95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB3198

 

Introduced 2/26/2007, by Rep. Tom Cross

 

SYNOPSIS AS INTRODUCED:
 
105 ILCS 5/19-1   from Ch. 122, par. 19-1

    Amends the School Code. Makes a technical change in a Section concerning debt limitations of school districts.


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A BILL FOR

 

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1     AN ACT concerning education.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The School Code is amended by changing Section
5 19-1 as follows:
 
6     (105 ILCS 5/19-1)  (from Ch. 122, par. 19-1)
7     Sec. 19-1. Debt limitations of school districts.
8     (a) School districts shall not be subject to the the
9 provisions limiting their indebtedness prescribed in "An Act to
10 limit the indebtedness of counties having a population of less
11 than 500,000 and townships, school districts and other
12 municipal corporations having a population of less than
13 300,000", approved February 15, 1928, as amended.
14     No school districts maintaining grades K through 8 or 9
15 through 12 shall become indebted in any manner or for any
16 purpose to an amount, including existing indebtedness, in the
17 aggregate exceeding 6.9% on the value of the taxable property
18 therein to be ascertained by the last assessment for State and
19 county taxes or, until January 1, 1983, if greater, the sum
20 that is produced by multiplying the school district's 1978
21 equalized assessed valuation by the debt limitation percentage
22 in effect on January 1, 1979, previous to the incurring of such
23 indebtedness.

 

 

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1     No school districts maintaining grades K through 12 shall
2 become indebted in any manner or for any purpose to an amount,
3 including existing indebtedness, in the aggregate exceeding
4 13.8% on the value of the taxable property therein to be
5 ascertained by the last assessment for State and county taxes
6 or, until January 1, 1983, if greater, the sum that is produced
7 by multiplying the school district's 1978 equalized assessed
8 valuation by the debt limitation percentage in effect on
9 January 1, 1979, previous to the incurring of such
10 indebtedness.
11     No partial elementary unit district, as defined in Article
12 11E of this Code, shall become indebted in any manner or for
13 any purpose in an amount, including existing indebtedness, in
14 the aggregate exceeding 6.9% of the value of the taxable
15 property of the entire district, to be ascertained by the last
16 assessment for State and county taxes, plus an amount,
17 including existing indebtedness, in the aggregate exceeding
18 6.9% of the value of the taxable property of that portion of
19 the district included in the elementary and high school
20 classification, to be ascertained by the last assessment for
21 State and county taxes. Moreover, no partial elementary unit
22 district, as defined in Article 11E of this Code, shall become
23 indebted on account of bonds issued by the district for high
24 school purposes in the aggregate exceeding 6.9% of the value of
25 the taxable property of the entire district, to be ascertained
26 by the last assessment for State and county taxes, nor shall

 

 

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1 the district become indebted on account of bonds issued by the
2 district for elementary purposes in the aggregate exceeding
3 6.9% of the value of the taxable property for that portion of
4 the district included in the elementary and high school
5 classification, to be ascertained by the last assessment for
6 State and county taxes.
7     Notwithstanding the provisions of any other law to the
8 contrary, in any case in which the voters of a school district
9 have approved a proposition for the issuance of bonds of such
10 school district at an election held prior to January 1, 1979,
11 and all of the bonds approved at such election have not been
12 issued, the debt limitation applicable to such school district
13 during the calendar year 1979 shall be computed by multiplying
14 the value of taxable property therein, including personal
15 property, as ascertained by the last assessment for State and
16 county taxes, previous to the incurring of such indebtedness,
17 by the percentage limitation applicable to such school district
18 under the provisions of this subsection (a).
19     (b) Notwithstanding the debt limitation prescribed in
20 subsection (a) of this Section, additional indebtedness may be
21 incurred in an amount not to exceed the estimated cost of
22 acquiring or improving school sites or constructing and
23 equipping additional building facilities under the following
24 conditions:
25         (1) Whenever the enrollment of students for the next
26     school year is estimated by the board of education to

 

 

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1     increase over the actual present enrollment by not less
2     than 35% or by not less than 200 students or the actual
3     present enrollment of students has increased over the
4     previous school year by not less than 35% or by not less
5     than 200 students and the board of education determines
6     that additional school sites or building facilities are
7     required as a result of such increase in enrollment; and
8         (2) When the Regional Superintendent of Schools having
9     jurisdiction over the school district and the State
10     Superintendent of Education concur in such enrollment
11     projection or increase and approve the need for such
12     additional school sites or building facilities and the
13     estimated cost thereof; and
14         (3) When the voters in the school district approve a
15     proposition for the issuance of bonds for the purpose of
16     acquiring or improving such needed school sites or
17     constructing and equipping such needed additional building
18     facilities at an election called and held for that purpose.
19     Notice of such an election shall state that the amount of
20     indebtedness proposed to be incurred would exceed the debt
21     limitation otherwise applicable to the school district.
22     The ballot for such proposition shall state what percentage
23     of the equalized assessed valuation will be outstanding in
24     bonds if the proposed issuance of bonds is approved by the
25     voters; or
26         (4) Notwithstanding the provisions of paragraphs (1)

 

 

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

 

 

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1 or, until January 1, 1983, if greater, the sum that is produced
2 by multiplying the school district's 1978 equalized assessed
3 valuation by the debt limitation percentage in effect on
4 January 1, 1979.
5     The indebtedness provided for by this subsection (b) shall
6 be in addition to and in excess of any other debt limitation.
7     (c) Notwithstanding the debt limitation prescribed in
8 subsection (a) of this Section, in any case in which a public
9 question for the issuance of bonds of a proposed school
10 district maintaining grades kindergarten through 12 received
11 at least 60% of the valid ballots cast on the question at an
12 election held on or prior to November 8, 1994, and in which the
13 bonds approved at such election have not been issued, the
14 school district pursuant to the requirements of Section 11A-10
15 (now repealed) may issue the total amount of bonds approved at
16 such election for the purpose stated in the question.
17     (d) Notwithstanding the debt limitation prescribed in
18 subsection (a) of this Section, a school district that meets
19 all the criteria set forth in paragraphs (1) and (2) of this
20 subsection (d) may incur an additional indebtedness in an
21 amount not to exceed $4,500,000, even though the amount of the
22 additional indebtedness authorized by this subsection (d),
23 when incurred and added to the aggregate amount of indebtedness
24 of the district existing immediately prior to the district
25 incurring the additional indebtedness authorized by this
26 subsection (d), causes the aggregate indebtedness of the

 

 

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1 district to exceed the debt limitation otherwise applicable to
2 that district under subsection (a):
3         (1) The additional indebtedness authorized by this
4     subsection (d) is incurred by the school district through
5     the issuance of bonds under and in accordance with Section
6     17-2.11a for the purpose of replacing a school building
7     which, because of mine subsidence damage, has been closed
8     as provided in paragraph (2) of this subsection (d) or
9     through the issuance of bonds under and in accordance with
10     Section 19-3 for the purpose of increasing the size of, or
11     providing for additional functions in, such replacement
12     school buildings, or both such purposes.
13         (2) The bonds issued by the school district as provided
14     in paragraph (1) above are issued for the purposes of
15     construction by the school district of a new school
16     building pursuant to Section 17-2.11, to replace an
17     existing school building that, because of mine subsidence
18     damage, is closed as of the end of the 1992-93 school year
19     pursuant to action of the regional superintendent of
20     schools of the educational service region in which the
21     district is located under Section 3-14.22 or are issued for
22     the purpose of increasing the size of, or providing for
23     additional functions in, the new school building being
24     constructed to replace a school building closed as the
25     result of mine subsidence damage, or both such purposes.
26     (e) (Blank).

 

 

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1     (f) Notwithstanding the provisions of subsection (a) of
2 this Section or of any other law, bonds in not to exceed the
3 aggregate amount of $5,500,000 and issued by a school district
4 meeting the following criteria shall not be considered
5 indebtedness for purposes of any statutory limitation and may
6 be issued in an amount or amounts, including existing
7 indebtedness, in excess of any heretofore or hereafter imposed
8 statutory limitation as to indebtedness:
9         (1) At the time of the sale of such bonds, the board of
10     education of the district shall have determined by
11     resolution that the enrollment of students in the district
12     is projected to increase by not less than 7% during each of
13     the next succeeding 2 school years.
14         (2) The board of education shall also determine by
15     resolution that the improvements to be financed with the
16     proceeds of the bonds are needed because of the projected
17     enrollment increases.
18         (3) The board of education shall also determine by
19     resolution that the projected increases in enrollment are
20     the result of improvements made or expected to be made to
21     passenger rail facilities located in the school district.
22     Notwithstanding the provisions of subsection (a) of this
23 Section or of any other law, a school district that has availed
24 itself of the provisions of this subsection (f) prior to July
25 22, 2004 (the effective date of Public Act 93-799) may also
26 issue bonds approved by referendum up to an amount, including

 

 

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

 

 

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1         (iv) The school district issuing the bonds is a unit
2     school district located in a county of less than 70,000 and
3     more than 50,000 inhabitants, which has an average daily
4     attendance of less than 1,500 and an equalized assessed
5     valuation of less than $29,000,000.
6     (h) Notwithstanding any other provisions of this Section or
7 the provisions of any other law, until January 1, 1998, a
8 community unit school district maintaining grades K through 12
9 may issue bonds up to an amount, including existing
10 indebtedness, not exceeding 27.6% of the equalized assessed
11 value of the taxable property in the district, if all of the
12 following conditions are met:
13         (i) The school district has an equalized assessed
14     valuation for calendar year 1995 of less than $24,000,000;
15         (ii) The bonds are issued for the capital improvement,
16     renovation, rehabilitation, or replacement of existing
17     school buildings of the district, all of which buildings
18     were originally constructed not less than 40 years ago;
19         (iii) The voters of the district approve a proposition
20     for the issuance of the bonds at a referendum held after
21     March 19, 1996; and
22         (iv) The bonds are issued pursuant to Sections 19-2
23     through 19-7 of this Code.
24     (i) Notwithstanding any other provisions of this Section or
25 the provisions of any other law, until January 1, 1998, a
26 community unit school district maintaining grades K through 12

 

 

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

 

 

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1     1995-96 school year of at least 2,800;
2         (ii) The bonds are issued to purchase a site and build
3     and equip a new high school, and the school district's
4     existing high school was originally constructed not less
5     than 35 years prior to the sale of the bonds;
6         (iii) At the time of the sale of the bonds, the board
7     of education determines by resolution that a new high
8     school is needed because of projected enrollment
9     increases;
10         (iv) At least 60% of those voting in an election held
11     after December 31, 1996 approve a proposition for the
12     issuance of the bonds; and
13         (v) The bonds are issued pursuant to Sections 19-2
14     through 19-7 of this Code.
15     (k) Notwithstanding the debt limitation prescribed in
16 subsection (a) of this Section, a school district that meets
17 all the criteria set forth in paragraphs (1) through (4) of
18 this subsection (k) may issue bonds to incur an additional
19 indebtedness in an amount not to exceed $4,000,000 even though
20 the amount of the additional indebtedness authorized by this
21 subsection (k), when incurred and added to the aggregate amount
22 of indebtedness of the school district existing immediately
23 prior to the school district incurring such additional
24 indebtedness, causes the aggregate indebtedness of the school
25 district to exceed or increases the amount by which the
26 aggregate indebtedness of the district already exceeds the debt

 

 

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

 

 

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1         (ii) the bonds are issued for capital improvement,
2     renovation, rehabilitation, or replacement of one or more
3     school buildings of the district, which buildings were
4     originally constructed not less than 70 years ago;
5         (iii) the voters of the district approve a proposition
6     for the issuance of the bonds at a referendum held on or
7     after March 17, 1998; and
8         (iv) the bonds are issued pursuant to Sections 19-2
9     through 19-7 of this Code.
10     (m) Notwithstanding any other provisions of this Section or
11 the provisions of any other law, until January 1, 1999, an
12 elementary school district maintaining grades K through 8 may
13 issue bonds up to an amount, excluding existing indebtedness,
14 not exceeding 18% of the equalized assessed value of the
15 taxable property in the district, if all of the following
16 conditions are met:
17         (i) The school district has an equalized assessed
18     valuation for calendar year 1995 or less than $7,700,000;
19         (ii) The school district operates 2 elementary
20     attendance centers that until 1976 were operated as the
21     attendance centers of 2 separate and distinct school
22     districts;
23         (iii) The bonds are issued for the construction of a
24     new elementary school building to replace an existing
25     multi-level elementary school building of the school
26     district that is not handicapped accessible at all levels

 

 

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1     and parts of which were constructed more than 75 years ago;
2         (iv) The voters of the school district approve a
3     proposition for the issuance of the bonds at a referendum
4     held after July 1, 1998; and
5         (v) The bonds are issued pursuant to Sections 19-2
6     through 19-7 of this Code.
7     (n) Notwithstanding the debt limitation prescribed in
8 subsection (a) of this Section or any other provisions of this
9 Section or of any other law, a school district that meets all
10 of the criteria set forth in paragraphs (i) through (vi) of
11 this subsection (n) may incur additional indebtedness by the
12 issuance of bonds in an amount not exceeding the amount
13 certified by the Capital Development Board to the school
14 district as provided in paragraph (iii) of this subsection (n),
15 even though the amount of the additional indebtedness so
16 authorized, when incurred and added to the aggregate amount of
17 indebtedness of the district existing immediately prior to the
18 district incurring the additional indebtedness authorized by
19 this subsection (n), causes the aggregate indebtedness of the
20 district to exceed the debt limitation otherwise applicable by
21 law to that district:
22         (i) The school district applies to the State Board of
23     Education for a school construction project grant and
24     submits a district facilities plan in support of its
25     application pursuant to Section 5-20 of the School
26     Construction Law.

 

 

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1         (ii) The school district's application and facilities
2     plan are approved by, and the district receives a grant
3     entitlement for a school construction project issued by,
4     the State Board of Education under the School Construction
5     Law.
6         (iii) The school district has exhausted its bonding
7     capacity or the unused bonding capacity of the district is
8     less than the amount certified by the Capital Development
9     Board to the district under Section 5-15 of the School
10     Construction Law as the dollar amount of the school
11     construction project's cost that the district will be
12     required to finance with non-grant funds in order to
13     receive a school construction project grant under the
14     School Construction Law.
15         (iv) The bonds are issued for a "school construction
16     project", as that term is defined in Section 5-5 of the
17     School Construction Law, in an amount that does not exceed
18     the dollar amount certified, as provided in paragraph (iii)
19     of this subsection (n), by the Capital Development Board to
20     the school district under Section 5-15 of the School
21     Construction Law.
22         (v) The voters of the district approve a proposition
23     for the issuance of the bonds at a referendum held after
24     the criteria specified in paragraphs (i) and (iii) of this
25     subsection (n) are met.
26         (vi) The bonds are issued pursuant to Sections 19-2

 

 

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1     through 19-7 of the School Code.
2     (o) Notwithstanding any other provisions of this Section or
3 the provisions of any other law, until November 1, 2007, a
4 community unit school district maintaining grades K through 12
5 may issue bonds up to an amount, including existing
6 indebtedness, not exceeding 20% of the equalized assessed value
7 of the taxable property in the district if all of the following
8 conditions are met:
9         (i) the school district has an equalized assessed
10     valuation for calendar year 2001 of at least $737,000,000
11     and an enrollment for the 2002-2003 school year of at least
12     8,500;
13         (ii) the bonds are issued to purchase school sites,
14     build and equip a new high school, build and equip a new
15     junior high school, build and equip 5 new elementary
16     schools, and make technology and other improvements and
17     additions to existing schools;
18         (iii) at the time of the sale of the bonds, the board
19     of education determines by resolution that the sites and
20     new or improved facilities are needed because of projected
21     enrollment increases;
22         (iv) at least 57% of those voting in a general election
23     held prior to January 1, 2003 approved a proposition for
24     the issuance of the bonds; and
25         (v) the bonds are issued pursuant to Sections 19-2
26     through 19-7 of this Code.

 

 

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1     (p) Notwithstanding any other provisions of this Section or
2 the provisions of any other law, a community unit school
3 district maintaining grades K through 12 may issue bonds up to
4 an amount, including indebtedness, not exceeding 27% of the
5 equalized assessed value of the taxable property in the
6 district if all of the following conditions are met:
7         (i) The school district has an equalized assessed
8     valuation for calendar year 2001 of at least $295,741,187
9     and a best 3 months' average daily attendance for the
10     2002-2003 school year of at least 2,394.
11         (ii) The bonds are issued to build and equip 3
12     elementary school buildings; build and equip one middle
13     school building; and alter, repair, improve, and equip all
14     existing school buildings in the district.
15         (iii) At the time of the sale of the bonds, the board
16     of education determines by resolution that the project is
17     needed because of expanding growth in the school district
18     and a projected enrollment increase.
19         (iv) The bonds are issued pursuant to Sections 19-2
20     through 19-7 of this Code.
21     (p-5) Notwithstanding any other provisions of this Section
22 or the provisions of any other law, bonds issued by a community
23 unit school district maintaining grades K through 12 shall not
24 be considered indebtedness for purposes of any statutory
25 limitation and may be issued in an amount or amounts, including
26 existing indebtedness, in excess of any heretofore or hereafter

 

 

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

 

 

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

 

 

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

 

 

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

 

 

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1         (v) The proceeds of the bonds are used only to
2     accomplish those projects approved by the voters at the
3     primary election held on March 21, 2006.
4 The debt incurred on any bonds issued under this subsection
5 (p-20) shall not be considered indebtedness for purposes of any
6 statutory debt limitation.
7     (q) A school district must notify the State Board of
8 Education prior to issuing any form of long-term or short-term
9 debt that will result in outstanding debt that exceeds 75% of
10 the debt limit specified in this Section or any other provision
11 of law.
12 (Source: P.A. 93-13, eff. 6-9-03; 93-799, eff. 7-22-04;
13 93-1045, eff. 10-15-04; 94-234, eff. 7-1-06; 94-721, eff.
14 1-6-06; 94-952, eff. 6-27-06; 94-1019, eff. 7-10-06; 94-1078,
15 eff. 1-9-07.)