Illinois General Assembly - Bill Status for HB5967
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 Bill Status of HB5967  99th General Assembly


Short Description:  DEBT CONTROL-TAXPYR PROTECTION

House Sponsors
Rep. Jeanne M Ives

Last Action
DateChamber Action
  1/10/2017HouseSession Sine Die

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


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

Actions 
DateChamber Action
  2/11/2016HouseFiled with the Clerk by Rep. Jeanne M Ives
  2/11/2016HouseFirst Reading
  2/11/2016HouseReferred to Rules Committee
  1/10/2017HouseSession Sine Die

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