Illinois House Bill 4243 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on July 2 2015 - 25% progression, died in committee
Action: 2015-07-09 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the School Code with respect to the debt limitations of school districts. Allows Bureau Valley Community Unit School District 340 to issue bonds with an aggregate principal amount not to exceed $25,000,000 if, among other conditions, (i) the voters of the district approve a proposition for the bond issuance at an election held on or after March 15, 2016; (ii) prior to the issuance of the bonds, the school board determines that the renovating and equipping of some existing school buildings, the building and equipping of new school buildings, and the demolishing of some existing school buildings is required as a result of the age and condition of existing school buildings; and (iii) the bonds are issued, in one or more issuances, on or before July 1, 2021. Provides that the debt incurred on the bonds shall not be considered indebtedness for purposes of any statutory debt limitation and the bonds must mature within not to exceed 30 years from their date. Effective immediately.

SCH CD-BOND ISSUANCE

Rep. David Leitch [R]

Date	Chamber	Action
2015-07-09	House	Referred to Rules Committee
2015-07-09	House	First Reading
2015-07-02	House	Filed with the Clerk by Rep. David R. Leitch

Chapter	Article	Section	Citation Type	Statute Text
105	5	19-1	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4243&GAID=13&DocTypeID=HB&SessionID=88&GA=99
Text	https://www.ilga.gov/legislation/99/HB/09900HB4243.htm