Illinois General Assembly - Full Text of SB0514
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Full Text of SB0514  99th General Assembly

SB0514enr 99TH GENERAL ASSEMBLY



 


 
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1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 3. The Local Government Debt Reform Act is amended
5by changing Section 17.5 as follows:
 
6    (30 ILCS 350/17.5)
7    Sec. 17.5. Bond authorization by referendum.
8    (a) Whenever applicable law provides that the
9authorization of or the issuance of bonds is subject to either
10a referendum or backdoor referendum, the approval, once
11obtained, remains (i) for 5 years after the date of the
12referendum or (ii) for 3 years after the end of the petition
13period for a backdoor referendum. However, whenever the
14applicable law provides that the authorization of or the
15issuance of bonds under the Water Pollution Control Loan
16Program or the Public Water Supply Loan Program, under Title
17IV-A of the Environmental Protection Act, is subject to either
18a referendum or backdoor referendum, the approval, once
19obtained, remains (i) for 7 years after the date of the
20referendum or (ii) for 5 years after the end of the petition
21period for a backdoor referendum. In the case of bonds
22authorized to be issued under the Downstate Forest Preserve
23District Act and approved by Lake County voters in a November

 

 

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12008 referendum or in the case of bonds authorized to be issued
2under the School Code and approved by voters of Sandoval
3Community Unit School District 501 in a March 2012 referendum,
4the approval, once obtained, remains for 10 years after the
5date of the referendum. In the case of bonds authorized to be
6issued under the Counties Code and approved by Jackson County
7voters in a 1994 referendum, of which less than $200,000 of the
8original bonds have been issued, and for which the purpose of
9the bonds is flooding prevention, the approval, once obtained,
10remains for 25 years after the date of the referendum.
11    (b) With respect to any bond approval under subsection (a),
12if, for any reason, the bonds are not issued because of a court
13action, then the time limits set forth under subsection (a) for
14the approval for the bonds is tolled during the time that the
15court action is pending. This subsection (b) applies to any
16bond issuance approved by referendum held on or after January
171, 2003 or by a backdoor referendum held on or after January 1,
182005.
19(Source: P.A. 97-364, eff. 8-15-11; 98-655, eff. 6-18-14.)
 
20    Section 5. The School Code is amended by changing Sections
2117-2A and 19-1 as follows:
 
22    (105 ILCS 5/17-2A)  (from Ch. 122, par. 17-2A)
23    Sec. 17-2A. Interfund transfers.
24    (a) The school board of any district having a population of

 

 

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1less than 500,000 inhabitants may, by proper resolution
2following a public hearing set by the school board or the
3president of the school board (that is preceded (i) by at least
4one published notice over the name of the clerk or secretary of
5the board, occurring at least 7 days and not more than 30 days
6prior to the hearing, in a newspaper of general circulation
7within the school district and (ii) by posted notice over the
8name of the clerk or secretary of the board, at least 48 hours
9before the hearing, at the principal office of the school board
10or at the building where the hearing is to be held if a
11principal office does not exist, with both notices setting
12forth the time, date, place, and subject matter of the
13hearing), transfer money from (1) the Educational Fund to the
14Operations and Maintenance Fund or the Transportation Fund, (2)
15the Operations and Maintenance Fund to the Educational Fund or
16the Transportation Fund, or (3) the Transportation Fund to the
17Educational Fund or the Operations and Maintenance Fund of said
18district, provided that, except during the period from July 1,
192003 through June 30, 2019, such transfer is made solely for
20the purpose of meeting one-time, non-recurring expenses.
21Except during the period from July 1, 2003 through June 30,
222019 and except as otherwise provided in subsection (b) of this
23Section, any other permanent interfund transfers authorized by
24any provision or judicial interpretation of this Code for which
25the transferee fund is not precisely and specifically set forth
26in the provision of this Code authorizing such transfer shall

 

 

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1be made to the fund of the school district most in need of the
2funds being transferred, as determined by resolution of the
3school board.
4     (b) Notwithstanding subsection (a) of this Section or any
5other provision of this Code to the contrary, the school board
6of any school district (i) that is subject to the Property Tax
7Extension Limitation Law, (ii) that has a population of less
8than 500,000 inhabitants, (iii) that is levying at its maximum
9tax rate, (iv) whose total equalized assessed valuation has
10declined 20% in the prior 2 years, (v) in which 80% or more of
11its students receive free or reduced-price lunch, and (vi) that
12had an equalized assessed valuation of less than $207 million
13but more than $203 million in the 2011 levy year may annually,
14until July 1, 2016, transfer money from any fund of the
15district, other than the Illinois Municipal Retirement Fund and
16the Bonds and Interest Fund, to the educational fund, the
17operations and maintenance fund, or the transportation fund of
18the district by proper resolution following a public hearing
19set by the school board or the president of the school board,
20with notice as provided in subsection (a) of this Section, so
21long as the district meets the qualifications set forth in this
22subsection (b) on the effective date of this amendatory Act of
23the 98th General Assembly even if the district does not meet
24those qualifications at the time a given transfer is made.
25    (c) Notwithstanding subsection (a) of this Section or any
26other provision of this Code to the contrary, the school board

 

 

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1of any school district (i) that is subject to the Property Tax
2Extension Limitation Law, (ii) that is an elementary district
3servicing students in grades K through 8, (iii) whose territory
4is in one county, (iv) that is eligible for Section 7002
5Federal Impact Aid, and (v) that has no more than $81,000 in
6funds remaining from refinancing bonds that were refinanced a
7minimum of 5 years prior to the effective date of this
8amendatory Act of the 99th General Assembly may make a one-time
9transfer of the funds remaining from the refinancing bonds to
10the Operations and Maintenance Fund of the district by proper
11resolution following a public hearing set by the school board
12or the president of the school board, with notice as provided
13in subsection (a) of this Section, so long as the district
14meets the qualifications set forth in this subsection (c) on
15the effective date of this amendatory Act of the 99th General
16Assembly.
17(Source: P.A. 98-26, eff. 6-21-13; 98-131, eff. 1-1-14; 99-713,
18eff. 8-5-16.)
 
19    (105 ILCS 5/19-1)
20    Sec. 19-1. Debt limitations of school districts.
21    (a) School districts shall not be subject to the provisions
22limiting their indebtedness prescribed in the Local Government
23Debt Limitation Act.
24    No school districts maintaining grades K through 8 or 9
25through 12 shall become indebted in any manner or for any

 

 

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1purpose to an amount, including existing indebtedness, in the
2aggregate exceeding 6.9% on the value of the taxable property
3therein to be ascertained by the last assessment for State and
4county taxes or, until January 1, 1983, if greater, the sum
5that is produced by multiplying the school district's 1978
6equalized assessed valuation by the debt limitation percentage
7in effect on January 1, 1979, previous to the incurring of such
8indebtedness.
9    No school districts maintaining grades K through 12 shall
10become indebted in any manner or for any purpose to an amount,
11including existing indebtedness, in the aggregate exceeding
1213.8% on the value of the taxable property therein to be
13ascertained by the last assessment for State and county taxes
14or, until January 1, 1983, if greater, the sum that is produced
15by multiplying the school district's 1978 equalized assessed
16valuation by the debt limitation percentage in effect on
17January 1, 1979, previous to the incurring of such
18indebtedness.
19    No partial elementary unit district, as defined in Article
2011E of this Code, shall become indebted in any manner or for
21any purpose in an amount, including existing indebtedness, in
22the aggregate exceeding 6.9% of the value of the taxable
23property of the entire district, to be ascertained by the last
24assessment for State and county taxes, plus an amount,
25including existing indebtedness, in the aggregate exceeding
266.9% of the value of the taxable property of that portion of

 

 

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1the district included in the elementary and high school
2classification, to be ascertained by the last assessment for
3State and county taxes. Moreover, no partial elementary unit
4district, as defined in Article 11E of this Code, shall become
5indebted on account of bonds issued by the district for high
6school purposes in the aggregate exceeding 6.9% of the value of
7the taxable property of the entire district, to be ascertained
8by the last assessment for State and county taxes, nor shall
9the district become indebted on account of bonds issued by the
10district for elementary purposes in the aggregate exceeding
116.9% of the value of the taxable property for that portion of
12the district included in the elementary and high school
13classification, to be ascertained by the last assessment for
14State and county taxes.
15    Notwithstanding the provisions of any other law to the
16contrary, in any case in which the voters of a school district
17have approved a proposition for the issuance of bonds of such
18school district at an election held prior to January 1, 1979,
19and all of the bonds approved at such election have not been
20issued, the debt limitation applicable to such school district
21during the calendar year 1979 shall be computed by multiplying
22the value of taxable property therein, including personal
23property, as ascertained by the last assessment for State and
24county taxes, previous to the incurring of such indebtedness,
25by the percentage limitation applicable to such school district
26under the provisions of this subsection (a).

 

 

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1    (b) Notwithstanding the debt limitation prescribed in
2subsection (a) of this Section, additional indebtedness may be
3incurred in an amount not to exceed the estimated cost of
4acquiring or improving school sites or constructing and
5equipping additional building facilities under the following
6conditions:
7        (1) Whenever the enrollment of students for the next
8    school year is estimated by the board of education to
9    increase over the actual present enrollment by not less
10    than 35% or by not less than 200 students or the actual
11    present enrollment of students has increased over the
12    previous school year by not less than 35% or by not less
13    than 200 students and the board of education determines
14    that additional school sites or building facilities are
15    required as a result of such increase in enrollment; and
16        (2) When the Regional Superintendent of Schools having
17    jurisdiction over the school district and the State
18    Superintendent of Education concur in such enrollment
19    projection or increase and approve the need for such
20    additional school sites or building facilities and the
21    estimated cost thereof; and
22        (3) When the voters in the school district approve a
23    proposition for the issuance of bonds for the purpose of
24    acquiring or improving such needed school sites or
25    constructing and equipping such needed additional building
26    facilities at an election called and held for that purpose.

 

 

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1    Notice of such an election shall state that the amount of
2    indebtedness proposed to be incurred would exceed the debt
3    limitation otherwise applicable to the school district.
4    The ballot for such proposition shall state what percentage
5    of the equalized assessed valuation will be outstanding in
6    bonds if the proposed issuance of bonds is approved by the
7    voters; or
8        (4) Notwithstanding the provisions of paragraphs (1)
9    through (3) of this subsection (b), if the school board
10    determines that additional facilities are needed to
11    provide a quality educational program and not less than 2/3
12    of those voting in an election called by the school board
13    on the question approve the issuance of bonds for the
14    construction of such facilities, the school district may
15    issue bonds for this purpose; or
16        (5) Notwithstanding the provisions of paragraphs (1)
17    through (3) of this subsection (b), if (i) the school
18    district has previously availed itself of the provisions of
19    paragraph (4) of this subsection (b) to enable it to issue
20    bonds, (ii) the voters of the school district have not
21    defeated a proposition for the issuance of bonds since the
22    referendum described in paragraph (4) of this subsection
23    (b) was held, (iii) the school board determines that
24    additional facilities are needed to provide a quality
25    educational program, and (iv) a majority of those voting in
26    an election called by the school board on the question

 

 

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1    approve the issuance of bonds for the construction of such
2    facilities, the school district may issue bonds for this
3    purpose.
4    In no event shall the indebtedness incurred pursuant to
5this subsection (b) and the existing indebtedness of the school
6district exceed 15% of the value of the taxable property
7therein to be ascertained by the last assessment for State and
8county taxes, previous to the incurring of such indebtedness
9or, until January 1, 1983, if greater, the sum that is produced
10by multiplying the school district's 1978 equalized assessed
11valuation by the debt limitation percentage in effect on
12January 1, 1979.
13    The indebtedness provided for by this subsection (b) shall
14be in addition to and in excess of any other debt limitation.
15    (c) Notwithstanding the debt limitation prescribed in
16subsection (a) of this Section, in any case in which a public
17question for the issuance of bonds of a proposed school
18district maintaining grades kindergarten through 12 received
19at least 60% of the valid ballots cast on the question at an
20election held on or prior to November 8, 1994, and in which the
21bonds approved at such election have not been issued, the
22school district pursuant to the requirements of Section 11A-10
23(now repealed) may issue the total amount of bonds approved at
24such election for the purpose stated in the question.
25    (d) Notwithstanding the debt limitation prescribed in
26subsection (a) of this Section, a school district that meets

 

 

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1all the criteria set forth in paragraphs (1) and (2) of this
2subsection (d) may incur an additional indebtedness in an
3amount not to exceed $4,500,000, even though the amount of the
4additional indebtedness authorized by this subsection (d),
5when incurred and added to the aggregate amount of indebtedness
6of the district existing immediately prior to the district
7incurring the additional indebtedness authorized by this
8subsection (d), causes the aggregate indebtedness of the
9district to exceed the debt limitation otherwise applicable to
10that district under subsection (a):
11        (1) The additional indebtedness authorized by this
12    subsection (d) is incurred by the school district through
13    the issuance of bonds under and in accordance with Section
14    17-2.11a for the purpose of replacing a school building
15    which, because of mine subsidence damage, has been closed
16    as provided in paragraph (2) of this subsection (d) or
17    through the issuance of bonds under and in accordance with
18    Section 19-3 for the purpose of increasing the size of, or
19    providing for additional functions in, such replacement
20    school buildings, or both such purposes.
21        (2) The bonds issued by the school district as provided
22    in paragraph (1) above are issued for the purposes of
23    construction by the school district of a new school
24    building pursuant to Section 17-2.11, to replace an
25    existing school building that, because of mine subsidence
26    damage, is closed as of the end of the 1992-93 school year

 

 

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1    pursuant to action of the regional superintendent of
2    schools of the educational service region in which the
3    district is located under Section 3-14.22 or are issued for
4    the purpose of increasing the size of, or providing for
5    additional functions in, the new school building being
6    constructed to replace a school building closed as the
7    result of mine subsidence damage, or both such purposes.
8    (e) (Blank).
9    (f) Notwithstanding the provisions of subsection (a) of
10this Section or of any other law, bonds in not to exceed the
11aggregate amount of $5,500,000 and issued by a school district
12meeting the following criteria shall not be considered
13indebtedness for purposes of any statutory limitation and may
14be issued in an amount or amounts, including existing
15indebtedness, in excess of any heretofore or hereafter imposed
16statutory limitation as to indebtedness:
17        (1) At the time of the sale of such bonds, the board of
18    education of the district shall have determined by
19    resolution that the enrollment of students in the district
20    is projected to increase by not less than 7% during each of
21    the next succeeding 2 school years.
22        (2) The board of education shall also determine by
23    resolution that the improvements to be financed with the
24    proceeds of the bonds are needed because of the projected
25    enrollment increases.
26        (3) The board of education shall also determine by

 

 

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1    resolution that the projected increases in enrollment are
2    the result of improvements made or expected to be made to
3    passenger rail facilities located in the school district.
4    Notwithstanding the provisions of subsection (a) of this
5Section or of any other law, a school district that has availed
6itself of the provisions of this subsection (f) prior to July
722, 2004 (the effective date of Public Act 93-799) may also
8issue bonds approved by referendum up to an amount, including
9existing indebtedness, not exceeding 25% of the equalized
10assessed value of the taxable property in the district if all
11of the conditions set forth in items (1), (2), and (3) of this
12subsection (f) are met.
13    (g) Notwithstanding the provisions of subsection (a) of
14this Section or any other law, bonds in not to exceed an
15aggregate amount of 25% of the equalized assessed value of the
16taxable property of a school district and issued by a school
17district meeting the criteria in paragraphs (i) through (iv) of
18this subsection shall not be considered indebtedness for
19purposes of any statutory limitation and may be issued pursuant
20to resolution of the school board in an amount or amounts,
21including existing indebtedness, in excess of any statutory
22limitation of indebtedness heretofore or hereafter imposed:
23        (i) The bonds are issued for the purpose of
24    constructing a new high school building to replace two
25    adjacent existing buildings which together house a single
26    high school, each of which is more than 65 years old, and

 

 

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1    which together are located on more than 10 acres and less
2    than 11 acres of property.
3        (ii) At the time the resolution authorizing the
4    issuance of the bonds is adopted, the cost of constructing
5    a new school building to replace the existing school
6    building is less than 60% of the cost of repairing the
7    existing school building.
8        (iii) The sale of the bonds occurs before July 1, 1997.
9        (iv) The school district issuing the bonds is a unit
10    school district located in a county of less than 70,000 and
11    more than 50,000 inhabitants, which has an average daily
12    attendance of less than 1,500 and an equalized assessed
13    valuation of less than $29,000,000.
14    (h) Notwithstanding any other provisions of this Section or
15the provisions of any other law, until January 1, 1998, a
16community unit school district maintaining grades K through 12
17may issue bonds up to an amount, including existing
18indebtedness, not exceeding 27.6% of the equalized assessed
19value of the taxable property in the district, if all of the
20following conditions are met:
21        (i) The school district has an equalized assessed
22    valuation for calendar year 1995 of less than $24,000,000;
23        (ii) The bonds are issued for the capital improvement,
24    renovation, rehabilitation, or replacement of existing
25    school buildings of the district, all of which buildings
26    were originally constructed not less than 40 years ago;

 

 

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1        (iii) The voters of the district approve a proposition
2    for the issuance of the bonds at a referendum held after
3    March 19, 1996; and
4        (iv) The bonds are issued pursuant to Sections 19-2
5    through 19-7 of this Code.
6    (i) Notwithstanding any other provisions of this Section or
7the provisions of any other law, until January 1, 1998, a
8community unit school district maintaining grades K through 12
9may issue bonds up to an amount, including existing
10indebtedness, not exceeding 27% of the equalized assessed value
11of the taxable property in the district, if all of the
12following conditions are met:
13        (i) The school district has an equalized assessed
14    valuation for calendar year 1995 of less than $44,600,000;
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 existing
18    buildings were originally constructed not less than 80
19    years ago;
20        (iii) The voters of the district approve a proposition
21    for the issuance of the bonds at a referendum held after
22    December 31, 1996; and
23        (iv) The bonds are issued pursuant to Sections 19-2
24    through 19-7 of this Code.
25    (j) Notwithstanding any other provisions of this Section or
26the provisions of any other law, until January 1, 1999, a

 

 

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1community unit school district maintaining grades K through 12
2may issue bonds up to an amount, including existing
3indebtedness, not exceeding 27% of the equalized assessed value
4of the taxable property in the district if all of the following
5conditions are met:
6        (i) The school district has an equalized assessed
7    valuation for calendar year 1995 of less than $140,000,000
8    and a best 3 months average daily attendance for the
9    1995-96 school year of at least 2,800;
10        (ii) The bonds are issued to purchase a site and build
11    and equip a new high school, and the school district's
12    existing high school was originally constructed not less
13    than 35 years prior to the sale of the bonds;
14        (iii) At the time of the sale of the bonds, the board
15    of education determines by resolution that a new high
16    school is needed because of projected enrollment
17    increases;
18        (iv) At least 60% of those voting in an election held
19    after December 31, 1996 approve a proposition for the
20    issuance of the bonds; and
21        (v) The bonds are issued pursuant to Sections 19-2
22    through 19-7 of this Code.
23    (k) Notwithstanding the debt limitation prescribed in
24subsection (a) of this Section, a school district that meets
25all the criteria set forth in paragraphs (1) through (4) of
26this subsection (k) may issue bonds to incur an additional

 

 

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1indebtedness in an amount not to exceed $4,000,000 even though
2the amount of the additional indebtedness authorized by this
3subsection (k), when incurred and added to the aggregate amount
4of indebtedness of the school district existing immediately
5prior to the school district incurring such additional
6indebtedness, causes the aggregate indebtedness of the school
7district to exceed or increases the amount by which the
8aggregate indebtedness of the district already exceeds the debt
9limitation otherwise applicable to that school district under
10subsection (a):
11        (1) the school district is located in 2 counties, and a
12    referendum to authorize the additional indebtedness was
13    approved by a majority of the voters of the school district
14    voting on the proposition to authorize that indebtedness;
15        (2) the additional indebtedness is for the purpose of
16    financing a multi-purpose room addition to the existing
17    high school;
18        (3) the additional indebtedness, together with the
19    existing indebtedness of the school district, shall not
20    exceed 17.4% of the value of the taxable property in the
21    school district, to be ascertained by the last assessment
22    for State and county taxes; and
23        (4) the bonds evidencing the additional indebtedness
24    are issued, if at all, within 120 days of August 14, 1998
25    (the effective date of Public Act 90-757).
26    (l) Notwithstanding any other provisions of this Section or

 

 

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1the provisions of any other law, until January 1, 2000, a
2school district maintaining grades kindergarten through 8 may
3issue bonds up to an amount, including existing indebtedness,
4not exceeding 15% of the equalized assessed value of the
5taxable property in the district if all of the following
6conditions are met:
7        (i) the district has an equalized assessed valuation
8    for calendar year 1996 of less than $10,000,000;
9        (ii) the bonds are issued for capital improvement,
10    renovation, rehabilitation, or replacement of one or more
11    school buildings of the district, which buildings were
12    originally constructed not less than 70 years ago;
13        (iii) the voters of the district approve a proposition
14    for the issuance of the bonds at a referendum held on or
15    after March 17, 1998; and
16        (iv) the bonds are issued pursuant to Sections 19-2
17    through 19-7 of this Code.
18    (m) Notwithstanding any other provisions of this Section or
19the provisions of any other law, until January 1, 1999, an
20elementary school district maintaining grades K through 8 may
21issue bonds up to an amount, excluding existing indebtedness,
22not exceeding 18% of the equalized assessed value of the
23taxable property in the district, if all of the following
24conditions are met:
25        (i) The school district has an equalized assessed
26    valuation for calendar year 1995 or less than $7,700,000;

 

 

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1        (ii) The school district operates 2 elementary
2    attendance centers that until 1976 were operated as the
3    attendance centers of 2 separate and distinct school
4    districts;
5        (iii) The bonds are issued for the construction of a
6    new elementary school building to replace an existing
7    multi-level elementary school building of the school
8    district that is not accessible at all levels and parts of
9    which were constructed more than 75 years ago;
10        (iv) The voters of the school district approve a
11    proposition for the issuance of the bonds at a referendum
12    held after July 1, 1998; and
13        (v) The bonds are issued pursuant to Sections 19-2
14    through 19-7 of this Code.
15    (n) Notwithstanding the debt limitation prescribed in
16subsection (a) of this Section or any other provisions of this
17Section or of any other law, a school district that meets all
18of the criteria set forth in paragraphs (i) through (vi) of
19this subsection (n) may incur additional indebtedness by the
20issuance of bonds in an amount not exceeding the amount
21certified by the Capital Development Board to the school
22district as provided in paragraph (iii) of this subsection (n),
23even though the amount of the additional indebtedness so
24authorized, when incurred and added to the aggregate amount of
25indebtedness of the district existing immediately prior to the
26district incurring the additional indebtedness authorized by

 

 

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

 

 

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1    of this subsection (n), by the Capital Development Board to
2    the school district under Section 5-15 of the School
3    Construction Law.
4        (v) The voters of the district approve a proposition
5    for the issuance of the bonds at a referendum held after
6    the criteria specified in paragraphs (i) and (iii) of this
7    subsection (n) are met.
8        (vi) The bonds are issued pursuant to Sections 19-2
9    through 19-7 of the School Code.
10    (o) Notwithstanding any other provisions of this Section or
11the provisions of any other law, until November 1, 2007, a
12community unit school district maintaining grades K through 12
13may issue bonds up to an amount, including existing
14indebtedness, not exceeding 20% of the equalized assessed value
15of the taxable property in the district if all of the following
16conditions are met:
17        (i) the school district has an equalized assessed
18    valuation for calendar year 2001 of at least $737,000,000
19    and an enrollment for the 2002-2003 school year of at least
20    8,500;
21        (ii) the bonds are issued to purchase school sites,
22    build and equip a new high school, build and equip a new
23    junior high school, build and equip 5 new elementary
24    schools, and make technology and other improvements and
25    additions to existing schools;
26        (iii) at the time of the sale of the bonds, the board

 

 

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1    of education determines by resolution that the sites and
2    new or improved facilities are needed because of projected
3    enrollment increases;
4        (iv) at least 57% of those voting in a general election
5    held prior to January 1, 2003 approved a proposition for
6    the issuance of the bonds; and
7        (v) the bonds are issued pursuant to Sections 19-2
8    through 19-7 of this Code.
9    (p) Notwithstanding any other provisions of this Section or
10the provisions of any other law, a community unit school
11district maintaining grades K through 12 may issue bonds up to
12an amount, including indebtedness, not exceeding 27% of the
13equalized assessed value of the taxable property in the
14district if all of the following conditions are met:
15        (i) The school district has an equalized assessed
16    valuation for calendar year 2001 of at least $295,741,187
17    and a best 3 months' average daily attendance for the
18    2002-2003 school year of at least 2,394.
19        (ii) The bonds are issued to build and equip 3
20    elementary school buildings; build and equip one middle
21    school building; and alter, repair, improve, and equip all
22    existing school buildings in the district.
23        (iii) At the time of the sale of the bonds, the board
24    of education determines by resolution that the project is
25    needed because of expanding growth in the school district
26    and a projected enrollment increase.

 

 

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

 

 

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

 

 

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1        (vi) The bonds are issued prior to January 1, 2007,
2    pursuant to Sections 19-2 through 19-7 of this Code.
3    (p-15) In addition to all other authority to issue bonds,
4the Oswego Community Unit School District Number 308 may issue
5bonds with an aggregate principal amount not to exceed
6$450,000,000, but only if all of the following conditions are
7met:
8        (i) The voters of the district have approved a
9    proposition for the bond issue at the general election held
10    on November 7, 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 building, new junior high
14    school buildings, new elementary school buildings, early
15    childhood building, maintenance building, transportation
16    facility, and additions to existing school buildings, the
17    altering, repairing, equipping, and provision of
18    technology improvements to existing school buildings, and
19    the acquisition and improvement of school sites, as the
20    case may be, are required as a result of a projected
21    increase in the enrollment of students in the district; and
22    (B) the sale of bonds for these purposes is authorized by
23    legislation that exempts the debt incurred on the bonds
24    from the district's statutory debt limitation.
25        (iii) The bonds are issued, in one or more bond issues,
26    on or before November 7, 2011, but the aggregate principal

 

 

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1    amount issued in all such bond issues combined must not
2    exceed $450,000,000.
3        (iv) The bonds are issued in accordance with this
4    Article 19.
5        (v) The proceeds of the bonds are used only to
6    accomplish those projects approved by the voters at the
7    general election held on November 7, 2006.
8The debt incurred on any bonds issued under this subsection
9(p-15) shall not be considered indebtedness for purposes of any
10statutory debt limitation.
11    (p-20) In addition to all other authority to issue bonds,
12the Lincoln-Way Community High School District Number 210 may
13issue bonds with an aggregate principal amount not to exceed
14$225,000,000, but only if all of the following conditions are
15met:
16        (i) The voters of the district have approved a
17    proposition for the bond issue at the general primary
18    election held on March 21, 2006.
19        (ii) At the time of the sale of the bonds, the school
20    board determines, by resolution, that: (A) the building and
21    equipping of the new high school buildings, the altering,
22    repairing, and equipping of existing school buildings, and
23    the improvement of school sites, as the case may be, are
24    required as a result of a projected increase in the
25    enrollment of students in the district; and (B) the sale of
26    bonds for these purposes is authorized by legislation that

 

 

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1    exempts the debt incurred on the bonds from the district's
2    statutory debt limitation.
3        (iii) The bonds are issued, in one or more bond issues,
4    on or before March 21, 2011, but the aggregate principal
5    amount issued in all such bond issues combined must not
6    exceed $225,000,000.
7        (iv) The bonds are issued in accordance with this
8    Article 19.
9        (v) The proceeds of the bonds are used only to
10    accomplish those projects approved by the voters at the
11    primary election held on March 21, 2006.
12The debt incurred on any bonds issued under this subsection
13(p-20) shall not be considered indebtedness for purposes of any
14statutory debt limitation.
15    (p-25) In addition to all other authority to issue bonds,
16Rochester Community Unit School District 3A may issue bonds
17with an aggregate principal amount not to exceed $18,500,000,
18but only if all of the following conditions are met:
19        (i) The voters of the district approve a proposition
20    for the bond issuance at the general primary election held
21    in 2008.
22        (ii) At the time of the sale of the bonds, the school
23    board determines, by resolution, that: (A) the building and
24    equipping of a new high school building; the addition of
25    classrooms and support facilities at the high school,
26    middle school, and elementary school; the altering,

 

 

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

 

 

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1    board determines, by resolution, that (A) the building and
2    equipping of a new school building and additions to
3    existing school buildings are required as a result of a
4    projected increase in the enrollment of students in the
5    district and (B) the altering, repairing, and equipping of
6    existing school buildings are required because of the age
7    of the existing school buildings.
8        (iii) The bonds are issued, in one or more bond
9    issuances, on or before December 31, 2012; however, the
10    aggregate principal amount issued in all such bond
11    issuances combined must not exceed $30,000,000.
12        (iv) The bonds are issued in accordance with this
13    Article.
14        (v) The proceeds of the bonds are used to accomplish
15    only those projects approved by the voters at an election
16    held in 2008.
17The debt incurred on any bonds issued under this subsection
18(p-30) shall not be considered indebtedness for purposes of any
19statutory debt limitation.
20    (p-35) In addition to all other authority to issue bonds,
21Prairie Hill Community Consolidated School District 133 may
22issue bonds with an aggregate principal amount not to exceed
23$13,900,000, but only if all of the following conditions are
24met:
25        (i) The voters of the district approved a proposition
26    for the bond issuance at an election held on April 17,

 

 

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1    2007.
2        (ii) At the time of the sale of the bonds, the school
3    board determines, by resolution, that (A) the improvement
4    of the site of and the building and equipping of a school
5    building are required as a result of a projected increase
6    in the enrollment of students in the district and (B) the
7    repairing and equipping of the Prairie Hill Elementary
8    School building is required because of the age of that
9    school building.
10        (iii) The bonds are issued, in one or more bond
11    issuances, on or before December 31, 2011, but the
12    aggregate principal amount issued in all such bond
13    issuances combined must not exceed $13,900,000.
14        (iv) The bonds are issued in accordance with this
15    Article.
16        (v) The proceeds of the bonds are used to accomplish
17    only those projects approved by the voters at an election
18    held on April 17, 2007.
19The debt incurred on any bonds issued under this subsection
20(p-35) shall not be considered indebtedness for purposes of any
21statutory debt limitation.
22    (p-40) In addition to all other authority to issue bonds,
23Mascoutah Community Unit District 19 may issue bonds with an
24aggregate principal amount not to exceed $55,000,000, but only
25if all of 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 a regular election held on or
2    after November 4, 2008.
3        (2) At the time of the sale of the bonds, the school
4    board determines, by resolution, that (i) the building and
5    equipping of a new high school building is required as a
6    result of a projected increase in the enrollment of
7    students in the district and the age and condition of the
8    existing high school building, (ii) the existing high
9    school building will be demolished, and (iii) the sale of
10    bonds is authorized by statute that exempts the debt
11    incurred on the bonds from the district's statutory debt
12    limitation.
13        (3) The bonds are issued, in one or more bond
14    issuances, on or before December 31, 2011, but the
15    aggregate principal amount issued in all such bond
16    issuances combined must not exceed $55,000,000.
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 a regular
21    election held on or after November 4, 2008.
22    The debt incurred on any bonds issued under this subsection
23(p-40) shall not be considered indebtedness for purposes of any
24statutory debt limitation.
25    (p-45) Notwithstanding the provisions of subsection (a) of
26this Section or of any other law, bonds issued pursuant to

 

 

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1Section 19-3.5 of this Code shall not be considered
2indebtedness for purposes of any statutory limitation if the
3bonds are issued in an amount or amounts, including existing
4indebtedness of the school district, not in excess of 18.5% of
5the value of the taxable property in the district to be
6ascertained by the last assessment for State and county taxes.
7    (p-50) Notwithstanding the provisions of subsection (a) of
8this Section or of any other law, bonds issued pursuant to
9Section 19-3.10 of this Code shall not be considered
10indebtedness for purposes of any statutory limitation if the
11bonds are issued in an amount or amounts, including existing
12indebtedness of the school district, not in excess of 43% of
13the value of the taxable property in the district to be
14ascertained by the last assessment for State and county taxes.
15    (p-55) In addition to all other authority to issue bonds,
16Belle Valley School District 119 may issue bonds with an
17aggregate principal amount not to exceed $47,500,000, but only
18if 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    7, 2009.
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 mine subsidence in an existing school building and
26    because of the age and condition of another existing school

 

 

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1    building and (ii) the issuance of bonds is authorized by
2    statute that exempts the debt incurred on the bonds from
3    the district's statutory debt limitation.
4        (3) The bonds are issued, in one or more bond
5    issuances, on or before March 31, 2014, but the aggregate
6    principal amount issued in all such bond issuances combined
7    must not exceed $47,500,000.
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 those projects approved by the voters at an election
12    held on or after April 7, 2009.
13    The debt incurred on any bonds issued under this subsection
14(p-55) shall not be considered indebtedness for purposes of any
15statutory debt limitation. Bonds issued under this subsection
16(p-55) must mature within not to exceed 30 years from their
17date, notwithstanding any other law to the contrary.
18    (p-60) In addition to all other authority to issue bonds,
19Wilmington Community Unit School District Number 209-U may
20issue bonds with an aggregate principal amount not to exceed
21$2,285,000, but only if all of the following conditions are
22met:
23        (1) The proceeds of the bonds are used to accomplish
24    only those projects approved by the voters at the general
25    primary election held on March 21, 2006.
26        (2) Prior to the issuance of the bonds, the school

 

 

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1    board determines, by resolution, that (i) the projects
2    approved by the voters were and are required because of the
3    age and condition of the school district's prior and
4    existing school buildings and (ii) the issuance of the
5    bonds is authorized by legislation that exempts the debt
6    incurred on the bonds from the district's statutory debt
7    limitation.
8        (3) The bonds are issued in one or more bond issuances
9    on or before March 1, 2011, but the aggregate principal
10    amount issued in all those bond issuances combined must not
11    exceed $2,285,000.
12        (4) The bonds are issued in accordance with this
13    Article.
14    The debt incurred on any bonds issued under this subsection
15(p-60) shall not be considered indebtedness for purposes of any
16statutory debt limitation.
17    (p-65) In addition to all other authority to issue bonds,
18West Washington County Community Unit School District 10 may
19issue bonds with an aggregate principal amount not to exceed
20$32,200,000 and maturing over a period not exceeding 25 years,
21but only if 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
24    February 2, 2010.
25        (2) Prior to the issuance of the bonds, the school
26    board determines, by resolution, that (A) all or a portion

 

 

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1    of the existing Okawville Junior/Senior High School
2    Building will be demolished; (B) the building and equipping
3    of a new school building to be attached to and the
4    alteration, repair, and equipping of the remaining portion
5    of the Okawville Junior/Senior High School Building is
6    required because of the age and current condition of that
7    school building; and (C) the issuance of bonds is
8    authorized by a statute that exempts the debt incurred on
9    the bonds from the district's statutory debt limitation.
10        (3) The bonds are issued, in one or more bond
11    issuances, on or before March 31, 2014, but the aggregate
12    principal amount issued in all such bond issuances combined
13    must not exceed $32,200,000.
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 those projects approved by the voters at an election
18    held on or after February 2, 2010.
19    The debt incurred on any bonds issued under this subsection
20(p-65) shall not be considered indebtedness for purposes of any
21statutory debt limitation.
22    (p-70) In addition to all other authority to issue bonds,
23Cahokia Community Unit School District 187 may issue bonds with
24an aggregate principal amount not to exceed $50,000,000, 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
2    November 2, 2010.
3        (2) Prior to the issuance of the bonds, the school
4    board determines, by resolution, that (i) the building and
5    equipping of a new school building is required as a result
6    of the age and condition of an existing school building and
7    (ii) the issuance of bonds is authorized by a statute that
8    exempts the debt incurred on the bonds from the district's
9    statutory debt limitation.
10        (3) The bonds are issued, in one or more issuances, on
11    or before July 1, 2016, but the aggregate principal amount
12    issued in all such bond issuances combined must not exceed
13    $50,000,000.
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 those projects approved by the voters at an election
18    held on or after November 2, 2010.
19    The debt incurred on any bonds issued under this subsection
20(p-70) shall not be considered indebtedness for purposes of any
21statutory debt limitation. Bonds issued under this subsection
22(p-70) must mature within not to exceed 25 years from their
23date, notwithstanding any other law, including Section 19-3 of
24this Code, to the contrary.
25    (p-75) Notwithstanding the debt limitation prescribed in
26subsection (a) of this Section or any other provisions of this

 

 

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1Section or of any other law, the execution of leases on or
2after January 1, 2007 and before July 1, 2011 by the Board of
3Education of Peoria School District 150 with a public building
4commission for leases entered into pursuant to the Public
5Building Commission Act shall not be considered indebtedness
6for purposes of any statutory debt limitation.
7    This subsection (p-75) applies only if the State Board of
8Education or the Capital Development Board makes one or more
9grants to Peoria School District 150 pursuant to the School
10Construction Law. The amount exempted from the debt limitation
11as prescribed in this subsection (p-75) shall be no greater
12than the amount of one or more grants awarded to Peoria School
13District 150 by the State Board of Education or the Capital
14Development Board.
15    (p-80) In addition to all other authority to issue bonds,
16Ridgeland School District 122 may issue bonds with an aggregate
17principal amount not to exceed $50,000,000 for the purpose of
18refunding or continuing to refund bonds originally issued
19pursuant to voter approval at the general election held on
20November 7, 2000, and the debt incurred on any bonds issued
21under this subsection (p-80) shall not be considered
22indebtedness for purposes of any statutory debt limitation.
23Bonds issued under this subsection (p-80) may be issued in one
24or more issuances and must mature within not to exceed 25 years
25from their date, notwithstanding any other law, including
26Section 19-3 of this Code, to the contrary.

 

 

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1    (p-85) In addition to all other authority to issue bonds,
2Hall High School District 502 may issue bonds with an aggregate
3principal amount not to exceed $32,000,000, but only if all the
4following conditions are met:
5        (1) The voters of the district approve a proposition
6    for the bond issuance at an election held on or after April
7    9, 2013.
8        (2) Prior to the issuance of the bonds, the school
9    board determines, by resolution, that (i) the building and
10    equipping of a new school building is required as a result
11    of the age and condition of an existing school building,
12    (ii) the existing school building should be demolished in
13    its entirety or the existing school building should be
14    demolished except for the 1914 west wing of the building,
15    and (iii) the issuance of bonds is authorized by a statute
16    that exempts the debt incurred on the bonds from the
17    district's statutory debt limitation.
18        (3) The bonds are issued, in one or more issuances, not
19    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 combined
22    must not exceed $32,000,000.
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

 

 

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1    held on or after April 9, 2013.
2    The debt incurred on any bonds issued under this subsection
3(p-85) shall not be considered indebtedness for purposes of any
4statutory debt limitation. Bonds issued under this subsection
5(p-85) must mature within not to exceed 30 years from their
6date, notwithstanding any other law, including Section 19-3 of
7this Code, to the contrary.
8    (p-90) In addition to all other authority to issue bonds,
9Lebanon Community Unit School District 9 may issue bonds with
10an aggregate principal amount not to exceed $7,500,000, but
11only if all of the following conditions are met:
12        (1) The voters of the district approved a proposition
13    for the bond issuance at the general primary election on
14    February 2, 2010.
15        (2) At or prior to the time of the sale of the bonds,
16    the school board determines, by resolution, that (i) the
17    building and equipping of a new elementary school building
18    is required as a result of a projected increase in the
19    enrollment of students in the district and the age and
20    condition of the existing Lebanon Elementary School
21    building, (ii) a portion of the existing Lebanon Elementary
22    School building will be demolished and the remaining
23    portion will be altered, repaired, and equipped, and (iii)
24    the sale of bonds is authorized by a statute that exempts
25    the debt incurred on the bonds from the district's
26    statutory debt limitation.

 

 

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1        (3) The bonds are issued, in one or more bond
2    issuances, on or before April 1, 2014, but the aggregate
3    principal amount issued in all such bond issuances combined
4    must not exceed $7,500,000.
5        (4) The bonds are issued in accordance with this
6    Article.
7        (5) The proceeds of the bonds are used to accomplish
8    only those projects approved by the voters at the general
9    primary election held on February 2, 2010.
10    The debt incurred on any bonds issued under this subsection
11(p-90) shall not be considered indebtedness for purposes of any
12statutory debt limitation.
13    (p-95) In addition to all other authority to issue bonds,
14Monticello Community Unit School District 25 may issue bonds
15with an aggregate principal amount not to exceed $35,000,000,
16but only if all of the following conditions are met:
17        (1) The voters of the district approve a proposition
18    for the bond issuance at an election held on or after
19    November 4, 2014.
20        (2) Prior to the issuance of the bonds, the school
21    board determines, by resolution, that (i) the building and
22    equipping of a new school building is required as a result
23    of the age and condition of an existing school building and
24    (ii) the issuance of bonds is authorized by a statute that
25    exempts the debt incurred on the bonds from the district's
26    statutory debt limitation.

 

 

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1        (3) The bonds are issued, in one or more issuances, on
2    or before July 1, 2020, but the aggregate principal amount
3    issued in all such bond issuances combined must not exceed
4    $35,000,000.
5        (4) The bonds are issued in accordance with this
6    Article.
7        (5) The proceeds of the bonds are used to accomplish
8    only those projects approved by the voters at an election
9    held on or after November 4, 2014.
10    The debt incurred on any bonds issued under this subsection
11(p-95) shall not be considered indebtedness for purposes of any
12statutory debt limitation. Bonds issued under this subsection
13(p-95) must mature within not to exceed 25 years from their
14date, notwithstanding any other law, including Section 19-3 of
15this Code, to the contrary.
16    (p-100) In addition to all other authority to issue bonds,
17the community unit school district created in the territory
18comprising Milford Community Consolidated School District 280
19and Milford Township High School District 233, as approved at
20the general primary election held on March 18, 2014, may issue
21bonds with an aggregate principal amount not to exceed
22$17,500,000, but only if all the following conditions are met:
23        (1) The voters of the district approve a proposition
24    for the bond issuance at an election held on or after
25    November 4, 2014.
26        (2) Prior to the issuance of the bonds, the school

 

 

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1    board determines, by resolution, that (i) the building and
2    equipping of a new school building is required as a result
3    of the age and condition of an existing school building and
4    (ii) the issuance of bonds is authorized by a statute that
5    exempts 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, on
8    or before July 1, 2020, but the aggregate principal amount
9    issued in all such bond issuances combined must not exceed
10    $17,500,000.
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 November 4, 2014.
16    The debt incurred on any bonds issued under this subsection
17(p-100) shall not be considered indebtedness for purposes of
18any statutory debt limitation. Bonds issued under this
19subsection (p-100) must mature within not to exceed 25 years
20from their date, notwithstanding any other law, including
21Section 19-3 of this Code, to the contrary.
22    (p-105) In addition to all other authority to issue bonds,
23North Shore School District 112 may issue bonds with an
24aggregate principal amount not to exceed $150,000,000, but only
25if all of 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 March
2    15, 2016.
3        (2) Prior to the issuance of the bonds, the school
4    board determines, by resolution, that (i) the building and
5    equipping of new buildings and improving the sites thereof
6    and the building and equipping of additions to, altering,
7    repairing, equipping, and renovating existing buildings
8    and improving the sites thereof are required as a result of
9    the age and condition of the district's existing buildings
10    and (ii) the issuance of bonds is authorized by a statute
11    that exempts the debt incurred on the bonds from the
12    district's statutory debt limitation.
13        (3) The bonds are issued, in one or more issuances, not
14    later than 5 years after the date of the referendum
15    approving the issuance of the bonds, but the aggregate
16    principal amount issued in all such bond issuances combined
17    must not exceed $150,000,000.
18        (4) The bonds are issued in accordance with this
19    Article.
20        (5) The proceeds of the bonds are used to accomplish
21    only those projects approved by the voters at an election
22    held on or after March 15, 2016.
23    The debt incurred on any bonds issued under this subsection
24(p-105) and on any bonds issued to refund or continue to refund
25such bonds shall not be considered indebtedness for purposes of
26any statutory debt limitation. Bonds issued under this

 

 

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1subsection (p-105) and any bonds issued to refund or continue
2to refund such bonds must mature within not to exceed 30 years
3from their date, notwithstanding any other law, including
4Section 19-3 of this Code, to the contrary.
5    (p-110) In addition to all other authority to issue bonds,
6Sandoval Community Unit School District 501 may issue bonds
7with an aggregate principal amount not to exceed $2,000,000,
8but only if all of the following conditions are met:
9        (1) The voters of the district approved a proposition
10    for the bond issuance at an election held on March 20,
11    2012.
12        (2) Prior to the issuance of the bonds, the school
13    board determines, by resolution, that (i) the building and
14    equipping of a new school building is required because of
15    the age and current condition of the Sandoval Elementary
16    School building and (ii) the issuance of bonds is
17    authorized by a statute that exempts the debt incurred on
18    the bonds from the district's statutory debt limitation.
19        (3) The bonds are issued, in one or more bond
20    issuances, on or before March 19, 2022 2017, but the
21    aggregate principal amount issued in all such bond
22    issuances combined must not exceed $2,000,000.
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 the election

 

 

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1    held on March 20, 2012.
2    The debt incurred on any bonds issued under this subsection
3(p-110) and on any bonds issued to refund or continue to refund
4the bonds shall not be considered indebtedness for purposes of
5any statutory debt limitation.
6    (p-115) In addition to all other authority to issue bonds,
7Bureau Valley Community Unit School District 340 may issue
8bonds with an aggregate principal amount not to exceed
9$25,000,000, but only if all of the following conditions are
10met:
11        (1) The voters of the district approve a proposition
12    for the bond issuance at an election held on or after March
13    15, 2016.
14        (2) Prior to the issuances of the bonds, the school
15    board determines, by resolution, that (i) the renovating
16    and equipping of some existing school buildings, the
17    building and equipping of new school buildings, and the
18    demolishing of some existing school buildings are required
19    as a result of the age and condition of existing school
20    buildings and (ii) the issuance of bonds is authorized by a
21    statute that exempts the debt incurred on the bonds from
22    the district's statutory debt limitation.
23        (3) The bonds are issued, in one or more issuances, on
24    or before July 1, 2021, but the aggregate principal amount
25    issued in all such bond issuances combined must not exceed
26    $25,000,000.

 

 

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

 

 

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1    statutory debt limitation.
2        (3) The bonds are issued, in one or more issuances, not
3    later than 5 years after the date of the referendum
4    approving the issuance of the bonds, but the aggregate
5    principal amount issued in all such bond issuances combined
6    must not exceed $28,500,000.
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 8, 2016.
12    The debt incurred on any bonds issued under this subsection
13(p-120) and on any bonds issued to refund or continue to refund
14such bonds shall not be considered indebtedness for purposes of
15any statutory debt limitation. Bonds issued under this
16subsection (p-120) and any bonds issued to refund or continue
17to refund such bonds 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-125) In addition to all other authority to issue bonds,
21Hillsboro Community Unit School District 3 may issue bonds with
22an aggregate principal amount not to exceed $34,500,000, but
23only if 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 March
26    15, 2016.

 

 

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1        (2) Prior to the issuance of the bonds, the school
2    board determines, by resolution, that (i) altering,
3    repairing, and equipping the high school
4    agricultural/vocational building, demolishing the high
5    school main, cafeteria, and gym buildings, building and
6    equipping a school building, and improving sites are
7    required as a result of the age and condition of the
8    district's existing buildings and (ii) the issuance of
9    bonds is authorized by a statute that exempts the debt
10    incurred on the bonds from the district's statutory debt
11    limitation.
12        (3) The bonds are issued, in one or more issuances, not
13    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 combined
16    must not exceed $34,500,000.
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 an election
21    held on or after March 15, 2016.
22    The debt incurred on any bonds issued under this subsection
23(p-125) and on any bonds issued to refund or continue to refund
24such bonds shall not be considered indebtedness for purposes of
25any statutory debt limitation. Bonds issued under this
26subsection (p-125) and any bonds issued to refund or continue

 

 

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1to refund such bonds must mature within not to exceed 25 years
2from their date, notwithstanding any other law, including
3Section 19-3 of this Code, to the contrary.
4    (q) A school district must notify the State Board of
5Education prior to issuing any form of long-term or short-term
6debt that will result in outstanding debt that exceeds 75% of
7the debt limit specified in this Section or any other provision
8of law.
9(Source: P.A. 98-617, eff. 1-7-14; 98-912, eff. 8-15-14;
1098-916, eff. 8-15-14; 99-78, eff. 7-20-15; 99-143, eff.
117-27-15; 99-390, eff. 8-18-15; 99-642, eff. 7-28-16; 99-735,
12eff. 8-5-16.)
 
13    Section 99. Effective date. This Act takes effect upon
14becoming law.