election held on or after March
21    15, 2016.
22        (2) Prior to the issuance of the bonds, the school
23    board determines, by resolution, that (i) altering,
24    repairing, and equipping the high school
25    agricultural/vocational building, demolishing the high
26    school main, cafeteria, and gym buildings, building and

 

 

10300HB4582sam001- 126 -LRB103 35517 JDS 74233 a

1    equipping a school building, and improving sites are
2    required as a result of the age and condition of the
3    district's existing buildings and (ii) the issuance of
4    bonds is authorized by a statute that exempts the debt
5    incurred on the bonds from the district's statutory debt
6    limitation.
7        (3) The bonds are issued, in one or more issuances,
8    not later than 5 years after the date of the referendum
9    approving the issuance of the bonds, but the aggregate
10    principal amount issued in all such bond issuances
11    combined must not exceed $34,500,000.
12        (4) The bonds are issued in accordance with this
13    Article.
14        (5) The proceeds of the bonds are used to accomplish
15    only those projects approved by the voters at an election
16    held on or after March 15, 2016.
17    The debt incurred on any bonds issued under this
18subsection (p-125) and on any bonds issued to refund or
19continue to refund such bonds shall not be considered
20indebtedness for purposes of any statutory debt limitation.
21Bonds issued under this subsection (p-125) and any bonds
22issued to refund or continue to refund such bonds must mature
23within not to exceed 25 years from their date, notwithstanding
24any other law, including Section 19-3 of this Code, to the
25contrary.
26    (p-130) In addition to all other authority to issue bonds,

 

 

10300HB4582sam001- 127 -LRB103 35517 JDS 74233 a

1Waltham Community Consolidated School District 185 may incur
2indebtedness in an aggregate principal amount not to exceed
3$9,500,000 to build and equip a new school building and
4improve the site thereof, but only if all the following
5conditions are met:
6        (1) A majority of the voters of the district voting on
7    an advisory question voted in favor of the question
8    regarding the use of funding sources to build a new school
9    building without increasing property tax rates at the
10    general election held on November 8, 2016.
11        (2) Prior to incurring the debt, the school board
12    enters into intergovernmental agreements with the City of
13    LaSalle to pledge moneys in a special tax allocation fund
14    associated with tax increment financing districts LaSalle
15    I and LaSalle III and with the Village of Utica to pledge
16    moneys in a special tax allocation fund associated with
17    tax increment financing district Utica I for the purposes
18    of repaying the debt issued pursuant to this subsection
19    (p-130). Notwithstanding any other provision of law to the
20    contrary, the intergovernmental agreement may extend these
21    tax increment financing districts as necessary to ensure
22    repayment of the debt.
23        (3) Prior to incurring the debt, the school board
24    determines, by resolution, that (i) the building and
25    equipping of a new school building is required as a result
26    of the age and condition of the district's existing

 

 

10300HB4582sam001- 128 -LRB103 35517 JDS 74233 a

1    buildings and (ii) the debt is authorized by a statute
2    that exempts the debt from the district's statutory debt
3    limitation.
4        (4) The debt is incurred, in one or more issuances,
5    not later than January 1, 2021, and the aggregate
6    principal amount of debt issued in all such issuances
7    combined must not exceed $9,500,000.
8    The debt incurred under this subsection (p-130) and on any
9bonds issued to pay, refund, or continue to refund such debt
10shall not be considered indebtedness for purposes of any
11statutory debt limitation. Debt issued under this subsection
12(p-130) and any bonds issued to pay, refund, or continue to
13refund such debt must mature within not to exceed 25 years from
14their date, notwithstanding any other law, including Section
1519-11 of this Code and subsection (b) of Section 17 of the
16Local Government Debt Reform Act, to the contrary.
17    (p-133) Notwithstanding the provisions of subsection (a)
18of this Section or of any other law, bonds heretofore or
19hereafter issued by East Prairie School District 73 with an
20aggregate principal amount not to exceed $47,353,147 and
21approved by the voters of the district at the general election
22held on November 8, 2016, and any bonds issued to refund or
23continue to refund the bonds, shall not be considered
24indebtedness for the purposes of any statutory debt limitation
25and may mature within not to exceed 25 years from their date,
26notwithstanding any other law, including Section 19-3 of this

 

 

10300HB4582sam001- 129 -LRB103 35517 JDS 74233 a

1Code, to the contrary.
2    (p-135) In addition to all other authority to issue bonds,
3Brookfield LaGrange Park School District Number 95 may issue
4bonds with an aggregate principal amount not to exceed
5$20,000,000, but only if all 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    4, 2017.
9        (2) Prior to the issuance of the bonds, the school
10    board determines, by resolution, that (i) the additions
11    and renovations to the Brook Park Elementary and S. E.
12    Gross Middle School buildings are required to accommodate
13    enrollment growth, replace outdated facilities, and create
14    spaces consistent with 21st century learning and (ii) the
15    issuance of the bonds is authorized by a statute that
16    exempts the debt incurred on the bonds from the district's
17    statutory debt limitation.
18        (3) The bonds are issued, in one or more issuances,
19    not later than 5 years after the date of the referendum
20    approving the issuance of the bonds, but the aggregate
21    principal amount issued in all such bond issuances
22    combined must not exceed $20,000,000.
23        (4) The bonds are issued in accordance with this
24    Article.
25        (5) The proceeds of the bonds are used to accomplish
26    only those projects approved by the voters at an election

 

 

10300HB4582sam001- 130 -LRB103 35517 JDS 74233 a

1    held on or after April 4, 2017.
2    The debt incurred on any bonds issued under this
3subsection (p-135) and on any bonds issued to refund or
4continue to refund such bonds shall not be considered
5indebtedness for purposes of any statutory debt limitation.
6    (p-140) The debt incurred on any bonds issued by Wolf
7Branch School District 113 under Section 17-2.11 of this Code
8for the purpose of repairing or replacing all or a portion of a
9school building that has been damaged by mine subsidence in an
10aggregate principal amount not to exceed $17,500,000 and on
11any bonds issued to refund or continue to refund those bonds
12shall not be considered indebtedness for purposes of any
13statutory debt limitation and must mature no later than 25
14years from the date of issuance, notwithstanding any other
15provision of law to the contrary, including Section 19-3 of
16this Code. The maximum allowable amount of debt exempt from
17statutory debt limitations under this subsection (p-140) shall
18be reduced by an amount equal to any grants awarded by the
19State Board of Education or Capital Development Board for the
20explicit purpose of repairing or reconstructing a school
21building damaged by mine subsidence.
22    (p-145) In addition to all other authority to issue bonds,
23Greenview Community Unit School District 200 may issue bonds
24with an aggregate principal amount not to exceed $3,500,000,
25but only if all of the following conditions are met:
26        (1) The voters of the district approve a proposition

 

 

10300HB4582sam001- 131 -LRB103 35517 JDS 74233 a

1    for the bond issuance at an election held on March 17,
2    2020.
3        (2) Prior to the issuance of the bonds, the school
4    board determines, by resolution, that the bonding is
5    necessary for construction and expansion of the district's
6    kindergarten through grade 12 facility.
7        (3) The bonds are issued, in one or more issuances,
8    not later than 5 years after the date of the referendum
9    approving the issuance of the bonds, but the aggregate
10    principal amount issued in all such bond issuances
11    combined must not exceed $3,500,000.
12        (4) The bonds are issued in accordance with this
13    Article.
14        (5) The proceeds of the bonds are used to accomplish
15    only the projects approved by the voters at an election
16    held on March 17, 2020.
17    The debt incurred on any bonds issued under this
18subsection (p-145) and on any bonds issued to refund or
19continue to refund such bonds shall not be considered
20indebtedness for purposes of any statutory debt limitation.
21Bonds issued under this subsection (p-145) and any bonds
22issued to refund or continue to refund such bonds must mature
23within not to exceed 25 years from their date, notwithstanding
24any other law, including Section 19-3 of this Code, to the
25contrary.
26    (p-150) In addition to all other authority to issue bonds,

 

 

10300HB4582sam001- 132 -LRB103 35517 JDS 74233 a

1Komarek School District 94 may issue bonds with an aggregate
2principal amount not to exceed $20,800,000, but only if all of
3the 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 March
6    17, 2020.
7        (2) Prior to the issuance of the bonds, the school
8    board determines, by resolution, that (i) building and
9    equipping additions to, altering, repairing, equipping, or
10    demolishing a portion of, or improving the site of the
11    district's existing school building is required as a
12    result of the age and condition of the existing building
13    and (ii) the issuance of the bonds is authorized by a
14    statute that exempts the debt incurred on the bonds from
15    the district's statutory debt limitation.
16        (3) The bonds are issued, in one or more issuances, no
17    later than 5 years after the date of the referendum
18    approving the issuance of the bonds, but the aggregate
19    principal amount issued in all of the bond issuances
20    combined may not exceed $20,800,000.
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 March 17, 2020.
26    The debt incurred on any bonds issued under this

 

 

10300HB4582sam001- 133 -LRB103 35517 JDS 74233 a

1subsection (p-150) and on any bonds issued to refund or
2continue to refund those bonds may not be considered
3indebtedness for purposes of any statutory debt limitation.
4Notwithstanding any other law to the contrary, including
5Section 19-3, bonds issued under this subsection (p-150) and
6any bonds issued to refund or continue to refund those bonds
7must mature within 30 years from their date of issuance.
8    (p-155) In addition to all other authority to issue bonds,
9Williamsville Community Unit School District 15 may issue
10bonds with an aggregate principal amount not to exceed
11$40,000,000, but only if all of the following conditions are
12met:
13        (1) The voters of the school district approve a
14    proposition for the bond issuance at an election held on
15    March 17, 2020.
16        (2) Prior to the issuance of the bonds, the school
17    board determines, by resolution, that the projects set
18    forth in the proposition for the bond issuance were and
19    are required because of the age and condition of the
20    school district's existing school buildings.
21        (3) The bonds are issued, in one or more issuances,
22    not later than 5 years after the date of the referendum
23    approving the issuance of the bonds, but the aggregate
24    principal amount issued in all such bond issuances
25    combined must not exceed $40,000,000.
26        (4) The bonds are issued in accordance with this

 

 

10300HB4582sam001- 134 -LRB103 35517 JDS 74233 a

1    Article.
2        (5) The proceeds of the bonds are used to accomplish
3    only the projects approved by the voters at an election
4    held on March 17, 2020.
5    The debt incurred on any bonds issued under this
6subsection (p-155) and on any bonds issued to refund or
7continue to refund such bonds shall not be considered
8indebtedness for purposes of any statutory debt limitation.
9Bonds issued under this subsection (p-155) and any bonds
10issued to refund or continue to refund such bonds must mature
11within not to exceed 25 years from their date, notwithstanding
12any other law, including Section 19-3 of this Code, to the
13contrary.
14    (p-160) In addition to all other authority to issue bonds,
15Berkeley School District 87 may issue bonds with an aggregate
16principal amount not to exceed $105,000,000, but only if all
17of the following conditions are met:
18        (1) The voters of the district approve a proposition
19    for the bond issuance at the general primary election held
20    on March 17, 2020.
21        (2) Prior to the issuance of the bonds, the school
22    board determines, by resolution, that (i) building and
23    equipping a school building to replace the Sunnyside
24    Intermediate and MacArthur Middle School buildings;
25    building and equipping additions to and altering,
26    repairing, and equipping the Riley Intermediate and

 

 

10300HB4582sam001- 135 -LRB103 35517 JDS 74233 a

1    Northlake Middle School buildings; altering, repairing,
2    and equipping the Whittier Primary and Jefferson Primary
3    School buildings; improving sites; renovating
4    instructional spaces; providing STEM (science, technology,
5    engineering, and mathematics) labs; and constructing life
6    safety, security, and infrastructure improvements are
7    required to replace outdated facilities and to provide
8    safe spaces consistent with 21st century learning and (ii)
9    the issuance of bonds is authorized by a statute that
10    exempts the debt incurred on the bonds from the district's
11    statutory debt limitation.
12        (3) The bonds are issued, in one or more issuances,
13    not later than 5 years after the date of the referendum
14    approving the issuance of the bonds, but the aggregate
15    principal amount issued in all such bond issuances
16    combined must not exceed $105,000,000.
17        (4) The bonds are issued in accordance with this
18    Article.
19        (5) The proceeds of the bonds are used to accomplish
20    only those projects approved by the voters at the general
21    primary election held on March 17, 2020.
22    The debt incurred on any bonds issued under this
23subsection (p-160) and on any bonds issued to refund or
24continue to refund such bonds shall not be considered
25indebtedness for purposes of any statutory debt limitation.
26    (p-165) In addition to all other authority to issue bonds,

 

 

10300HB4582sam001- 136 -LRB103 35517 JDS 74233 a

1Elmwood Park Community Unit School District 401 may issue
2bonds with an aggregate principal amount not to exceed
3$55,000,000, but only if all of the following conditions are
4met:
5        (1) The voters of the district approve a proposition
6    for the bond issuance at an election held on or after March
7    17, 2020.
8        (2) Prior to the issuance of the bonds, the school
9    board determines, by resolution, that (i) the building and
10    equipping of an addition to the John Mills Elementary
11    School building; the renovating, altering, repairing, and
12    equipping of the John Mills and Elmwood Elementary School
13    buildings; the installation of safety and security
14    improvements; and the improvement of school sites are
15    required as a result of the age and condition of the
16    district's existing school buildings and (ii) the issuance
17    of bonds is authorized by a statute that exempts the debt
18    incurred on the bonds from the district's statutory debt
19    limitation.
20        (3) The bonds are issued, in one or more issuances,
21    not later than 5 years after the date of the referendum
22    approving the issuance of the bonds, but the aggregate
23    principal amount issued in all such bond issuances
24    combined must not exceed $55,000,000.
25        (4) The bonds are issued in accordance with this
26    Article.

 

 

10300HB4582sam001- 137 -LRB103 35517 JDS 74233 a

1        (5) The proceeds of the bonds are used to accomplish
2    only the projects approved by the voters at an election
3    held on or after March 17, 2020.
4    The debt incurred on any bonds issued under this
5subsection (p-165) and on any bonds issued to refund or
6continue to refund such bonds shall not be considered
7indebtedness for purposes of any statutory debt limitation.
8Bonds issued under this subsection (p-165) and any bonds
9issued to refund or continue to refund such bonds must mature
10within not to exceed 25 years from their date, notwithstanding
11any other law, including Section 19-3 of this Code, to the
12contrary.
13    (p-170) In addition to all other authority to issue bonds,
14Maroa-Forsyth Community Unit School District 2 may issue bonds
15with an aggregate principal amount not to exceed $33,000,000,
16but only if all of the following conditions are met:
17        (1) The voters of the school district approve a
18    proposition for the bond issuance at an election held on
19    March 17, 2020.
20        (2) Prior to the issuance of the bonds, the school
21    board determines, by resolution, that the projects set
22    forth in the proposition for the bond issuance were and
23    are required because of the age and condition of the
24    school district's existing school buildings.
25        (3) The bonds are issued, in one or more issuances,
26    not later than 5 years after the date of the referendum

 

 

10300HB4582sam001- 138 -LRB103 35517 JDS 74233 a

1    approving the issuance of the bonds, but the aggregate
2    principal amount issued in all such bond issuances
3    combined must not exceed $33,000,000.
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 the projects approved by the voters at an election
8    held on March 17, 2020.
9    The debt incurred on any bonds issued under this
10subsection (p-170) and on any bonds issued to refund or
11continue to refund such bonds shall not be considered
12indebtedness for purposes of any statutory debt limitation.
13Bonds issued under this subsection (p-170) and any bonds
14issued to refund or continue to refund such bonds must mature
15within not to exceed 25 years from their date, notwithstanding
16any other law, including Section 19-3 of this Code, to the
17contrary.
18    (p-175) In addition to all other authority to issue bonds,
19Schiller Park School District 81 may issue bonds with an
20aggregate principal amount not to exceed $30,000,000, but only
21if all of the following conditions are met:
22        (1) The voters of the district approve a proposition
23    for the bond issuance at an election held on or after March
24    17, 2020.
25        (2) Prior to the issuance of the bonds, the school
26    board determines, by resolution, that (i) building and

 

 

10300HB4582sam001- 139 -LRB103 35517 JDS 74233 a

1    equipping a school building to replace the Washington
2    Elementary School building, installing fire suppression
3    systems, security systems, and federal Americans with
4    Disability Act of 1990 compliance measures, acquiring
5    land, and improving the site are required to accommodate
6    enrollment growth, replace an outdated facility, and
7    create spaces consistent with 21st century learning and
8    (ii) the issuance of bonds is authorized by a statute that
9    exempts the debt incurred on the bonds from the district's
10    statutory debt limitation.
11        (3) The bonds are issued, in one or more issuances,
12    not later than 5 years after the date of the referendum
13    approving the issuance of the bonds, but the aggregate
14    principal amount issued in all such bond issuances
15    combined must not exceed $30,000,000.
16        (4) The bonds are issued in accordance with this
17    Article.
18        (5) The proceeds of the bonds are used to accomplish
19    only the projects approved by the voters at an election
20    held on or after March 17, 2020.
21    The debt incurred on any bonds issued under this
22subsection (p-175) and on any bonds issued to refund or
23continue to refund such bonds shall not be considered
24indebtedness for purposes of any statutory debt limitation.
25Bonds issued under this subsection (p-175) and any bonds
26issued to refund or continue to refund such bonds must mature

 

 

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1within not to exceed 27 years from their date, notwithstanding
2any other law, including Section 19-3 of this Code, to the
3contrary.
4    (p-180) In addition to all other authority to issue bonds,
5Iroquois County Community Unit School District 9 may issue
6bonds with an aggregate principal amount not to exceed
7$17,125,000, but only if all of the following conditions are
8met:
9        (1) The voters of the district approve a proposition
10    for the bond issuance at an election held on or after April
11    6, 2021.
12        (2) Prior to the issuance of the bonds, the school
13    board determines, by resolution, that (i) building and
14    equipping a new school building in the City of Watseka;
15    altering, repairing, renovating, and equipping portions of
16    the existing facilities of the district; and making site
17    improvements is necessary because of the age and condition
18    of the district's existing school facilities and (ii) the
19    issuance of bonds is authorized by a statute that exempts
20    the debt incurred on the bonds from the district's
21    statutory debt limitation.
22        (3) The bonds are issued, in one or more issuances,
23    not later than 5 years after the date of the referendum
24    approving the issuance of the bonds, but the aggregate
25    principal amount issued in all such bond issuances
26    combined must not exceed $17,125,000.

 

 

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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 the projects approved by the voters at an election
5    held on or after April 6, 2021.
6    The debt incurred on any bonds issued under this
7subsection (p-180) and on any bonds issued to refund or
8continue to refund such bonds shall not be considered
9indebtedness for purposes of any statutory debt limitation.
10Bonds issued under this subsection (p-180) and any bonds
11issued to refund or continue to refund such bonds must mature
12within not to exceed 25 years from their date, notwithstanding
13any other law, including Section 19-3 of this Code, to the
14contrary.
15    (p-185) In addition to all other authority to issue bonds,
16Field Community Consolidated School District 3 may issue bonds
17with an aggregate principal amount not to exceed $2,600,000,
18but only if all of the following conditions are met:
19        (1) The voters of the district approve a proposition
20    for the bond issuance at an election held on or after April
21    6, 2021.
22        (2) Prior to the issuance of the bonds, the school
23    board determines, by resolution, that (i) it is necessary
24    to alter, repair, renovate, and equip the existing
25    facilities of the district, including, but not limited to,
26    roof replacement, lighting replacement, electrical

 

 

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1    upgrades, restroom repairs, and gym renovations, and make
2    site improvements because of the age and condition of the
3    district's existing school facilities and (ii) the
4    issuance of bonds is authorized by a statute that exempts
5    the debt incurred on the bonds from the district's
6    statutory debt limitation.
7        (3) The bonds are issued, in one or more issuances,
8    not later than 5 years after the date of the referendum
9    approving the issuance of the bonds, but the aggregate
10    principal amount issued in all such bond issuances
11    combined must not exceed $2,600,000.
12        (4) The bonds are issued in accordance with this
13    Article.
14        (5) The proceeds of the bonds are used to accomplish
15    only the projects approved by the voters at an election
16    held on or after April 6, 2021.
17    The debt incurred on any bonds issued under this
18subsection (p-185) and on any bonds issued to refund or
19continue to refund such bonds shall not be considered
20indebtedness for purposes of any statutory debt limitation.
21Bonds issued under this subsection (p-185) and any bonds
22issued to refund or continue to refund such bonds must mature
23within not to exceed 25 years from their date, notwithstanding
24any other law, including Section 19-3 of this Code, to the
25contrary.
26    (p-190) In addition to all other authority to issue bonds,

 

 

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1Mahomet-Seymour Community Unit School District 3 may issue
2bonds with an aggregate principal amount not to exceed
3$97,900,000, but only if all 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 June
6    28, 2022.
7        (2) Prior to the issuance of the bonds, the school
8    board determines, by resolution, that (i) it is necessary
9    to build and equip a new junior high school building,
10    build and equip a new transportation building, and build
11    and equip additions to, renovate, and make site
12    improvements at the Lincoln Trail Elementary building,
13    Middletown Prairie Elementary building, and
14    Mahomet-Seymour High School building and (ii) the issuance
15    of bonds is authorized by a statute that exempts the debt
16    incurred on the bonds from the district's statutory debt
17    limitation.
18        (3) The bonds are issued, in one or more issuances,
19    not later than 5 years after the date of the referendum
20    approving the issuance of the bonds, but the aggregate
21    principal amount issued in all such bond issuances
22    combined must not exceed $97,900,000.
23        (4) The bonds are issued in accordance with this
24    Article.
25        (5) The proceeds of the bonds are used to accomplish
26    only the projects approved by the voters at an election

 

 

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1    held on or after June 28, 2022.
2    The debt incurred on any bonds issued under this
3subsection (p-190) and on any bonds issued to refund or
4continue to refund such bonds shall not be considered
5indebtedness for purposes of any statutory debt limitation.
6Bonds issued under this subsection (p-190) and any bonds
7issued to refund or continue to refund such bonds must mature
8within not to exceed 25 years from their date, notwithstanding
9any other law, including Section 19-3 of this Code, to the
10contrary.
11    (p-195) In addition to all other authority to issue bonds,
12New Berlin Community Unit School District 16 may issue bonds
13with an aggregate principal amount not to exceed $23,500,000,
14but only if all the following conditions are met:
15        (1) The voters of the district approve a proposition
16    for the bond issuance at an election held on or after June
17    28, 2022.
18        (2) Prior to the issuance of the bonds, the school
19    board determines, by resolution, that (i) it is necessary
20    to alter, repair, and equip the junior/senior high school
21    building, including creating new classroom, gym, and other
22    instructional spaces, renovating the J.V. Kirby Pretzel
23    Dome, improving heating, cooling, and ventilation systems,
24    installing school safety and security improvements,
25    removing asbestos, and making site improvements, and (ii)
26    the issuance of bonds is authorized by a statute that

 

 

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1    exempts the debt incurred on the bonds from the district's
2    statutory debt limitation.
3        (3) The bonds are issued, in one or more issuances,
4    not later than 5 years after the date of the referendum
5    approving the issuance of the bonds, but the aggregate
6    principal amount issued in all such bond issuances
7    combined must not exceed $23,500,000.
8        (4) The bonds are issued in accordance with this
9    Article.
10        (5) The proceeds of the bonds are used to accomplish
11    only the projects approved by the voters at an election
12    held on or after June 28, 2022.
13    The debt incurred on any bonds issued under this
14subsection (p-195) and on any bonds issued to refund or
15continue to refund such bonds shall not be considered
16indebtedness for purposes of any statutory debt limitation.
17Bonds issued under this subsection (p-195) and any bonds
18issued to refund or continue to refund such bonds must mature
19within not to exceed 25 years from their date, notwithstanding
20any other law, including Section 19-3 of this Code, to the
21contrary.
22    (p-200) In addition to all other authority to issue bonds,
23Highland Community Unit School District 5 may issue bonds with
24an aggregate principal amount not to exceed $40,000,000, but
25only if all the following conditions are met:
26        (1) The voters of the district approve a proposition

 

 

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1    for the bond issuance at an election held on or after June
2    28, 2022.
3        (2) Prior to the issuance of the bonds, the school
4    board determines, by resolution, that (i) it is necessary
5    to improve the sites of, build, and equip a new primary
6    school building and build and equip additions to and
7    alter, repair, and equip existing school buildings and
8    (ii) the issuance of bonds is authorized by a statute that
9    exempts the debt incurred on the bonds from the district's
10    statutory debt limitation.
11        (3) The bonds are issued, in one or more issuances,
12    not later than 5 years after the date of the referendum
13    approving the issuance of the bonds, but the aggregate
14    principal amount issued in all such bond issuances
15    combined must not exceed $40,000,000.
16        (4) The bonds are issued in accordance with this
17    Article.
18        (5) The proceeds of the bonds are used to accomplish
19    only the projects approved by the voters at an election
20    held on or after June 28, 2022.
21    The debt incurred on any bonds issued under this
22subsection (p-200) and on any bonds issued to refund or
23continue to refund such bonds shall not be considered
24indebtedness for purposes of any statutory debt limitation.
25Bonds issued under this subsection (p-200) and any bonds
26issued to refund or continue to refund such bonds must mature

 

 

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1within not to exceed 25 years from their date, notwithstanding
2any other law, including Section 19-3 of this Code, to the
3contrary.
4    (p-205) In addition to all other authority to issue bonds,
5Sullivan Community Unit School District 300 may issue bonds
6with an aggregate principal amount not to exceed $25,000,000,
7but only if all of the following conditions are met:
8        (1) The voters of the district approve a proposition
9    for the bond issuance at an election held on or after June
10    28, 2022.
11        (2) Prior to the issuance of the bonds, the school
12    board determines, by resolution, that (i) the projects set
13    forth in the proposition for the issuance of the bonds are
14    required because of the age, condition, or capacity of the
15    school district's existing school buildings and (ii) the
16    issuance of bonds is authorized by a statute that exempts
17    the debt incurred on the bonds from the district's
18    statutory debt limitation.
19        (3) The bonds are issued, in one or more issuances,
20    not later than 5 years after the date of the referendum
21    approving the issuance of the bonds, but the aggregate
22    principal amount issued in all such bond issuances
23    combined must not exceed $25,000,000.
24        (4) The bonds are issued in accordance with this
25    Article.
26        (5) The proceeds of the bonds are used to accomplish

 

 

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1    only the projects approved by the voters at an election
2    held on or after June 28, 2022.
3    The debt incurred on any bonds issued under this
4subsection (p-205) and on any bonds issued to refund or
5continue to refund such bonds shall not be considered
6indebtedness for purposes of any statutory debt limitation.
7Bonds issued under this subsection (p-205) and any bonds
8issued to refund or continue to refund such bonds must mature
9within not to exceed 25 years from their date, notwithstanding
10any other law, including Section 19-3 of this Code, to the
11contrary.
12    (p-210) In addition to all other authority to issue bonds,
13Manhattan School District 114 may issue bonds with an
14aggregate principal amount not to exceed $85,000,000, but only
15if all the following conditions are met:
16        (1) The voters of the district approve a proposition
17    for the bond issuance at an election held on or after June
18    28, 2022.
19        (2) Prior to the issuance of the bonds, the school
20    board determines, by resolution, that the projects set
21    forth in the proposition for the bond issuance were and
22    are required because of the age, condition, or capacity of
23    the school district's existing school buildings.
24        (3) The bonds are issued, in one or more issuances,
25    not later than 5 years after the date of the referendum
26    approving the issuances of the bonds, but the aggregate

 

 

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1    principal amount issued in all such bond issuances
2    combined must not exceed $85,000,000.
3        (4) The bonds are issued in accordance with this
4    Article.
5        (5) The proceeds of the bonds are used to accomplish
6    only the projects approved by the voters at an election
7    held on or after June 28, 2022.
8    The debt incurred on any bonds issued under this
9subsection (p-210) and on any bonds issued to refund or
10continue to refund such bonds shall not be considered
11indebtedness for purposes of any statutory debt limitation.
12Bonds issued under this subsection (p-210) and any bonds
13issued to refund or continue to refund such bonds must mature
14within not to exceed 30 years from their date, notwithstanding
15any other law, including Section 19-3 of this Code, to the
16contrary.
17    (p-215) In addition to all other authority to issue bonds,
18Golf Elementary School District 67 may issue bonds with an
19aggregate principal amount not to exceed $56,000,000, but only
20if all of the following conditions are met:
21        (1) The voters of the district approve a proposition
22    for the bond issuance at an election held on or after June
23    28, 2022.
24        (2) Prior to the issuance of the bonds, the school
25    board determines, by resolution, that (i) it is necessary
26    to build and equip a new school building and improve the

 

 

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1    site thereof and (ii) the issuance of bonds is authorized
2    by a statute that exempts the debt incurred on the bonds
3    from the district's statutory debt limitation.
4        (3) The bonds are issued, in one or more issuances,
5    not later than 5 years after the date of the referendum
6    approving the issuance of the bonds, but the aggregate
7    principal amount issued in all such bond issuances
8    combined must not exceed $56,000,000.
9        (4) The bonds are issued in accordance with this
10    Article.
11        (5) The proceeds of the bonds are used to accomplish
12    only the projects approved by the voters at an election
13    held on or after June 28, 2022.
14    The debt incurred on any bonds issued under this
15subsection (p-215) and on any bonds issued to refund or
16continue to refund such bonds shall not be considered
17indebtedness for purposes of any statutory debt limitation.
18Bonds issued under this subsection (p-215) and any bonds
19issued to refund or continue to refund such bonds must mature
20within not to exceed 25 years from their date, notwithstanding
21any other law, including Section 19-3 of this Code, to the
22contrary.
23    (p-220) In addition to all other authority to issue bonds,
24Joliet Public Schools District 86 may issue bonds with an
25aggregate principal amount not to exceed $99,500,000, but only
26if all the following conditions are met:

 

 

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1        (1) The voters of the district approve a proposition
2    for the bond issuance at an election held on or after April
3    4, 2023.
4        (2) Prior to the issuance of the bonds, the school
5    board determines, by resolution, that the projects set
6    forth in the proposition for the bond issuance were and
7    are required because of the age and condition of the
8    school district's existing school buildings.
9        (3) The bonds are issued, in one or more issuances,
10    not later than 5 years after the date of the referendum
11    approving the issuance of the bonds, but the aggregate
12    principal amount issued in all such bond issuances
13    combined must not exceed $99,500,000.
14        (4) The bonds are issued in accordance with this
15    Article.
16        (5) The proceeds of the bonds are used to accomplish
17    only the projects approved by the voters at an election
18    held on or after April 4, 2023.
19    The debt incurred on any bonds issued under this
20subsection (p-220), and on any bonds issued to refund or
21continue to refund such bonds, shall not be considered
22indebtedness for purposes of any statutory debt limitation.
23Bonds issued under this subsection (p-220) and any bonds
24issued to refund or continue to refund such bonds must mature
25within not to exceed 25 years from their date, notwithstanding
26any other law, including Section 19-3 of this Code, to the

 

 

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1contrary.
2    (p-225) Notwithstanding the provisions of any other law to
3the contrary, debt incurred on any bonds issued under Section
419-3 of this Code and authorized by an election held on or
5after November 5, 2024, and on any bonds issued to refund or
6continue to refund such bonds, shall not be considered
7indebtedness for purposes of any statutory debt limitation.
8Bonds issued under Section 19-3 of this Code and authorized by
9an election held on or after November 5, 2024, and any bonds
10issued to refund or continue to refund such bonds must mature
11within 30 years from their date, notwithstanding any other
12law, including Section 19-3 of this Code, to the contrary.
13    (q) A school district must notify the State Board of
14Education prior to issuing any form of long-term or short-term
15debt that will result in outstanding debt that exceeds 75% of
16the debt limit specified in this Section or any other
17provision of law.
18(Source: P.A. 102-316, eff. 8-6-21; 102-949, eff. 5-27-22;
19103-449, eff. 1-1-24.)
 
20    (105 ILCS 5/20-2)  (from Ch. 122, par. 20-2)
21    Sec. 20-2. Indebtedness and bonds. For the purpose of
22creating, re-creating, or increasing a working cash fund, the
23school board of any such district may incur an indebtedness
24and issue bonds as evidence thereof in an amount or amounts not
25exceeding in the aggregate 85% of the taxes permitted to be

 

 

10300HB4582sam001- 153 -LRB103 35517 JDS 74233 a

1levied for educational purposes for the then current year to
2be determined by multiplying the maximum educational tax rate
3or rates applicable to such school district by the last
4assessed valuation or assessed valuations as determined at the
5time of the issue of said bonds, plus 85% of the last known
6entitlement of such district to taxes as by law now or
7hereafter enacted or amended, imposed by the General Assembly
8of the State of Illinois to replace revenue lost by units of
9local government and school districts as a result of the
10abolition of ad valorem personal property taxes, pursuant to
11Article IX, Section 5, paragraph (c) of the Constitution of
12the State of Illinois, plus 85% of the most recent amount of
13funding received by the school district under Section 18-8.15.
14The authorized amount of bonds issued pursuant to this Section
15may be increased by an amount not to exceed 3% of that
16authorized amount to provide for expenses of issuing such
17bonds, including underwriter's compensation and costs of bond
18insurance or other credit enhancement, and also an amount to
19pay capitalized interest as otherwise permitted by law. The
20bonds shall bear interest at not more than the maximum rate
21authorized by law and shall mature within 20 years from the
22date thereof. Subject to the foregoing limitations as to
23amount, the bonds may be issued in an amount including
24existing indebtedness which will not exceed the constitutional
25limitation as to debt, notwithstanding any statutory debt
26limitation to the contrary. The school board shall before or

 

 

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1at the time of issuing the bonds provide for the collection of
2a direct annual tax upon all the taxable property within the
3district sufficient to pay the principal thereof at maturity
4and to pay the interest thereon as it falls due, which tax
5shall be in addition to the maximum amount of all other taxes,
6either educational; transportation; operations and
7maintenance; or fire prevention and safety fund taxes, now or
8hereafter authorized and in addition to any limitations upon
9the levy of taxes as provided by Sections 17-2 through 17-9.
10    With respect to instruments for the payment of money
11issued under this Section either before, on, or after the
12effective date of this amendatory Act of 1989, it is and always
13has been the intention of the General Assembly (i) that the
14Omnibus Bond Acts are and always have been supplementary
15grants of power to issue instruments in accordance with the
16Omnibus Bond Acts, regardless of any provision of this Act
17that may appear to be or to have been more restrictive than
18those Acts, (ii) that the provisions of this Section are not a
19limitation on the supplementary authority granted by the
20Omnibus Bond Acts, and (iii) that instruments issued under
21this Section within the supplementary authority granted by the
22Omnibus Bond Acts are not invalid because of any provision of
23this Act that may appear to be or to have been more restrictive
24than those Acts.
25(Source: P.A. 101-416, eff. 8-16-19.)
 

 

 

10300HB4582sam001- 155 -LRB103 35517 JDS 74233 a

1
Article 99.

 
2    Section 99-99. Effective date. This Act takes effect July
31, 2024.".