Illinois General Assembly - Full Text of SB0516
Illinois General Assembly

Previous General Assemblies

Full Text of SB0516  99th General Assembly

SB0516sam001 99TH GENERAL ASSEMBLY

Sen. James F. Clayborne, Jr.

Filed: 4/14/2016

 

 


 

 


 
09900SB0516sam001LRB099 03056 MLM 47560 a

1
AMENDMENT TO SENATE BILL 516

2    AMENDMENT NO. ______. Amend Senate Bill 516 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The School Code is amended by changing Section
519-1 as follows:
 
6    (105 ILCS 5/19-1)
7    Sec. 19-1. Debt limitations of school districts.
8    (a) School districts shall not be subject to the provisions
9limiting their indebtedness prescribed in the Local Government
10Debt Limitation Act "An Act to limit the indebtedness of
11counties having a population of less than 500,000 and
12townships, school districts and other municipal corporations
13having a population of less than 300,000", approved February
1415, 1928, as amended.
15    No school districts maintaining grades K through 8 or 9
16through 12 shall become indebted in any manner or for any

 

 

09900SB0516sam001- 2 -LRB099 03056 MLM 47560 a

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

 

 

09900SB0516sam001- 3 -LRB099 03056 MLM 47560 a

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).

 

 

09900SB0516sam001- 4 -LRB099 03056 MLM 47560 a

1    Notwithstanding any other provision of law, if a school
2district is otherwise eligible for payments under subsection
3(b) of Section 7703 of Title 20 of the United States Code, then
4the school district is not subject to the limitations of this
5Section to the extent necessary to qualify for those payments.
6    (b) Notwithstanding the debt limitation prescribed in
7subsection (a) of this Section, additional indebtedness may be
8incurred in an amount not to exceed the estimated cost of
9acquiring or improving school sites or constructing and
10equipping additional building facilities under the following
11conditions:
12        (1) Whenever the enrollment of students for the next
13    school year is estimated by the board of education to
14    increase over the actual present enrollment by not less
15    than 35% or by not less than 200 students or the actual
16    present enrollment of students has increased over the
17    previous school year by not less than 35% or by not less
18    than 200 students and the board of education determines
19    that additional school sites or building facilities are
20    required as a result of such increase in enrollment; and
21        (2) When the Regional Superintendent of Schools having
22    jurisdiction over the school district and the State
23    Superintendent of Education concur in such enrollment
24    projection or increase and approve the need for such
25    additional school sites or building facilities and the
26    estimated cost thereof; and

 

 

09900SB0516sam001- 5 -LRB099 03056 MLM 47560 a

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

 

 

09900SB0516sam001- 6 -LRB099 03056 MLM 47560 a

1    referendum described in paragraph (4) of this subsection
2    (b) was held, (iii) the school board determines that
3    additional facilities are needed to provide a quality
4    educational program, and (iv) a majority of those voting in
5    an election called by the school board on the question
6    approve the issuance of bonds for the construction of such
7    facilities, the school district may issue bonds for this
8    purpose.
9    In no event shall the indebtedness incurred pursuant to
10this subsection (b) and the existing indebtedness of the school
11district exceed 15% of the value of the taxable property
12therein to be ascertained by the last assessment for State and
13county taxes, previous to the incurring of such indebtedness
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.
18    The indebtedness provided for by this subsection (b) shall
19be in addition to and in excess of any other debt limitation.
20    (c) Notwithstanding the debt limitation prescribed in
21subsection (a) of this Section, in any case in which a public
22question for the issuance of bonds of a proposed school
23district maintaining grades kindergarten through 12 received
24at least 60% of the valid ballots cast on the question at an
25election held on or prior to November 8, 1994, and in which the
26bonds approved at such election have not been issued, the

 

 

09900SB0516sam001- 7 -LRB099 03056 MLM 47560 a

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

 

 

09900SB0516sam001- 8 -LRB099 03056 MLM 47560 a

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

 

 

09900SB0516sam001- 9 -LRB099 03056 MLM 47560 a

1        (2) The board of education shall also determine by
2    resolution that the improvements to be financed with the
3    proceeds of the bonds are needed because of the projected
4    enrollment increases.
5        (3) The board of education shall also determine by
6    resolution that the projected increases in enrollment are
7    the result of improvements made or expected to be made to
8    passenger rail facilities located in the school district.
9    Notwithstanding the provisions of subsection (a) of this
10Section or of any other law, a school district that has availed
11itself of the provisions of this subsection (f) prior to July
1222, 2004 (the effective date of Public Act 93-799) may also
13issue bonds approved by referendum up to an amount, including
14existing indebtedness, not exceeding 25% of the equalized
15assessed value of the taxable property in the district if all
16of the conditions set forth in items (1), (2), and (3) of this
17subsection (f) are met.
18    (g) Notwithstanding the provisions of subsection (a) of
19this Section or any other law, bonds in not to exceed an
20aggregate amount of 25% of the equalized assessed value of the
21taxable property of a school district and issued by a school
22district meeting the criteria in paragraphs (i) through (iv) of
23this subsection shall not be considered indebtedness for
24purposes of any statutory limitation and may be issued pursuant
25to resolution of the school board in an amount or amounts,
26including existing indebtedness, in excess of any statutory

 

 

09900SB0516sam001- 10 -LRB099 03056 MLM 47560 a

1limitation of indebtedness heretofore or hereafter imposed:
2        (i) The bonds are issued for the purpose of
3    constructing a new high school building to replace two
4    adjacent existing buildings which together house a single
5    high school, each of which is more than 65 years old, and
6    which together are located on more than 10 acres and less
7    than 11 acres of property.
8        (ii) At the time the resolution authorizing the
9    issuance of the bonds is adopted, the cost of constructing
10    a new school building to replace the existing school
11    building is less than 60% of the cost of repairing the
12    existing school building.
13        (iii) The sale of the bonds occurs before July 1, 1997.
14        (iv) The school district issuing the bonds is a unit
15    school district located in a county of less than 70,000 and
16    more than 50,000 inhabitants, which has an average daily
17    attendance of less than 1,500 and an equalized assessed
18    valuation of less than $29,000,000.
19    (h) Notwithstanding any other provisions of this Section or
20the provisions of any other law, until January 1, 1998, a
21community unit school district maintaining grades K through 12
22may issue bonds up to an amount, including existing
23indebtedness, not exceeding 27.6% of the equalized assessed
24value of the taxable property in the district, if all of the
25following conditions are met:
26        (i) The school district has an equalized assessed

 

 

09900SB0516sam001- 11 -LRB099 03056 MLM 47560 a

1    valuation for calendar year 1995 of less than $24,000,000;
2        (ii) The bonds are issued for the capital improvement,
3    renovation, rehabilitation, or replacement of existing
4    school buildings of the district, all of which buildings
5    were originally constructed not less than 40 years ago;
6        (iii) The voters of the district approve a proposition
7    for the issuance of the bonds at a referendum held after
8    March 19, 1996; and
9        (iv) The bonds are issued pursuant to Sections 19-2
10    through 19-7 of this Code.
11    (i) Notwithstanding any other provisions of this Section or
12the provisions of any other law, until January 1, 1998, a
13community unit school district maintaining grades K through 12
14may issue bonds up to an amount, including existing
15indebtedness, not exceeding 27% of the equalized assessed value
16of the taxable property in the district, if all of the
17following conditions are met:
18        (i) The school district has an equalized assessed
19    valuation for calendar year 1995 of less than $44,600,000;
20        (ii) The bonds are issued for the capital improvement,
21    renovation, rehabilitation, or replacement of existing
22    school buildings of the district, all of which existing
23    buildings were originally constructed not less than 80
24    years ago;
25        (iii) The voters of the district approve a proposition
26    for the issuance of the bonds at a referendum held after

 

 

09900SB0516sam001- 12 -LRB099 03056 MLM 47560 a

1    December 31, 1996; and
2        (iv) The bonds are issued pursuant to Sections 19-2
3    through 19-7 of this Code.
4    (j) Notwithstanding any other provisions of this Section or
5the provisions of any other law, until January 1, 1999, a
6community unit school district maintaining grades K through 12
7may issue bonds up to an amount, including existing
8indebtedness, not exceeding 27% of the equalized assessed value
9of the taxable property in the district if all of the following
10conditions are met:
11        (i) The school district has an equalized assessed
12    valuation for calendar year 1995 of less than $140,000,000
13    and a best 3 months average daily attendance for the
14    1995-96 school year of at least 2,800;
15        (ii) The bonds are issued to purchase a site and build
16    and equip a new high school, and the school district's
17    existing high school was originally constructed not less
18    than 35 years prior to the sale of the bonds;
19        (iii) At the time of the sale of the bonds, the board
20    of education determines by resolution that a new high
21    school is needed because of projected enrollment
22    increases;
23        (iv) At least 60% of those voting in an election held
24    after December 31, 1996 approve a proposition for the
25    issuance of the bonds; and
26        (v) The bonds are issued pursuant to Sections 19-2

 

 

09900SB0516sam001- 13 -LRB099 03056 MLM 47560 a

1    through 19-7 of this Code.
2    (k) Notwithstanding the debt limitation prescribed in
3subsection (a) of this Section, a school district that meets
4all the criteria set forth in paragraphs (1) through (4) of
5this subsection (k) may issue bonds to incur an additional
6indebtedness in an amount not to exceed $4,000,000 even though
7the amount of the additional indebtedness authorized by this
8subsection (k), when incurred and added to the aggregate amount
9of indebtedness of the school district existing immediately
10prior to the school district incurring such additional
11indebtedness, causes the aggregate indebtedness of the school
12district to exceed or increases the amount by which the
13aggregate indebtedness of the district already exceeds the debt
14limitation otherwise applicable to that school district under
15subsection (a):
16        (1) the school district is located in 2 counties, and a
17    referendum to authorize the additional indebtedness was
18    approved by a majority of the voters of the school district
19    voting on the proposition to authorize that indebtedness;
20        (2) the additional indebtedness is for the purpose of
21    financing a multi-purpose room addition to the existing
22    high school;
23        (3) the additional indebtedness, together with the
24    existing indebtedness of the school district, shall not
25    exceed 17.4% of the value of the taxable property in the
26    school district, to be ascertained by the last assessment

 

 

09900SB0516sam001- 14 -LRB099 03056 MLM 47560 a

1    for State and county taxes; and
2        (4) the bonds evidencing the additional indebtedness
3    are issued, if at all, within 120 days of August 14, 1998
4    (the effective date of Public Act 90-757) this amendatory
5    Act of 1998.
6    (l) Notwithstanding any other provisions of this Section or
7the provisions of any other law, until January 1, 2000, a
8school district maintaining grades kindergarten through 8 may
9issue bonds up to an amount, including existing indebtedness,
10not exceeding 15% of the equalized assessed value of the
11taxable property in the district if all of the following
12conditions are met:
13        (i) the district has an equalized assessed valuation
14    for calendar year 1996 of less than $10,000,000;
15        (ii) the bonds are issued for capital improvement,
16    renovation, rehabilitation, or replacement of one or more
17    school buildings of the district, which buildings were
18    originally constructed not less than 70 years ago;
19        (iii) the voters of the district approve a proposition
20    for the issuance of the bonds at a referendum held on or
21    after March 17, 1998; and
22        (iv) the bonds are issued pursuant to Sections 19-2
23    through 19-7 of this Code.
24    (m) Notwithstanding any other provisions of this Section or
25the provisions of any other law, until January 1, 1999, an
26elementary school district maintaining grades K through 8 may

 

 

09900SB0516sam001- 15 -LRB099 03056 MLM 47560 a

1issue bonds up to an amount, excluding existing indebtedness,
2not exceeding 18% of the equalized assessed value of the
3taxable property in the district, if all of the following
4conditions are met:
5        (i) The school district has an equalized assessed
6    valuation for calendar year 1995 or less than $7,700,000;
7        (ii) The school district operates 2 elementary
8    attendance centers that until 1976 were operated as the
9    attendance centers of 2 separate and distinct school
10    districts;
11        (iii) The bonds are issued for the construction of a
12    new elementary school building to replace an existing
13    multi-level elementary school building of the school
14    district that is not accessible at all levels and parts of
15    which were constructed more than 75 years ago;
16        (iv) The voters of the school district approve a
17    proposition for the issuance of the bonds at a referendum
18    held after July 1, 1998; and
19        (v) The bonds are issued pursuant to Sections 19-2
20    through 19-7 of this Code.
21    (n) Notwithstanding the debt limitation prescribed in
22subsection (a) of this Section or any other provisions of this
23Section or of any other law, a school district that meets all
24of the criteria set forth in paragraphs (i) through (vi) of
25this subsection (n) may incur additional indebtedness by the
26issuance of bonds in an amount not exceeding the amount

 

 

09900SB0516sam001- 16 -LRB099 03056 MLM 47560 a

1certified by the Capital Development Board to the school
2district as provided in paragraph (iii) of this subsection (n),
3even though the amount of the additional indebtedness so
4authorized, when incurred and added to the aggregate amount of
5indebtedness of the district existing immediately prior to the
6district incurring the additional indebtedness authorized by
7this subsection (n), causes the aggregate indebtedness of the
8district to exceed the debt limitation otherwise applicable by
9law to that district:
10        (i) The school district applies to the State Board of
11    Education for a school construction project grant and
12    submits a district facilities plan in support of its
13    application pursuant to Section 5-20 of the School
14    Construction Law.
15        (ii) The school district's application and facilities
16    plan are approved by, and the district receives a grant
17    entitlement for a school construction project issued by,
18    the State Board of Education under the School Construction
19    Law.
20        (iii) The school district has exhausted its bonding
21    capacity or the unused bonding capacity of the district is
22    less than the amount certified by the Capital Development
23    Board to the district under Section 5-15 of the School
24    Construction Law as the dollar amount of the school
25    construction project's cost that the district will be
26    required to finance with non-grant funds in order to

 

 

09900SB0516sam001- 17 -LRB099 03056 MLM 47560 a

1    receive a school construction project grant under the
2    School Construction Law.
3        (iv) The bonds are issued for a "school construction
4    project", as that term is defined in Section 5-5 of the
5    School Construction Law, in an amount that does not exceed
6    the dollar amount certified, as provided in paragraph (iii)
7    of this subsection (n), by the Capital Development Board to
8    the school district under Section 5-15 of the School
9    Construction Law.
10        (v) The voters of the district approve a proposition
11    for the issuance of the bonds at a referendum held after
12    the criteria specified in paragraphs (i) and (iii) of this
13    subsection (n) are met.
14        (vi) The bonds are issued pursuant to Sections 19-2
15    through 19-7 of the School Code.
16    (o) Notwithstanding any other provisions of this Section or
17the provisions of any other law, until November 1, 2007, a
18community unit school district maintaining grades K through 12
19may issue bonds up to an amount, including existing
20indebtedness, not exceeding 20% of the equalized assessed value
21of the taxable property in the district if all of the following
22conditions are met:
23        (i) the school district has an equalized assessed
24    valuation for calendar year 2001 of at least $737,000,000
25    and an enrollment for the 2002-2003 school year of at least
26    8,500;

 

 

09900SB0516sam001- 18 -LRB099 03056 MLM 47560 a

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

 

 

09900SB0516sam001- 19 -LRB099 03056 MLM 47560 a

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

 

 

09900SB0516sam001- 20 -LRB099 03056 MLM 47560 a

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

 

 

09900SB0516sam001- 21 -LRB099 03056 MLM 47560 a

1    board determines by resolution that the school sites and
2    building additions are needed because of an increase in
3    enrollment projected by the school board.
4        (v) The principal amount of the bonds, including
5    existing indebtedness, does not exceed 20% of the equalized
6    assessed value of the taxable property in the district.
7        (vi) The bonds are issued prior to January 1, 2007,
8    pursuant to Sections 19-2 through 19-7 of this Code.
9    (p-15) In addition to all other authority to issue bonds,
10the Oswego Community Unit School District Number 308 may issue
11bonds with an aggregate principal amount not to exceed
12$450,000,000, but only if all of the following conditions are
13met:
14        (i) The voters of the district have approved a
15    proposition for the bond issue at the general election held
16    on November 7, 2006.
17        (ii) At the time of the sale of the bonds, the school
18    board determines, by resolution, that: (A) the building and
19    equipping of the new high school building, new junior high
20    school buildings, new elementary school buildings, early
21    childhood building, maintenance building, transportation
22    facility, and additions to existing school buildings, the
23    altering, repairing, equipping, and provision of
24    technology improvements to existing school buildings, and
25    the acquisition and improvement of school sites, as the
26    case may be, are required as a result of a projected

 

 

09900SB0516sam001- 22 -LRB099 03056 MLM 47560 a

1    increase in the enrollment of students in the district; and
2    (B) the sale of bonds for these purposes is authorized by
3    legislation that exempts the debt incurred on the bonds
4    from the district's statutory debt limitation.
5        (iii) The bonds are issued, in one or more bond issues,
6    on or before November 7, 2011, but the aggregate principal
7    amount issued in all such bond issues combined must not
8    exceed $450,000,000.
9        (iv) The bonds are issued in accordance with this
10    Article 19.
11        (v) The proceeds of the bonds are used only to
12    accomplish those projects approved by the voters at the
13    general election held on November 7, 2006.
14The debt incurred on any bonds issued under this subsection
15(p-15) shall not be considered indebtedness for purposes of any
16statutory debt limitation.
17    (p-20) In addition to all other authority to issue bonds,
18the Lincoln-Way Community High School District Number 210 may
19issue bonds with an aggregate principal amount not to exceed
20$225,000,000, but only if all of the following conditions are
21met:
22        (i) The voters of the district have approved a
23    proposition for the bond issue at the general primary
24    election held on March 21, 2006.
25        (ii) At the time of the sale of the bonds, the school
26    board determines, by resolution, that: (A) the building and

 

 

09900SB0516sam001- 23 -LRB099 03056 MLM 47560 a

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

 

 

09900SB0516sam001- 24 -LRB099 03056 MLM 47560 a

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

 

 

09900SB0516sam001- 25 -LRB099 03056 MLM 47560 a

1Prairie Grove Consolidated School District 46 may issue bonds
2with an aggregate principal amount not to exceed $30,000,000,
3but only if all of the following conditions are met:
4        (i) The voters of the district approve a proposition
5    for the bond issuance at an election held in 2008.
6        (ii) At the time of the sale of the bonds, the school
7    board determines, by resolution, that (A) the building and
8    equipping of a new school building and additions to
9    existing school buildings are required as a result of a
10    projected increase in the enrollment of students in the
11    district and (B) the altering, repairing, and equipping of
12    existing school buildings are required because of the age
13    of the existing school buildings.
14        (iii) The bonds are issued, in one or more bond
15    issuances, on or before December 31, 2012; however, the
16    aggregate principal amount issued in all such bond
17    issuances combined must not exceed $30,000,000.
18        (iv) The bonds are issued in accordance with this
19    Article.
20        (v) The proceeds of the bonds are used to accomplish
21    only those projects approved by the voters at an election
22    held in 2008.
23The debt incurred on any bonds issued under this subsection
24(p-30) shall not be considered indebtedness for purposes of any
25statutory debt limitation.
26    (p-35) In addition to all other authority to issue bonds,

 

 

09900SB0516sam001- 26 -LRB099 03056 MLM 47560 a

1Prairie Hill Community Consolidated School District 133 may
2issue bonds with an aggregate principal amount not to exceed
3$13,900,000, but only if all of the following conditions are
4met:
5        (i) The voters of the district approved a proposition
6    for the bond issuance at an election held on April 17,
7    2007.
8        (ii) At the time of the sale of the bonds, the school
9    board determines, by resolution, that (A) the improvement
10    of the site of and the building and equipping of a school
11    building are required as a result of a projected increase
12    in the enrollment of students in the district and (B) the
13    repairing and equipping of the Prairie Hill Elementary
14    School building is required because of the age of that
15    school building.
16        (iii) The bonds are issued, in one or more bond
17    issuances, on or before December 31, 2011, but the
18    aggregate principal amount issued in all such bond
19    issuances combined must not exceed $13,900,000.
20        (iv) The bonds are issued in accordance with this
21    Article.
22        (v) The proceeds of the bonds are used to accomplish
23    only those projects approved by the voters at an election
24    held on April 17, 2007.
25The debt incurred on any bonds issued under this subsection
26(p-35) shall not be considered indebtedness for purposes of any

 

 

09900SB0516sam001- 27 -LRB099 03056 MLM 47560 a

1statutory debt limitation.
2    (p-40) In addition to all other authority to issue bonds,
3Mascoutah Community Unit District 19 may issue bonds with an
4aggregate principal amount not to exceed $55,000,000, but only
5if all of the following conditions are met:
6        (1) The voters of the district approve a proposition
7    for the bond issuance at a regular election held on or
8    after November 4, 2008.
9        (2) At the time of the sale of the bonds, the school
10    board determines, by resolution, that (i) the building and
11    equipping of a new high school building is required as a
12    result of a projected increase in the enrollment of
13    students in the district and the age and condition of the
14    existing high school building, (ii) the existing high
15    school building will be demolished, and (iii) the sale of
16    bonds is authorized by statute that exempts the debt
17    incurred on the bonds from the district's statutory debt
18    limitation.
19        (3) The bonds are issued, in one or more bond
20    issuances, on or before December 31, 2011, but the
21    aggregate principal amount issued in all such bond
22    issuances combined must not exceed $55,000,000.
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 a regular

 

 

09900SB0516sam001- 28 -LRB099 03056 MLM 47560 a

1    election held on or after November 4, 2008.
2    The debt incurred on any bonds issued under this subsection
3(p-40) shall not be considered indebtedness for purposes of any
4statutory debt limitation.
5    (p-45) Notwithstanding the provisions of subsection (a) of
6this Section or of any other law, bonds issued pursuant to
7Section 19-3.5 of this Code shall not be considered
8indebtedness for purposes of any statutory limitation if the
9bonds are issued in an amount or amounts, including existing
10indebtedness of the school district, not in excess of 18.5% of
11the value of the taxable property in the district to be
12ascertained by the last assessment for State and county taxes.
13    (p-50) Notwithstanding the provisions of subsection (a) of
14this Section or of any other law, bonds issued pursuant to
15Section 19-3.10 of this Code shall not be considered
16indebtedness for purposes of any statutory limitation if the
17bonds are issued in an amount or amounts, including existing
18indebtedness of the school district, not in excess of 43% of
19the value of the taxable property in the district to be
20ascertained by the last assessment for State and county taxes.
21    (p-55) In addition to all other authority to issue bonds,
22Belle Valley School District 119 may issue bonds with an
23aggregate principal amount not to exceed $47,500,000, but only
24if all of the following conditions are met:
25        (1) The voters of the district approve a proposition
26    for the bond issuance at an election held on or after April

 

 

09900SB0516sam001- 29 -LRB099 03056 MLM 47560 a

1    7, 2009.
2        (2) Prior to the issuance of the bonds, the school
3    board determines, by resolution, that (i) the building and
4    equipping of a new school building is required as a result
5    of mine subsidence in an existing school building and
6    because of the age and condition of another existing school
7    building and (ii) the issuance of bonds is authorized by
8    statute that exempts the debt incurred on the bonds from
9    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 $47,500,000.
14        (4) The bonds are issued in accordance with this
15    Article.
16        (5) The proceeds of the bonds are used to accomplish
17    only those projects approved by the voters at an election
18    held on or after April 7, 2009.
19    The debt incurred on any bonds issued under this subsection
20(p-55) shall not be considered indebtedness for purposes of any
21statutory debt limitation. Bonds issued under this subsection
22(p-55) must mature within not to exceed 30 years from their
23date, notwithstanding any other law to the contrary.
24    (p-60) In addition to all other authority to issue bonds,
25Wilmington Community Unit School District Number 209-U may
26issue bonds with an aggregate principal amount not to exceed

 

 

09900SB0516sam001- 30 -LRB099 03056 MLM 47560 a

1$2,285,000, but only if all of the following conditions are
2met:
3        (1) The proceeds of the bonds are used to accomplish
4    only those projects approved by the voters at the general
5    primary election held on March 21, 2006.
6        (2) Prior to the issuance of the bonds, the school
7    board determines, by resolution, that (i) the projects
8    approved by the voters were and are required because of the
9    age and condition of the school district's prior and
10    existing school buildings and (ii) the issuance of the
11    bonds is authorized by legislation that exempts the debt
12    incurred on the bonds from the district's statutory debt
13    limitation.
14        (3) The bonds are issued in one or more bond issuances
15    on or before March 1, 2011, but the aggregate principal
16    amount issued in all those bond issuances combined must not
17    exceed $2,285,000.
18        (4) The bonds are issued in accordance with this
19    Article.
20    The debt incurred on any bonds issued under this subsection
21(p-60) shall not be considered indebtedness for purposes of any
22statutory debt limitation.
23    (p-65) In addition to all other authority to issue bonds,
24West Washington County Community Unit School District 10 may
25issue bonds with an aggregate principal amount not to exceed
26$32,200,000 and maturing over a period not exceeding 25 years,

 

 

09900SB0516sam001- 31 -LRB099 03056 MLM 47560 a

1but only if all of the following conditions are met:
2        (1) The voters of the district approve a proposition
3    for the bond issuance at an election held on or after
4    February 2, 2010.
5        (2) Prior to the issuance of the bonds, the school
6    board determines, by resolution, that (A) all or a portion
7    of the existing Okawville Junior/Senior High School
8    Building will be demolished; (B) the building and equipping
9    of a new school building to be attached to and the
10    alteration, repair, and equipping of the remaining portion
11    of the Okawville Junior/Senior High School Building is
12    required because of the age and current condition of that
13    school building; and (C) the issuance of bonds is
14    authorized by a statute that exempts the debt incurred on
15    the bonds from the district's statutory debt limitation.
16        (3) The bonds are issued, in one or more bond
17    issuances, on or before March 31, 2014, but the aggregate
18    principal amount issued in all such bond issuances combined
19    must not exceed $32,200,000.
20        (4) The bonds are issued in accordance with this
21    Article.
22        (5) The proceeds of the bonds are used to accomplish
23    only those projects approved by the voters at an election
24    held on or after February 2, 2010.
25    The debt incurred on any bonds issued under this subsection
26(p-65) shall not be considered indebtedness for purposes of any

 

 

09900SB0516sam001- 32 -LRB099 03056 MLM 47560 a

1statutory debt limitation.
2    (p-70) In addition to all other authority to issue bonds,
3Cahokia Community Unit School District 187 may issue bonds with
4an aggregate principal amount not to exceed $50,000,000, but
5only if all the following conditions are met:
6        (1) The voters of the district approve a proposition
7    for the bond issuance at an election held on or after
8    November 2, 2010.
9        (2) Prior to the issuance of the bonds, the school
10    board determines, by resolution, that (i) the building and
11    equipping of a new school building is required as a result
12    of the age and condition of an existing school building and
13    (ii) the issuance of bonds is authorized by a statute that
14    exempts the debt incurred on the bonds from the district's
15    statutory debt limitation.
16        (3) The bonds are issued, in one or more issuances, on
17    or before July 1, 2016, but the aggregate principal amount
18    issued in all such bond issuances combined must not exceed
19    $50,000,000.
20        (4) The bonds are issued in accordance with this
21    Article.
22        (5) The proceeds of the bonds are used to accomplish
23    only those projects approved by the voters at an election
24    held on or after November 2, 2010.
25    The debt incurred on any bonds issued under this subsection
26(p-70) shall not be considered indebtedness for purposes of any

 

 

09900SB0516sam001- 33 -LRB099 03056 MLM 47560 a

1statutory debt limitation. Bonds issued under this subsection
2(p-70) must mature within not to exceed 25 years from their
3date, notwithstanding any other law, including Section 19-3 of
4this Code, to the contrary.
5    (p-75) Notwithstanding the debt limitation prescribed in
6subsection (a) of this Section or any other provisions of this
7Section or of any other law, the execution of leases on or
8after January 1, 2007 and before July 1, 2011 by the Board of
9Education of Peoria School District 150 with a public building
10commission for leases entered into pursuant to the Public
11Building Commission Act shall not be considered indebtedness
12for purposes of any statutory debt limitation.
13    This subsection (p-75) applies only if the State Board of
14Education or the Capital Development Board makes one or more
15grants to Peoria School District 150 pursuant to the School
16Construction Law. The amount exempted from the debt limitation
17as prescribed in this subsection (p-75) shall be no greater
18than the amount of one or more grants awarded to Peoria School
19District 150 by the State Board of Education or the Capital
20Development Board.
21    (p-80) In addition to all other authority to issue bonds,
22Ridgeland School District 122 may issue bonds with an aggregate
23principal amount not to exceed $50,000,000 for the purpose of
24refunding or continuing to refund bonds originally issued
25pursuant to voter approval at the general election held on
26November 7, 2000, and the debt incurred on any bonds issued

 

 

09900SB0516sam001- 34 -LRB099 03056 MLM 47560 a

1under this subsection (p-80) shall not be considered
2indebtedness for purposes of any statutory debt limitation.
3Bonds issued under this subsection (p-80) may be issued in one
4or more issuances and must mature within not to exceed 25 years
5from their date, notwithstanding any other law, including
6Section 19-3 of this Code, to the contrary.
7    (p-85) In addition to all other authority to issue bonds,
8Hall High School District 502 may issue bonds with an aggregate
9principal amount not to exceed $32,000,000, but only if all the
10following conditions are met:
11        (1) The voters of the district approve a proposition
12    for the bond issuance at an election held on or after April
13    9, 2013.
14        (2) Prior to the issuance of the bonds, the school
15    board determines, by resolution, that (i) the building and
16    equipping of a new school building is required as a result
17    of the age and condition of an existing school building,
18    (ii) the existing school building should be demolished in
19    its entirety or the existing school building should be
20    demolished except for the 1914 west wing of the building,
21    and (iii) the issuance of bonds is authorized by a statute
22    that exempts the debt incurred on the bonds from the
23    district's statutory debt limitation.
24        (3) The bonds are issued, in one or more issuances, not
25    later than 5 years after the date of the referendum
26    approving the issuance of the bonds, but the aggregate

 

 

09900SB0516sam001- 35 -LRB099 03056 MLM 47560 a

1    principal amount issued in all such bond issuances combined
2    must not exceed $32,000,000.
3        (4) The bonds are issued in accordance with this
4    Article.
5        (5) The proceeds of the bonds are used to accomplish
6    only those projects approved by the voters at an election
7    held on or after April 9, 2013.
8    The debt incurred on any bonds issued under this subsection
9(p-85) shall not be considered indebtedness for purposes of any
10statutory debt limitation. Bonds issued under this subsection
11(p-85) must mature within not to exceed 30 years from their
12date, notwithstanding any other law, including Section 19-3 of
13this Code, to the contrary.
14    (p-90) In addition to all other authority to issue bonds,
15Lebanon Community Unit School District 9 may issue bonds with
16an aggregate principal amount not to exceed $7,500,000, but
17only if all of the following conditions are met:
18        (1) The voters of the district approved a proposition
19    for the bond issuance at the general primary election on
20    February 2, 2010.
21        (2) At or prior to the time of the sale of the bonds,
22    the school board determines, by resolution, that (i) the
23    building and equipping of a new elementary school building
24    is required as a result of a projected increase in the
25    enrollment of students in the district and the age and
26    condition of the existing Lebanon Elementary School

 

 

09900SB0516sam001- 36 -LRB099 03056 MLM 47560 a

1    building, (ii) a portion of the existing Lebanon Elementary
2    School building will be demolished and the remaining
3    portion will be altered, repaired, and equipped, and (iii)
4    the sale of bonds is authorized by a statute that exempts
5    the debt incurred on the bonds from the district's
6    statutory debt limitation.
7        (3) The bonds are issued, in one or more bond
8    issuances, on or before April 1, 2014, but the aggregate
9    principal amount issued in all such bond issuances combined
10    must not exceed $7,500,000.
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 the general
15    primary election held on February 2, 2010.
16    The debt incurred on any bonds issued under this subsection
17(p-90) shall not be considered indebtedness for purposes of any
18statutory debt limitation.
19    (p-95) In addition to all other authority to issue bonds,
20Monticello Community Unit School District 25 may issue bonds
21with an aggregate principal amount not to exceed $35,000,000,
22but only if all of 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

 

 

09900SB0516sam001- 37 -LRB099 03056 MLM 47560 a

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    $35,000,000.
11        (4) The bonds are issued in accordance with this
12    Article.
13        (5) The proceeds of the bonds are used to accomplish
14    only those projects approved by the voters at an election
15    held on or after November 4, 2014.
16    The debt incurred on any bonds issued under this subsection
17(p-95) shall not be considered indebtedness for purposes of any
18statutory debt limitation. Bonds issued under this subsection
19(p-95) must mature within not to exceed 25 years from their
20date, notwithstanding any other law, including Section 19-3 of
21this Code, to the contrary.
22    (p-100) In addition to all other authority to issue bonds,
23the community unit school district created in the territory
24comprising Milford Community Consolidated School District 280
25and Milford Township High School District 233, as approved at
26the general primary election held on March 18, 2014, may issue

 

 

09900SB0516sam001- 38 -LRB099 03056 MLM 47560 a

1bonds with an aggregate principal amount not to exceed
2$17,500,000, but only if all the following conditions are met:
3        (1) The voters of the district approve a proposition
4    for the bond issuance at an election held on or after
5    November 4, 2014.
6        (2) Prior to the issuance of the bonds, the school
7    board determines, by resolution, that (i) the building and
8    equipping of a new school building is required as a result
9    of the age and condition of an existing school building and
10    (ii) the issuance of bonds is authorized by a statute that
11    exempts the debt incurred on the bonds from the district's
12    statutory debt limitation.
13        (3) The bonds are issued, in one or more issuances, on
14    or before July 1, 2020, but the aggregate principal amount
15    issued in all such bond issuances combined must not exceed
16    $17,500,000.
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 November 4, 2014.
22    The debt incurred on any bonds issued under this subsection
23(p-100) shall not be considered indebtedness for purposes of
24any statutory debt limitation. Bonds issued under this
25subsection (p-100) must mature within not to exceed 25 years
26from their date, notwithstanding any other law, including

 

 

09900SB0516sam001- 39 -LRB099 03056 MLM 47560 a

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

 

 

09900SB0516sam001- 40 -LRB099 03056 MLM 47560 a

1    only those projects approved by the voters at an election
2    held on or after March 15, 2016.
3    The debt incurred on any bonds issued under this subsection
4(p-105) and on any bonds issued to refund or continue to refund
5such bonds shall not be considered indebtedness for purposes of
6any statutory debt limitation. Bonds issued under this
7subsection (p-105) and any bonds issued to refund or continue
8to refund such bonds must mature within not to exceed 30 years
9from their date, notwithstanding any other law, including
10Section 19-3 of this Code, to the contrary.
11    (p-110) In addition to all other authority to issue bonds,
12Sandoval Community Unit School District 501 may issue bonds
13with an aggregate principal amount not to exceed $2,000,000,
14but only if all of the following conditions are met:
15        (1) The voters of the district approved a proposition
16    for the bond issuance at an election held on March 20,
17    2012.
18        (2) Prior to the issuance of the bonds, the school
19    board determines, by resolution, that (i) the building and
20    equipping of a new school building is required because of
21    the age and current condition of the Sandoval Elementary
22    School building and (ii) the issuance of bonds is
23    authorized by a statute that exempts the debt incurred on
24    the bonds from the district's statutory debt limitation.
25        (3) The bonds are issued, in one or more bond
26    issuances, on or before March 19, 2017, but the aggregate

 

 

09900SB0516sam001- 41 -LRB099 03056 MLM 47560 a

1    principal amount issued in all such bond issuances combined
2    must not exceed $2,000,000.
3        (4) The bonds are issued in accordance with this
4    Article.
5        (5) The proceeds of the bonds are used to accomplish
6    only those projects approved by the voters at the election
7    held on March 20, 2012.
8    The debt incurred on any bonds issued under this subsection
9(p-110) shall not be considered indebtedness for purposes of
10any statutory debt limitation.
11    (q) A school district must notify the State Board of
12Education prior to issuing any form of long-term or short-term
13debt that will result in outstanding debt that exceeds 75% of
14the debt limit specified in this Section or any other provision
15of law.
16(Source: P.A. 98-617, eff. 1-7-14; 98-912, eff. 8-15-14;
1798-916, eff. 8-15-14; 99-78, eff. 7-20-15; 99-143, eff.
187-27-15; 99-390, eff. 8-18-15; revised 10-13-15.)".