Bill Amendment: IL HB0459 | 2017-2018 | 100th General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: DEBT CONTROL-TAXPYR PROTECTION

Status: 2017-04-27 - Third Reading - Short Debate - Lost 043-070-000 [HB0459 Detail]

Download: Illinois-2017-HB0459-House_Amendment_002.html

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Rep. Jeanne M Ives

Filed: 3/16/2017

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AMENDMENT TO HOUSE BILL 459
AMENDMENT NO. ______. Amend House Bill 459 by replacing
everything after the enacting clause with the following:
"Section 1. Short title. This Act may be cited as the
School District Debt Control and Taxpayer Protection Act.
Section 5. Definitions. As used in this Act:
"Capital appreciation bond" means debt issued without
annual or semiannual payments of principal, interest, or both.
"Entire debt service" means principal, interest, and
issuance costs of all debt and bonds.
"Equalized assessed value" means the assessed value as
equalized by the Illinois Department of Revenue.
"Tax anticipation warrants" means tax anticipation
warrants drawn and issued under the School Code.
Section 10. Refinancing debt. Notwithstanding any other

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law to the contrary, a school district may not refinance debt
past the repayment period of the debt when issued.
Section 15. Debt serviced more than 20 years.
Notwithstanding any law to the contrary, a school district may
not issue debt to be serviced over a period greater than 20
years.
Section 20. Equalized assessed value. Notwithstanding any
other law to the contrary, for the purpose of calculating the
debt limit of a school district in relation to its equalized
assessed value, debt shall include alternate revenue bonds,
privately placed debt, and all interest on all debt.
Section 25. Debt limitation. Notwithstanding any other law
to the contrary, no school district may become indebted in any
manner or for any purpose in an amount, including the entire
debt service, in the aggregate exceeding 13.8% of the value of
the taxable property therein to be ascertained by the last
assessment for State and county taxes or, if greater, the sum
that is produced by multiplying the school district's 2016
equalized assessed value by the debt limitation percentage in
effect on January 1, 2017, previous to the incurring of such
indebtedness.
Section 30. New debt prohibited.

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(a) Notwithstanding any other law to the contrary and on
and after the effective date of this Act, a school district
that exceeds the debt limitation of Section 25 of this Act may
not incur any new debt, including, but not limited to, tax
anticipation warrants, until the school district's aggregate
debt limitation is below the debt limitation of Section 25.
(b) Notwithstanding subsection (a), a school district may
issue new debt on or after the effective date of this Act if a
referendum allowing new debt to be issued was passed before the
effective date of this Act.
Section 35. Capital appreciation bonds. Notwithstanding
any other law to the contrary and on and after the effective
date of this Act, no school district may issue capital
appreciation bonds.
Section 40. Additional debt. Nothing in this Act shall
authorize any school district to issue additional debt above
and beyond what is otherwise authorized by law.
Section 45. Authority to exceed debt limitation.
Notwithstanding any other provision of this Act, a school
district may only exceed its debt limitation upon the Governor
declaring a disaster within the school district, in part or in
whole, under Section 7 of the Illinois Emergency Management
Agency Act or upon the Governor's prior approval for any other

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reason.
Section 50. Bond referendum information. Notwithstanding
any other law to the contrary, the referendum question allowing
a school district to issue bonds must include the total cost of
the bond, including interest, principal, and issuance costs, as
well as the proposed term of the bond.
Section 55. Bond issuance information. Any material or
literature from a school district that is used to present
information to the public about the issuance of bonds shall
provide a projected cost per median-priced home in the
district. This information must also include the school
district's current long-term debt amount.
Section 90. The School Code is amended by adding Section
19-32 as follows:
(105 ILCS 5/19-32 new)
Sec. 19-32. School District Debt Control and Taxpayer
Protection Act. In any instance in which this Code conflicts
with the School District Debt Control and Taxpayer Protection
Act, that Act shall control.
Section 99. Effective date. This Act takes effect upon
becoming law.".