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, | 3 | | represented in the General Assembly:
| 4 | | Section 3. The Local Government Debt Reform Act is amended | 5 | | by 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 | 9 | | authorization of or the issuance of bonds is subject to either | 10 | | a
referendum or backdoor referendum, the approval, once | 11 | | obtained, remains
(i) for 5 years
after the date
of the | 12 | | referendum or (ii) for 3 years after the end of the petition
| 13 | | period for a
backdoor referendum. However, whenever the | 14 | | applicable law
provides
that the authorization of or the | 15 | | issuance of bonds under the Water Pollution Control Loan | 16 | | Program or the Public Water Supply Loan Program, under Title | 17 | | IV-A of the Environmental Protection Act, is subject to either | 18 | | a referendum or backdoor referendum, the approval, once | 19 | | obtained, remains (i) for 7 years after the date of the | 20 | | referendum or (ii) for 5 years after the end of the petition | 21 | | period for a backdoor referendum. In the case of bonds | 22 | | authorized to be issued under the Downstate Forest Preserve | 23 | | District Act and approved by Lake County voters in a November |
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| 1 | | 2008 referendum or in the case of bonds authorized to be issued | 2 | | under the School Code and approved by voters of Sandoval | 3 | | Community Unit School District 501 in a March 2012 referendum , | 4 | | the approval, once obtained, remains for 10 years after the | 5 | | date of the referendum. In the case of bonds authorized to be | 6 | | issued under the Counties Code and approved by Jackson County | 7 | | voters in a 1994 referendum, of which less than $200,000 of the | 8 | | original bonds have been issued, and for which the purpose of | 9 | | the bonds is flooding prevention, the approval, once obtained, | 10 | | remains for 25 years after the date of the referendum. | 11 | | (b) With respect to any bond approval under subsection (a), | 12 | | if, for any reason, the bonds are not issued because of a court | 13 | | action, then the time limits set forth under subsection (a) for | 14 | | the approval for the bonds is tolled during the time that the | 15 | | court action is pending. This subsection (b) applies to any | 16 | | bond issuance approved by referendum held on or after January | 17 | | 1, 2003 or by a backdoor referendum held on or after January 1, | 18 | | 2005. | 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 | 21 | | 17-2A 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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| 1 | | less than
500,000 inhabitants may, by proper resolution | 2 | | following a public hearing
set by the school board or the | 3 | | president of the school board
(that is preceded (i) by at least | 4 | | one published notice over the name of
the clerk
or secretary of | 5 | | the board, occurring at least 7 days and not more than 30
days
| 6 | | prior to the hearing, in a newspaper of general circulation | 7 | | within the
school
district and (ii) by posted notice over the | 8 | | name of the clerk or secretary of
the board, at least 48 hours | 9 | | before the hearing, at the principal office of the
school board | 10 | | or at the building where the hearing is to be held if a | 11 | | principal
office does not exist, with both notices setting | 12 | | forth the time, date, place,
and subject matter of the
| 13 | | hearing), transfer money from (1) the Educational Fund to the | 14 | | Operations
and
Maintenance Fund or the Transportation Fund, (2) | 15 | | the Operations and
Maintenance Fund to the Educational Fund or | 16 | | the Transportation Fund, or (3) the
Transportation Fund to the | 17 | | Educational Fund or the Operations and Maintenance
Fund of said
| 18 | | district,
provided that, except during the period from July 1, | 19 | | 2003 through June 30, 2019, such transfer is made solely for | 20 | | the purpose of meeting one-time,
non-recurring expenses. | 21 | | Except during the period from July 1, 2003 through
June 30, | 22 | | 2019 and except as otherwise provided in subsection (b) of this | 23 | | Section, any other permanent interfund transfers authorized
by | 24 | | any provision or judicial interpretation of this Code for which | 25 | | the
transferee fund is not precisely and specifically set forth | 26 | | in the provision of
this Code authorizing such transfer shall |
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| 1 | | be made to the fund of the school
district most in need of the | 2 | | funds being transferred, as determined by
resolution of the | 3 | | school board. | 4 | | (b) Notwithstanding subsection (a) of this Section or any
| 5 | | other provision of this Code to the contrary, the school board
| 6 | | of any school district (i) that is subject to the Property Tax
| 7 | | Extension Limitation Law, (ii) that has a population of less
| 8 | | than 500,000 inhabitants, (iii) that is levying at its maximum
| 9 | | tax rate, (iv) whose total equalized assessed valuation has
| 10 | | declined 20% in the prior 2 years, (v) in which 80% or more
of | 11 | | its students receive free or reduced-price lunch, and (vi) that | 12 | | had an equalized assessed valuation of less than $207 million | 13 | | but more than $203 million in the 2011 levy year may annually, | 14 | | until July 1, 2016, transfer money from any fund of the | 15 | | district, other than the Illinois Municipal Retirement Fund and | 16 | | the Bonds and Interest Fund, to the educational fund, the | 17 | | operations and maintenance fund, or the transportation fund of | 18 | | the district by proper resolution following a public hearing | 19 | | set by the school board or the president of the school board, | 20 | | with notice as provided in subsection (a) of this Section, so | 21 | | long as the district meets the qualifications set forth in this | 22 | | subsection (b) on the effective date of this amendatory Act of | 23 | | the 98th General Assembly even if the district does not meet | 24 | | those qualifications at the time a given transfer is made.
| 25 | | (c) Notwithstanding subsection (a) of this Section or any | 26 | | other provision of this Code to the contrary, the school board |
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| 1 | | of any school district (i) that is subject to the Property Tax | 2 | | Extension Limitation Law, (ii) that is an elementary district | 3 | | servicing students in grades K through 8, (iii) whose territory | 4 | | is in one county, (iv) that is eligible for Section 7002 | 5 | | Federal Impact Aid, and (v) that has no more than $81,000 in | 6 | | funds remaining from refinancing bonds that were refinanced a | 7 | | minimum of 5 years prior to the effective date of this | 8 | | amendatory Act of the 99th General Assembly may make a one-time | 9 | | transfer of the funds remaining from the refinancing bonds to | 10 | | the Operations and Maintenance Fund of the district by proper | 11 | | resolution following a public hearing set by the school board | 12 | | or the president of the school board, with notice as provided | 13 | | in subsection (a) of this Section, so long as the district | 14 | | meets the qualifications set forth in this subsection (c) on | 15 | | the effective date of this amendatory Act of the 99th General | 16 | | Assembly. | 17 | | (Source: P.A. 98-26, eff. 6-21-13; 98-131, eff. 1-1-14; 99-713, | 18 | | eff. 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 | 22 | | limiting their
indebtedness prescribed in the Local Government | 23 | | Debt Limitation Act.
| 24 | | No school districts maintaining grades K through 8 or 9 | 25 | | through 12
shall become indebted in any manner or for any |
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| 1 | | purpose to an amount,
including existing indebtedness, in the | 2 | | aggregate exceeding 6.9% on the
value of the taxable property | 3 | | therein to be ascertained by the last assessment
for State and | 4 | | county taxes or, until January 1, 1983, if greater, the sum | 5 | | that
is produced by multiplying the school district's 1978 | 6 | | equalized assessed
valuation by the debt limitation percentage | 7 | | in effect on January 1, 1979,
previous to the incurring of such | 8 | | indebtedness.
| 9 | | No school districts maintaining grades K through 12 shall | 10 | | become
indebted in any manner or for any purpose to an amount, | 11 | | including
existing indebtedness, in the aggregate exceeding | 12 | | 13.8% on the value of
the taxable property therein to be | 13 | | ascertained by the last assessment
for State and county taxes | 14 | | or, until January 1, 1983, if greater, the sum that
is produced | 15 | | by multiplying the school district's 1978 equalized assessed
| 16 | | valuation by the debt limitation percentage in effect on | 17 | | January 1, 1979,
previous to the incurring of such | 18 | | indebtedness.
| 19 | | No partial elementary unit district, as defined in Article | 20 | | 11E of this Code, shall become indebted in any manner or for | 21 | | any purpose in an amount, including existing indebtedness, in | 22 | | the aggregate exceeding 6.9% of the value of the taxable | 23 | | property of the entire district, to be ascertained by the last | 24 | | assessment for State and county taxes, plus an amount, | 25 | | including existing indebtedness, in the aggregate exceeding | 26 | | 6.9% of the value of the taxable property of that portion of |
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| 1 | | the district included in the elementary and high school | 2 | | classification, to be ascertained by the last assessment for | 3 | | State and county taxes. Moreover, no partial elementary unit | 4 | | district, as defined in Article 11E of this Code, shall become | 5 | | indebted on account of bonds issued by the district for high | 6 | | school purposes in the aggregate exceeding 6.9% of the value of | 7 | | the taxable property of the entire district, to be ascertained | 8 | | by the last assessment for State and county taxes, nor shall | 9 | | the district become indebted on account of bonds issued by the | 10 | | district for elementary purposes in the aggregate exceeding | 11 | | 6.9% of the value of the taxable property for that portion of | 12 | | the district included in the elementary and high school | 13 | | classification, to be ascertained by the last assessment for | 14 | | State and county taxes.
| 15 | | Notwithstanding the provisions of any other law to the | 16 | | contrary, in any
case in which the voters of a school district | 17 | | have approved a proposition
for the issuance of bonds of such | 18 | | school district at an election held prior
to January 1, 1979, | 19 | | and all of the bonds approved at such election have
not been | 20 | | issued, the debt limitation applicable to such school district
| 21 | | during the calendar year 1979 shall be computed by multiplying | 22 | | the value
of taxable property therein, including personal | 23 | | property, as ascertained
by the last assessment for State and | 24 | | county taxes, previous to the incurring
of such indebtedness, | 25 | | by the percentage limitation applicable to such school
district | 26 | | under the provisions of this subsection (a).
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| 1 | | (b) Notwithstanding the debt limitation prescribed in | 2 | | subsection (a)
of this Section, additional indebtedness may be | 3 | | incurred in an amount
not to exceed the estimated cost of | 4 | | acquiring or improving school sites
or constructing and | 5 | | equipping additional building facilities under the
following | 6 | | conditions:
| 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 | 5 | | this
subsection (b) and the existing indebtedness of the school | 6 | | district
exceed 15% of the value of the taxable property | 7 | | therein to be
ascertained by the last assessment for State and | 8 | | county taxes, previous
to the incurring of such indebtedness | 9 | | or, until January 1, 1983, if greater,
the sum that is produced | 10 | | by multiplying the school district's 1978 equalized
assessed | 11 | | valuation by the debt limitation percentage in effect on | 12 | | January 1,
1979.
| 13 | | The indebtedness provided for by this subsection (b) shall | 14 | | be in
addition to and in excess of any other debt limitation.
| 15 | | (c) Notwithstanding the debt limitation prescribed in | 16 | | subsection (a)
of this Section, in any case in which a public | 17 | | question for the issuance
of bonds of a proposed school | 18 | | district maintaining grades kindergarten
through 12 received | 19 | | at least 60% of the valid ballots cast on the question at
an | 20 | | election held on or prior to November 8, 1994, and in which the | 21 | | bonds
approved at such election have not been issued, the | 22 | | school district pursuant to
the requirements of Section 11A-10 | 23 | | (now repealed) may issue the total amount of bonds approved
at | 24 | | such election for the purpose stated in the question.
| 25 | | (d) Notwithstanding the debt limitation prescribed in | 26 | | subsection (a)
of this Section, a school district that meets |
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| 1 | | all the criteria set forth in
paragraphs (1) and (2) of this | 2 | | subsection (d) may incur an additional
indebtedness in an | 3 | | amount not to exceed $4,500,000, even though the amount of
the | 4 | | additional indebtedness authorized by this subsection (d), | 5 | | when incurred
and added to the aggregate amount of indebtedness | 6 | | of the district existing
immediately prior to the district | 7 | | incurring the additional indebtedness
authorized by this | 8 | | subsection (d), causes the aggregate indebtedness of the
| 9 | | district to exceed the debt limitation otherwise applicable to | 10 | | that 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 | 10 | | this Section or of
any other law, bonds in not to exceed the | 11 | | aggregate amount of $5,500,000 and
issued by a school district | 12 | | meeting the following criteria shall not be
considered | 13 | | indebtedness for purposes of any statutory limitation and may | 14 | | be
issued in an amount or amounts, including existing | 15 | | indebtedness, in excess of
any heretofore or hereafter imposed | 16 | | statutory 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 | 5 | | Section or of any other law, a school district that has availed | 6 | | itself of the provisions of this subsection (f) prior to July | 7 | | 22, 2004 (the effective date of Public Act 93-799) may also | 8 | | issue bonds approved by referendum up to an amount, including | 9 | | existing indebtedness, not exceeding 25% of the equalized | 10 | | assessed value of the taxable property in the district if all | 11 | | of the conditions set forth in items (1), (2), and (3) of this | 12 | | subsection (f) are met.
| 13 | | (g) Notwithstanding the provisions of subsection (a) of | 14 | | this Section or any
other law, bonds in not to exceed an | 15 | | aggregate amount of 25% of the equalized
assessed value of the | 16 | | taxable property of a school district and issued by a
school | 17 | | district meeting the criteria in paragraphs (i) through (iv) of | 18 | | this
subsection shall not be considered indebtedness for | 19 | | purposes of any statutory
limitation and may be issued pursuant | 20 | | to resolution of the school board in an
amount or amounts, | 21 | | including existing indebtedness, in
excess of any statutory | 22 | | limitation 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 | 15 | | the
provisions of any other law, until January 1, 1998, a | 16 | | community unit school
district maintaining grades K through 12 | 17 | | may issue bonds up to an amount,
including existing | 18 | | indebtedness, not exceeding 27.6% of the equalized assessed
| 19 | | value of the taxable property in the district, if all of the | 20 | | following
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 | 7 | | the provisions
of any other law, until January 1, 1998, a | 8 | | community unit school district
maintaining grades K through 12 | 9 | | may issue bonds up to an amount, including
existing | 10 | | indebtedness, not exceeding 27% of the equalized assessed value | 11 | | of the
taxable property in the district, if all of the | 12 | | following conditions are met:
| 13 | | (i) The school district has an equalized assessed | 14 | | valuation for calendar
year 1995 of less than $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 | 26 | | the
provisions of any other law, until January 1, 1999, a |
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| 1 | | community unit school
district maintaining grades K through 12 | 2 | | may issue bonds up to an amount,
including existing | 3 | | indebtedness, not exceeding 27% of the equalized assessed
value | 4 | | of the taxable property in the district if all of the following
| 5 | | conditions 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 | 24 | | subsection (a) of
this Section, a school district that meets | 25 | | all the criteria set forth in
paragraphs (1) through (4) of | 26 | | this subsection (k) may issue bonds to incur an
additional |
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| 1 | | indebtedness in an amount not to exceed $4,000,000 even though | 2 | | the
amount of the additional indebtedness authorized by this | 3 | | subsection (k), when
incurred and added to the aggregate amount | 4 | | of indebtedness of the school
district existing immediately | 5 | | prior to the school district incurring such
additional | 6 | | indebtedness, causes the aggregate indebtedness of the school
| 7 | | district to exceed or increases the amount by which the | 8 | | aggregate indebtedness
of the district already exceeds the debt | 9 | | limitation otherwise applicable to
that school district under | 10 | | subsection (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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| 1 | | the
provisions of any other law, until January 1, 2000, a | 2 | | school district
maintaining grades kindergarten through 8 may | 3 | | issue bonds up to an amount,
including existing indebtedness, | 4 | | not exceeding 15% of the equalized assessed
value of the | 5 | | taxable property in the district if all of the following
| 6 | | conditions 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 | 19 | | the provisions
of
any other law, until January 1, 1999, an | 20 | | elementary school district maintaining
grades K through 8 may | 21 | | issue bonds up to an amount, excluding existing
indebtedness, | 22 | | not exceeding 18% of the equalized assessed value of the | 23 | | taxable
property in the district, if all of the following | 24 | | conditions are met:
| 25 | | (i) The 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 | 16 | | subsection (a) of
this Section or any other provisions of this | 17 | | Section or of any other law, a
school district that meets all | 18 | | of the criteria set forth in paragraphs (i)
through (vi) of | 19 | | this subsection (n) may incur additional indebtedness by the
| 20 | | issuance of bonds in an amount not exceeding the amount | 21 | | certified by the
Capital Development Board to the school | 22 | | district as provided in paragraph (iii)
of
this subsection (n), | 23 | | even though the amount of the additional indebtedness so
| 24 | | authorized, when incurred and added to the aggregate amount of | 25 | | indebtedness of
the district existing immediately prior to the | 26 | | district incurring the
additional indebtedness authorized by |
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| 1 | | this subsection (n), causes the aggregate
indebtedness of the | 2 | | district to exceed the debt limitation otherwise applicable
by | 3 | | law 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 | 11 | | the
provisions of any other law, until November 1, 2007, a | 12 | | community unit
school district maintaining grades K through 12 | 13 | | may issue bonds up to
an amount, including existing | 14 | | indebtedness, not exceeding 20% of the
equalized assessed value | 15 | | of the taxable property in the district if all of the
following | 16 | | conditions are met:
| 17 | | (i) the school district has an equalized assessed | 18 | | valuation
for calendar year 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 | 10 | | the provisions of any other law, a community unit school | 11 | | district maintaining grades K through 12 may issue bonds up to | 12 | | an amount, including indebtedness, not exceeding 27% of the | 13 | | equalized assessed value of the taxable property in the | 14 | | district 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 | 4 | | or the provisions of any other law, bonds issued by a community | 5 | | unit school district maintaining grades K through 12 shall not | 6 | | be considered indebtedness for purposes of any statutory | 7 | | limitation and may be issued in an amount or amounts, including | 8 | | existing indebtedness, in excess of any heretofore or hereafter | 9 | | imposed statutory limitation as to indebtedness, if all of the | 10 | | following 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 | 5 | | Section or the provisions of any other law, bonds issued by a | 6 | | community consolidated school district maintaining grades K | 7 | | through 8 shall not be considered indebtedness for purposes of | 8 | | any statutory limitation and may be issued in an amount or | 9 | | amounts, including existing indebtedness, in excess of any | 10 | | heretofore or hereafter imposed statutory limitation as to | 11 | | indebtedness, 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, | 4 | | the Oswego Community Unit School District Number 308 may issue | 5 | | bonds with an aggregate principal amount not to exceed | 6 | | $450,000,000, but only if all of the following conditions are | 7 | | met: | 8 | | (i) The voters of the district have approved a | 9 | | proposition for the bond issue at the general 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. | 8 | | The debt incurred on any bonds issued under this subsection | 9 | | (p-15) shall not be considered indebtedness for purposes of any | 10 | | statutory debt limitation.
| 11 | | (p-20) In addition to all other authority to issue bonds, | 12 | | the Lincoln-Way Community High School District Number 210 may | 13 | | issue bonds with an aggregate principal amount not to exceed | 14 | | $225,000,000, but only if all of the following conditions are | 15 | | met: | 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. | 12 | | The debt incurred on any bonds issued under this subsection | 13 | | (p-20) shall not be considered indebtedness for purposes of any | 14 | | statutory debt limitation.
| 15 | | (p-25) In addition to all other authority to issue bonds, | 16 | | Rochester Community Unit School District 3A may issue bonds | 17 | | with an aggregate principal amount not to exceed $18,500,000, | 18 | | but 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.
| 17 | | The debt incurred on any bonds issued under this subsection | 18 | | (p-25) shall not be considered indebtedness for purposes of any | 19 | | statutory debt limitation.
| 20 | | (p-30) In addition to all other authority to issue bonds, | 21 | | Prairie Grove Consolidated School District 46 may issue bonds | 22 | | with an aggregate principal amount not to exceed $30,000,000, | 23 | | but 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.
| 17 | | The debt incurred on any bonds issued under this subsection | 18 | | (p-30) shall not be considered indebtedness for purposes of any | 19 | | statutory debt limitation.
| 20 | | (p-35) In addition to all other authority to issue bonds, | 21 | | Prairie Hill Community Consolidated School District 133 may | 22 | | issue bonds with an aggregate principal amount not to exceed | 23 | | $13,900,000, but only if all of the following conditions are | 24 | | met:
| 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.
| 19 | | The debt incurred on any bonds issued under this subsection | 20 | | (p-35) shall not be considered indebtedness for purposes of any | 21 | | statutory debt limitation.
| 22 | | (p-40) In addition to all other authority to issue bonds, | 23 | | Mascoutah Community Unit District 19 may issue bonds with an | 24 | | aggregate principal amount not to exceed $55,000,000, but only | 25 | | if 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 | 24 | | statutory debt limitation. | 25 | | (p-45) Notwithstanding the provisions of subsection (a) of | 26 | | this Section or of any other law, bonds issued pursuant to |
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| 1 | | Section 19-3.5 of this Code shall not be considered | 2 | | indebtedness for purposes of any statutory limitation if the | 3 | | bonds are issued in an amount or amounts, including existing | 4 | | indebtedness of the school district, not in excess of 18.5% of | 5 | | the value of the taxable property in the district to be | 6 | | ascertained by the last assessment for State and county taxes. | 7 | | (p-50) Notwithstanding the provisions of subsection (a) of
| 8 | | this Section or of any other law, bonds issued pursuant to
| 9 | | Section 19-3.10 of this Code shall not be considered
| 10 | | indebtedness for purposes of any statutory limitation if the
| 11 | | bonds are issued in an amount or amounts, including existing
| 12 | | indebtedness of the school district, not in excess of 43% of
| 13 | | the value of the taxable property in the district to be
| 14 | | ascertained by the last assessment for State and county taxes. | 15 | | (p-55) In addition to all other authority to issue bonds, | 16 | | Belle Valley School District 119 may issue bonds with an | 17 | | aggregate principal amount not to exceed $47,500,000, but only | 18 | | if all of the following conditions are met: | 19 | | (1) The voters of the district approve a proposition | 20 | | for the bond issuance at an election held on or after April | 21 | | 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 | 15 | | statutory debt limitation. Bonds issued under this subsection | 16 | | (p-55) must mature within not to exceed 30 years from their | 17 | | date, notwithstanding any other law to the contrary. | 18 | | (p-60) In addition to all other authority to issue bonds, | 19 | | Wilmington Community Unit School District Number 209-U may | 20 | | issue bonds with an aggregate principal amount not to exceed | 21 | | $2,285,000, but only if all of the following conditions are | 22 | | met: | 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 | 16 | | statutory debt limitation. | 17 | | (p-65) In addition to all other authority to issue bonds, | 18 | | West Washington County Community Unit School District 10 may | 19 | | issue bonds with an aggregate principal amount not to exceed | 20 | | $32,200,000 and maturing over a period not exceeding 25 years, | 21 | | but 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 | 21 | | statutory debt limitation. | 22 | | (p-70) In addition to all other authority to issue bonds, | 23 | | Cahokia Community Unit School District 187 may issue bonds with | 24 | | an aggregate principal amount not to exceed $50,000,000, but | 25 | | only 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 | 21 | | statutory debt limitation. Bonds issued under this subsection | 22 | | (p-70) must mature within not to exceed 25 years from their | 23 | | date, notwithstanding any other law, including Section 19-3 of | 24 | | this Code, to the contrary. | 25 | | (p-75) Notwithstanding the debt limitation prescribed in | 26 | | subsection (a) of this Section
or any other provisions of this |
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| 1 | | Section or of any other law, the execution of leases on or
| 2 | | after January 1, 2007 and before July 1, 2011 by the Board of | 3 | | Education of Peoria School District 150 with a public building | 4 | | commission for leases entered into pursuant to the Public
| 5 | | Building Commission Act shall not be considered indebtedness | 6 | | for purposes of any
statutory debt limitation. | 7 | | This subsection (p-75) applies only if the State Board of | 8 | | Education or the Capital Development Board makes one or more | 9 | | grants to Peoria School District 150 pursuant to the School | 10 | | Construction Law. The amount exempted from the debt limitation | 11 | | as prescribed in this subsection (p-75) shall be no greater | 12 | | than the amount of one or more grants awarded to Peoria School | 13 | | District 150 by the State Board of Education or the Capital | 14 | | Development Board. | 15 | | (p-80) In addition to all other authority to issue bonds, | 16 | | Ridgeland School District 122 may issue bonds with an aggregate | 17 | | principal amount not to exceed $50,000,000 for the purpose of | 18 | | refunding or continuing to refund bonds originally issued | 19 | | pursuant to voter approval at the general election held on | 20 | | November 7, 2000, and the debt incurred on any bonds issued | 21 | | under this subsection (p-80) shall not be considered | 22 | | indebtedness for purposes of any statutory debt limitation. | 23 | | Bonds issued under this subsection (p-80) may be issued in one | 24 | | or more issuances and must mature within not to exceed 25 years | 25 | | from their date, notwithstanding any other law, including | 26 | | Section 19-3 of this Code, to the contrary. |
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| 1 | | (p-85) In addition to all other authority to issue bonds, | 2 | | Hall High School District 502 may issue bonds with an aggregate | 3 | | principal amount not to exceed $32,000,000, but only if all the | 4 | | following 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 | 4 | | statutory debt limitation. Bonds issued under this subsection | 5 | | (p-85) must mature within not to exceed 30 years from their | 6 | | date, notwithstanding any other law, including Section 19-3 of | 7 | | this Code, to the contrary. | 8 | | (p-90) In addition to all other authority to issue bonds, | 9 | | Lebanon Community Unit School District 9 may issue bonds with | 10 | | an aggregate principal amount not to exceed $7,500,000, but | 11 | | only 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 | 12 | | statutory debt limitation. | 13 | | (p-95) In addition to all other authority to issue bonds, | 14 | | Monticello Community Unit School District 25 may issue bonds | 15 | | with an aggregate principal amount not to exceed $35,000,000, | 16 | | but 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 | 12 | | statutory debt limitation. Bonds issued under this subsection | 13 | | (p-95) must mature within not to exceed 25 years from their | 14 | | date, notwithstanding any other law, including Section 19-3 of | 15 | | this Code, to the contrary. | 16 | | (p-100) In addition to all other authority to issue bonds, | 17 | | the community unit school district created in the territory | 18 | | comprising Milford Community Consolidated School District 280 | 19 | | and Milford Township High School District 233, as approved at | 20 | | the general primary election held on March 18, 2014, may issue | 21 | | bonds 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 | 18 | | any statutory debt limitation. Bonds issued under this | 19 | | subsection (p-100) must mature within not to exceed 25 years | 20 | | from their date, notwithstanding any other law, including | 21 | | Section 19-3 of this Code, to the contrary. | 22 | | (p-105) In addition to all other authority to issue bonds, | 23 | | North Shore School District 112 may issue bonds with an | 24 | | aggregate principal amount not to exceed $150,000,000, but only | 25 | | if 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 | 25 | | such bonds shall not be considered indebtedness for purposes of | 26 | | any statutory debt limitation. Bonds issued under this |
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| 1 | | subsection (p-105) and any bonds issued to refund or continue | 2 | | to refund such bonds must mature within not to exceed 30 years | 3 | | from their date, notwithstanding any other law, including | 4 | | Section 19-3 of this Code, to the contrary. | 5 | | (p-110) In addition to all other authority to issue bonds, | 6 | | Sandoval Community Unit School District 501 may issue bonds | 7 | | with an aggregate principal amount not to exceed $2,000,000, | 8 | | but 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 | 4 | | the bonds shall not be considered indebtedness for purposes of | 5 | | any statutory debt limitation. | 6 | | (p-115) In addition to all other authority to issue bonds, | 7 | | Bureau Valley Community Unit School District 340 may issue | 8 | | bonds with an aggregate principal amount not to exceed | 9 | | $25,000,000, but only if all of the following conditions are | 10 | | met: | 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 | 8 | | any statutory debt limitation. Bonds issued under this | 9 | | subsection (p-115) must mature within not to exceed 30 years | 10 | | from their date, notwithstanding any other law, including | 11 | | Section 19-3 of this Code, to the contrary. | 12 | | (p-120) In addition to all other authority to issue bonds, | 13 | | Paxton-Buckley-Loda Community Unit School District 10 may | 14 | | issue 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 | 14 | | such bonds shall not be considered indebtedness for
purposes of | 15 | | any statutory debt limitation. Bonds issued under this | 16 | | subsection (p-120) and any
bonds issued to refund or continue | 17 | | to refund such bonds must mature within not to exceed 25
years | 18 | | from their date, notwithstanding any other law, including | 19 | | Section 19-3 of this Code, to the
contrary. | 20 | | (p-125) In addition to all other authority to issue bonds, | 21 | | Hillsboro Community Unit School District 3 may issue bonds with | 22 | | an aggregate principal amount not to exceed
$34,500,000, but | 23 | | only 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 | 24 | | such bonds shall not be considered indebtedness for
purposes of | 25 | | any statutory debt limitation. Bonds issued under this | 26 | | subsection (p-125) and any
bonds issued to refund or continue |
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| 1 | | to refund such bonds must mature within not to exceed 25
years | 2 | | from their date, notwithstanding any other law, including | 3 | | Section 19-3 of this Code, to the
contrary. | 4 | | (q) A school district must notify the State Board of | 5 | | Education prior to issuing any form of long-term or short-term | 6 | | debt that will result in outstanding debt that exceeds 75% of | 7 | | the debt limit specified in this Section or any other provision | 8 | | of law.
| 9 | | (Source: P.A. 98-617, eff. 1-7-14; 98-912, eff. 8-15-14; | 10 | | 98-916, eff. 8-15-14; 99-78, eff. 7-20-15; 99-143, eff. | 11 | | 7-27-15; 99-390, eff. 8-18-15; 99-642, eff. 7-28-16; 99-735, | 12 | | eff. 8-5-16.)
| 13 | | Section 99. Effective date. This Act takes effect upon | 14 | | becoming law. |
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