Bill Text: IL SB3113 | 2013-2014 | 98th General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the School Code. In a Section concerning the debt limitations of school districts, provides that, in addition to all other authority to issue bonds, Milford Township High School District 233 may issue bonds with an aggregate principal amount not to exceed $17,500,000 if certain conditions are met, including that (1) the voters of the district approve a proposition for the bond issuance at an election held on or after November 4, 2014 and (2) prior to the issuance of the bonds, the school board determines, by resolution, that the building and equipping of a new school building is required as a result of the age and condition of an existing school building and the issuance of bonds is authorized by a statute that exempts the debt incurred on the bonds from the district's statutory debt limitation. Provides that the debt incurred on the bonds shall not be considered indebtedness for purposes of any statutory debt limitation. Requires the bonds to mature within not to exceed 25 years from their date. Effective immediately.
Spectrum: Slight Partisan Bill (Republican 3-1)
Status: (Passed) 2014-08-26 - Public Act . . . . . . . . . 98-1112 [SB3113 Detail]
Download: Illinois-2013-SB3113-Amended.html
Bill Title: Amends the School Code. In a Section concerning the debt limitations of school districts, provides that, in addition to all other authority to issue bonds, Milford Township High School District 233 may issue bonds with an aggregate principal amount not to exceed $17,500,000 if certain conditions are met, including that (1) the voters of the district approve a proposition for the bond issuance at an election held on or after November 4, 2014 and (2) prior to the issuance of the bonds, the school board determines, by resolution, that the building and equipping of a new school building is required as a result of the age and condition of an existing school building and the issuance of bonds is authorized by a statute that exempts the debt incurred on the bonds from the district's statutory debt limitation. Provides that the debt incurred on the bonds shall not be considered indebtedness for purposes of any statutory debt limitation. Requires the bonds to mature within not to exceed 25 years from their date. Effective immediately.
Spectrum: Slight Partisan Bill (Republican 3-1)
Status: (Passed) 2014-08-26 - Public Act . . . . . . . . . 98-1112 [SB3113 Detail]
Download: Illinois-2013-SB3113-Amended.html
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1 | AMENDMENT TO SENATE BILL 3113
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2 | AMENDMENT NO. ______. Amend Senate Bill 3113, AS AMENDED, | ||||||
3 | with reference to page and line numbers of House Amendment No. | ||||||
4 | 1, as follows:
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5 | on page 1, line 4, by replacing "Section" with "Sections | ||||||
6 | 11E-105 and"; and
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7 | on page 1, immediately below line 5, by inserting the | ||||||
8 | following:
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9 | "(105 ILCS 5/11E-105) | ||||||
10 | Sec. 11E-105. Assets, liabilities and bonded indebtedness; | ||||||
11 | tax rate. | ||||||
12 | (a) Subject to the terms and provisions of subsections (b) | ||||||
13 | and (c) of this Section, whenever a new district is created | ||||||
14 | under any of the provisions of this Article, the outstanding | ||||||
15 | bonded indebtedness shall be treated as provided in this |
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1 | subsection (a) and in Section 19-29 of this Code. The tax rate | ||||||
2 | for bonded indebtedness shall be determined in the manner | ||||||
3 | provided in Section 19-7 of this Code, and, notwithstanding the | ||||||
4 | creation of any such district, the county clerk or clerks shall | ||||||
5 | annually extend taxes, for each outstanding bond issue against | ||||||
6 | all of the taxable property that was situated within the | ||||||
7 | boundaries of the district, as those boundaries existed at the | ||||||
8 | time of the issuance of the bond issue, regardless of whether | ||||||
9 | the property is still contained in that same district at the | ||||||
10 | time of the extension of the taxes by the county clerk or | ||||||
11 | clerks ; provided that, notwithstanding the provisions of | ||||||
12 | Section 19-18 of this Code, upon resolution of the school | ||||||
13 | board, the county clerk must extend taxes to pay the principal | ||||||
14 | of and interest on any general obligation bonds issued by the | ||||||
15 | new district exclusively to refund any bonded indebtedness of a | ||||||
16 | district organized into the new district against all of the | ||||||
17 | taxable property that was situated within the boundaries of the | ||||||
18 | previously existing district as the boundaries existed at the | ||||||
19 | time of the issuance of the bonded indebtedness being refunded; | ||||||
20 | however, (i) the net interest rate on the refunding bonds may | ||||||
21 | not exceed the net interest rate on the refunded bonds, (ii) | ||||||
22 | the final maturity date of the refunding bonds may not extend | ||||||
23 | beyond the final maturity date of the refunded bonds, and (iii) | ||||||
24 | the tax levy to pay the refunding bonds in any levy year may | ||||||
25 | not exceed the tax levy that would have been required to pay | ||||||
26 | the refunded bonds for that levy year . The terms of the proviso |
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1 | are applicable to districts that were created pursuant to a | ||||||
2 | referendum held in November of 2008. The terms of the proviso, | ||||||
3 | other than this sentence, are inoperative after June 30, 2016. | ||||||
4 | (b) For a unit district formation, whenever a part of a | ||||||
5 | district is included within the boundaries of a newly created | ||||||
6 | unit district, the regional superintendent of schools shall | ||||||
7 | cause an accounting to be had between the districts affected by | ||||||
8 | the change in boundaries as provided for in Article 11C of this | ||||||
9 | Code. Whenever the entire territory of 2 or more school | ||||||
10 | districts is organized into a unit district pursuant to a | ||||||
11 | petition filed under this Article, the petition may provide | ||||||
12 | that the entire territory of the new unit district shall assume | ||||||
13 | the bonded indebtedness of the previously existing school | ||||||
14 | districts. In that case, the tax rate for bonded indebtedness | ||||||
15 | shall be determined in the manner provided in Section 19-7 of | ||||||
16 | this Code, except that the county clerk shall annually extend | ||||||
17 | taxes for each outstanding bond issue against all the taxable | ||||||
18 | property situated in the new unit district as it exists after | ||||||
19 | the organization. | ||||||
20 | (c)(1) For a high school-unit conversion, unit to dual | ||||||
21 | conversion, or multi-unit conversion, upon the effective date | ||||||
22 | of the change as provided in Section 11E-70 of this Code and | ||||||
23 | subject to the provisions of paragraph (2) of this subsection | ||||||
24 | (c), each newly created elementary district shall receive all | ||||||
25 | of the assets and assume all of the liabilities and obligations | ||||||
26 | of the dissolved unit district forming the boundary of the |
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1 | newly created elementary district. | ||||||
2 | (2) Notwithstanding the provisions of paragraph (1) of this | ||||||
3 | subsection (c), upon the stipulation of the school board of the | ||||||
4 | school district serving a newly created elementary district for | ||||||
5 | high school purposes
and either (i) the school board of the | ||||||
6 | unit district prior to the effective date of its dissolution or | ||||||
7 | (ii) thereafter the school board of the newly created | ||||||
8 | elementary district and with the approval in either case of the | ||||||
9 | regional superintendent of schools of the educational service | ||||||
10 | region in which the territory described in the petition filed | ||||||
11 | under this Article or the greater percentage of equalized | ||||||
12 | assessed valuation of the territory is situated, the assets, | ||||||
13 | liabilities, and obligations of the dissolved unit district may | ||||||
14 | be divided and assumed between and by the newly created | ||||||
15 | elementary district and the school district serving the newly | ||||||
16 | created elementary district for high school purposes,
in | ||||||
17 | accordance with the terms and provisions of the stipulation and | ||||||
18 | approval. In this event, the provisions of Section 19-29 shall | ||||||
19 | be applied to determine the debt incurring power of the newly | ||||||
20 | created elementary district and of the school district serving | ||||||
21 | the newly created elementary district for high school purposes. | ||||||
22 | (3) Without regard to whether the receipt of assets and the | ||||||
23 | assumption of liabilities and obligations of the dissolved unit | ||||||
24 | district is determined pursuant to paragraph (1) or (2) of this | ||||||
25 | subsection (c), the tax rate for bonded indebtedness shall be | ||||||
26 | determined in the manner provided in Section 19-7, and, |
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1 | notwithstanding the creation of this new elementary district, | ||||||
2 | the county clerk or clerks shall annually extend taxes for each | ||||||
3 | outstanding bond issue against all of the taxable property that | ||||||
4 | was situated within the boundaries of the dissolved unit | ||||||
5 | district as those boundaries existed at the time of the | ||||||
6 | issuance of the bond issue, regardless of whether the property | ||||||
7 | was still contained in that unit district at the time of its | ||||||
8 | dissolution and regardless of whether the property is contained | ||||||
9 | in the newly created elementary district at the time of the | ||||||
10 | extension of the taxes by the county clerk or clerks.
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11 | (Source: P.A. 94-1019, eff. 7-10-06.)".
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