Bill Text: IL HB4119 | 2017-2018 | 100th General Assembly | Introduced


Bill Title: Amends the School Code. Removes a provision allowing the corporate authorities of a school district to issue refunding bonds without submitting the question to the electors of the school district for approval. Instead, sets forth provisions requiring elector approval before issuance.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2017-10-17 - Referred to Rules Committee [HB4119 Detail]

Download: Illinois-2017-HB4119-Introduced.html


100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB4119

Introduced , by Rep. Barbara Wheeler

SYNOPSIS AS INTRODUCED:
105 ILCS 5/19-16 from Ch. 122, par. 19-16

Amends the School Code. Removes a provision allowing the corporate authorities of a school district to issue refunding bonds without submitting the question to the electors of the school district for approval. Instead, sets forth provisions requiring elector approval before issuance.
LRB100 14827 NHT 29648 b
FISCAL NOTE ACT MAY APPLY

A BILL FOR

HB4119LRB100 14827 NHT 29648 b
1 AN ACT concerning education.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The School Code is amended by changing Section
519-16 as follows:
6 (105 ILCS 5/19-16) (from Ch. 122, par. 19-16)
7 Sec. 19-16. Resolution and referendum for issuance. The
8corporate authorities of any school district, without
9submitting the question to the electors thereof for approval,
10may authorize by resolution the submission to the electors
11thereof for approval the question of the issuance of refunding
12bonds (1) to refund its bonds prior to their maturity; (2) to
13refund its unpaid matured bonds; (3) to refund matured coupons
14evidencing interest upon its unpaid bonds; (4) to refund
15interest at the coupon rate upon its unpaid matured bonds that
16has accrued since the maturity of those bonds; (5) to refund
17its bonds which by their terms are subject to redemption before
18maturity; and (6) to refund other valid and subsisting
19evidences of indebtedness that are due and payable. These
20refunding bonds may not be issued unless authorized by a
21majority of the votes cast on the proposition, which must be
22conducted in accordance with the general election law. The
23refunding bonds and the procedure for issuing them shall comply

HB4119- 2 -LRB100 14827 NHT 29648 b
1with Sections 19-5 through 19-7.
2(Source: Laws 1961, p. 31.)
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