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| Public Act 097-1146
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| SB3297 Enrolled | LRB097 20009 PJG 65314 b |
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AN ACT concerning finance.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The School Code is amended by changing Section |
19-1 as follows:
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(105 ILCS 5/19-1)
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Sec. 19-1. Debt limitations of school districts.
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(a) School districts shall not be subject to the provisions |
limiting their
indebtedness prescribed in "An Act to limit the |
indebtedness of counties having
a population of less than |
500,000 and townships, school districts and other
municipal |
corporations having a population of less than 300,000", |
approved
February 15, 1928, as amended.
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No school districts maintaining grades K through 8 or 9 |
through 12
shall become indebted in any manner or for any |
purpose to an amount,
including existing indebtedness, in the |
aggregate exceeding 6.9% on the
value of the taxable property |
therein to be ascertained by the last assessment
for State and |
county taxes or, until January 1, 1983, if greater, the sum |
that
is produced by multiplying the school district's 1978 |
equalized assessed
valuation by the debt limitation percentage |
in effect on January 1, 1979,
previous to the incurring of such |
indebtedness.
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No school districts maintaining grades K through 12 shall |
become
indebted in any manner or for any purpose to an amount, |
including
existing indebtedness, in the aggregate exceeding |
13.8% on the value of
the taxable property therein to be |
ascertained by the last assessment
for State and county taxes |
or, until January 1, 1983, if greater, the sum that
is produced |
by multiplying the school district's 1978 equalized assessed
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valuation by the debt limitation percentage in effect on |
January 1, 1979,
previous to the incurring of such |
indebtedness.
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No partial elementary unit district, as defined in Article |
11E of this Code, shall become indebted in any manner or for |
any purpose in an amount, including existing indebtedness, in |
the aggregate exceeding 6.9% of the value of the taxable |
property of the entire district, to be ascertained by the last |
assessment for State and county taxes, plus an amount, |
including existing indebtedness, in the aggregate exceeding |
6.9% of the value of the taxable property of that portion of |
the district included in the elementary and high school |
classification, to be ascertained by the last assessment for |
State and county taxes. Moreover, no partial elementary unit |
district, as defined in Article 11E of this Code, shall become |
indebted on account of bonds issued by the district for high |
school purposes in the aggregate exceeding 6.9% of the value of |
the taxable property of the entire district, to be ascertained |
by the last assessment for State and county taxes, nor shall |
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the district become indebted on account of bonds issued by the |
district for elementary purposes in the aggregate exceeding |
6.9% of the value of the taxable property for that portion of |
the district included in the elementary and high school |
classification, to be ascertained by the last assessment for |
State and county taxes.
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Notwithstanding the provisions of any other law to the |
contrary, in any
case in which the voters of a school district |
have approved a proposition
for the issuance of bonds of such |
school district at an election held prior
to January 1, 1979, |
and all of the bonds approved at such election have
not been |
issued, the debt limitation applicable to such school district
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during the calendar year 1979 shall be computed by multiplying |
the value
of taxable property therein, including personal |
property, as ascertained
by the last assessment for State and |
county taxes, previous to the incurring
of such indebtedness, |
by the percentage limitation applicable to such school
district |
under the provisions of this subsection (a).
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(b) Notwithstanding the debt limitation prescribed in |
subsection (a)
of this Section, additional indebtedness may be |
incurred in an amount
not to exceed the estimated cost of |
acquiring or improving school sites
or constructing and |
equipping additional building facilities under the
following |
conditions:
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(1) Whenever the enrollment of students for the next |
school year is
estimated by the board of education to |
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increase over the actual present
enrollment by not less |
than 35% or by not less than 200 students or the
actual |
present enrollment of students has increased over the |
previous
school year by not less than 35% or by not less |
than 200 students and
the board of education determines |
that additional school sites or
building facilities are |
required as a result of such increase in
enrollment; and
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(2) When the Regional Superintendent of Schools having |
jurisdiction
over the school district and the State |
Superintendent of Education
concur in such enrollment |
projection or increase and approve the need
for such |
additional school sites or building facilities and the
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estimated cost thereof; and
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(3) When the voters in the school district approve a |
proposition for
the issuance of bonds for the purpose of |
acquiring or improving such
needed school sites or |
constructing and equipping such needed additional
building |
facilities at an election called and held for that purpose.
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Notice of such an election shall state that the amount of |
indebtedness
proposed to be incurred would exceed the debt |
limitation otherwise
applicable to the school district. |
The ballot for such proposition
shall state what percentage |
of the equalized assessed valuation will be
outstanding in |
bonds if the proposed issuance of bonds is approved by
the |
voters; or
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(4) Notwithstanding the provisions of paragraphs (1) |
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through (3) of
this subsection (b), if the school board |
determines that additional
facilities are needed to |
provide a quality educational program and not
less than 2/3 |
of those voting in an election called by the school board
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on the question approve the issuance of bonds for the |
construction of
such facilities, the school district may |
issue bonds for this
purpose; or
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(5) Notwithstanding the provisions of paragraphs (1) |
through (3) of this
subsection (b), if (i) the school |
district has previously availed itself of the
provisions of |
paragraph (4) of this subsection (b) to enable it to issue |
bonds,
(ii) the voters of the school district have not |
defeated a proposition for the
issuance of bonds since the |
referendum described in paragraph (4) of this
subsection |
(b) was held, (iii) the school board determines that |
additional
facilities are needed to provide a quality |
educational program, and (iv) a
majority of those voting in |
an election called by the school board on the
question |
approve the issuance of bonds for the construction of such |
facilities,
the school district may issue bonds for this |
purpose.
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In no event shall the indebtedness incurred pursuant to |
this
subsection (b) and the existing indebtedness of the school |
district
exceed 15% of the value of the taxable property |
therein to be
ascertained by the last assessment for State and |
county taxes, previous
to the incurring of such indebtedness |
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or, until January 1, 1983, if greater,
the sum that is produced |
by multiplying the school district's 1978 equalized
assessed |
valuation by the debt limitation percentage in effect on |
January 1,
1979.
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The indebtedness provided for by this subsection (b) shall |
be in
addition to and in excess of any other debt limitation.
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(c) Notwithstanding the debt limitation prescribed in |
subsection (a)
of this Section, in any case in which a public |
question for the issuance
of bonds of a proposed school |
district maintaining grades kindergarten
through 12 received |
at least 60% of the valid ballots cast on the question at
an |
election held on or prior to November 8, 1994, and in which the |
bonds
approved at such election have not been issued, the |
school district pursuant to
the requirements of Section 11A-10 |
(now repealed) may issue the total amount of bonds approved
at |
such election for the purpose stated in the question.
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(d) Notwithstanding the debt limitation prescribed in |
subsection (a)
of this Section, a school district that meets |
all the criteria set forth in
paragraphs (1) and (2) of this |
subsection (d) may incur an additional
indebtedness in an |
amount not to exceed $4,500,000, even though the amount of
the |
additional indebtedness authorized by this subsection (d), |
when incurred
and added to the aggregate amount of indebtedness |
of the district existing
immediately prior to the district |
incurring the additional indebtedness
authorized by this |
subsection (d), causes the aggregate indebtedness of the
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district to exceed the debt limitation otherwise applicable to |
that district
under subsection (a):
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(1) The additional indebtedness authorized by this |
subsection (d) is
incurred by the school district through |
the issuance of bonds under and in
accordance with Section |
17-2.11a for the purpose of replacing a school
building |
which, because of mine subsidence damage, has been closed |
as provided
in paragraph (2) of this subsection (d) or |
through the issuance of bonds under
and in accordance with |
Section 19-3 for the purpose of increasing the size of,
or |
providing for additional functions in, such replacement |
school buildings, or
both such purposes.
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(2) The bonds issued by the school district as provided |
in paragraph (1)
above are issued for the purposes of |
construction by the school district of
a new school |
building pursuant to Section 17-2.11, to replace an |
existing
school building that, because of mine subsidence |
damage, is closed as of the
end of the 1992-93 school year |
pursuant to action of the regional
superintendent of |
schools of the educational service region in which the
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district is located under Section 3-14.22 or are issued for |
the purpose of
increasing the size of, or providing for |
additional functions in, the new
school building being |
constructed to replace a school building closed as the
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result of mine subsidence damage, or both such purposes.
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(e) (Blank).
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(f) Notwithstanding the provisions of subsection (a) of |
this Section or of
any other law, bonds in not to exceed the |
aggregate amount of $5,500,000 and
issued by a school district |
meeting the following criteria shall not be
considered |
indebtedness for purposes of any statutory limitation and may |
be
issued in an amount or amounts, including existing |
indebtedness, in excess of
any heretofore or hereafter imposed |
statutory limitation as to indebtedness:
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(1) At the time of the sale of such bonds, the board of |
education of the
district shall have determined by |
resolution that the enrollment of students in
the district |
is projected to increase by not less than 7% during each of |
the
next succeeding 2 school years.
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(2) The board of education shall also determine by |
resolution that the
improvements to be financed with the |
proceeds of the bonds are needed because
of the projected |
enrollment increases.
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(3) The board of education shall also determine by |
resolution that the
projected increases in enrollment are |
the result of improvements made or
expected to be made to |
passenger rail facilities located in the school
district.
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Notwithstanding the provisions of subsection (a) of this |
Section or of any other law, a school district that has availed |
itself of the provisions of this subsection (f) prior to July |
22, 2004 (the effective date of Public Act 93-799) may also |
issue bonds approved by referendum up to an amount, including |
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existing indebtedness, not exceeding 25% of the equalized |
assessed value of the taxable property in the district if all |
of the conditions set forth in items (1), (2), and (3) of this |
subsection (f) are met.
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(g) Notwithstanding the provisions of subsection (a) of |
this Section or any
other law, bonds in not to exceed an |
aggregate amount of 25% of the equalized
assessed value of the |
taxable property of a school district and issued by a
school |
district meeting the criteria in paragraphs (i) through (iv) of |
this
subsection shall not be considered indebtedness for |
purposes of any statutory
limitation and may be issued pursuant |
to resolution of the school board in an
amount or amounts, |
including existing indebtedness, in
excess of any statutory |
limitation of indebtedness heretofore or hereafter
imposed:
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(i) The bonds are issued for the purpose of |
constructing a new high school
building to replace two |
adjacent existing buildings which together house a
single |
high school, each of which is more than 65 years old, and |
which together
are located on more than 10 acres and less |
than 11 acres of property.
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(ii) At the time the resolution authorizing the |
issuance of the bonds is
adopted, the cost of constructing |
a new school building to replace the existing
school |
building is less than 60% of the cost of repairing the |
existing school
building.
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(iii) The sale of the bonds occurs before July 1, 1997.
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(iv) The school district issuing the bonds is a unit |
school district
located in a county of less than 70,000 and |
more than 50,000 inhabitants,
which has an average daily |
attendance of less than 1,500 and an equalized
assessed |
valuation of less than $29,000,000.
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(h) Notwithstanding any other provisions of this Section or |
the
provisions of any other law, until January 1, 1998, a |
community unit school
district maintaining grades K through 12 |
may issue bonds up to an amount,
including existing |
indebtedness, not exceeding 27.6% of the equalized assessed
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value of the taxable property in the district, if all of the |
following
conditions are met:
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(i) The school district has an equalized assessed |
valuation for calendar
year 1995 of less than $24,000,000;
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(ii) The bonds are issued for the capital improvement, |
renovation,
rehabilitation, or replacement of existing |
school buildings of the district,
all of which buildings |
were originally constructed not less than 40 years ago;
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(iii) The voters of the district approve a proposition |
for the issuance of
the bonds at a referendum held after |
March 19, 1996; and
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(iv) The bonds are issued pursuant to Sections 19-2 |
through 19-7 of this
Code.
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(i) Notwithstanding any other provisions of this Section or |
the provisions
of any other law, until January 1, 1998, a |
community unit school district
maintaining grades K through 12 |
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may issue bonds up to an amount, including
existing |
indebtedness, not exceeding 27% of the equalized assessed value |
of the
taxable property in the district, if all of the |
following conditions are met:
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(i) The school district has an equalized assessed |
valuation for calendar
year 1995 of less than $44,600,000;
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(ii) The bonds are issued for the capital improvement, |
renovation,
rehabilitation, or replacement
of existing |
school buildings of the district, all of which
existing |
buildings were originally constructed not less than 80 |
years ago;
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(iii) The voters of the district approve a proposition |
for the issuance of
the bonds at a referendum held after |
December 31, 1996; and
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(iv) The bonds are issued pursuant to Sections 19-2 |
through 19-7 of this
Code.
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(j) Notwithstanding any other provisions of this Section or |
the
provisions of any other law, until January 1, 1999, a |
community unit school
district maintaining grades K through 12 |
may issue bonds up to an amount,
including existing |
indebtedness, not exceeding 27% of the equalized assessed
value |
of the taxable property in the district if all of the following
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conditions are met:
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(i) The school district has an equalized assessed |
valuation for calendar
year 1995 of less than $140,000,000 |
and a best 3 months
average daily
attendance for the |
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1995-96 school year of at least 2,800;
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(ii) The bonds are issued to purchase a site and build |
and equip a new
high school, and the school district's |
existing high school was originally
constructed not less |
than 35
years prior to the sale of the bonds;
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(iii) At the time of the sale of the bonds, the board |
of education
determines
by resolution that a new high |
school is needed because of projected enrollment
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increases;
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(iv) At least 60% of those voting in an election held
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after December 31, 1996 approve a proposition
for the |
issuance of
the bonds; and
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(v) The bonds are issued pursuant to Sections 19-2 |
through
19-7 of this Code.
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(k) Notwithstanding the debt limitation prescribed in |
subsection (a) of
this Section, a school district that meets |
all the criteria set forth in
paragraphs (1) through (4) of |
this subsection (k) may issue bonds to incur an
additional |
indebtedness in an amount not to exceed $4,000,000 even though |
the
amount of the additional indebtedness authorized by this |
subsection (k), when
incurred and added to the aggregate amount |
of indebtedness of the school
district existing immediately |
prior to the school district incurring such
additional |
indebtedness, causes the aggregate indebtedness of the school
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district to exceed or increases the amount by which the |
aggregate indebtedness
of the district already exceeds the debt |
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limitation otherwise applicable to
that school district under |
subsection (a):
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(1) the school district is located in 2 counties, and a |
referendum to
authorize the additional indebtedness was |
approved by a majority of the voters
of the school district |
voting on the proposition to authorize that
indebtedness;
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(2) the additional indebtedness is for the purpose of |
financing a
multi-purpose room addition to the existing |
high school;
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(3) the additional indebtedness, together with the |
existing indebtedness
of the school district, shall not |
exceed 17.4% of the value of the taxable
property in the |
school district, to be ascertained by the last assessment |
for
State and county taxes; and
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(4) the bonds evidencing the additional indebtedness |
are issued, if at
all, within 120 days of the effective |
date of this amendatory Act of 1998.
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(l) Notwithstanding any other provisions of this Section or |
the
provisions of any other law, until January 1, 2000, a |
school district
maintaining grades kindergarten through 8 may |
issue bonds up to an amount,
including existing indebtedness, |
not exceeding 15% of the equalized assessed
value of the |
taxable property in the district if all of the following
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conditions are met:
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(i) the district has an equalized assessed valuation |
for calendar year
1996 of less than $10,000,000;
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(ii) the bonds are issued for capital improvement, |
renovation,
rehabilitation, or replacement of one or more |
school buildings of the district,
which buildings were |
originally constructed not less than 70 years ago;
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(iii) the voters of the district approve a proposition |
for the issuance of
the bonds at a referendum held on or |
after March 17, 1998; and
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(iv) the bonds are issued pursuant to Sections 19-2 |
through 19-7 of this
Code.
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(m) Notwithstanding any other provisions of this Section or |
the provisions
of
any other law, until January 1, 1999, an |
elementary school district maintaining
grades K through 8 may |
issue bonds up to an amount, excluding existing
indebtedness, |
not exceeding 18% of the equalized assessed value of the |
taxable
property in the district, if all of the following |
conditions are met:
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(i) The school district has an equalized assessed |
valuation for calendar
year 1995 or less than $7,700,000;
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(ii) The school district operates 2 elementary |
attendance centers that
until
1976 were operated as the |
attendance centers of 2 separate and distinct school
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districts;
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(iii) The bonds are issued for the construction of a |
new elementary school
building to replace an existing |
multi-level elementary school building of the
school |
district that is not handicapped accessible at all levels |
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and parts of
which were constructed more than 75 years ago;
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(iv) The voters of the school district approve a |
proposition for the
issuance of the bonds at a referendum |
held after July 1, 1998; and
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(v) The bonds are issued pursuant to Sections 19-2 |
through 19-7 of this
Code.
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(n) Notwithstanding the debt limitation prescribed in |
subsection (a) of
this Section or any other provisions of this |
Section or of any other law, a
school district that meets all |
of the criteria set forth in paragraphs (i)
through (vi) of |
this subsection (n) may incur additional indebtedness by the
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issuance of bonds in an amount not exceeding the amount |
certified by the
Capital Development Board to the school |
district as provided in paragraph (iii)
of
this subsection (n), |
even though the amount of the additional indebtedness so
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authorized, when incurred and added to the aggregate amount of |
indebtedness of
the district existing immediately prior to the |
district incurring the
additional indebtedness authorized by |
this subsection (n), causes the aggregate
indebtedness of the |
district to exceed the debt limitation otherwise applicable
by |
law to that district:
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(i) The school district applies to the State Board of |
Education for a
school construction project grant and |
submits a district facilities plan in
support
of its |
application pursuant to Section 5-20 of
the School |
Construction Law.
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(ii) The school district's application and facilities |
plan are approved
by,
and the district receives a grant |
entitlement for a school construction project
issued by, |
the State Board of Education under the School Construction |
Law.
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(iii) The school district has exhausted its bonding |
capacity or the unused
bonding capacity of the district is |
less than the amount certified by the
Capital Development |
Board to the district under Section 5-15 of the School
|
Construction Law as the dollar amount of the school |
construction project's cost
that the district will be |
required to finance with non-grant funds in order to
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receive a school construction project grant under the |
School Construction Law.
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(iv) The bonds are issued for a "school construction |
project", as that
term is defined in Section 5-5 of the |
School Construction Law, in an amount
that does not exceed |
the dollar amount certified, as provided in paragraph
(iii) |
of this subsection (n), by the Capital Development Board
to |
the school
district under Section 5-15 of the School |
Construction Law.
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(v) The voters of the district approve a proposition |
for the issuance of
the bonds at a referendum held after |
the criteria specified in paragraphs (i)
and (iii) of this |
subsection (n) are met.
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(vi) The bonds are issued pursuant to Sections 19-2 |
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through 19-7 of the
School Code.
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(o) Notwithstanding any other provisions of this Section or |
the
provisions of any other law, until November 1, 2007, a |
community unit
school district maintaining grades K through 12 |
may issue bonds up to
an amount, including existing |
indebtedness, not exceeding 20% of the
equalized assessed value |
of the taxable property in the district if all of the
following |
conditions are met:
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(i) the school district has an equalized assessed |
valuation
for calendar year 2001 of at least $737,000,000 |
and an enrollment
for the 2002-2003 school year of at least |
8,500;
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(ii) the bonds are issued to purchase school sites, |
build and
equip a new high school, build and equip a new |
junior high school,
build and equip 5 new elementary |
schools, and make technology
and other improvements and |
additions to existing schools;
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(iii) at the time of the sale of the bonds, the board |
of
education determines by resolution that the sites and |
new or
improved facilities are needed because of projected |
enrollment
increases;
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(iv) at least 57% of those voting in a general election |
held
prior to January 1, 2003 approved a proposition for |
the issuance of
the bonds; and
|
(v) the bonds are issued pursuant to Sections 19-2 |
through
19-7 of this Code.
|
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(p) Notwithstanding any other provisions of this Section or |
the provisions of any other law, a community unit school |
district maintaining grades K through 12 may issue bonds up to |
an amount, including indebtedness, not exceeding 27% of the |
equalized assessed value of the taxable property in the |
district if all of the following conditions are met: |
(i) The school district has an equalized assessed |
valuation for calendar year 2001 of at least $295,741,187 |
and a best 3 months' average daily attendance for the |
2002-2003 school year of at least 2,394. |
(ii) The bonds are issued to build and equip 3 |
elementary school buildings; build and equip one middle |
school building; and alter, repair, improve, and equip all |
existing school buildings in the district. |
(iii) At the time of the sale of the bonds, the board |
of education determines by resolution that the project is |
needed because of expanding growth in the school district |
and a projected enrollment increase. |
(iv) The bonds are issued pursuant to Sections 19-2 |
through 19-7 of this Code.
|
(p-5) Notwithstanding any other provisions of this Section |
or the provisions of any other law, bonds issued by a community |
unit school district maintaining grades K through 12 shall not |
be considered indebtedness for purposes of any statutory |
limitation and may be issued in an amount or amounts, including |
existing indebtedness, in excess of any heretofore or hereafter |
|
imposed statutory limitation as to indebtedness, if all of the |
following conditions are met: |
(i) For each of the 4 most recent years, residential |
property comprises more than 80% of the equalized assessed |
valuation of the district. |
(ii) At least 2 school buildings that were constructed |
40 or more years prior to the issuance of the bonds will be |
demolished and will be replaced by new buildings or |
additions to one or more existing buildings. |
(iii) Voters of the district approve a proposition for |
the issuance of the bonds at a regularly scheduled |
election. |
(iv) At the time of the sale of the bonds, the school |
board determines by resolution that the new buildings or |
building additions are needed because of an increase in |
enrollment projected by the school board. |
(v) The principal amount of the bonds, including |
existing indebtedness, does not exceed 25% of the equalized |
assessed value of the taxable property in the district. |
(vi) The bonds are issued prior to January 1, 2007, |
pursuant to Sections 19-2 through 19-7 of this Code.
|
(p-10) Notwithstanding any other provisions of this |
Section or the provisions of any other law, bonds issued by a |
community consolidated school district maintaining grades K |
through 8 shall not be considered indebtedness for purposes of |
any statutory limitation and may be issued in an amount or |
|
amounts, including existing indebtedness, in excess of any |
heretofore or hereafter imposed statutory limitation as to |
indebtedness, if all of the following conditions are met: |
(i) For each of the 4 most recent years, residential |
and farm property comprises more than 80% of the equalized |
assessed valuation of the district. |
(ii) The bond proceeds are to be used to acquire and |
improve school sites and build and equip a school building. |
(iii) Voters of the district approve a proposition for |
the issuance of the bonds at a regularly scheduled |
election. |
(iv) At the time of the sale of the bonds, the school |
board determines by resolution that the school sites and |
building additions are needed because of an increase in |
enrollment projected by the school board. |
(v) The principal amount of the bonds, including |
existing indebtedness, does not exceed 20% of the equalized |
assessed value of the taxable property in the district. |
(vi) The bonds are issued prior to January 1, 2007, |
pursuant to Sections 19-2 through 19-7 of this Code.
|
(p-15) In addition to all other authority to issue bonds, |
the Oswego Community Unit School District Number 308 may issue |
bonds with an aggregate principal amount not to exceed |
$450,000,000, but only if all of the following conditions are |
met: |
(i) The voters of the district have approved a |
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proposition for the bond issue at the general election held |
on November 7, 2006. |
(ii) At the time of the sale of the bonds, the school |
board determines, by resolution, that: (A) the building and |
equipping of the new high school building, new junior high |
school buildings, new elementary school buildings, early |
childhood building, maintenance building, transportation |
facility, and additions to existing school buildings, the |
altering, repairing, equipping, and provision of |
technology improvements to existing school buildings, and |
the acquisition and improvement of school sites, as the |
case may be, are required as a result of a projected |
increase in the enrollment of students in the district; and |
(B) the sale of bonds for these purposes is authorized by |
legislation that exempts the debt incurred on the bonds |
from the district's statutory debt limitation.
|
(iii) The bonds are issued, in one or more bond issues, |
on or before November 7, 2011, but the aggregate principal |
amount issued in all such bond issues combined must not |
exceed $450,000,000.
|
(iv) The bonds are issued in accordance with this |
Article 19. |
(v) The proceeds of the bonds are used only to |
accomplish those projects approved by the voters at the |
general election held on November 7, 2006. |
The debt incurred on any bonds issued under this subsection |
|
(p-15) shall not be considered indebtedness for purposes of any |
statutory debt limitation.
|
(p-20) In addition to all other authority to issue bonds, |
the Lincoln-Way Community High School District Number 210 may |
issue bonds with an aggregate principal amount not to exceed |
$225,000,000, but only if all of the following conditions are |
met: |
(i) The voters of the district have approved a |
proposition for the bond issue at the general primary |
election held on March 21, 2006. |
(ii) At the time of the sale of the bonds, the school |
board determines, by resolution, that: (A) the building and |
equipping of the new high school buildings, the altering, |
repairing, and equipping of existing school buildings, and |
the improvement of school sites, as the case may be, are |
required as a result of a projected increase in the |
enrollment of students in the district; and (B) the sale of |
bonds for these purposes is authorized by legislation that |
exempts the debt incurred on the bonds from the district's |
statutory debt limitation.
|
(iii) The bonds are issued, in one or more bond issues, |
on or before March 21, 2011, but the aggregate principal |
amount issued in all such bond issues combined must not |
exceed $225,000,000.
|
(iv) The bonds are issued in accordance with this |
Article 19. |
|
(v) The proceeds of the bonds are used only to |
accomplish those projects approved by the voters at the |
primary election held on March 21, 2006. |
The debt incurred on any bonds issued under this subsection |
(p-20) shall not be considered indebtedness for purposes of any |
statutory debt limitation.
|
(p-25) In addition to all other authority to issue bonds, |
Rochester Community Unit School District 3A may issue bonds |
with an aggregate principal amount not to exceed $18,500,000, |
but only if all of the following conditions are met: |
(i) The voters of the district approve a proposition |
for the bond issuance at the general primary election held |
in 2008.
|
(ii) At the time of the sale of the bonds, the school |
board determines, by resolution, that: (A) the building and |
equipping of a new high school building; the addition of |
classrooms and support facilities at the high school, |
middle school, and elementary school; the altering, |
repairing, and equipping of existing school buildings; and |
the improvement of school sites, as the case may be, are |
required as a result of a projected increase in the |
enrollment of students in the district; and (B) the sale of |
bonds for these purposes is authorized by a law that |
exempts the debt incurred on the bonds from the district's |
statutory debt limitation. |
(iii) The bonds are issued, in one or more bond issues, |
|
on or before December 31, 2012, but the aggregate principal |
amount issued in all such bond issues combined must not |
exceed $18,500,000. |
(iv) The bonds are issued in accordance with this |
Article 19. |
(v) The proceeds of the bonds are used to accomplish |
only those projects approved by the voters at the primary |
election held in 2008.
|
The debt incurred on any bonds issued under this subsection |
(p-25) shall not be considered indebtedness for purposes of any |
statutory debt limitation.
|
(p-30) In addition to all other authority to issue bonds, |
Prairie Grove Consolidated School District 46 may issue bonds |
with an aggregate principal amount not to exceed $30,000,000, |
but only if all of the following conditions are met:
|
(i) The voters of the district approve a proposition |
for the bond issuance at an election held in 2008.
|
(ii) At the time of the sale of the bonds, the school |
board determines, by resolution, that (A) the building and |
equipping of a new school building and additions to |
existing school buildings are required as a result of a |
projected increase in the enrollment of students in the |
district and (B) the altering, repairing, and equipping of |
existing school buildings are required because of the age |
of the existing school buildings.
|
(iii) The bonds are issued, in one or more bond |
|
issuances, on or before December 31, 2012; however, the |
aggregate principal amount issued in all such bond |
issuances combined must not exceed $30,000,000.
|
(iv) The bonds are issued in accordance with this |
Article.
|
(v) The proceeds of the bonds are used to accomplish |
only those projects approved by the voters at an election |
held in 2008.
|
The debt incurred on any bonds issued under this subsection |
(p-30) shall not be considered indebtedness for purposes of any |
statutory debt limitation.
|
(p-35) In addition to all other authority to issue bonds, |
Prairie Hill Community Consolidated School District 133 may |
issue bonds with an aggregate principal amount not to exceed |
$13,900,000, but only if all of the following conditions are |
met:
|
(i) The voters of the district approved a proposition |
for the bond issuance at an election held on April 17, |
2007.
|
(ii) At the time of the sale of the bonds, the school |
board determines, by resolution, that (A) the improvement |
of the site of and the building and equipping of a school |
building are required as a result of a projected increase |
in the enrollment of students in the district and (B) the |
repairing and equipping of the Prairie Hill Elementary |
School building is required because of the age of that |
|
school building.
|
(iii) The bonds are issued, in one or more bond |
issuances, on or before December 31, 2011, but the |
aggregate principal amount issued in all such bond |
issuances combined must not exceed $13,900,000.
|
(iv) The bonds are issued in accordance with this |
Article.
|
(v) The proceeds of the bonds are used to accomplish |
only those projects approved by the voters at an election |
held on April 17, 2007.
|
The debt incurred on any bonds issued under this subsection |
(p-35) shall not be considered indebtedness for purposes of any |
statutory debt limitation.
|
(p-40) In addition to all other authority to issue bonds, |
Mascoutah Community Unit District 19 may issue bonds with an |
aggregate principal amount not to exceed $55,000,000, but only |
if all of the following conditions are met: |
(1) The voters of the district approve a proposition |
for the bond issuance at a regular election held on or |
after November 4, 2008. |
(2) At the time of the sale of the bonds, the school |
board determines, by resolution, that (i) the building and |
equipping of a new high school building is required as a |
result of a projected increase in the enrollment of |
students in the district and the age and condition of the |
existing high school building, (ii) the existing high |
|
school building will be demolished, and (iii) the sale of |
bonds is authorized by statute that exempts the debt |
incurred on the bonds from the district's statutory debt |
limitation. |
(3) The bonds are issued, in one or more bond |
issuances, on or before December 31, 2011, but the |
aggregate principal amount issued in all such bond |
issuances combined must not exceed $55,000,000. |
(4) The bonds are issued in accordance with this |
Article. |
(5) The proceeds of the bonds are used to accomplish |
only those projects approved by the voters at a regular |
election held on or after November 4, 2008. |
The debt incurred on any bonds issued under this subsection |
(p-40) shall not be considered indebtedness for purposes of any |
statutory debt limitation. |
(p-45) Notwithstanding the provisions of subsection (a) of |
this Section or of any other law, bonds issued pursuant to |
Section 19-3.5 of this Code shall not be considered |
indebtedness for purposes of any statutory limitation if the |
bonds are issued in an amount or amounts, including existing |
indebtedness of the school district, not in excess of 18.5% of |
the value of the taxable property in the district to be |
ascertained by the last assessment for State and county taxes. |
(p-50) Notwithstanding the provisions of subsection (a) of
|
this Section or of any other law, bonds issued pursuant to
|
|
Section 19-3.10 of this Code shall not be considered
|
indebtedness for purposes of any statutory limitation if the
|
bonds are issued in an amount or amounts, including existing
|
indebtedness of the school district, not in excess of 43% of
|
the value of the taxable property in the district to be
|
ascertained by the last assessment for State and county taxes. |
(p-55) In addition to all other authority to issue bonds, |
Belle Valley School District 119 may issue bonds with an |
aggregate principal amount not to exceed $47,500,000, but only |
if all of the following conditions are met: |
(1) The voters of the district approve a proposition |
for the bond issuance at an election held on or after April |
7, 2009. |
(2) Prior to the issuance of the bonds, the school |
board determines, by resolution, that (i) the building and |
equipping of a new school building is required as a result |
of mine subsidence in an existing school building and |
because of the age and condition of another existing school |
building and (ii) the issuance of bonds is authorized by |
statute that exempts the debt incurred on the bonds from |
the district's statutory debt limitation. |
(3) The bonds are issued, in one or more bond |
issuances, on or before March 31, 2014, but the aggregate |
principal amount issued in all such bond issuances combined |
must not exceed $47,500,000. |
(4) The bonds are issued in accordance with this |
|
Article. |
(5) The proceeds of the bonds are used to accomplish |
only those projects approved by the voters at an election |
held on or after April 7, 2009. |
The debt incurred on any bonds issued under this subsection |
(p-55) shall not be considered indebtedness for purposes of any |
statutory debt limitation. Bonds issued under this subsection |
(p-55) must mature within not to exceed 30 years from their |
date, notwithstanding any other law to the contrary. |
(p-60) In addition to all other authority to issue bonds, |
Wilmington Community Unit School District Number 209-U may |
issue bonds with an aggregate principal amount not to exceed |
$2,285,000, but only if all of the following conditions are |
met: |
(1) The proceeds of the bonds are used to accomplish |
only those projects approved by the voters at the general |
primary election held on March 21, 2006. |
(2) Prior to the issuance of the bonds, the school |
board determines, by resolution, that (i) the projects |
approved by the voters were and are required because of the |
age and condition of the school district's prior and |
existing school buildings and (ii) the issuance of the |
bonds is authorized by legislation that exempts the debt |
incurred on the bonds from the district's statutory debt |
limitation. |
(3) The bonds are issued in one or more bond issuances |
|
on or before March 1, 2011, but the aggregate principal |
amount issued in all those bond issuances combined must not |
exceed $2,285,000. |
(4) The bonds are issued in accordance with this |
Article. |
The debt incurred on any bonds issued under this subsection |
(p-60) shall not be considered indebtedness for purposes of any |
statutory debt limitation. |
(p-65) In addition to all other authority to issue bonds, |
West Washington County Community Unit School District 10 may |
issue bonds with an aggregate principal amount not to exceed |
$32,200,000 and maturing over a period not exceeding 25 years, |
but only if all of the following conditions are met: |
(1) The voters of the district approve a proposition |
for the bond issuance at an election held on or after |
February 2, 2010. |
(2) Prior to the issuance of the bonds, the school |
board determines, by resolution, that (A) all or a portion |
of the existing Okawville Junior/Senior High School |
Building will be demolished; (B) the building and equipping |
of a new school building to be attached to and the |
alteration, repair, and equipping of the remaining portion |
of the Okawville Junior/Senior High School Building is |
required because of the age and current condition of that |
school building; and (C) the issuance of bonds is |
authorized by a statute that exempts the debt incurred on |
|
the bonds from the district's statutory debt limitation. |
(3) The bonds are issued, in one or more bond |
issuances, on or before March 31, 2014, but the aggregate |
principal amount issued in all such bond issuances combined |
must not exceed $32,200,000. |
(4) The bonds are issued in accordance with this |
Article. |
(5) The proceeds of the bonds are used to accomplish |
only those projects approved by the voters at an election |
held on or after February 2, 2010. |
The debt incurred on any bonds issued under this subsection |
(p-65) shall not be considered indebtedness for purposes of any |
statutory debt limitation. |
(p-70) In addition to all other authority to issue bonds, |
Cahokia Community Unit School District 187 may issue bonds with |
an aggregate principal amount not to exceed $50,000,000, but |
only if all the following conditions are met: |
(1) The voters of the district approve a proposition |
for the bond issuance at an election held on or after |
November 2, 2010. |
(2) Prior to the issuance of the bonds, the school |
board determines, by resolution, that (i) 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 |
(ii) the issuance of bonds is authorized by a statute that |
exempts the debt incurred on the bonds from the district's |
|
statutory debt limitation. |
(3) The bonds are issued, in one or more issuances, on |
or before July 1, 2016, but the aggregate principal amount |
issued in all such bond issuances combined must not exceed |
$50,000,000. |
(4) The bonds are issued in accordance with this |
Article. |
(5) The proceeds of the bonds are used to accomplish |
only those projects approved by the voters at an election |
held on or after November 2, 2010. |
The debt incurred on any bonds issued under this subsection |
(p-70) shall not be considered indebtedness for purposes of any |
statutory debt limitation. Bonds issued under this subsection |
(p-70) must mature within not to exceed 25 years from their |
date, notwithstanding any other law, including Section 19-3 of |
this Code, to the contrary. |
(p-75) Notwithstanding the debt limitation prescribed in |
subsection (a) of this Section
or any other provisions of this |
Section or of any other law, the execution of leases on or
|
after January 1, 2007 and before July 1, 2011 by the Board of |
Education of Peoria School District 150 with a public building |
commission for leases entered into pursuant to the Public
|
Building Commission Act shall not be considered indebtedness |
for purposes of any
statutory debt limitation. |
This subsection (p-75) applies only if the State Board of |
Education or the Capital Development Board makes one or more |
|
grants to Peoria School District 150 pursuant to the School |
Construction Law. The amount exempted from the debt limitation |
as prescribed in this subsection (p-75) shall be no greater |
than the amount of one or more grants awarded to Peoria School |
District 150 by the State Board of Education or the Capital |
Development Board. |
(p-80) In addition to all other authority to issue bonds, |
Ridgeland School District 122 may issue bonds with an aggregate |
principal amount not to exceed $50,000,000 for the purpose of |
refunding or continuing to refund bonds originally issued |
pursuant to voter approval at the general election held on |
November 7, 2000, and the debt incurred on any bonds issued |
under this subsection (p-80) shall not be considered |
indebtedness for purposes of any statutory debt limitation. |
Bonds issued under this subsection (p-80) may be issued in one |
or more issuances and must mature within not to exceed 25 years |
from their date, notwithstanding any other law, including |
Section 19-3 of this Code, to the contrary. |
(p-85) In addition to all other authority to issue bonds, |
Hall High School District 502 may issue bonds with an aggregate |
principal amount not to exceed $32,000,000, but only if all the |
following conditions are met: |
(1) The voters of the district approve a proposition
|
for the bond issuance at an election held on or after April |
9, 2013. |
(2) Prior to the issuance of the bonds, the school
|
|
board determines, by resolution, that (i) the building and |
equipping of a new school building is required as a result |
of the age and condition of an existing school building, |
(ii) the existing school building should be demolished in |
its entirety or the existing school building should be |
demolished except for the 1914 west wing of the building, |
and (iii) the issuance of bonds is authorized by a statute |
that exempts the debt incurred on the bonds from the |
district's statutory debt limitation. |
(3) The bonds are issued, in one or more issuances, not |
later than 5 years after the date of the referendum |
approving the issuance of the bonds, but the aggregate |
principal amount issued in all such bond issuances combined |
must not exceed $32,000,000. |
(4) The bonds are issued in accordance with this
|
Article. |
(5) The proceeds of the bonds are used to accomplish
|
only those projects approved by the voters at an election |
held on or after April 9, 2013. |
The debt incurred on any bonds issued under this subsection |
(p-85) shall not be considered indebtedness for purposes of any |
statutory debt limitation. Bonds issued under this subsection |
(p-85) must mature within not to exceed 30 years from their |
date, notwithstanding any other law, including Section 19-3 of |
this Code, to the contrary. |
(q) A school district must notify the State Board of |
|
Education prior to issuing any form of long-term or short-term |
debt that will result in outstanding debt that exceeds 75% of |
the debt limit specified in this Section or any other provision |
of law.
|
(Source: P.A. 96-63, eff. 7-23-09; 96-273, eff. 8-11-09; |
96-517, eff. 8-14-09; 96-947, eff. 6-25-10; 96-950, eff. |
6-25-10; 96-1000, eff. 7-2-10; 96-1438, eff. 8-20-10; 96-1467, |
eff. 8-20-10; 97-333, eff. 8-12-11; 97-834, eff. 7-20-12.)
|
