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Illinois House Bill HB4582

Illinois 2023-2024 Regular Session

Illinois House Bill HB4582 Compare Versions

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1-Public Act 103-0591
21 HB4582 EnrolledLRB103 35517 HLH 65589 b HB4582 Enrolled LRB103 35517 HLH 65589 b
32 HB4582 Enrolled LRB103 35517 HLH 65589 b
4-AN ACT concerning finance.
5-Be it enacted by the People of the State of Illinois,
6-represented in the General Assembly:
7-Article 1.
8-Section 1-1. This Act may be referred to as the Bond
9-Authorization Act of 2024.
10-Article 5.
11-Section 5-5. The State Finance Act is amended by changing
12-Section 6z-78 as follows:
13-(30 ILCS 105/6z-78)
14-Sec. 6z-78. Capital Projects Fund; bonded indebtedness;
15-transfers. Money in the Capital Projects Fund shall, if and
16-when the State of Illinois incurs any bonded indebtedness
17-using the bond authorizations for capital projects enacted in
18-Public Act 96-36, Public Act 96-1554, Public Act 97-771,
19-Public Act 98-94, and this amendatory Act of the 103rd General
20-Assembly and using the general obligation bond authorizations
21-for capital projects enacted in Public Act 101-30 and Public
22-Act 103-7 and in this amendatory Act of the 103rd General
23-Assembly, be set aside and used for the purpose of paying and
3+1 AN ACT concerning finance.
4+2 Be it enacted by the People of the State of Illinois,
5+3 represented in the General Assembly:
6+4 Article 1.
7+5 Section 1-1. This Act may be referred to as the Bond
8+6 Authorization Act of 2024.
9+7 Article 5.
10+8 Section 5-5. The State Finance Act is amended by changing
11+9 Section 6z-78 as follows:
12+10 (30 ILCS 105/6z-78)
13+11 Sec. 6z-78. Capital Projects Fund; bonded indebtedness;
14+12 transfers. Money in the Capital Projects Fund shall, if and
15+13 when the State of Illinois incurs any bonded indebtedness
16+14 using the bond authorizations for capital projects enacted in
17+15 Public Act 96-36, Public Act 96-1554, Public Act 97-771,
18+16 Public Act 98-94, and this amendatory Act of the 103rd General
19+17 Assembly and using the general obligation bond authorizations
20+18 for capital projects enacted in Public Act 101-30 and Public
21+19 Act 103-7 and in this amendatory Act of the 103rd General
22+20 Assembly, be set aside and used for the purpose of paying and
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2726 HB4582 Enrolled LRB103 35517 HLH 65589 b
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30-discharging annually the principal and interest on that bonded
31-indebtedness then due and payable.
32-In addition to other transfers to the General Obligation
33-Bond Retirement and Interest Fund made pursuant to Section 15
34-of the General Obligation Bond Act, upon each delivery of
35-general obligation bonds for capital projects using bond
36-authorizations enacted in Public Act 96-36, Public Act
37-96-1554, Public Act 97-771, Public Act 98-94, Public Act
38-101-30 (except for amounts in Public Act 101-30 that increase
39-bond authorization under paragraph (1) of subsection (a) of
40-Section 4 and subsection (e) of Section 4 of the General
41-Obligation Bond Act), Public Act 103-7, and this amendatory
42-Act of the 103rd General Assembly and this amendatory Act of
43-the 103rd General Assembly, the State Comptroller shall
44-compute and certify to the State Treasurer the total amount of
45-principal of, interest on, and premium, if any, on such bonds
46-during the then current and each succeeding fiscal year. With
47-respect to the interest payable on variable rate bonds, such
48-certifications shall be calculated at the maximum rate of
49-interest that may be payable during the fiscal year, after
50-taking into account any credits permitted in the related
51-indenture or other instrument against the amount of such
52-interest required to be appropriated for the period.
53-(a) Except as provided for in subsection (b), on or before
54-the last day of each month, the State Treasurer and State
55-Comptroller shall transfer from the Capital Projects Fund to
56-
57-
58-the General Obligation Bond Retirement and Interest Fund an
59-amount sufficient to pay the aggregate of the principal of,
60-interest on, and premium, if any, on the bonds payable on their
61-next payment date, divided by the number of monthly transfers
62-occurring between the last previous payment date (or the
63-delivery date if no payment date has yet occurred) and the next
64-succeeding payment date. Interest payable on variable rate
65-bonds shall be calculated at the maximum rate of interest that
66-may be payable for the relevant period, after taking into
67-account any credits permitted in the related indenture or
68-other instrument against the amount of such interest required
69-to be appropriated for that period. Interest for which moneys
70-have already been deposited into the capitalized interest
71-account within the General Obligation Bond Retirement and
72-Interest Fund shall not be included in the calculation of the
73-amounts to be transferred under this subsection.
74-(b) On or before the last day of each month, the State
75-Treasurer and State Comptroller shall transfer from the
76-Capital Projects Fund to the General Obligation Bond
77-Retirement and Interest Fund an amount sufficient to pay the
78-aggregate of the principal of, interest on, and premium, if
79-any, on the bonds issued prior to January 1, 2012 pursuant to
80-Section 4(d) of the General Obligation Bond Act payable on
81-their next payment date, divided by the number of monthly
82-transfers occurring between the last previous payment date (or
83-the delivery date if no payment date has yet occurred) and the
84-
85-
86-next succeeding payment date. If the available balance in the
87-Capital Projects Fund is not sufficient for the transfer
88-required in this subsection, the State Treasurer and State
89-Comptroller shall transfer the difference from the Road Fund
90-to the General Obligation Bond Retirement and Interest Fund;
91-except that such Road Fund transfers shall constitute a debt
92-of the Capital Projects Fund which shall be repaid according
93-to subsection (c). Interest payable on variable rate bonds
94-shall be calculated at the maximum rate of interest that may be
95-payable for the relevant period, after taking into account any
96-credits permitted in the related indenture or other instrument
97-against the amount of such interest required to be
98-appropriated for that period. Interest for which moneys have
99-already been deposited into the capitalized interest account
100-within the General Obligation Bond Retirement and Interest
101-Fund shall not be included in the calculation of the amounts to
102-be transferred under this subsection.
103-(c) On the first day of any month when the Capital Projects
104-Fund is carrying a debt to the Road Fund due to the provisions
105-of subsection (b), the State Treasurer and State Comptroller
106-shall transfer from the Capital Projects Fund to the Road Fund
107-an amount sufficient to discharge that debt. These transfers
108-to the Road Fund shall continue until the Capital Projects
109-Fund has repaid to the Road Fund all transfers made from the
110-Road Fund pursuant to subsection (b). Notwithstanding any
111-other law to the contrary, transfers to the Road Fund from the
112-
113-
114-Capital Projects Fund shall be made prior to any other
115-expenditures or transfers out of the Capital Projects Fund.
116-(Source: P.A. 103-7, eff. 7-1-23.)
117-Article 10.
118-Section 10-5. The General Obligation Bond Act is amended
119-by changing Sections 2, 3, and 9 as follows:
120-(30 ILCS 330/2) (from Ch. 127, par. 652)
121-Sec. 2. Authorization for Bonds. The State of Illinois is
122-authorized to issue, sell and provide for the retirement of
123-General Obligation Bonds of the State of Illinois for the
124-categories and specific purposes expressed in Sections 2
125-through 8 of this Act, in the total amount of $81,789,839,969
126-$79,440,839,969.
127-The bonds authorized in this Section 2 and in Section 16 of
128-this Act are herein called "Bonds".
129-Of the total amount of Bonds authorized in this Act, up to
130-$2,200,000,000 in aggregate original principal amount may be
131-issued and sold in accordance with the Baccalaureate Savings
132-Act in the form of General Obligation College Savings Bonds.
133-Of the total amount of Bonds authorized in this Act, up to
134-$300,000,000 in aggregate original principal amount may be
135-issued and sold in accordance with the Retirement Savings Act
136-in the form of General Obligation Retirement Savings Bonds.
137-
138-
139-Of the total amount of Bonds authorized in this Act, the
140-additional $10,000,000,000 authorized by Public Act 93-2, the
141-$3,466,000,000 authorized by Public Act 96-43, and the
142-$4,096,348,300 authorized by Public Act 96-1497 shall be used
143-solely as provided in Section 7.2.
144-Of the total amount of Bonds authorized in this Act, the
145-additional $6,000,000,000 authorized by Public Act 100-23
146-shall be used solely as provided in Section 7.6 and shall be
147-issued by December 31, 2017.
148-Of the total amount of Bonds authorized in this Act,
149-$2,000,000,000 of the additional amount authorized by Public
150-Act 100-587 and by Public Act 102-718 shall be used solely as
151-provided in Section 7.7.
152-The issuance and sale of Bonds pursuant to the General
153-Obligation Bond Act is an economical and efficient method of
154-financing the long-term capital needs of the State. This Act
155-will permit the issuance of a multi-purpose General Obligation
156-Bond with uniform terms and features. This will not only lower
157-the cost of registration but also reduce the overall cost of
158-issuing debt by improving the marketability of Illinois
159-General Obligation Bonds.
160-(Source: P.A. 102-718, eff. 5-5-22; 103-7, eff. 7-1-23.)
161-(30 ILCS 330/3) (from Ch. 127, par. 653)
162-Sec. 3. Capital facilities. The amount of $21,094,011,269
163-$18,745,011,269 is authorized to be used for the acquisition,
164-
165-
166-development, construction, reconstruction, improvement,
167-demolition, financing, architectural planning and installation
168-of capital facilities within the State, consisting of
169-buildings, structures, durable equipment, land, interests in
170-land, and the costs associated with the purchase and
171-implementation of information technology, including but not
172-limited to the purchase of hardware and software, for the
173-following specific purposes:
174-(a) $6,908,676,500 $6,333,676,500 for educational
175-purposes by State universities and public community
176-colleges, the Illinois Community College Board created by
177-the Public Community College Act and for grants to public
178-community colleges as authorized by Sections 5-11 and 5-12
179-of the Public Community College Act;
180-(b) $2,590,506,300 $1,690,506,300 for correctional
181-purposes at State prison and correctional centers;
182-(c) $691,492,300 $688,492,300 for open spaces,
183-recreational and conservation purposes and the protection
184-of land, including expenditures and grants for the
185-Illinois Conservation Reserve Enhancement Program and for
186-ecosystem restoration and for plugging of abandoned wells;
187-(d) $1,078,503,900 for State child care facilities,
188-mental and public health facilities, and facilities for
189-the care of veterans with disabilities and their spouses,
190-and for grants to public and private community health
191-centers, hospitals, and other health care providers for
192-
193-
194-capital facilities;
195-(e) $8,439,753,300 $7,568,753,300 for use by the
196-State, its departments, authorities, public corporations,
197-commissions and agencies, including renewable energy
198-upgrades at State facilities;
199-(f) $818,100 for cargo handling facilities at port
200-districts and for breakwaters, including harbor entrances,
201-at port districts in conjunction with facilities for small
202-boats and pleasure crafts;
203-(g) $425,457,000 for water resource management
204-projects, including flood mitigation and State dam and
205-waterway projects;
206-(h) $16,940,269 for the provision of facilities for
207-food production research and related instructional and
208-public service activities at the State universities and
209-public community colleges;
210-(i) $75,134,700 for grants by the Secretary of State,
211-as State Librarian, for central library facilities
212-authorized by Section 8 of the Illinois Library System Act
213-and for grants by the Capital Development Board to units
214-of local government for public library facilities;
215-(j) $25,000,000 for the acquisition, development,
216-construction, reconstruction, improvement, financing,
217-architectural planning and installation of capital
218-facilities consisting of buildings, structures, durable
219-equipment and land for grants to counties, municipalities
220-
221-
222-or public building commissions with correctional
223-facilities that do not comply with the minimum standards
224-of the Department of Corrections under Section 3-15-2 of
225-the Unified Code of Corrections;
226-(k) $5,011,600 for grants by the Department of
227-Conservation for improvement or expansion of aquarium
228-facilities located on property owned by a park district;
229-(l) $599,590,000 to State agencies for grants to local
230-governments for the acquisition, financing, architectural
231-planning, development, alteration, installation, and
232-construction of capital facilities consisting of
233-buildings, structures, durable equipment, and land; and
234-(m) $237,127,300 for the Illinois Open Land Trust
235-Program as defined by the Illinois Open Land Trust Act.
236-The amounts authorized above for capital facilities may be
237-used for the acquisition, installation, alteration,
238-construction, or reconstruction of capital facilities and for
239-the purchase of equipment for the purpose of major capital
240-improvements which will reduce energy consumption in State
241-buildings or facilities.
242-(Source: P.A. 103-7, eff. 7-1-23.)
243-(30 ILCS 330/9) (from Ch. 127, par. 659)
244-Sec. 9. Conditions for issuance and sale of Bonds;
245-requirements for Bonds.
246-(a) Except as otherwise provided in this subsection,
247-
248-
249-subsection (h), and subsection (i), Bonds shall be issued and
250-sold from time to time, in one or more series, in such amounts
251-and at such prices as may be directed by the Governor, upon
252-recommendation by the Director of the Governor's Office of
253-Management and Budget. Bonds shall be in such form (either
254-coupon, registered or book entry), in such denominations,
255-payable within 25 years from their date, subject to such terms
256-of redemption with or without premium, bear interest payable
257-at such times and at such fixed or variable rate or rates, and
258-be dated as shall be fixed and determined by the Director of
259-the Governor's Office of Management and Budget in the order
260-authorizing the issuance and sale of any series of Bonds,
261-which order shall be approved by the Governor and is herein
262-called a "Bond Sale Order"; provided however, that interest
263-payable at fixed or variable rates shall not exceed that
264-permitted in the Bond Authorization Act, as now or hereafter
265-amended. Bonds shall be payable at such place or places,
266-within or without the State of Illinois, and may be made
267-registrable as to either principal or as to both principal and
268-interest, as shall be specified in the Bond Sale Order. Bonds
269-may be callable or subject to purchase and retirement or
270-tender and remarketing as fixed and determined in the Bond
271-Sale Order. Bonds, other than Bonds issued under Section 3 of
272-this Act for the costs associated with the purchase and
273-implementation of information technology, (i) except for
274-refunding Bonds satisfying the requirements of Section 16 of
275-
276-
277-this Act must be issued with principal or mandatory redemption
278-amounts in equal amounts, with the first maturity issued
279-occurring within the fiscal year in which the Bonds are issued
280-or within the next succeeding fiscal year, except that Bonds
281-issued during fiscal year 2025 may be issued with principal or
282-mandatory redemption amounts in unequal amounts, and (ii) must
283-mature or be subject to mandatory redemption each fiscal year
284-thereafter up to 25 years, except for refunding Bonds
285-satisfying the requirements of Section 16 of this Act and sold
286-during fiscal year 2009, 2010, or 2011 which must mature or be
287-subject to mandatory redemption each fiscal year thereafter up
288-to 16 years. Bonds issued under Section 3 of this Act for the
289-costs associated with the purchase and implementation of
290-information technology must be issued with principal or
291-mandatory redemption amounts in equal amounts, with the first
292-maturity issued occurring with the fiscal year in which the
293-respective bonds are issued or with the next succeeding fiscal
294-year, with the respective bonds issued maturing or subject to
295-mandatory redemption each fiscal year thereafter up to 10
296-years, except that Bonds issued during fiscal year 2025 may be
297-issued with principal or mandatory redemption amounts in
298-unequal amounts. Notwithstanding any provision of this Act to
299-the contrary, the Bonds authorized by Public Act 96-43 shall
300-be payable within 5 years from their date and must be issued
301-with principal or mandatory redemption amounts in equal
302-amounts, with payment of principal or mandatory redemption
303-
304-
305-beginning in the first fiscal year following the fiscal year
306-in which the Bonds are issued.
307-Notwithstanding any provision of this Act to the contrary,
308-the Bonds authorized by Public Act 96-1497 shall be payable
309-within 8 years from their date and shall be issued with payment
310-of maturing principal or scheduled mandatory redemptions in
311-accordance with the following schedule, except the following
312-amounts shall be prorated if less than the total additional
313-amount of Bonds authorized by Public Act 96-1497 are issued:
314-Fiscal Year After Issuance Amount
315-1-2 $0
316-3 $110,712,120
317-4 $332,136,360
318-5 $664,272,720
319-6-8 $996,409,080
320-Notwithstanding any provision of this Act to the contrary,
321-Income Tax Proceed Bonds issued under Section 7.6 shall be
322-payable 12 years from the date of sale and shall be issued with
323-payment of principal or mandatory redemption.
324-In the case of any series of Bonds bearing interest at a
325-variable interest rate ("Variable Rate Bonds"), in lieu of
326-determining the rate or rates at which such series of Variable
327-Rate Bonds shall bear interest and the price or prices at which
328-such Variable Rate Bonds shall be initially sold or remarketed
329-(in the event of purchase and subsequent resale), the Bond
330-Sale Order may provide that such interest rates and prices may
331-
332-
333-vary from time to time depending on criteria established in
334-such Bond Sale Order, which criteria may include, without
335-limitation, references to indices or variations in interest
336-rates as may, in the judgment of a remarketing agent, be
337-necessary to cause Variable Rate Bonds of such series to be
338-remarketable from time to time at a price equal to their
339-principal amount, and may provide for appointment of a bank,
340-trust company, investment bank, or other financial institution
341-to serve as remarketing agent in that connection. The Bond
342-Sale Order may provide that alternative interest rates or
343-provisions for establishing alternative interest rates,
344-different security or claim priorities, or different call or
345-amortization provisions will apply during such times as
346-Variable Rate Bonds of any series are held by a person
347-providing credit or liquidity enhancement arrangements for
348-such Bonds as authorized in subsection (b) of this Section.
349-The Bond Sale Order may also provide for such variable
350-interest rates to be established pursuant to a process
351-generally known as an auction rate process and may provide for
352-appointment of one or more financial institutions to serve as
353-auction agents and broker-dealers in connection with the
354-establishment of such interest rates and the sale and
355-remarketing of such Bonds.
356-(b) In connection with the issuance of any series of
357-Bonds, the State may enter into arrangements to provide
358-additional security and liquidity for such Bonds, including,
359-
360-
361-without limitation, bond or interest rate insurance or letters
362-of credit, lines of credit, bond purchase contracts, or other
363-arrangements whereby funds are made available to retire or
364-purchase Bonds, thereby assuring the ability of owners of the
365-Bonds to sell or redeem their Bonds. The State may enter into
366-contracts and may agree to pay fees to persons providing such
367-arrangements, but only under circumstances where the Director
368-of the Governor's Office of Management and Budget certifies
369-that he or she reasonably expects the total interest paid or to
370-be paid on the Bonds, together with the fees for the
371-arrangements (being treated as if interest), would not, taken
372-together, cause the Bonds to bear interest, calculated to
373-their stated maturity, at a rate in excess of the rate that the
374-Bonds would bear in the absence of such arrangements.
375-The State may, with respect to Bonds issued or anticipated
376-to be issued, participate in and enter into arrangements with
377-respect to interest rate protection or exchange agreements,
378-guarantees, or financial futures contracts for the purpose of
379-limiting, reducing, or managing interest rate exposure. The
380-authority granted under this paragraph, however, shall not
381-increase the principal amount of Bonds authorized to be issued
382-by law. The arrangements may be executed and delivered by the
383-Director of the Governor's Office of Management and Budget on
384-behalf of the State. Net payments for such arrangements shall
385-constitute interest on the Bonds and shall be paid from the
386-General Obligation Bond Retirement and Interest Fund. The
387-
388-
389-Director of the Governor's Office of Management and Budget
390-shall at least annually certify to the Governor and the State
391-Comptroller his or her estimate of the amounts of such net
392-payments to be included in the calculation of interest
393-required to be paid by the State.
394-(c) Prior to the issuance of any Variable Rate Bonds
395-pursuant to subsection (a), the Director of the Governor's
396-Office of Management and Budget shall adopt an interest rate
397-risk management policy providing that the amount of the
398-State's variable rate exposure with respect to Bonds shall not
399-exceed 20%. This policy shall remain in effect while any Bonds
400-are outstanding and the issuance of Bonds shall be subject to
401-the terms of such policy. The terms of this policy may be
402-amended from time to time by the Director of the Governor's
403-Office of Management and Budget but in no event shall any
404-amendment cause the permitted level of the State's variable
405-rate exposure with respect to Bonds to exceed 20%.
406-(d) "Build America Bonds" in this Section means Bonds
407-authorized by Section 54AA of the Internal Revenue Code of
408-1986, as amended ("Internal Revenue Code"), and bonds issued
409-from time to time to refund or continue to refund "Build
410-America Bonds".
411-(e) Notwithstanding any other provision of this Section,
412-Qualified School Construction Bonds shall be issued and sold
413-from time to time, in one or more series, in such amounts and
414-at such prices as may be directed by the Governor, upon
415-
416-
417-recommendation by the Director of the Governor's Office of
418-Management and Budget. Qualified School Construction Bonds
419-shall be in such form (either coupon, registered or book
420-entry), in such denominations, payable within 25 years from
421-their date, subject to such terms of redemption with or
422-without premium, and if the Qualified School Construction
423-Bonds are issued with a supplemental coupon, bear interest
424-payable at such times and at such fixed or variable rate or
425-rates, and be dated as shall be fixed and determined by the
426-Director of the Governor's Office of Management and Budget in
427-the order authorizing the issuance and sale of any series of
428-Qualified School Construction Bonds, which order shall be
429-approved by the Governor and is herein called a "Bond Sale
430-Order"; except that interest payable at fixed or variable
431-rates, if any, shall not exceed that permitted in the Bond
432-Authorization Act, as now or hereafter amended. Qualified
433-School Construction Bonds shall be payable at such place or
434-places, within or without the State of Illinois, and may be
435-made registrable as to either principal or as to both
436-principal and interest, as shall be specified in the Bond Sale
437-Order. Qualified School Construction Bonds may be callable or
438-subject to purchase and retirement or tender and remarketing
439-as fixed and determined in the Bond Sale Order. Qualified
440-School Construction Bonds must be issued with principal or
441-mandatory redemption amounts or sinking fund payments into the
442-General Obligation Bond Retirement and Interest Fund (or
443-
444-
445-subaccount therefor) in equal amounts, with the first maturity
446-issued, mandatory redemption payment or sinking fund payment
447-occurring within the fiscal year in which the Qualified School
448-Construction Bonds are issued or within the next succeeding
449-fiscal year, with Qualified School Construction Bonds issued
450-maturing or subject to mandatory redemption or with sinking
451-fund payments thereof deposited each fiscal year thereafter up
452-to 25 years. Sinking fund payments set forth in this
453-subsection shall be permitted only to the extent authorized in
454-Section 54F of the Internal Revenue Code or as otherwise
455-determined by the Director of the Governor's Office of
456-Management and Budget. "Qualified School Construction Bonds"
457-in this subsection means Bonds authorized by Section 54F of
458-the Internal Revenue Code and for bonds issued from time to
459-time to refund or continue to refund such "Qualified School
460-Construction Bonds".
461-(f) Beginning with the next issuance by the Governor's
462-Office of Management and Budget of a request for
463-qualifications for the purpose of formulating a new pool of
464-qualified underwriters, all entities responding to such a
465-request for qualifications for inclusion on that list shall
466-provide a written report to the Governor's Office of
467-Management and Budget and the Illinois Comptroller. The
468-written report submitted to the Comptroller shall (i) be
469-published on the Comptroller's Internet website and (ii) be
470-used by the Governor's Office of Management and Budget for the
471-
472-
473-purposes of scoring such a request for qualifications. The
474-written report, at a minimum, shall:
475-(1) disclose whether, within the past 3 months,
476-pursuant to its credit default swap market-making
477-activities, the firm has entered into any State of
478-Illinois credit default swaps ("CDS");
479-(2) include, in the event of State of Illinois CDS
480-activity, disclosure of the firm's cumulative notional
481-volume of State of Illinois CDS trades and the firm's
482-outstanding gross and net notional amount of State of
483-Illinois CDS, as of the end of the current 3-month period;
484-(3) indicate, pursuant to the firm's proprietary
485-trading activities, disclosure of whether the firm, within
486-the past 3 months, has entered into any proprietary trades
487-for its own account in State of Illinois CDS;
488-(4) include, in the event of State of Illinois
489-proprietary trades, disclosure of the firm's outstanding
490-gross and net notional amount of proprietary State of
491-Illinois CDS and whether the net position is short or long
492-credit protection, as of the end of the current 3-month
493-period;
494-(5) list all time periods during the past 3 months
495-during which the firm held net long or net short State of
496-Illinois CDS proprietary credit protection positions, the
497-amount of such positions, and whether those positions were
498-net long or net short credit protection positions; and
499-
500-
501-(6) indicate whether, within the previous 3 months,
502-the firm released any publicly available research or
503-marketing reports that reference State of Illinois CDS and
504-include those research or marketing reports as
505-attachments.
506-(g) All entities included on a Governor's Office of
507-Management and Budget's pool of qualified underwriters list
508-shall, as soon as possible after March 18, 2011 (the effective
509-date of Public Act 96-1554), but not later than January 21,
510-2011, and on a quarterly fiscal basis thereafter, provide a
511-written report to the Governor's Office of Management and
512-Budget and the Illinois Comptroller. The written reports
513-submitted to the Comptroller shall be published on the
514-Comptroller's Internet website. The written reports, at a
515-minimum, shall:
516-(1) disclose whether, within the past 3 months,
517-pursuant to its credit default swap market-making
518-activities, the firm has entered into any State of
519-Illinois credit default swaps ("CDS");
520-(2) include, in the event of State of Illinois CDS
521-activity, disclosure of the firm's cumulative notional
522-volume of State of Illinois CDS trades and the firm's
523-outstanding gross and net notional amount of State of
524-Illinois CDS, as of the end of the current 3-month period;
525-(3) indicate, pursuant to the firm's proprietary
526-trading activities, disclosure of whether the firm, within
527-
528-
529-the past 3 months, has entered into any proprietary trades
530-for its own account in State of Illinois CDS;
531-(4) include, in the event of State of Illinois
532-proprietary trades, disclosure of the firm's outstanding
533-gross and net notional amount of proprietary State of
534-Illinois CDS and whether the net position is short or long
535-credit protection, as of the end of the current 3-month
536-period;
537-(5) list all time periods during the past 3 months
538-during which the firm held net long or net short State of
539-Illinois CDS proprietary credit protection positions, the
540-amount of such positions, and whether those positions were
541-net long or net short credit protection positions; and
542-(6) indicate whether, within the previous 3 months,
543-the firm released any publicly available research or
544-marketing reports that reference State of Illinois CDS and
545-include those research or marketing reports as
546-attachments.
547-(h) Notwithstanding any other provision of this Section,
548-for purposes of maximizing market efficiencies and cost
549-savings, Income Tax Proceed Bonds may be issued and sold from
550-time to time, in one or more series, in such amounts and at
551-such prices as may be directed by the Governor, upon
552-recommendation by the Director of the Governor's Office of
553-Management and Budget. Income Tax Proceed Bonds shall be in
554-such form, either coupon, registered, or book entry, in such
555-
556-
557-denominations, shall bear interest payable at such times and
558-at such fixed or variable rate or rates, and be dated as shall
559-be fixed and determined by the Director of the Governor's
560-Office of Management and Budget in the order authorizing the
561-issuance and sale of any series of Income Tax Proceed Bonds,
562-which order shall be approved by the Governor and is herein
563-called a "Bond Sale Order"; provided, however, that interest
564-payable at fixed or variable rates shall not exceed that
565-permitted in the Bond Authorization Act. Income Tax Proceed
566-Bonds shall be payable at such place or places, within or
567-without the State of Illinois, and may be made registrable as
568-to either principal or as to both principal and interest, as
569-shall be specified in the Bond Sale Order. Income Tax Proceed
570-Bonds may be callable or subject to purchase and retirement or
571-tender and remarketing as fixed and determined in the Bond
572-Sale Order.
573-(i) Notwithstanding any other provision of this Section,
574-for purposes of maximizing market efficiencies and cost
575-savings, State Pension Obligation Acceleration Bonds may be
576-issued and sold from time to time, in one or more series, in
577-such amounts and at such prices as may be directed by the
578-Governor, upon recommendation by the Director of the
579-Governor's Office of Management and Budget. State Pension
580-Obligation Acceleration Bonds shall be in such form, either
581-coupon, registered, or book entry, in such denominations,
582-shall bear interest payable at such times and at such fixed or
583-
584-
585-variable rate or rates, and be dated as shall be fixed and
586-determined by the Director of the Governor's Office of
587-Management and Budget in the order authorizing the issuance
588-and sale of any series of State Pension Obligation
589-Acceleration Bonds, which order shall be approved by the
590-Governor and is herein called a "Bond Sale Order"; provided,
591-however, that interest payable at fixed or variable rates
592-shall not exceed that permitted in the Bond Authorization Act.
593-State Pension Obligation Acceleration Bonds shall be payable
594-at such place or places, within or without the State of
595-Illinois, and may be made registrable as to either principal
596-or as to both principal and interest, as shall be specified in
597-the Bond Sale Order. State Pension Obligation Acceleration
598-Bonds may be callable or subject to purchase and retirement or
599-tender and remarketing as fixed and determined in the Bond
600-Sale Order.
601-(Source: P.A. 103-7, eff. 7-1-23.)
602-Article 15.
603-Section 15-5. The Build Illinois Bond Act is amended by
604-changing Sections 2, 4, 6, and 13 as follows:
605-(30 ILCS 425/2) (from Ch. 127, par. 2802)
606-Sec. 2. Authorization for Bonds. The State of Illinois is
607-authorized to issue, sell and provide for the retirement of
608-
609-
610-limited obligation bonds, notes and other evidences of
611-indebtedness of the State of Illinois in the total principal
612-amount of $11,358,681,100 $10,019,681,100 herein called
613-"Bonds". Such amount of authorized Bonds shall be exclusive of
614-any refunding Bonds issued pursuant to Section 15 of this Act
615-and exclusive of any Bonds issued pursuant to this Section
616-which are redeemed, purchased, advance refunded, or defeased
617-in accordance with paragraph (f) of Section 4 of this Act.
618-Bonds shall be issued for the categories and specific purposes
619-expressed in Section 4 of this Act.
620-(Source: P.A. 102-1071, eff. 6-10-22; 103-7, eff. 7-1-23.)
621-(30 ILCS 425/4) (from Ch. 127, par. 2804)
622-Sec. 4. Purposes of Bonds. Bonds shall be issued for the
623-following purposes and in the approximate amounts as set forth
624-below:
625-(a) $4,741,094,533 $4,506,094,533 for the expenses of
626-issuance and sale of Bonds, including bond discounts, and for
627-planning, engineering, acquisition, construction,
628-reconstruction, development, improvement, demolition, and
629-extension of the public infrastructure in the State of
630-Illinois, including: the making of loans or grants to local
631-governments for waste disposal systems, water and sewer line
632-extensions and water distribution and purification facilities,
633-rail or air or water port improvements, gas and electric
634-utility extensions, publicly owned industrial and commercial
635-
636-
637-sites, buildings used for public administration purposes and
638-other public infrastructure capital improvements; the making
639-of loans or grants to units of local government for financing
640-and construction of wastewater facilities, including grants to
641-serve unincorporated areas; refinancing or retiring bonds
642-issued between January 1, 1987 and January 1, 1990 by home rule
643-municipalities, debt service on which is provided from a tax
644-imposed by home rule municipalities prior to January 1, 1990
645-on the sale of food and drugs pursuant to Section 8-11-1 of the
646-Home Rule Municipal Retailers' Occupation Tax Act or Section
647-8-11-5 of the Home Rule Municipal Service Occupation Tax Act;
648-the making of deposits not to exceed $70,000,000 in the
649-aggregate into the Water Pollution Control Revolving Fund to
650-provide assistance in accordance with the provisions of Title
651-IV-A of the Environmental Protection Act; the planning,
652-engineering, acquisition, construction, reconstruction,
653-alteration, expansion, extension and improvement of highways,
654-bridges, structures separating highways and railroads, rest
655-areas, interchanges, access roads to and from any State or
656-local highway and other transportation improvement projects
657-which are related to economic development activities; the
658-making of loans or grants for planning, engineering,
659-rehabilitation, improvement or construction of rail and
660-transit facilities; the planning, engineering, acquisition,
661-construction, reconstruction and improvement of watershed,
662-drainage, flood control, recreation and related improvements
663-
664-
665-and facilities, including expenses related to land and
666-easement acquisition, relocation, control structures, channel
667-work and clearing and appurtenant work; the planning,
668-engineering, acquisition, construction, reconstruction and
669-improvement of State facilities and related infrastructure;
670-the making of Park and Recreational Facilities Construction
671-(PARC) grants; the making of grants to units of local
672-government for community development capital projects; the
673-making of grants for improvement and development of zoos and
674-park district field houses and related structures; and the
675-making of grants for improvement and development of Navy Pier
676-and related structures.
677-(b) $3,554,636,967 $2,474,636,967 for fostering economic
678-development and increased employment and fostering the well
679-being of the citizens of Illinois through community
680-development, including: the making of grants for improvement
681-and development of McCormick Place and related structures; the
682-planning and construction of a microelectronics research
683-center, including the planning, engineering, construction,
684-improvement, renovation and acquisition of buildings,
685-equipment and related utility support systems; the making of
686-loans to businesses and investments in small businesses;
687-acquiring real properties for industrial or commercial site
688-development; acquiring, rehabilitating and reconveying
689-industrial and commercial properties for the purpose of
690-expanding employment and encouraging private and other public
691-
692-
693-sector investment in the economy of Illinois; the payment of
694-expenses associated with siting the Superconducting Super
695-Collider Particle Accelerator in Illinois and with its
696-acquisition, construction, maintenance, operation, promotion
697-and support; the making of loans for the planning,
698-engineering, acquisition, construction, improvement and
699-conversion of facilities and equipment which will foster the
700-use of Illinois coal; the payment of expenses associated with
701-the promotion, establishment, acquisition and operation of
702-small business incubator facilities and agribusiness research
703-facilities, including the lease, purchase, renovation,
704-planning, engineering, construction and maintenance of
705-buildings, utility support systems and equipment designated
706-for such purposes and the establishment and maintenance of
707-centralized support services within such facilities; the
708-making of grants for transportation electrification
709-infrastructure projects that promote use of clean and
710-renewable energy; the making of capital expenditures and
711-grants for broadband development and for a statewide broadband
712-deployment grant program; the making of grants to public
713-entities and private persons and entities for community
714-development capital projects; the making of grants to public
715-entities and private persons and entities for capital projects
716-in the context of grant programs focused on assisting
717-economically depressed areas, expanding affordable housing,
718-supporting the provision of human services, supporting
719-
720-
721-emerging technology enterprises, fostering the advancement of
722-quantum information science and technology, and supporting
723-minority owned businesses; and the making of grants or loans
724-to units of local government for Urban Development Action
725-Grant and Housing Partnership programs.
726-(c) $2,785,076,600 $2,761,076,600 for the development and
727-improvement of educational, scientific, technical and
728-vocational programs and facilities and the expansion of health
729-and human services for all citizens of Illinois, including:
730-the making of grants to school districts and not-for-profit
731-organizations for early childhood construction projects
732-pursuant to Section 5-300 of the School Construction Law; the
733-making of grants to educational institutions for educational,
734-scientific, technical and vocational program equipment and
735-facilities; the making of grants to museums for equipment and
736-facilities; the making of construction and improvement grants
737-and loans to public libraries and library systems; the making
738-of grants and loans for planning, engineering, acquisition and
739-construction of a new State central library in Springfield;
740-the planning, engineering, acquisition and construction of an
741-animal and dairy sciences facility; the planning, engineering,
742-acquisition and construction of a campus and all related
743-buildings, facilities, equipment and materials for Richland
744-Community College; the acquisition, rehabilitation and
745-installation of equipment and materials for scientific and
746-historical surveys; the making of grants or loans for
747-
748-
749-distribution to eligible vocational education instructional
750-programs for the upgrading of vocational education programs,
751-school shops and laboratories, including the acquisition,
752-rehabilitation and installation of technical equipment and
753-materials; the making of grants or loans for distribution to
754-eligible local educational agencies for the upgrading of math
755-and science instructional programs, including the acquisition
756-of instructional equipment and materials; miscellaneous
757-capital improvements for universities and community colleges
758-including the planning, engineering, construction,
759-reconstruction, remodeling, improvement, repair and
760-installation of capital facilities and costs of planning,
761-supplies, equipment, materials, services, and all other
762-required expenses; the making of grants or loans for repair,
763-renovation and miscellaneous capital improvements for
764-privately operated colleges and universities and community
765-colleges, including the planning, engineering, acquisition,
766-construction, reconstruction, remodeling, improvement, repair
767-and installation of capital facilities and costs of planning,
768-supplies, equipment, materials, services, and all other
769-required expenses; and the making of grants or loans for
770-distribution to local governments for hospital and other
771-health care facilities including the planning, engineering,
772-acquisition, construction, reconstruction, remodeling,
773-improvement, repair and installation of capital facilities and
774-costs of planning, supplies, equipment, materials, services
775-
776-
777-and all other required expenses.
778-(d) $277,873,000 for protection, preservation, restoration
779-and conservation of environmental and natural resources,
780-including: the making of grants to soil and water conservation
781-districts for the planning and implementation of conservation
782-practices and for funding contracts with the Soil Conservation
783-Service for watershed planning; the making of grants to units
784-of local government for the capital development and
785-improvement of recreation areas, including planning and
786-engineering costs, sewer projects, including planning and
787-engineering costs and water projects, including planning and
788-engineering costs, and for the acquisition of open space
789-lands, including the acquisition of easements and other
790-property interests of less than fee simple ownership; the
791-making of grants to units of local government through the
792-Illinois Green Infrastructure Grant Program to protect water
793-quality and mitigate flooding; the acquisition and related
794-costs and development and management of natural heritage
795-lands, including natural areas and areas providing habitat for
796-endangered species and nongame wildlife, and buffer area
797-lands; the acquisition and related costs and development and
798-management of habitat lands, including forest, wildlife
799-habitat and wetlands; and the removal and disposition of
800-hazardous substances, including the cost of project
801-management, equipment, laboratory analysis, and contractual
802-services necessary for preventative and corrective actions
803-
804-
805-related to the preservation, restoration and conservation of
806-the environment, including deposits not to exceed $60,000,000
807-in the aggregate into the Hazardous Waste Fund and the
808-Brownfields Redevelopment Fund for improvements in accordance
809-with the provisions of Titles V and XVII of the Environmental
810-Protection Act.
811-(e) The amount specified in paragraph (a) above shall
812-include an amount necessary to pay reasonable expenses of each
813-issuance and sale of the Bonds, as specified in the related
814-Bond Sale Order (hereinafter defined).
815-(f) Any unexpended proceeds from any sale of Bonds which
816-are held in the Build Illinois Bond Fund may be used to redeem,
817-purchase, advance refund, or defease any Bonds outstanding.
818-(Source: P.A. 103-7, eff. 7-1-23.)
819-(30 ILCS 425/6) (from Ch. 127, par. 2806)
820-Sec. 6. Conditions for issuance and sale of Bonds -
821-requirements for Bonds - master and supplemental indentures -
822-credit and liquidity enhancement.
823-(a) Bonds shall be issued and sold from time to time, in
824-one or more series, in such amounts and at such prices as
825-directed by the Governor, upon recommendation by the Director
826-of the Governor's Office of Management and Budget. Bonds shall
827-be payable only from the specific sources and secured in the
828-manner provided in this Act. Bonds shall be in such form, in
829-such denominations, mature on such dates within 25 years from
830-
831-
832-their date of issuance, be subject to optional or mandatory
833-redemption, bear interest payable at such times and at such
834-rate or rates, fixed or variable, and be dated as shall be
835-fixed and determined by the Director of the Governor's Office
836-of Management and Budget in an order authorizing the issuance
837-and sale of any series of Bonds, which order shall be approved
838-by the Governor and is herein called a "Bond Sale Order";
839-provided, however, that interest payable at fixed rates shall
840-not exceed that permitted in "An Act to authorize public
841-corporations to issue bonds, other evidences of indebtedness
842-and tax anticipation warrants subject to interest rate
843-limitations set forth therein", approved May 26, 1970, as now
844-or hereafter amended, and interest payable at variable rates
845-shall not exceed the maximum rate permitted in the Bond Sale
846-Order. Said Bonds shall be payable at such place or places,
847-within or without the State of Illinois, and may be made
848-registrable as to either principal only or as to both
849-principal and interest, as shall be specified in the Bond Sale
850-Order. Bonds may be callable or subject to purchase and
851-retirement or remarketing as fixed and determined in the Bond
852-Sale Order. Bonds (i) except for refunding Bonds satisfying
853-the requirements of Section 15 of this Act must be issued with
854-principal or mandatory redemption amounts in equal amounts,
855-with the first maturity issued occurring within the fiscal
856-year in which the Bonds are issued or within the next
857-succeeding fiscal year, except that Bonds issued during fiscal
858-
859-
860-year 2025 may be issued with principal or mandatory redemption
861-amounts in unequal amounts, and (ii) must mature or be subject
862-to mandatory redemption each fiscal year thereafter up to 25
863-years, except for refunding Bonds satisfying the requirements
864-of Section 15 of this Act and sold during fiscal year 2009,
865-2010, or 2011 which must mature or be subject to mandatory
866-redemption each fiscal year thereafter up to 16 years.
867-All Bonds authorized under this Act shall be issued
868-pursuant to a master trust indenture ("Master Indenture")
869-executed and delivered on behalf of the State by the Director
870-of the Governor's Office of Management and Budget, such Master
871-Indenture to be in substantially the form approved in the Bond
872-Sale Order authorizing the issuance and sale of the initial
873-series of Bonds issued under this Act. Such initial series of
874-Bonds may, and each subsequent series of Bonds shall, also be
875-issued pursuant to a supplemental trust indenture
876-("Supplemental Indenture") executed and delivered on behalf of
877-the State by the Director of the Governor's Office of
878-Management and Budget, each such Supplemental Indenture to be
879-in substantially the form approved in the Bond Sale Order
880-relating to such series. The Master Indenture and any
881-Supplemental Indenture shall be entered into with a bank or
882-trust company in the State of Illinois having trust powers and
883-possessing capital and surplus of not less than $100,000,000.
884-Such indentures shall set forth the terms and conditions of
885-the Bonds and provide for payment of and security for the
886-
887-
888-Bonds, including the establishment and maintenance of debt
889-service and reserve funds, and for other protections for
890-holders of the Bonds. The term "reserve funds" as used in this
891-Act shall include funds and accounts established under
892-indentures to provide for the payment of principal of and
893-premium and interest on Bonds, to provide for the purchase,
894-retirement or defeasance of Bonds, to provide for fees of
895-trustees, registrars, paying agents and other fiduciaries and
896-to provide for payment of costs of and debt service payable in
897-respect of credit or liquidity enhancement arrangements,
898-interest rate swaps or guarantees or financial futures
899-contracts and indexing and remarketing agents' services.
900-In the case of any series of Bonds bearing interest at a
901-variable interest rate ("Variable Rate Bonds"), in lieu of
902-determining the rate or rates at which such series of Variable
903-Rate Bonds shall bear interest and the price or prices at which
904-such Variable Rate Bonds shall be initially sold or remarketed
905-(in the event of purchase and subsequent resale), the Bond
906-Sale Order may provide that such interest rates and prices may
907-vary from time to time depending on criteria established in
908-such Bond Sale Order, which criteria may include, without
909-limitation, references to indices or variations in interest
910-rates as may, in the judgment of a remarketing agent, be
911-necessary to cause Bonds of such series to be remarketable
912-from time to time at a price equal to their principal amount
913-(or compound accreted value in the case of original issue
914-
915-
916-discount Bonds), and may provide for appointment of indexing
917-agents and a bank, trust company, investment bank or other
918-financial institution to serve as remarketing agent in that
919-connection. The Bond Sale Order may provide that alternative
920-interest rates or provisions for establishing alternative
921-interest rates, different security or claim priorities or
922-different call or amortization provisions will apply during
923-such times as Bonds of any series are held by a person
924-providing credit or liquidity enhancement arrangements for
925-such Bonds as authorized in subsection (b) of Section 6 of this
926-Act.
927-(b) In connection with the issuance of any series of
928-Bonds, the State may enter into arrangements to provide
929-additional security and liquidity for such Bonds, including,
930-without limitation, bond or interest rate insurance or letters
931-of credit, lines of credit, bond purchase contracts or other
932-arrangements whereby funds are made available to retire or
933-purchase Bonds, thereby assuring the ability of owners of the
934-Bonds to sell or redeem their Bonds. The State may enter into
935-contracts and may agree to pay fees to persons providing such
936-arrangements, but only under circumstances where the Director
937-of the Bureau of the Budget (now Governor's Office of
938-Management and Budget) certifies that he reasonably expects
939-the total interest paid or to be paid on the Bonds, together
940-with the fees for the arrangements (being treated as if
941-interest), would not, taken together, cause the Bonds to bear
942-
943-
944-interest, calculated to their stated maturity, at a rate in
945-excess of the rate which the Bonds would bear in the absence of
946-such arrangements. Any bonds, notes or other evidences of
947-indebtedness issued pursuant to any such arrangements for the
948-purpose of retiring and discharging outstanding Bonds shall
949-constitute refunding Bonds under Section 15 of this Act. The
950-State may participate in and enter into arrangements with
951-respect to interest rate swaps or guarantees or financial
952-futures contracts for the purpose of limiting or restricting
953-interest rate risk; provided that such arrangements shall be
954-made with or executed through banks having capital and surplus
955-of not less than $100,000,000 or insurance companies holding
956-the highest policyholder rating accorded insurers by A.M. Best &
957-Co. or any comparable rating service or government bond
958-dealers reporting to, trading with, and recognized as primary
959-dealers by a Federal Reserve Bank and having capital and
960-surplus of not less than $100,000,000, or other persons whose
961-debt securities are rated in the highest long-term categories
962-by both Moody's Investors' Services, Inc. and Standard &
963-Poor's Corporation. Agreements incorporating any of the
964-foregoing arrangements may be executed and delivered by the
965-Director of the Governor's Office of Management and Budget on
966-behalf of the State in substantially the form approved in the
967-Bond Sale Order relating to such Bonds.
968-(c) "Build America Bonds" in this Section means Bonds
969-authorized by Section 54AA of the Internal Revenue Code of
970-
971-
972-1986, as amended ("Internal Revenue Code"), and bonds issued
973-from time to time to refund or continue to refund "Build
974-America Bonds".
975-(Source: P.A. 100-23, eff. 7-6-17; 100-587, eff. 6-4-18;
976-101-30, eff. 6-28-19.)
977-(30 ILCS 425/13) (from Ch. 127, par. 2813)
978-Sec. 13. Computation of principal and interest; transfer
979-from Build Illinois Bond Account; payment from Build Illinois
980-Bond Retirement and Interest Fund. Upon each delivery of
981-Bonds authorized to be issued under this Act, the trustee
982-under the Master Indenture shall compute and certify to the
983-Director of the Governor's Office of Management and Budget,
984-the Comptroller and the Treasurer (a) the total amount of the
985-principal of and the interest and the premium, if any, on the
986-Bonds then being issued and on Bonds previously issued and
987-outstanding that will be payable in order to retire such Bonds
988-at their stated maturities or mandatory sinking fund payment
989-dates and (b) the amount of principal of and interest and
990-premium, if any, on such Bonds that will be payable on each
991-principal, interest and mandatory sinking fund payment date
992-according to the tenor of such Bonds during the then current
993-and each succeeding fiscal year. Such certifications shall
994-include with respect to interest payable on Variable Rate
995-Bonds the maximum amount of interest which may be payable for
996-the relevant period after taking into account any credits
997-
998-
999-permitted in the related indenture against the amount of such
1000-interest required to be appropriated for such period pursuant
1001-to subsection (c) of Section 11 of this Act.
1002-On or before June 20, 1993 and on or before each June 20
1003-thereafter so long as Bonds remain outstanding, the trustee
1004-under the Master Indenture shall deliver to the Director of
1005-the Governor's Office of Management and Budget (formerly
1006-Bureau of the Budget), the Comptroller and the Treasurer a
1007-certificate setting forth the "Certified Annual Debt Service
1008-Requirement" (hereinafter defined) for the next succeeding
1009-fiscal year. If Bonds are issued subsequent to the delivery of
1010-any such certificate, upon the issuance of such Bonds the
1011-trustee under the Master Indenture shall deliver a
1012-supplemental certificate setting forth the revisions, if any,
1013-in the Certified Annual Debt Service Requirement resulting
1014-from the issuance of such Bonds. The "Certified Annual Debt
1015-Service Requirement" for any fiscal year shall be an amount
1016-equal to (a) the aggregate amount of principal, interest and
1017-premium, if any, payable on outstanding Bonds during such
1018-fiscal year plus (b) the amount required to be deposited into
1019-any reserve fund securing such Bonds or for the purpose of
1020-retiring or defeasing such Bonds plus (c) the amount of any
1021-deficiencies in required transfers of amounts described in
1022-clauses (a) and (b) for any prior fiscal year, minus (d) the
1023-amount, if any, of such interest to be paid from Bond proceeds
1024-on deposit under any indenture; provided, however, that
1025-
1026-
1027-interest payable on Variable Rate Bonds shall be calculated at
1028-the maximum rate of interest which may be payable during such
1029-fiscal year after taking into account any credits permitted in
1030-the related indenture against the amount of such interest
1031-required to be appropriated for such period pursuant to
1032-subsection (c) of Section 11 of this Act.
1033-In each month during fiscal years 1986 through 1993, the
1034-State Treasurer and Comptroller shall transfer, on the last
1035-day of such month, from the Build Illinois Bond Account to the
1036-Build Illinois Bond Retirement and Interest Fund and shall
1037-make payment from the Build Illinois Bond Retirement and
1038-Interest Fund to the trustee under the Master Indenture of an
1039-amount equal to 1/12 of 150% of the amount set forth below for
1040-each such fiscal year, plus any cumulative deficiency in such
1041-transfers and payments for prior months; provided that such
1042-transfers shall commence in October, 1985 and such amounts for
1043-fiscal year 1986 shall equal 1/9 of 150% of the amount set
1044-forth below for such fiscal year:
1045-Fiscal YearAmount1986$15,000,0001987$25,000,0001988$40,000,0001989$54,000,0001990$85,400,0001991$133,600,0001992$164,400,000 Fiscal Year Amount 1986 $15,000,000 1987 $25,000,000 1988 $40,000,000 1989 $54,000,000 1990 $85,400,000 1991 $133,600,000 1992 $164,400,000
1046-Fiscal Year Amount
1047-1986 $15,000,000
1048-1987 $25,000,000
1049-1988 $40,000,000
1050-1989 $54,000,000
1051-1990 $85,400,000
1052-1991 $133,600,000
1053-1992 $164,400,000
1054-
1055-
1056-Fiscal Year Amount
1057-1986 $15,000,000
1058-1987 $25,000,000
1059-1988 $40,000,000
1060-1989 $54,000,000
1061-1990 $85,400,000
1062-1991 $133,600,000
1063-1992 $164,400,000
1064-
1065-
1066-1993$188,900,000 1993 $188,900,000
1067-1993 $188,900,000
1068-provided that payments of such amounts from the Build Illinois
1069-Bond Retirement and Interest Fund to the trustee under the
1070-Master Indenture shall commence on the last day of the month in
1071-which Bonds are initially issued under this Act; and, further
1072-provided, that the first such payment to said trustee shall
1073-equal the entire amount then on deposit in the Build Illinois
1074-Bond Retirement and Interest Fund; and, further provided, that
1075-the aggregate amount of transfers and payments for any such
1076-fiscal year shall not exceed the amount set forth above for
1077-such fiscal year.
1078-In each month in which Bonds are outstanding during fiscal
1079-year 1994 and each fiscal year thereafter, the State Treasurer
1080-and Comptroller shall transfer, on the last day of such month,
1081-(i) with respect to Bonds constituting bonds issued pursuant
1082-to the bond authorization under this Act enacted pursuant to
1083-Public Act 96-36 and this amendatory Act of the 103rd General
1084-Assembly this amendatory Act of the 96th General Assembly (and
1085-any refunding Bonds issued to refund such Bonds), first from
1086-the Capital Projects Fund and second, if needed, from the
1087-Build Illinois Bond Account and (ii) with respect to all other
1088-Bonds not described in clause (i), from the Build Illinois
1089-Bond Account, in each case, to the Build Illinois Bond
1090-Retirement and Interest Fund and shall make payment from the
1091-Build Illinois Bond Retirement and Interest Fund to the
1092-trustee under the Master Indenture of an amount equal to the
1093-
1094-1993 $188,900,000
1095-
1096-
1097-greater of (a) 1/12th of 150% of the Certified Annual Debt
1098-Service Requirement or (b) the Tax Act Amount (as defined in
1099-Section 3 of the "Retailers' Occupation Tax Act", as amended)
1100-deposited in the Build Illinois Bond Account during such
1101-month, plus any cumulative deficiency in such transfers and
1102-payments for prior months; provided that such transfers and
1103-payments for any such fiscal year shall not exceed the greater
1104-of (a) the Certified Annual Debt Service Requirement or (b)
1105-the Tax Act Amount.
1106-(Source: P.A. 96-36, eff. 7-13-09.)
1107-Article 20.
1108-Section 20-5. The Illinois Housing Development Act is
1109-amended by changing Section 22 as follows:
1110-(20 ILCS 3805/22) (from Ch. 67 1/2, par. 322)
1111-Sec. 22. (a) The Authority shall not have outstanding at
1112-any one time bonds and notes for any of its corporate purposes
1113-in an aggregate principal amount exceeding $11,500,000,000
1114-$7,200,000,000, excluding bonds and notes issued to refund
1115-outstanding bonds and notes.
1116-(b) Of the authorized aggregate principal amount of
1117-$11,500,000,000 $7,200,000,000 provided for by this Section,
1118-the amount of $150,000,000 shall be used for the purposes
1119-specified in Sections 7.23 and 7.24 of this Act.
1120-
1121-
1122-(c) Of the $1,000,000,000 authorized by this amendatory
1123-Act of 1985, an amount not less than $100,000,000 shall be
1124-reserved for financing developments which involve the
1125-rehabilitation of dwelling accommodations, subject to the
1126-occupancy reservation of low or moderate income persons or
1127-families as provided in this Act.
1128-(Source: P.A. 102-175, eff. 7-29-21.)
1129-Article 25.
1130-Section 25-5. The Local Government Debt Reform Act is
1131-amended by changing Sections 10, 16, and 17 as follows:
1132-(30 ILCS 350/10) (from Ch. 17, par. 6910)
1133-Sec. 10. General provisions. Bonds authorized by
1134-applicable law may be issued in one or more series, bear such
1135-date or dates, become due at such time or times within 40
1136-years, except as expressly limited by applicable law, provided
1137-that notwithstanding any such express limitation bonds issued
1138-by any school district, Lockport High School, Township High
1139-School District 113, South Suburban Community College District
1140-No. 510, Elgin Community College District No. 509, or
1141-Kishwaukee Community College District No. 523 for the purpose
1142-of purchasing, constructing, or improving real or personal
1143-property, including bonds issued pursuant to Sections 17-2.11
1144-of the School Code, bonds issued to increase the working cash
1145-
1146-
1147-fund of the district, and bonds issued to pay or paying claims
1148-against the any such district incurred for the purpose of
1149-purchasing, constructing, or improving real or personal
1150-property, and any bonds issued to refund or continue to refund
1151-those bonds, may become due within 30 25 years, bear interest
1152-payable at such intervals and at such rate or rates as
1153-authorized under applicable law, which rates may be fixed or
1154-variable, be in such denominations, be in such form, either
1155-coupon, registered or book-entry, carry such conversion,
1156-registration, and exchange privileges, be subject to
1157-defeasance upon such terms, have such rank or priority, be
1158-executed in such manner, be payable in such medium of payment
1159-at such place or places within or without the State of
1160-Illinois, make provision for a corporate trustee within or
1161-without the State with respect to such bonds, prescribe the
1162-rights, powers and duties thereof to be exercised for the
1163-benefit of the governmental unit and the protection of the
1164-bondholders, provide for the holding in trust, investment and
1165-use of moneys, funds and accounts held under an ordinance,
1166-provide for assignment of and direct payment of the moneys to
1167-pay such bonds or to be deposited into such funds or accounts
1168-directly to such trustee, be subject to such terms of
1169-redemption with or without premium, and be sold in such manner
1170-at private or public sale and at such price, all as the
1171-governing body shall determine. Whenever such bonds are sold
1172-at price less than par, they shall be sold at such price and
1173-
1174-
1175-bear interest at such rate or rates such that either the true
1176-interest cost (yield) or the net interest rate, as may be
1177-selected by the governing body, received upon the sale of such
1178-bonds does not exceed the maximum rate otherwise authorized by
1179-applicable law. Except for an ordinance required to be
1180-published by applicable law in connection with a backdoor
1181-referendum, any bond ordinance adopted by a governing body
1182-under applicable law shall, in all instances, become effective
1183-immediately without publication or posting or any further act
1184-or requirement.
1185-(Source: P.A. 97-615, eff. 8-26-11; 98-36, eff. 6-28-13.)
1186-(30 ILCS 350/16) (from Ch. 17, par. 6916)
1187-Sec. 16. Levy for bonds.
1188-(a) A governmental unit may levy a tax for the payment of
1189-principal of and interest on general obligation bonds or
1190-limited bonds at any time prior to March 1 of the calendar year
1191-during which the tax will be collected. The county clerk shall
1192-accept the filing of the ordinance levying such tax
1193-notwithstanding that such time is subsequent to the end of the
1194-calendar year next preceding the calendar year during which
1195-such tax will be collected.
1196-(b) The county clerk shall accept the electronic filing of
1197-any ordinance under subsection (a) and any certificate abating
1198-taxes levied by an ordinance under subsection (a). If a
1199-governmental unit electronically files an ordinance under
1200-
1201-
1202-subsection (a) or a certificate abating taxes levied by an
1203-ordinance under subsection (a) electronically, then the
1204-governmental unit shall maintain an original signed copy of
1205-the ordinance as long as the general obligation bonds or
1206-limited bonds remain outstanding.
1207-(c) In extending taxes for general obligation bonds, the
1208-county clerk shall add to the levy for debt service on such
1209-bonds an amount sufficient, in view of all losses and
1210-delinquencies in tax collection, to produce tax receipts
1211-adequate for the prompt payment of such debt service.
1212-(Source: P.A. 103-137, eff. 6-30-23.)
1213-(30 ILCS 350/17) (from Ch. 17, par. 6917)
1214-Sec. 17. Leases and installment contracts.
1215-(a) Interest not debt; debt on leases and installment
1216-contracts. Interest on bonds shall not be included in any
1217-computation of indebtedness of a governmental unit for the
1218-purpose of any statutory provision or limitation. For bonds
1219-consisting of leases and installment or financing contracts,
1220-(1) that portion of payments made by a governmental unit under
1221-the terms of a bond designated as interest in the bond or the
1222-ordinance authorizing such bond shall be treated as interest
1223-for purposes of this Section (2) where portions of payments
1224-due under the terms of a bond have not been designated as
1225-interest in the bond or the ordinance authorizing such bond,
1226-and all or a portion of such payments is to be used for the
1227-
1228-
1229-payment of principal of and interest on other bonds of the
1230-governmental unit or bonds issued by another unit of local
1231-government, such as a public building commission, the payments
1232-equal to interest due on such corresponding bonds shall be
1233-treated as interest for purposes of this Section and (3) where
1234-portions of payments due under the terms of a bond have not
1235-been designated as interest in the bond or ordinance
1236-authorizing such bond and no portion of any such payment is to
1237-be used for the payment of principal of and interest on other
1238-bonds of the governmental unit or another unit of local
1239-government, a portion of each payment due under the terms of
1240-such bond shall be treated as interest for purposes of this
1241-Section; such portion shall be equal in amount to the interest
1242-that would have been paid on a notional obligation of the
1243-governmental unit (bearing interest at the highest rate
1244-permitted by law for bonds of the governmental unit at the time
1245-the bond was issued or, if no such limit existed, 12%) on which
1246-the payments of principal and interest were due at the same
1247-times and in the same amounts as payments are due under the
1248-terms of the bonds. The rule set forth in this Section shall be
1249-applicable to all interest no matter when earned or accrued or
1250-at what interval paid, and whether or not a bond bears interest
1251-which compounds at certain intervals. For purposes of bonds
1252-sold at amounts less than 95% of their stated value at
1253-maturity, interest for purposes of this Section includes the
1254-difference between the amount set forth on the face of the bond
1255-
1256-
1257-as the original principal amount and the bond's stated value
1258-at maturity.
1259-This subsection may be made applicable to bonds issued
1260-prior to the effective date of this Act by passage of an
1261-ordinance to such effect by the governing body of a
1262-governmental unit.
1263-(b) Purchase or lease of property. The governing body of
1264-each governmental unit may purchase or lease either real or
1265-personal property, including investments, investment
1266-agreements, or investment services, through agreements that
1267-provide that the consideration for the purchase or lease may
1268-be paid through installments made at stated intervals for a
1269-period of no more than 20 years or another period of time
1270-authorized by law, whichever is greater; provided, however,
1271-that investments, investment agreements, or investment
1272-services purchased in connection with a bond issue may be paid
1273-through installments made at stated intervals for a period of
1274-time not in excess of the maximum term of such bond issue. Each
1275-governmental unit may issue certificates evidencing the
1276-indebtedness incurred under the lease or agreement. The
1277-governing body may provide for the treasurer, comptroller,
1278-finance officer, or other officer of the governing body
1279-charged with financial administration to act as counter-party
1280-to any such lease or agreement, as nominee lessor or seller.
1281-When the lease or agreement is executed by the officer of the
1282-governmental unit authorized by the governing body to bind the
1283-
1284-
1285-governmental unit thereon by the execution thereof and is
1286-filed with and executed by the nominee lessor or seller, the
1287-lease or agreement shall be sufficiently executed so as to
1288-permit the governmental unit to issue certificates evidencing
1289-the indebtedness incurred under the lease or agreement. The
1290-certificates shall be valid whether or not an appropriation
1291-with respect thereto is included in any annual or supplemental
1292-budget adopted by the governmental unit. From time to time, as
1293-the governing body executes contracts for the purpose of
1294-acquiring and constructing the services or real or personal
1295-property that is a part of the subject of the lease or
1296-agreement, including financial, legal, architectural, and
1297-engineering services related to the lease or agreement, the
1298-governing body shall order the contracts shall be filed with
1299-the its nominee officer, and that officer shall identify the
1300-contracts to the lease or agreement; that identification shall
1301-permit the payment of the contract from the proceeds of the
1302-certificates; and the nominee officer shall duly apply or
1303-cause to be applied proceeds of the certificates to the
1304-payment of the contracts. The governing body of each
1305-governmental unit may sell, lease, convey, and reacquire
1306-either real or personal property, or any interest in real or
1307-personal property, upon any terms and conditions and in any
1308-manner, as the governing body shall determine, if the
1309-governmental unit will lease, acquire by purchase agreement,
1310-or otherwise reacquire the property, as authorized by this
1311-
1312-
1313-subsection or any other applicable law.
1314-All indebtedness incurred under this subsection, when
1315-aggregated with the existing indebtedness of the governmental
1316-unit, may not exceed the debt limits provided by applicable
1317-law.
1318-(Source: P.A. 91-493, eff. 8-13-99; 91-868, eff. 6-22-00;
1319-92-879, eff. 1-13-03.)
1320-Section 25-10. The Property Tax Code is amended by
1321-changing Section 18-185 as follows:
1322-(35 ILCS 200/18-185)
1323-Sec. 18-185. Short title; definitions. This Division 5
1324-may be cited as the Property Tax Extension Limitation Law. As
1325-used in this Division 5:
1326-"Consumer Price Index" means the Consumer Price Index for
1327-All Urban Consumers for all items published by the United
1328-States Department of Labor.
1329-"Extension limitation" means (a) the lesser of 5% or the
1330-percentage increase in the Consumer Price Index during the
1331-12-month calendar year preceding the levy year or (b) the rate
1332-of increase approved by voters under Section 18-205.
1333-"Affected county" means a county of 3,000,000 or more
1334-inhabitants or a county contiguous to a county of 3,000,000 or
1335-more inhabitants.
1336-"Taxing district" has the same meaning provided in Section
1337-
1338-
1339-1-150, except as otherwise provided in this Section. For the
1340-1991 through 1994 levy years only, "taxing district" includes
1341-only each non-home rule taxing district having the majority of
1342-its 1990 equalized assessed value within any county or
1343-counties contiguous to a county with 3,000,000 or more
1344-inhabitants. Beginning with the 1995 levy year, "taxing
1345-district" includes only each non-home rule taxing district
1346-subject to this Law before the 1995 levy year and each non-home
1347-rule taxing district not subject to this Law before the 1995
1348-levy year having the majority of its 1994 equalized assessed
1349-value in an affected county or counties. Beginning with the
1350-levy year in which this Law becomes applicable to a taxing
1351-district as provided in Section 18-213, "taxing district" also
1352-includes those taxing districts made subject to this Law as
1353-provided in Section 18-213.
1354-"Aggregate extension" for taxing districts to which this
1355-Law applied before the 1995 levy year means the annual
1356-corporate extension for the taxing district and those special
1357-purpose extensions that are made annually for the taxing
1358-district, excluding special purpose extensions: (a) made for
1359-the taxing district to pay interest or principal on general
1360-obligation bonds that were approved by referendum; (b) made
1361-for any taxing district to pay interest or principal on
1362-general obligation bonds issued before October 1, 1991; (c)
1363-made for any taxing district to pay interest or principal on
1364-bonds issued to refund or continue to refund those bonds
1365-
1366-
1367-issued before October 1, 1991; (d) made for any taxing
1368-district to pay interest or principal on bonds issued to
1369-refund or continue to refund bonds issued after October 1,
1370-1991 that were approved by referendum; (e) made for any taxing
1371-district to pay interest or principal on revenue bonds issued
1372-before October 1, 1991 for payment of which a property tax levy
1373-or the full faith and credit of the unit of local government is
1374-pledged; however, a tax for the payment of interest or
1375-principal on those bonds shall be made only after the
1376-governing body of the unit of local government finds that all
1377-other sources for payment are insufficient to make those
1378-payments; (f) made for payments under a building commission
1379-lease when the lease payments are for the retirement of bonds
1380-issued by the commission before October 1, 1991, to pay for the
1381-building project; (g) made for payments due under installment
1382-contracts entered into before October 1, 1991; (h) made for
1383-payments of principal and interest on bonds issued under the
1384-Metropolitan Water Reclamation District Act to finance
1385-construction projects initiated before October 1, 1991; (i)
1386-made for payments of principal and interest on limited bonds,
1387-as defined in Section 3 of the Local Government Debt Reform
1388-Act, in an amount not to exceed the debt service extension base
1389-less the amount in items (b), (c), (e), and (h) of this
1390-definition for non-referendum obligations, except obligations
1391-initially issued pursuant to referendum; (j) made for payments
1392-of principal and interest on bonds issued under Section 15 of
1393-
1394-
1395-the Local Government Debt Reform Act; (k) made by a school
1396-district that participates in the Special Education District
1397-of Lake County, created by special education joint agreement
1398-under Section 10-22.31 of the School Code, for payment of the
1399-school district's share of the amounts required to be
1400-contributed by the Special Education District of Lake County
1401-to the Illinois Municipal Retirement Fund under Article 7 of
1402-the Illinois Pension Code; the amount of any extension under
1403-this item (k) shall be certified by the school district to the
1404-county clerk; (l) made to fund expenses of providing joint
1405-recreational programs for persons with disabilities under
1406-Section 5-8 of the Park District Code or Section 11-95-14 of
1407-the Illinois Municipal Code; (m) made for temporary relocation
1408-loan repayment purposes pursuant to Sections 2-3.77 and
1409-17-2.2d of the School Code; (n) made for payment of principal
1410-and interest on any bonds issued under the authority of
1411-Section 17-2.2d of the School Code; (o) made for contributions
1412-to a firefighter's pension fund created under Article 4 of the
1413-Illinois Pension Code, to the extent of the amount certified
1414-under item (5) of Section 4-134 of the Illinois Pension Code;
1415-and (p) made for road purposes in the first year after a
1416-township assumes the rights, powers, duties, assets, property,
1417-liabilities, obligations, and responsibilities of a road
1418-district abolished under the provisions of Section 6-133 of
1419-the Illinois Highway Code; and (q) made for the payment of
1420-principal and interest on any bonds issued under the authority
1421-
1422-
1423-of Section 17-2.11 of the School Code or to refund or continue
1424-to refund those bonds.
1425-"Aggregate extension" for the taxing districts to which
1426-this Law did not apply before the 1995 levy year (except taxing
1427-districts subject to this Law in accordance with Section
1428-18-213) means the annual corporate extension for the taxing
1429-district and those special purpose extensions that are made
1430-annually for the taxing district, excluding special purpose
1431-extensions: (a) made for the taxing district to pay interest
1432-or principal on general obligation bonds that were approved by
1433-referendum; (b) made for any taxing district to pay interest
1434-or principal on general obligation bonds issued before March
1435-1, 1995; (c) made for any taxing district to pay interest or
1436-principal on bonds issued to refund or continue to refund
1437-those bonds issued before March 1, 1995; (d) made for any
1438-taxing district to pay interest or principal on bonds issued
1439-to refund or continue to refund bonds issued after March 1,
1440-1995 that were approved by referendum; (e) made for any taxing
1441-district to pay interest or principal on revenue bonds issued
1442-before March 1, 1995 for payment of which a property tax levy
1443-or the full faith and credit of the unit of local government is
1444-pledged; however, a tax for the payment of interest or
1445-principal on those bonds shall be made only after the
1446-governing body of the unit of local government finds that all
1447-other sources for payment are insufficient to make those
1448-payments; (f) made for payments under a building commission
1449-
1450-
1451-lease when the lease payments are for the retirement of bonds
1452-issued by the commission before March 1, 1995 to pay for the
1453-building project; (g) made for payments due under installment
1454-contracts entered into before March 1, 1995; (h) made for
1455-payments of principal and interest on bonds issued under the
1456-Metropolitan Water Reclamation District Act to finance
1457-construction projects initiated before October 1, 1991; (h-4)
1458-made for stormwater management purposes by the Metropolitan
1459-Water Reclamation District of Greater Chicago under Section 12
1460-of the Metropolitan Water Reclamation District Act; (h-8) made
1461-for payments of principal and interest on bonds issued under
1462-Section 9.6a of the Metropolitan Water Reclamation District
1463-Act to make contributions to the pension fund established
1464-under Article 13 of the Illinois Pension Code; (i) made for
1465-payments of principal and interest on limited bonds, as
1466-defined in Section 3 of the Local Government Debt Reform Act,
1467-in an amount not to exceed the debt service extension base less
1468-the amount in items (b), (c), and (e) of this definition for
1469-non-referendum obligations, except obligations initially
1470-issued pursuant to referendum and bonds described in
1471-subsections (h) and (h-8) of this definition; (j) made for
1472-payments of principal and interest on bonds issued under
1473-Section 15 of the Local Government Debt Reform Act; (k) made
1474-for payments of principal and interest on bonds authorized by
1475-Public Act 88-503 and issued under Section 20a of the Chicago
1476-Park District Act for aquarium or museum projects and bonds
1477-
1478-
1479-issued under Section 20a of the Chicago Park District Act for
1480-the purpose of making contributions to the pension fund
1481-established under Article 12 of the Illinois Pension Code; (l)
1482-made for payments of principal and interest on bonds
1483-authorized by Public Act 87-1191 or 93-601 and (i) issued
1484-pursuant to Section 21.2 of the Cook County Forest Preserve
1485-District Act, (ii) issued under Section 42 of the Cook County
1486-Forest Preserve District Act for zoological park projects, or
1487-(iii) issued under Section 44.1 of the Cook County Forest
1488-Preserve District Act for botanical gardens projects; (m) made
1489-pursuant to Section 34-53.5 of the School Code, whether levied
1490-annually or not; (n) made to fund expenses of providing joint
1491-recreational programs for persons with disabilities under
1492-Section 5-8 of the Park District Code or Section 11-95-14 of
1493-the Illinois Municipal Code; (o) made by the Chicago Park
1494-District for recreational programs for persons with
1495-disabilities under subsection (c) of Section 7.06 of the
1496-Chicago Park District Act; (p) made for contributions to a
1497-firefighter's pension fund created under Article 4 of the
1498-Illinois Pension Code, to the extent of the amount certified
1499-under item (5) of Section 4-134 of the Illinois Pension Code;
1500-(q) made by Ford Heights School District 169 under Section
1501-17-9.02 of the School Code; and (r) made for the purpose of
1502-making employer contributions to the Public School Teachers'
1503-Pension and Retirement Fund of Chicago under Section 34-53 of
1504-the School Code; and (s) made for the payment of principal and
1505-
1506-
1507-interest on any bonds issued under the authority of Section
1508-17-2.11 of the School Code or to refund or continue to refund
1509-those bonds.
1510-"Aggregate extension" for all taxing districts to which
1511-this Law applies in accordance with Section 18-213, except for
1512-those taxing districts subject to paragraph (2) of subsection
1513-(e) of Section 18-213, means the annual corporate extension
1514-for the taxing district and those special purpose extensions
1515-that are made annually for the taxing district, excluding
1516-special purpose extensions: (a) made for the taxing district
1517-to pay interest or principal on general obligation bonds that
1518-were approved by referendum; (b) made for any taxing district
1519-to pay interest or principal on general obligation bonds
1520-issued before the date on which the referendum making this Law
1521-applicable to the taxing district is held; (c) made for any
1522-taxing district to pay interest or principal on bonds issued
1523-to refund or continue to refund those bonds issued before the
1524-date on which the referendum making this Law applicable to the
1525-taxing district is held; (d) made for any taxing district to
1526-pay interest or principal on bonds issued to refund or
1527-continue to refund bonds issued after the date on which the
1528-referendum making this Law applicable to the taxing district
1529-is held if the bonds were approved by referendum after the date
1530-on which the referendum making this Law applicable to the
1531-taxing district is held; (e) made for any taxing district to
1532-pay interest or principal on revenue bonds issued before the
1533-
1534-
1535-date on which the referendum making this Law applicable to the
1536-taxing district is held for payment of which a property tax
1537-levy or the full faith and credit of the unit of local
1538-government is pledged; however, a tax for the payment of
1539-interest or principal on those bonds shall be made only after
1540-the governing body of the unit of local government finds that
1541-all other sources for payment are insufficient to make those
1542-payments; (f) made for payments under a building commission
1543-lease when the lease payments are for the retirement of bonds
1544-issued by the commission before the date on which the
1545-referendum making this Law applicable to the taxing district
1546-is held to pay for the building project; (g) made for payments
1547-due under installment contracts entered into before the date
1548-on which the referendum making this Law applicable to the
1549-taxing district is held; (h) made for payments of principal
1550-and interest on limited bonds, as defined in Section 3 of the
1551-Local Government Debt Reform Act, in an amount not to exceed
1552-the debt service extension base less the amount in items (b),
1553-(c), and (e) of this definition for non-referendum
1554-obligations, except obligations initially issued pursuant to
1555-referendum; (i) made for payments of principal and interest on
1556-bonds issued under Section 15 of the Local Government Debt
1557-Reform Act; (j) made for a qualified airport authority to pay
1558-interest or principal on general obligation bonds issued for
1559-the purpose of paying obligations due under, or financing
1560-airport facilities required to be acquired, constructed,
1561-
1562-
1563-installed or equipped pursuant to, contracts entered into
1564-before March 1, 1996 (but not including any amendments to such
1565-a contract taking effect on or after that date); (k) made to
1566-fund expenses of providing joint recreational programs for
1567-persons with disabilities under Section 5-8 of the Park
1568-District Code or Section 11-95-14 of the Illinois Municipal
1569-Code; (l) made for contributions to a firefighter's pension
1570-fund created under Article 4 of the Illinois Pension Code, to
1571-the extent of the amount certified under item (5) of Section
1572-4-134 of the Illinois Pension Code; and (m) made for the taxing
1573-district to pay interest or principal on general obligation
1574-bonds issued pursuant to Section 19-3.10 of the School Code;
1575-and (n) made for the payment of principal and interest on any
1576-bonds issued under the authority of Section 17-2.11 of the
1577-School Code or to refund or continue to refund those bonds.
1578-"Aggregate extension" for all taxing districts to which
1579-this Law applies in accordance with paragraph (2) of
1580-subsection (e) of Section 18-213 means the annual corporate
1581-extension for the taxing district and those special purpose
1582-extensions that are made annually for the taxing district,
1583-excluding special purpose extensions: (a) made for the taxing
1584-district to pay interest or principal on general obligation
1585-bonds that were approved by referendum; (b) made for any
1586-taxing district to pay interest or principal on general
1587-obligation bonds issued before March 7, 1997 (the effective
1588-date of Public Act 89-718); (c) made for any taxing district to
1589-
1590-
1591-pay interest or principal on bonds issued to refund or
1592-continue to refund those bonds issued before March 7, 1997
1593-(the effective date of Public Act 89-718); (d) made for any
1594-taxing district to pay interest or principal on bonds issued
1595-to refund or continue to refund bonds issued after March 7,
1596-1997 (the effective date of Public Act 89-718) if the bonds
1597-were approved by referendum after March 7, 1997 (the effective
1598-date of Public Act 89-718); (e) made for any taxing district to
1599-pay interest or principal on revenue bonds issued before March
1600-7, 1997 (the effective date of Public Act 89-718) for payment
1601-of which a property tax levy or the full faith and credit of
1602-the unit of local government is pledged; however, a tax for the
1603-payment of interest or principal on those bonds shall be made
1604-only after the governing body of the unit of local government
1605-finds that all other sources for payment are insufficient to
1606-make those payments; (f) made for payments under a building
1607-commission lease when the lease payments are for the
1608-retirement of bonds issued by the commission before March 7,
1609-1997 (the effective date of Public Act 89-718) to pay for the
1610-building project; (g) made for payments due under installment
1611-contracts entered into before March 7, 1997 (the effective
1612-date of Public Act 89-718); (h) made for payments of principal
1613-and interest on limited bonds, as defined in Section 3 of the
1614-Local Government Debt Reform Act, in an amount not to exceed
1615-the debt service extension base less the amount in items (b),
1616-(c), and (e) of this definition for non-referendum
1617-
1618-
1619-obligations, except obligations initially issued pursuant to
1620-referendum; (i) made for payments of principal and interest on
1621-bonds issued under Section 15 of the Local Government Debt
1622-Reform Act; (j) made for a qualified airport authority to pay
1623-interest or principal on general obligation bonds issued for
1624-the purpose of paying obligations due under, or financing
1625-airport facilities required to be acquired, constructed,
1626-installed or equipped pursuant to, contracts entered into
1627-before March 1, 1996 (but not including any amendments to such
1628-a contract taking effect on or after that date); (k) made to
1629-fund expenses of providing joint recreational programs for
1630-persons with disabilities under Section 5-8 of the Park
1631-District Code or Section 11-95-14 of the Illinois Municipal
1632-Code; and (l) made for contributions to a firefighter's
1633-pension fund created under Article 4 of the Illinois Pension
1634-Code, to the extent of the amount certified under item (5) of
1635-Section 4-134 of the Illinois Pension Code; and (m) made for
1636-the payment of principal and interest on any bonds issued
1637-under the authority of Section 17-2.11 of the School Code or to
1638-refund or continue to refund those bonds.
1639-"Debt service extension base" means an amount equal to
1640-that portion of the extension for a taxing district for the
1641-1994 levy year, or for those taxing districts subject to this
1642-Law in accordance with Section 18-213, except for those
1643-subject to paragraph (2) of subsection (e) of Section 18-213,
1644-for the levy year in which the referendum making this Law
1645-
1646-
1647-applicable to the taxing district is held, or for those taxing
1648-districts subject to this Law in accordance with paragraph (2)
1649-of subsection (e) of Section 18-213 for the 1996 levy year,
1650-constituting an extension for payment of principal and
1651-interest on bonds issued by the taxing district without
1652-referendum, but not including excluded non-referendum bonds.
1653-For park districts (i) that were first subject to this Law in
1654-1991 or 1995 and (ii) whose extension for the 1994 levy year
1655-for the payment of principal and interest on bonds issued by
1656-the park district without referendum (but not including
1657-excluded non-referendum bonds) was less than 51% of the amount
1658-for the 1991 levy year constituting an extension for payment
1659-of principal and interest on bonds issued by the park district
1660-without referendum (but not including excluded non-referendum
1661-bonds), "debt service extension base" means an amount equal to
1662-that portion of the extension for the 1991 levy year
1663-constituting an extension for payment of principal and
1664-interest on bonds issued by the park district without
1665-referendum (but not including excluded non-referendum bonds).
1666-A debt service extension base established or increased at any
1667-time pursuant to any provision of this Law, except Section
1668-18-212, shall be increased each year commencing with the later
1669-of (i) the 2009 levy year or (ii) the first levy year in which
1670-this Law becomes applicable to the taxing district, by the
1671-lesser of 5% or the percentage increase in the Consumer Price
1672-Index during the 12-month calendar year preceding the levy
1673-
1674-
1675-year. The debt service extension base may be established or
1676-increased as provided under Section 18-212. "Excluded
1677-non-referendum bonds" means (i) bonds authorized by Public Act
1678-88-503 and issued under Section 20a of the Chicago Park
1679-District Act for aquarium and museum projects; (ii) bonds
1680-issued under Section 15 of the Local Government Debt Reform
1681-Act; or (iii) refunding obligations issued to refund or to
1682-continue to refund obligations initially issued pursuant to
1683-referendum.
1684-"Special purpose extensions" include, but are not limited
1685-to, extensions for levies made on an annual basis for
1686-unemployment and workers' compensation, self-insurance,
1687-contributions to pension plans, and extensions made pursuant
1688-to Section 6-601 of the Illinois Highway Code for a road
1689-district's permanent road fund whether levied annually or not.
1690-The extension for a special service area is not included in the
1691-aggregate extension.
1692-"Aggregate extension base" means the taxing district's
1693-last preceding aggregate extension as adjusted under Sections
1694-18-135, 18-215, 18-230, 18-206, and 18-233. Beginning with
1695-levy year 2022, for taxing districts that are specified in
1696-Section 18-190.7, the taxing district's aggregate extension
1697-base shall be calculated as provided in Section 18-190.7. An
1698-adjustment under Section 18-135 shall be made for the 2007
1699-levy year and all subsequent levy years whenever one or more
1700-counties within which a taxing district is located (i) used
1701-
1702-
1703-estimated valuations or rates when extending taxes in the
1704-taxing district for the last preceding levy year that resulted
1705-in the over or under extension of taxes, or (ii) increased or
1706-decreased the tax extension for the last preceding levy year
1707-as required by Section 18-135(c). Whenever an adjustment is
1708-required under Section 18-135, the aggregate extension base of
1709-the taxing district shall be equal to the amount that the
1710-aggregate extension of the taxing district would have been for
1711-the last preceding levy year if either or both (i) actual,
1712-rather than estimated, valuations or rates had been used to
1713-calculate the extension of taxes for the last levy year, or
1714-(ii) the tax extension for the last preceding levy year had not
1715-been adjusted as required by subsection (c) of Section 18-135.
1716-Notwithstanding any other provision of law, for levy year
1717-2012, the aggregate extension base for West Northfield School
1718-District No. 31 in Cook County shall be $12,654,592.
1719-Notwithstanding any other provision of law, for levy year
1720-2022, the aggregate extension base of a home equity assurance
1721-program that levied at least $1,000,000 in property taxes in
1722-levy year 2019 or 2020 under the Home Equity Assurance Act
1723-shall be the amount that the program's aggregate extension
1724-base for levy year 2021 would have been if the program had
1725-levied a property tax for levy year 2021.
1726-"Levy year" has the same meaning as "year" under Section
1727-1-155.
1728-"New property" means (i) the assessed value, after final
1729-
1730-
1731-board of review or board of appeals action, of new
1732-improvements or additions to existing improvements on any
1733-parcel of real property that increase the assessed value of
1734-that real property during the levy year multiplied by the
1735-equalization factor issued by the Department under Section
1736-17-30, (ii) the assessed value, after final board of review or
1737-board of appeals action, of real property not exempt from real
1738-estate taxation, which real property was exempt from real
1739-estate taxation for any portion of the immediately preceding
1740-levy year, multiplied by the equalization factor issued by the
1741-Department under Section 17-30, including the assessed value,
1742-upon final stabilization of occupancy after new construction
1743-is complete, of any real property located within the
1744-boundaries of an otherwise or previously exempt military
1745-reservation that is intended for residential use and owned by
1746-or leased to a private corporation or other entity, (iii) in
1747-counties that classify in accordance with Section 4 of Article
1748-IX of the Illinois Constitution, an incentive property's
1749-additional assessed value resulting from a scheduled increase
1750-in the level of assessment as applied to the first year final
1751-board of review market value, and (iv) any increase in
1752-assessed value due to oil or gas production from an oil or gas
1753-well required to be permitted under the Hydraulic Fracturing
1754-Regulatory Act that was not produced in or accounted for
1755-during the previous levy year. In addition, the county clerk
1756-in a county containing a population of 3,000,000 or more shall
1757-
1758-
1759-include in the 1997 recovered tax increment value for any
1760-school district, any recovered tax increment value that was
1761-applicable to the 1995 tax year calculations.
1762-"Qualified airport authority" means an airport authority
1763-organized under the Airport Authorities Act and located in a
1764-county bordering on the State of Wisconsin and having a
1765-population in excess of 200,000 and not greater than 500,000.
1766-"Recovered tax increment value" means, except as otherwise
1767-provided in this paragraph, the amount of the current year's
1768-equalized assessed value, in the first year after a
1769-municipality terminates the designation of an area as a
1770-redevelopment project area previously established under the
1771-Tax Increment Allocation Redevelopment Act in the Illinois
1772-Municipal Code, previously established under the Industrial
1773-Jobs Recovery Law in the Illinois Municipal Code, previously
1774-established under the Economic Development Project Area Tax
1775-Increment Act of 1995, or previously established under the
1776-Economic Development Area Tax Increment Allocation Act, of
1777-each taxable lot, block, tract, or parcel of real property in
1778-the redevelopment project area over and above the initial
1779-equalized assessed value of each property in the redevelopment
1780-project area. For the taxes which are extended for the 1997
1781-levy year, the recovered tax increment value for a non-home
1782-rule taxing district that first became subject to this Law for
1783-the 1995 levy year because a majority of its 1994 equalized
1784-assessed value was in an affected county or counties shall be
1785-
1786-
1787-increased if a municipality terminated the designation of an
1788-area in 1993 as a redevelopment project area previously
1789-established under the Tax Increment Allocation Redevelopment
1790-Act in the Illinois Municipal Code, previously established
1791-under the Industrial Jobs Recovery Law in the Illinois
1792-Municipal Code, or previously established under the Economic
1793-Development Area Tax Increment Allocation Act, by an amount
1794-equal to the 1994 equalized assessed value of each taxable
1795-lot, block, tract, or parcel of real property in the
1796-redevelopment project area over and above the initial
1797-equalized assessed value of each property in the redevelopment
1798-project area. In the first year after a municipality removes a
1799-taxable lot, block, tract, or parcel of real property from a
1800-redevelopment project area established under the Tax Increment
1801-Allocation Redevelopment Act in the Illinois Municipal Code,
1802-the Industrial Jobs Recovery Law in the Illinois Municipal
1803-Code, or the Economic Development Area Tax Increment
1804-Allocation Act, "recovered tax increment value" means the
1805-amount of the current year's equalized assessed value of each
1806-taxable lot, block, tract, or parcel of real property removed
1807-from the redevelopment project area over and above the initial
1808-equalized assessed value of that real property before removal
1809-from the redevelopment project area.
1810-Except as otherwise provided in this Section, "limiting
1811-rate" means a fraction the numerator of which is the last
1812-preceding aggregate extension base times an amount equal to
1813-
1814-
1815-one plus the extension limitation defined in this Section and
1816-the denominator of which is the current year's equalized
1817-assessed value of all real property in the territory under the
1818-jurisdiction of the taxing district during the prior levy
1819-year. For those taxing districts that reduced their aggregate
1820-extension for the last preceding levy year, except for school
1821-districts that reduced their extension for educational
1822-purposes pursuant to Section 18-206, the highest aggregate
1823-extension in any of the last 3 preceding levy years shall be
1824-used for the purpose of computing the limiting rate. The
1825-denominator shall not include new property or the recovered
1826-tax increment value. If a new rate, a rate decrease, or a
1827-limiting rate increase has been approved at an election held
1828-after March 21, 2006, then (i) the otherwise applicable
1829-limiting rate shall be increased by the amount of the new rate
1830-or shall be reduced by the amount of the rate decrease, as the
1831-case may be, or (ii) in the case of a limiting rate increase,
1832-the limiting rate shall be equal to the rate set forth in the
1833-proposition approved by the voters for each of the years
1834-specified in the proposition, after which the limiting rate of
1835-the taxing district shall be calculated as otherwise provided.
1836-In the case of a taxing district that obtained referendum
1837-approval for an increased limiting rate on March 20, 2012, the
1838-limiting rate for tax year 2012 shall be the rate that
1839-generates the approximate total amount of taxes extendable for
1840-that tax year, as set forth in the proposition approved by the
1841-
1842-
1843-voters; this rate shall be the final rate applied by the county
1844-clerk for the aggregate of all capped funds of the district for
1845-tax year 2012.
1846-(Source: P.A. 102-263, eff. 8-6-21; 102-311, eff. 8-6-21;
1847-102-519, eff. 8-20-21; 102-558, eff. 8-20-21; 102-707, eff.
1848-4-22-22; 102-813, eff. 5-13-22; 102-895, eff. 5-23-22;
1849-103-154, eff. 6-30-23.)
1850-Section 25-15. The School Code is amended by changing
1851-Sections 10-22.36, 17-2.11, 19-1, and 20-2 as follows:
1852-(105 ILCS 5/10-22.36) (from Ch. 122, par. 10-22.36)
1853-Sec. 10-22.36. Buildings for school purposes.
1854-(a) To build or purchase a building for school classroom
1855-or instructional purposes upon the approval of a majority of
1856-the voters upon the proposition at a referendum held for such
1857-purpose or in accordance with Section 17-2.11, 19-3.5, or
1858-19-3.10. The board may initiate such referendum by resolution.
1859-The board shall certify the resolution and proposition to the
1860-proper election authority for submission in accordance with
1861-the general election law.
1862-The questions of building one or more new buildings for
1863-school purposes or office facilities, and issuing bonds for
1864-the purpose of borrowing money to purchase one or more
1865-buildings or sites for such buildings or office sites, to
1866-build one or more new buildings for school purposes or office
1867-
1868-
1869-facilities or to make additions and improvements to existing
1870-school buildings, may be combined into one or more
1871-propositions on the ballot.
1872-Before erecting, or purchasing or remodeling such a
1873-building the board shall submit the plans and specifications
1874-respecting heating, ventilating, lighting, seating, water
1875-supply, toilets and safety against fire to the regional
1876-superintendent of schools having supervision and control over
1877-the district, for approval in accordance with Section 2-3.12.
1878-Notwithstanding any of the foregoing, no referendum shall
1879-be required if the purchase, construction, or building of any
1880-such building (1) occurs while the building is being leased by
1881-the school district or (2) is paid with (A) funds derived from
1882-the sale or disposition of other buildings, land, or
1883-structures of the school district or (B) funds received (i) as
1884-a grant under the School Construction Law or (ii) as gifts or
1885-donations, provided that no funds to purchase, construct, or
1886-build such building, other than lease payments, are derived
1887-from the district's bonded indebtedness or the tax levy of the
1888-district.
1889-Notwithstanding any of the foregoing, no referendum shall
1890-be required if the purchase, construction, or building of any
1891-such building is paid with funds received from the County
1892-School Facility and Resources Occupation Tax Law under Section
1893-5-1006.7 of the Counties Code or from the proceeds of bonds or
1894-other debt obligations secured by revenues obtained from that
1895-
1896-
1897-Law.
1898-Notwithstanding any of the foregoing, for Decatur School
1899-District Number 61, no referendum shall be required if at
1900-least 50% of the cost of the purchase, construction, or
1901-building of any such building is paid, or will be paid, with
1902-funds received or expected to be received as part of, or
1903-otherwise derived from, any COVID-19 pandemic relief program
1904-or funding source, including, but not limited to, Elementary
1905-and Secondary School Emergency Relief Fund grant proceeds.
1906-(b) Notwithstanding the provisions of subsection (a), for
1907-any school district: (i) that is a tier 1 school, (ii) that has
1908-a population of less than 50,000 inhabitants, (iii) whose
1909-student population is between 5,800 and 6,300, (iv) in which
1910-57% to 62% of students are low-income, and (v) whose average
1911-district spending is between $10,000 to $12,000 per pupil,
1912-until July 1, 2025, no referendum shall be required if at least
1913-50% of the cost of the purchase, construction, or building of
1914-any such building is paid, or will be paid, with funds received
1915-or expected to be received as part of, or otherwise derived
1916-from, the federal Consolidated Appropriations Act and the
1917-federal American Rescue Plan Act of 2021.
1918-For this subsection (b), the school board must hold at
1919-least 2 public hearings, the sole purpose of which shall be to
1920-discuss the decision to construct a school building and to
1921-receive input from the community. The notice of each public
1922-hearing that sets forth the time, date, place, and name or
1923-
1924-
1925-description of the school building that the school board is
1926-considering constructing must be provided at least 10 days
1927-prior to the hearing by publication on the school board's
1928-Internet website.
1929-(c) Notwithstanding the provisions of subsections
1930-subsection (a) and (b), for Cahokia Community Unit School
1931-District 187, no referendum shall be required for the lease of
1932-any building for school or educational purposes if the cost is
1933-paid or will be paid with funds available at the time of the
1934-lease in the district's existing fund balances to fund the
1935-lease of a building during the 2023-2024 or 2024-2025 school
1936-year.
1937-For the purposes of this subsection (c), the school board
1938-must hold at least 2 public hearings, the sole purpose of which
1939-shall be to discuss the decision to lease a school building and
1940-to receive input from the community. The notice of each public
1941-hearing that sets forth the time, date, place, and name or
1942-description of the school building that the school board is
1943-considering leasing must be provided at least 10 days prior to
1944-the hearing by publication on the school district's website.
1945-(d) (c) Notwithstanding the provisions of subsections
1946-subsection (a) and (b), for Bloomington School District 87, no
1947-referendum shall be required for the purchase, construction,
1948-or building of any building for school or education purposes
1949-if such cost is paid, or will be paid with funds available at
1950-the time of contract, purchase, construction, or building in
1951-
1952-
1953-Bloomington School District Number 87's existing fund balances
1954-to fund the procurement or requisition of a building or site
1955-during the 2022-2023, 2023-2024, or 2024-2025 school year
1956-years.
1957-For this subsection (d) (c), the school board must hold at
1958-least 2 public hearings, the sole purpose of which shall be to
1959-discuss the decision to construct a school building and to
1960-receive input from the community. The notice of each public
1961-hearing that sets forth the time, date, place, and name or
1962-description of the school building that the school board is
1963-considering constructing must be provided at least 10 days
1964-prior to the hearing by publication on the school board's
1965-website.
1966-(e) Notwithstanding the provisions of subsection (a) and
1967-(b), beginning September 1, 2024, no referendum shall be
1968-required to build or purchase a building for school classroom
1969-or instructional purposes if, prior to the building or
1970-purchase of the building, the board determines, by resolution,
1971-that the building or purchase will result in an increase in
1972-pre-kindergarten or kindergarten classroom space in the
1973-district.
1974-(Source: P.A. 102-16, eff. 6-17-21; 102-699, eff. 7-1-22;
1975-103-8, eff. 6-7-23; 103-509, eff. 8-4-23; revised 8-31-23.)
1976-(105 ILCS 5/17-2.11) (from Ch. 122, par. 17-2.11)
1977-Sec. 17-2.11. School board power to levy a tax or to borrow
1978-
1979-
1980-money and issue bonds for fire prevention, safety, energy
1981-conservation, accessibility, school security, and specified
1982-repair purposes.
1983-(a) Whenever, as a result of any lawful order of any
1984-agency, other than a school board, having authority to enforce
1985-any school building code applicable to any facility that
1986-houses students, or any law or regulation for the protection
1987-and safety of the environment, pursuant to the Environmental
1988-Protection Act, any school district having a population of
1989-less than 500,000 inhabitants is required to alter or
1990-reconstruct any school building or permanent, fixed equipment;
1991-the district may, by proper resolution, levy a tax for the
1992-purpose of making such alteration or reconstruction, based on
1993-a survey report by an architect or engineer licensed in this
1994-State, upon all of the taxable property of the district at the
1995-value as assessed by the Department of Revenue and at a rate
1996-not to exceed 0.05% per year for a period sufficient to finance
1997-such alteration or reconstruction, upon the following
1998-conditions:
1999-(1) When there are not sufficient funds available in
2000-the operations and maintenance fund of the school
2001-district, the school facility occupation tax fund of the
2002-district, or the fire prevention and safety fund of the
2003-district, as determined by the district on the basis of
2004-rules adopted by the State Board of Education, to make
2005-such alteration or reconstruction or to purchase and
2006-
2007-
2008-install such permanent, fixed equipment so ordered or
2009-determined as necessary. Appropriate school district
2010-records must be made available to the State Superintendent
2011-of Education, upon request, to confirm this insufficiency.
2012-(2) When a certified estimate of an architect or
2013-engineer licensed in this State stating the estimated
2014-amount necessary to make the alteration or reconstruction
2015-or to purchase and install the equipment so ordered has
2016-been secured by the school district, and the estimate has
2017-been approved by the regional superintendent of schools
2018-having jurisdiction over the district and the State
2019-Superintendent of Education. Approval must not be granted
2020-for any work that has already started without the prior
2021-express authorization of the State Superintendent of
2022-Education. If the estimate is not approved or is denied
2023-approval by the regional superintendent of schools within
2024-3 months after the date on which it is submitted to him or
2025-her, the school board of the district may submit the
2026-estimate directly to the State Superintendent of Education
2027-for approval or denial.
2028-In the case of an emergency situation, where the estimated
2029-cost to effectuate emergency repairs is less than the amount
2030-specified in Section 10-20.21 of this Code, the school
2031-district may proceed with such repairs prior to approval by
2032-the State Superintendent of Education, but shall comply with
2033-the provisions of subdivision (2) of this subsection (a) as
2034-
2035-
2036-soon thereafter as may be as well as Section 10-20.21 of this
2037-Code. If the estimated cost to effectuate emergency repairs is
2038-greater than the amount specified in Section 10-20.21 of this
2039-Code, then the school district shall proceed in conformity
2040-with Section 10-20.21 of this Code and with rules established
2041-by the State Board of Education to address such situations.
2042-The rules adopted by the State Board of Education to deal with
2043-these situations shall stipulate that emergency situations
2044-must be expedited and given priority consideration. For
2045-purposes of this paragraph, an emergency is a situation that
2046-presents an imminent and continuing threat to the health and
2047-safety of students or other occupants of a facility, requires
2048-complete or partial evacuation of a building or part of a
2049-building, or consumes one or more of the 5 emergency days built
2050-into the adopted calendar of the school or schools or would
2051-otherwise be expected to cause such school or schools to fall
2052-short of the minimum school calendar requirements.
2053-(b) Whenever any such district determines that it is
2054-necessary for energy conservation purposes that any school
2055-building or permanent, fixed equipment should be altered or
2056-reconstructed and that such alterations or reconstruction will
2057-be made with funds not necessary for the completion of
2058-approved and recommended projects contained in any safety
2059-survey report or amendments thereto authorized by Section
2060-2-3.12 of this Act; the district may levy a tax or issue bonds
2061-as provided in subsection (a) of this Section.
2062-
2063-
2064-(c) Whenever any such district determines that it is
2065-necessary for accessibility purposes and to comply with the
2066-school building code that any school building or equipment
2067-should be altered or reconstructed and that such alterations
2068-or reconstruction will be made with funds not necessary for
2069-the completion of approved and recommended projects contained
2070-in any safety survey report or amendments thereto authorized
2071-under Section 2-3.12 of this Act, the district may levy a tax
2072-or issue bonds as provided in subsection (a) of this Section.
2073-(d) Whenever any such district determines that it is
2074-necessary for school security purposes and the related
2075-protection and safety of pupils and school personnel that any
2076-school building or property should be altered or reconstructed
2077-or that security systems and equipment (including but not
2078-limited to intercom, early detection and warning, access
2079-control and television monitoring systems) should be purchased
2080-and installed, and that such alterations, reconstruction or
2081-purchase and installation of equipment will be made with funds
2082-not necessary for the completion of approved and recommended
2083-projects contained in any safety survey report or amendment
2084-thereto authorized by Section 2-3.12 of this Act and will
2085-deter and prevent unauthorized entry or activities upon school
2086-property by unknown or dangerous persons, assure early
2087-detection and advance warning of any such actual or attempted
2088-unauthorized entry or activities and help assure the continued
2089-safety of pupils and school staff if any such unauthorized
2090-
2091-
2092-entry or activity is attempted or occurs; the district may
2093-levy a tax or issue bonds as provided in subsection (a) of this
2094-Section.
2095-If such a school district determines that it is necessary
2096-for school security purposes and the related protection and
2097-safety of pupils and school staff to hire a school resource
2098-officer or that personnel costs for school counselors, mental
2099-health experts, or school resource officers are necessary and
2100-the district determines that it does not need funds for any of
2101-the other purposes set forth in this Section, then the
2102-district may levy a tax or issue bonds as provided in
2103-subsection (a).
2104-(e) If a school district does not need funds for other fire
2105-prevention and safety projects, including the completion of
2106-approved and recommended projects contained in any safety
2107-survey report or amendments thereto authorized by Section
2108-2-3.12 of this Act, and it is determined after a public hearing
2109-(which is preceded by at least one published notice (i)
2110-occurring at least 7 days prior to the hearing in a newspaper
2111-of general circulation within the school district and (ii)
2112-setting forth the time, date, place, and general subject
2113-matter of the hearing) that there is a substantial, immediate,
2114-and otherwise unavoidable threat to the health, safety, or
2115-welfare of pupils due to disrepair of school sidewalks,
2116-playgrounds, parking lots, or school bus turnarounds and
2117-repairs must be made; then the district may levy a tax or issue
2118-
2119-
2120-bonds as provided in subsection (a) of this Section.
2121-(f) For purposes of this Section a school district may
2122-replace a school building or build additions to replace
2123-portions of a building when it is determined that the
2124-effectuation of the recommendations for the existing building
2125-will cost more than the replacement costs. Such determination
2126-shall be based on a comparison of estimated costs made by an
2127-architect or engineer licensed in the State of Illinois. The
2128-new building or addition shall be equivalent in area (square
2129-feet) and comparable in purpose and grades served and may be on
2130-the same site or another site. Such replacement may only be
2131-done upon order of the regional superintendent of schools and
2132-the approval of the State Superintendent of Education.
2133-(g) The filing of a certified copy of the resolution
2134-levying the tax when accompanied by the certificates of the
2135-regional superintendent of schools and State Superintendent of
2136-Education shall be the authority of the county clerk to extend
2137-such tax.
2138-(h) The county clerk of the county in which any school
2139-district levying a tax under the authority of this Section is
2140-located, in reducing raised levies, shall not consider any
2141-such tax as a part of the general levy for school purposes and
2142-shall not include the same in the limitation of any other tax
2143-rate which may be extended.
2144-Such tax shall be levied and collected in like manner as
2145-all other taxes of school districts, subject to the provisions
2146-
2147-
2148-contained in this Section.
2149-(i) The tax rate limit specified in this Section may be
2150-increased to .10% upon the approval of a proposition to effect
2151-such increase by a majority of the electors voting on that
2152-proposition at a regular scheduled election. Such proposition
2153-may be initiated by resolution of the school board and shall be
2154-certified by the secretary to the proper election authorities
2155-for submission in accordance with the general election law.
2156-(j) When taxes are levied by any school district for fire
2157-prevention, safety, energy conservation, and school security
2158-purposes as specified in this Section, and the purposes for
2159-which the taxes have been levied are accomplished and paid in
2160-full, and there remain funds on hand in the Fire Prevention and
2161-Safety Fund from the proceeds of the taxes levied, including
2162-interest earnings thereon, the school board by resolution
2163-shall use such excess and other board restricted funds,
2164-excluding bond proceeds and earnings from such proceeds, as
2165-follows:
2166-(1) for other authorized fire prevention, safety,
2167-energy conservation, required safety inspections, school
2168-security purposes, sampling for lead in drinking water in
2169-schools, and for repair and mitigation due to lead levels
2170-in the drinking water supply; or
2171-(2) for transfer to the Operations and Maintenance
2172-Fund for the purpose of abating an equal amount of
2173-operations and maintenance purposes taxes.
2174-
2175-
2176-Notwithstanding subdivision (2) of this subsection (j) and
2177-subsection (k) of this Section, through June 30, 2021, the
2178-school board may, by proper resolution following a public
2179-hearing set by the school board or the president of the school
2180-board (that is preceded (i) by at least one published notice
2181-over the name of the clerk or secretary of the board, occurring
2182-at least 7 days and not more than 30 days prior to the hearing,
2183-in a newspaper of general circulation within the school
2184-district and (ii) by posted notice over the name of the clerk
2185-or secretary of the board, at least 48 hours before the
2186-hearing, at the principal office of the school board or at the
2187-building where the hearing is to be held if a principal office
2188-does not exist, with both notices setting forth the time,
2189-date, place, and subject matter of the hearing), transfer
2190-surplus life safety taxes and interest earnings thereon to the
2191-Operations and Maintenance Fund for building repair work.
2192-(k) If any transfer is made to the Operation and
2193-Maintenance Fund, the secretary of the school board shall
2194-within 30 days notify the county clerk of the amount of that
2195-transfer and direct the clerk to abate the taxes to be extended
2196-for the purposes of operations and maintenance authorized
2197-under Section 17-2 of this Act by an amount equal to such
2198-transfer.
2199-(l) If the proceeds from the tax levy authorized by this
2200-Section are insufficient to complete the work approved under
2201-this Section, the school board is authorized to sell bonds
2202-
2203-
2204-without referendum under the provisions of this Section in an
2205-amount that, when added to the proceeds of the tax levy
2206-authorized by this Section, will allow completion of the
2207-approved work.
2208-(m) Any bonds issued pursuant to this Section shall bear
2209-interest at a rate not to exceed the maximum rate authorized by
2210-law at the time of the making of the contract, shall mature
2211-within 20 years from date, and shall be signed by the president
2212-of the school board and the treasurer of the school district.
2213-The authorized amount of bonds issued pursuant to this Section
2214-may be increased by an amount not to exceed 3% of that
2215-authorized amount to provide for expenses of issuing the
2216-bonds, including underwriter's compensation and costs of bond
2217-insurance or other credit enhancement, and also an amount to
2218-pay capitalized interest as otherwise permitted by law.
2219-(n) In order to authorize and issue such bonds, the school
2220-board shall adopt a resolution fixing the amount of bonds, the
2221-date thereof, the maturities thereof, rates of interest
2222-thereof, place of payment and denomination, which shall be in
2223-denominations of not less than $100 and not more than $5,000,
2224-and provide for the levy and collection of a direct annual tax
2225-upon all the taxable property in the school district
2226-sufficient to pay the principal and interest on such bonds to
2227-maturity. Upon the filing in the office of the county clerk of
2228-the county in which the school district is located of a
2229-certified copy of the resolution, it is the duty of the county
2230-
2231-
2232-clerk to extend the tax therefor in addition to and in excess
2233-of all other taxes heretofore or hereafter authorized to be
2234-levied by such school district.
2235-(o) After the time such bonds are issued as provided for by
2236-this Section, if additional alterations or reconstructions are
2237-required to be made because of surveys conducted by an
2238-architect or engineer licensed in the State of Illinois, the
2239-district may levy a tax at a rate not to exceed .05% per year
2240-upon all the taxable property of the district or issue
2241-additional bonds, whichever action shall be the most feasible.
2242-(p) This Section is cumulative and constitutes complete
2243-authority for the issuance of bonds as provided in this
2244-Section notwithstanding any other statute or law to the
2245-contrary.
2246-(q) With respect to instruments for the payment of money
2247-issued under this Section either before, on, or after the
2248-effective date of Public Act 86-004 (June 6, 1989), it is, and
2249-always has been, the intention of the General Assembly (i)
2250-that the Omnibus Bond Acts are, and always have been,
2251-supplementary grants of power to issue instruments in
2252-accordance with the Omnibus Bond Acts, regardless of any
2253-provision of this Act that may appear to be or to have been
2254-more restrictive than those Acts, (ii) that the provisions of
2255-this Section are not a limitation on the supplementary
2256-authority granted by the Omnibus Bond Acts, and (iii) that
2257-instruments issued under this Section within the supplementary
2258-
2259-
2260-authority granted by the Omnibus Bond Acts are not invalid
2261-because of any provision of this Act that may appear to be or
2262-to have been more restrictive than those Acts.
2263-(r) When the purposes for which the bonds are issued have
2264-been accomplished and paid for in full and there remain funds
2265-on hand from the proceeds of the bond sale and interest
2266-earnings therefrom, the board shall, by resolution, use such
2267-excess funds in accordance with the provisions of Section
2268-10-22.14 of this Act.
2269-(s) Whenever any tax is levied or bonds issued for fire
2270-prevention, safety, energy conservation, and school security
2271-purposes, such proceeds shall be deposited and accounted for
2272-separately within the Fire Prevention and Safety Fund.
2273-(Source: P.A. 100-465, eff. 8-31-17; 101-455, eff. 8-23-19;
2274-101-643, eff. 6-18-20.)
2275-(105 ILCS 5/19-1)
2276-Sec. 19-1. Debt limitations of school districts.
2277-(a) School districts shall not be subject to the
2278-provisions limiting their indebtedness prescribed in the Local
2279-Government Debt Limitation Act.
2280-No school districts maintaining grades K through 8 or 9
2281-through 12 shall become indebted in any manner or for any
2282-purpose to an amount, including existing indebtedness, in the
2283-aggregate exceeding 6.9% on the value of the taxable property
2284-therein to be ascertained by the last assessment for State and
2285-
2286-
2287-county taxes or, until January 1, 1983, if greater, the sum
2288-that is produced by multiplying the school district's 1978
2289-equalized assessed valuation by the debt limitation percentage
2290-in effect on January 1, 1979, previous to the incurring of such
2291-indebtedness.
2292-No school districts maintaining grades K through 12 shall
2293-become indebted in any manner or for any purpose to an amount,
2294-including existing indebtedness, in the aggregate exceeding
2295-13.8% on the value of the taxable property therein to be
2296-ascertained by the last assessment for State and county taxes
2297-or, until January 1, 1983, if greater, the sum that is produced
2298-by multiplying the school district's 1978 equalized assessed
2299-valuation by the debt limitation percentage in effect on
2300-January 1, 1979, previous to the incurring of such
2301-indebtedness.
2302-No partial elementary unit district, as defined in Article
2303-11E of this Code, shall become indebted in any manner or for
2304-any purpose in an amount, including existing indebtedness, in
2305-the aggregate exceeding 6.9% of the value of the taxable
2306-property of the entire district, to be ascertained by the last
2307-assessment for State and county taxes, plus an amount,
2308-including existing indebtedness, in the aggregate exceeding
2309-6.9% of the value of the taxable property of that portion of
2310-the district included in the elementary and high school
2311-classification, to be ascertained by the last assessment for
2312-State and county taxes. Moreover, no partial elementary unit
2313-
2314-
2315-district, as defined in Article 11E of this Code, shall become
2316-indebted on account of bonds issued by the district for high
2317-school purposes in the aggregate exceeding 6.9% of the value
2318-of the taxable property of the entire district, to be
2319-ascertained by the last assessment for State and county taxes,
2320-nor shall the district become indebted on account of bonds
2321-issued by the district for elementary purposes in the
2322-aggregate exceeding 6.9% of the value of the taxable property
2323-for that portion of the district included in the elementary
2324-and high school classification, to be ascertained by the last
2325-assessment for State and county taxes.
2326-Notwithstanding the provisions of any other law to the
2327-contrary, in any case in which the voters of a school district
2328-have approved a proposition for the issuance of bonds of such
2329-school district at an election held prior to January 1, 1979,
2330-and all of the bonds approved at such election have not been
2331-issued, the debt limitation applicable to such school district
2332-during the calendar year 1979 shall be computed by multiplying
2333-the value of taxable property therein, including personal
2334-property, as ascertained by the last assessment for State and
2335-county taxes, previous to the incurring of such indebtedness,
2336-by the percentage limitation applicable to such school
2337-district under the provisions of this subsection (a).
2338-(a-5) After January 1, 2018, no school district may issue
2339-bonds under Sections 19-2 through 19-7 of this Code and rely on
2340-an exception to the debt limitations in this Section unless it
2341-
2342-
2343-has complied with the requirements of Section 21 of the Bond
2344-Issue Notification Act and the bonds have been approved by
2345-referendum.
2346-(b) Notwithstanding the debt limitation prescribed in
2347-subsection (a) of this Section, additional indebtedness may be
2348-incurred in an amount not to exceed the estimated cost of
2349-acquiring or improving school sites or constructing and
2350-equipping additional building facilities under the following
2351-conditions:
2352-(1) Whenever the enrollment of students for the next
2353-school year is estimated by the board of education to
2354-increase over the actual present enrollment by not less
2355-than 35% or by not less than 200 students or the actual
2356-present enrollment of students has increased over the
2357-previous school year by not less than 35% or by not less
2358-than 200 students and the board of education determines
2359-that additional school sites or building facilities are
2360-required as a result of such increase in enrollment; and
2361-(2) When the Regional Superintendent of Schools having
2362-jurisdiction over the school district and the State
2363-Superintendent of Education concur in such enrollment
2364-projection or increase and approve the need for such
2365-additional school sites or building facilities and the
2366-estimated cost thereof; and
2367-(3) When the voters in the school district approve a
2368-proposition for the issuance of bonds for the purpose of
2369-
2370-
2371-acquiring or improving such needed school sites or
2372-constructing and equipping such needed additional building
2373-facilities at an election called and held for that
2374-purpose. Notice of such an election shall state that the
2375-amount of indebtedness proposed to be incurred would
2376-exceed the debt limitation otherwise applicable to the
2377-school district. The ballot for such proposition shall
2378-state what percentage of the equalized assessed valuation
2379-will be outstanding in bonds if the proposed issuance of
2380-bonds is approved by the voters; or
2381-(4) Notwithstanding the provisions of paragraphs (1)
2382-through (3) of this subsection (b), if the school board
2383-determines that additional facilities are needed to
2384-provide a quality educational program and not less than
2385-2/3 of those voting in an election called by the school
2386-board on the question approve the issuance of bonds for
2387-the construction of such facilities, the school district
2388-may issue bonds for this purpose; or
2389-(5) Notwithstanding the provisions of paragraphs (1)
2390-through (3) of this subsection (b), if (i) the school
2391-district has previously availed itself of the provisions
2392-of paragraph (4) of this subsection (b) to enable it to
2393-issue bonds, (ii) the voters of the school district have
2394-not defeated a proposition for the issuance of bonds since
2395-the referendum described in paragraph (4) of this
2396-subsection (b) was held, (iii) the school board determines
2397-
2398-
2399-that additional facilities are needed to provide a quality
2400-educational program, and (iv) a majority of those voting
2401-in an election called by the school board on the question
2402-approve the issuance of bonds for the construction of such
2403-facilities, the school district may issue bonds for this
2404-purpose.
2405-In no event shall the indebtedness incurred pursuant to
2406-this subsection (b) and the existing indebtedness of the
2407-school district exceed 15% of the value of the taxable
2408-property therein to be ascertained by the last assessment for
2409-State and county taxes, previous to the incurring of such
2410-indebtedness or, until January 1, 1983, if greater, the sum
2411-that is produced by multiplying the school district's 1978
2412-equalized assessed valuation by the debt limitation percentage
2413-in effect on January 1, 1979.
2414-The indebtedness provided for by this subsection (b) shall
2415-be in addition to and in excess of any other debt limitation.
2416-(c) Notwithstanding the debt limitation prescribed in
2417-subsection (a) of this Section, in any case in which a public
2418-question for the issuance of bonds of a proposed school
2419-district maintaining grades kindergarten through 12 received
2420-at least 60% of the valid ballots cast on the question at an
2421-election held on or prior to November 8, 1994, and in which the
2422-bonds approved at such election have not been issued, the
2423-school district pursuant to the requirements of Section 11A-10
2424-(now repealed) may issue the total amount of bonds approved at
2425-
2426-
2427-such election for the purpose stated in the question.
2428-(d) Notwithstanding the debt limitation prescribed in
2429-subsection (a) of this Section, a school district that meets
2430-all the criteria set forth in paragraphs (1) and (2) of this
2431-subsection (d) may incur an additional indebtedness in an
2432-amount not to exceed $4,500,000, even though the amount of the
2433-additional indebtedness authorized by this subsection (d),
2434-when incurred and added to the aggregate amount of
2435-indebtedness of the district existing immediately prior to the
2436-district incurring the additional indebtedness authorized by
2437-this subsection (d), causes the aggregate indebtedness of the
2438-district to exceed the debt limitation otherwise applicable to
2439-that district under subsection (a):
2440-(1) The additional indebtedness authorized by this
2441-subsection (d) is incurred by the school district through
2442-the issuance of bonds under and in accordance with Section
2443-17-2.11a for the purpose of replacing a school building
2444-which, because of mine subsidence damage, has been closed
2445-as provided in paragraph (2) of this subsection (d) or
2446-through the issuance of bonds under and in accordance with
2447-Section 19-3 for the purpose of increasing the size of, or
2448-providing for additional functions in, such replacement
2449-school buildings, or both such purposes.
2450-(2) The bonds issued by the school district as
2451-provided in paragraph (1) above are issued for the
2452-purposes of construction by the school district of a new
2453-
2454-
2455-school building pursuant to Section 17-2.11, to replace an
2456-existing school building that, because of mine subsidence
2457-damage, is closed as of the end of the 1992-93 school year
2458-pursuant to action of the regional superintendent of
2459-schools of the educational service region in which the
2460-district is located under Section 3-14.22 or are issued
2461-for the purpose of increasing the size of, or providing
2462-for additional functions in, the new school building being
2463-constructed to replace a school building closed as the
2464-result of mine subsidence damage, or both such purposes.
2465-(e) (Blank).
2466-(f) Notwithstanding the provisions of subsection (a) of
2467-this Section or of any other law, bonds in not to exceed the
2468-aggregate amount of $5,500,000 and issued by a school district
2469-meeting the following criteria shall not be considered
2470-indebtedness for purposes of any statutory limitation and may
2471-be issued in an amount or amounts, including existing
2472-indebtedness, in excess of any heretofore or hereafter imposed
2473-statutory limitation as to indebtedness:
2474-(1) At the time of the sale of such bonds, the board of
2475-education of the district shall have determined by
2476-resolution that the enrollment of students in the district
2477-is projected to increase by not less than 7% during each of
2478-the next succeeding 2 school years.
2479-(2) The board of education shall also determine by
2480-resolution that the improvements to be financed with the
2481-
2482-
2483-proceeds of the bonds are needed because of the projected
2484-enrollment increases.
2485-(3) The board of education shall also determine by
2486-resolution that the projected increases in enrollment are
2487-the result of improvements made or expected to be made to
2488-passenger rail facilities located in the school district.
2489-Notwithstanding the provisions of subsection (a) of this
2490-Section or of any other law, a school district that has availed
2491-itself of the provisions of this subsection (f) prior to July
2492-22, 2004 (the effective date of Public Act 93-799) may also
2493-issue bonds approved by referendum up to an amount, including
2494-existing indebtedness, not exceeding 25% of the equalized
2495-assessed value of the taxable property in the district if all
2496-of the conditions set forth in items (1), (2), and (3) of this
2497-subsection (f) are met.
2498-(g) Notwithstanding the provisions of subsection (a) of
2499-this Section or any other law, bonds in not to exceed an
2500-aggregate amount of 25% of the equalized assessed value of the
2501-taxable property of a school district and issued by a school
2502-district meeting the criteria in paragraphs (i) through (iv)
2503-of this subsection shall not be considered indebtedness for
2504-purposes of any statutory limitation and may be issued
2505-pursuant to resolution of the school board in an amount or
2506-amounts, including existing indebtedness, in excess of any
2507-statutory limitation of indebtedness heretofore or hereafter
2508-imposed:
2509-
2510-
2511-(i) The bonds are issued for the purpose of
2512-constructing a new high school building to replace two
2513-adjacent existing buildings which together house a single
2514-high school, each of which is more than 65 years old, and
2515-which together are located on more than 10 acres and less
2516-than 11 acres of property.
2517-(ii) At the time the resolution authorizing the
2518-issuance of the bonds is adopted, the cost of constructing
2519-a new school building to replace the existing school
2520-building is less than 60% of the cost of repairing the
2521-existing school building.
2522-(iii) The sale of the bonds occurs before July 1,
2523-1997.
2524-(iv) The school district issuing the bonds is a unit
2525-school district located in a county of less than 70,000
2526-and more than 50,000 inhabitants, which has an average
2527-daily attendance of less than 1,500 and an equalized
2528-assessed valuation of less than $29,000,000.
2529-(h) Notwithstanding any other provisions of this Section
2530-or the provisions of any other law, until January 1, 1998, a
2531-community unit school district maintaining grades K through 12
2532-may issue bonds up to an amount, including existing
2533-indebtedness, not exceeding 27.6% of the equalized assessed
2534-value of the taxable property in the district, if all of the
2535-following conditions are met:
2536-(i) The school district has an equalized assessed
2537-
2538-
2539-valuation for calendar year 1995 of less than $24,000,000;
2540-(ii) The bonds are issued for the capital improvement,
2541-renovation, rehabilitation, or replacement of existing
2542-school buildings of the district, all of which buildings
2543-were originally constructed not less than 40 years ago;
2544-(iii) The voters of the district approve a proposition
2545-for the issuance of the bonds at a referendum held after
2546-March 19, 1996; and
2547-(iv) The bonds are issued pursuant to Sections 19-2
2548-through 19-7 of this Code.
2549-(i) Notwithstanding any other provisions of this Section
2550-or the provisions of any other law, until January 1, 1998, a
2551-community unit school district maintaining grades K through 12
2552-may issue bonds up to an amount, including existing
2553-indebtedness, not exceeding 27% of the equalized assessed
2554-value of the taxable property in the district, if all of the
2555-following conditions are met:
2556-(i) The school district has an equalized assessed
2557-valuation for calendar year 1995 of less than $44,600,000;
2558-(ii) The bonds are issued for the capital improvement,
2559-renovation, rehabilitation, or replacement of existing
2560-school buildings of the district, all of which existing
2561-buildings were originally constructed not less than 80
2562-years ago;
2563-(iii) The voters of the district approve a proposition
2564-for the issuance of the bonds at a referendum held after
2565-
2566-
2567-December 31, 1996; and
2568-(iv) The bonds are issued pursuant to Sections 19-2
2569-through 19-7 of this Code.
2570-(j) Notwithstanding any other provisions of this Section
2571-or the provisions of any other law, until January 1, 1999, a
2572-community unit school district maintaining grades K through 12
2573-may issue bonds up to an amount, including existing
2574-indebtedness, not exceeding 27% of the equalized assessed
2575-value of the taxable property in the district if all of the
2576-following conditions are met:
2577-(i) The school district has an equalized assessed
2578-valuation for calendar year 1995 of less than $140,000,000
2579-and a best 3 months average daily attendance for the
2580-1995-96 school year of at least 2,800;
2581-(ii) The bonds are issued to purchase a site and build
2582-and equip a new high school, and the school district's
2583-existing high school was originally constructed not less
2584-than 35 years prior to the sale of the bonds;
2585-(iii) At the time of the sale of the bonds, the board
2586-of education determines by resolution that a new high
2587-school is needed because of projected enrollment
2588-increases;
2589-(iv) At least 60% of those voting in an election held
2590-after December 31, 1996 approve a proposition for the
2591-issuance of the bonds; and
2592-(v) The bonds are issued pursuant to Sections 19-2
2593-
2594-
2595-through 19-7 of this Code.
2596-(k) Notwithstanding the debt limitation prescribed in
2597-subsection (a) of this Section, a school district that meets
2598-all the criteria set forth in paragraphs (1) through (4) of
2599-this subsection (k) may issue bonds to incur an additional
2600-indebtedness in an amount not to exceed $4,000,000 even though
2601-the amount of the additional indebtedness authorized by this
2602-subsection (k), when incurred and added to the aggregate
2603-amount of indebtedness of the school district existing
2604-immediately prior to the school district incurring such
2605-additional indebtedness, causes the aggregate indebtedness of
2606-the school district to exceed or increases the amount by which
2607-the aggregate indebtedness of the district already exceeds the
2608-debt limitation otherwise applicable to that school district
2609-under subsection (a):
2610-(1) the school district is located in 2 counties, and
2611-a referendum to authorize the additional indebtedness was
2612-approved by a majority of the voters of the school
2613-district voting on the proposition to authorize that
2614-indebtedness;
2615-(2) the additional indebtedness is for the purpose of
2616-financing a multi-purpose room addition to the existing
2617-high school;
2618-(3) the additional indebtedness, together with the
2619-existing indebtedness of the school district, shall not
2620-exceed 17.4% of the value of the taxable property in the
2621-
2622-
2623-school district, to be ascertained by the last assessment
2624-for State and county taxes; and
2625-(4) the bonds evidencing the additional indebtedness
2626-are issued, if at all, within 120 days of August 14, 1998
2627-(the effective date of Public Act 90-757).
2628-(l) Notwithstanding any other provisions of this Section
2629-or the provisions of any other law, until January 1, 2000, a
2630-school district maintaining grades kindergarten through 8 may
2631-issue bonds up to an amount, including existing indebtedness,
2632-not exceeding 15% of the equalized assessed value of the
2633-taxable property in the district if all of the following
2634-conditions are met:
2635-(i) the district has an equalized assessed valuation
2636-for calendar year 1996 of less than $10,000,000;
2637-(ii) the bonds are issued for capital improvement,
2638-renovation, rehabilitation, or replacement of one or more
2639-school buildings of the district, which buildings were
2640-originally constructed not less than 70 years ago;
2641-(iii) the voters of the district approve a proposition
2642-for the issuance of the bonds at a referendum held on or
2643-after March 17, 1998; and
2644-(iv) the bonds are issued pursuant to Sections 19-2
2645-through 19-7 of this Code.
2646-(m) Notwithstanding any other provisions of this Section
2647-or the provisions of any other law, until January 1, 1999, an
2648-elementary school district maintaining grades K through 8 may
2649-
2650-
2651-issue bonds up to an amount, excluding existing indebtedness,
2652-not exceeding 18% of the equalized assessed value of the
2653-taxable property in the district, if all of the following
2654-conditions are met:
2655-(i) The school district has an equalized assessed
2656-valuation for calendar year 1995 or less than $7,700,000;
2657-(ii) The school district operates 2 elementary
2658-attendance centers that until 1976 were operated as the
2659-attendance centers of 2 separate and distinct school
2660-districts;
2661-(iii) The bonds are issued for the construction of a
2662-new elementary school building to replace an existing
2663-multi-level elementary school building of the school
2664-district that is not accessible at all levels and parts of
2665-which were constructed more than 75 years ago;
2666-(iv) The voters of the school district approve a
2667-proposition for the issuance of the bonds at a referendum
2668-held after July 1, 1998; and
2669-(v) The bonds are issued pursuant to Sections 19-2
2670-through 19-7 of this Code.
2671-(n) Notwithstanding the debt limitation prescribed in
2672-subsection (a) of this Section or any other provisions of this
2673-Section or of any other law, a school district that meets all
2674-of the criteria set forth in paragraphs (i) through (vi) of
2675-this subsection (n) may incur additional indebtedness by the
2676-issuance of bonds in an amount not exceeding the amount
2677-
2678-
2679-certified by the Capital Development Board to the school
2680-district as provided in paragraph (iii) of this subsection
2681-(n), even though the amount of the additional indebtedness so
2682-authorized, when incurred and added to the aggregate amount of
2683-indebtedness of the district existing immediately prior to the
2684-district incurring the additional indebtedness authorized by
2685-this subsection (n), causes the aggregate indebtedness of the
2686-district to exceed the debt limitation otherwise applicable by
2687-law to that district:
2688-(i) The school district applies to the State Board of
2689-Education for a school construction project grant and
2690-submits a district facilities plan in support of its
2691-application pursuant to Section 5-20 of the School
2692-Construction Law.
2693-(ii) The school district's application and facilities
2694-plan are approved by, and the district receives a grant
2695-entitlement for a school construction project issued by,
2696-the State Board of Education under the School Construction
2697-Law.
2698-(iii) The school district has exhausted its bonding
2699-capacity or the unused bonding capacity of the district is
2700-less than the amount certified by the Capital Development
2701-Board to the district under Section 5-15 of the School
2702-Construction Law as the dollar amount of the school
2703-construction project's cost that the district will be
2704-required to finance with non-grant funds in order to
2705-
2706-
2707-receive a school construction project grant under the
2708-School Construction Law.
2709-(iv) The bonds are issued for a "school construction
2710-project", as that term is defined in Section 5-5 of the
2711-School Construction Law, in an amount that does not exceed
2712-the dollar amount certified, as provided in paragraph
2713-(iii) of this subsection (n), by the Capital Development
2714-Board to the school district under Section 5-15 of the
2715-School Construction Law.
2716-(v) The voters of the district approve a proposition
2717-for the issuance of the bonds at a referendum held after
2718-the criteria specified in paragraphs (i) and (iii) of this
2719-subsection (n) are met.
2720-(vi) The bonds are issued pursuant to Sections 19-2
2721-through 19-7 of the School Code.
2722-(o) Notwithstanding any other provisions of this Section
2723-or the provisions of any other law, until November 1, 2007, a
2724-community unit school district maintaining grades K through 12
2725-may issue bonds up to an amount, including existing
2726-indebtedness, not exceeding 20% of the equalized assessed
2727-value of the taxable property in the district if all of the
2728-following conditions are met:
2729-(i) the school district has an equalized assessed
2730-valuation for calendar year 2001 of at least $737,000,000
2731-and an enrollment for the 2002-2003 school year of at
2732-least 8,500;
2733-
2734-
2735-(ii) the bonds are issued to purchase school sites,
2736-build and equip a new high school, build and equip a new
2737-junior high school, build and equip 5 new elementary
2738-schools, and make technology and other improvements and
2739-additions to existing schools;
2740-(iii) at the time of the sale of the bonds, the board
2741-of education determines by resolution that the sites and
2742-new or improved facilities are needed because of projected
2743-enrollment increases;
2744-(iv) at least 57% of those voting in a general
2745-election held prior to January 1, 2003 approved a
2746-proposition for the issuance of the bonds; and
2747-(v) the bonds are issued pursuant to Sections 19-2
2748-through 19-7 of this Code.
2749-(p) Notwithstanding any other provisions of this Section
2750-or the provisions of any other law, a community unit school
2751-district maintaining grades K through 12 may issue bonds up to
2752-an amount, including indebtedness, not exceeding 27% of the
2753-equalized assessed value of the taxable property in the
2754-district if all of the following conditions are met:
2755-(i) The school district has an equalized assessed
2756-valuation for calendar year 2001 of at least $295,741,187
2757-and a best 3 months' average daily attendance for the
2758-2002-2003 school year of at least 2,394.
2759-(ii) The bonds are issued to build and equip 3
2760-elementary school buildings; build and equip one middle
2761-
2762-
2763-school building; and alter, repair, improve, and equip all
2764-existing school buildings in the district.
2765-(iii) At the time of the sale of the bonds, the board
2766-of education determines by resolution that the project is
2767-needed because of expanding growth in the school district
2768-and a projected enrollment increase.
2769-(iv) The bonds are issued pursuant to Sections 19-2
2770-through 19-7 of this Code.
2771-(p-5) Notwithstanding any other provisions of this Section
2772-or the provisions of any other law, bonds issued by a community
2773-unit school district maintaining grades K through 12 shall not
2774-be considered indebtedness for purposes of any statutory
2775-limitation and may be issued in an amount or amounts,
2776-including existing indebtedness, in excess of any heretofore
2777-or hereafter imposed statutory limitation as to indebtedness,
2778-if all of the following conditions are met:
2779-(i) For each of the 4 most recent years, residential
2780-property comprises more than 80% of the equalized assessed
2781-valuation of the district.
2782-(ii) At least 2 school buildings that were constructed
2783-40 or more years prior to the issuance of the bonds will be
2784-demolished and will be replaced by new buildings or
2785-additions to one or more existing buildings.
2786-(iii) Voters of the district approve a proposition for
2787-the issuance of the bonds at a regularly scheduled
2788-election.
2789-
2790-
2791-(iv) At the time of the sale of the bonds, the school
2792-board determines by resolution that the new buildings or
2793-building additions are needed because of an increase in
2794-enrollment projected by the school board.
2795-(v) The principal amount of the bonds, including
2796-existing indebtedness, does not exceed 25% of the
2797-equalized assessed value of the taxable property in the
2798-district.
2799-(vi) The bonds are issued prior to January 1, 2007,
2800-pursuant to Sections 19-2 through 19-7 of this Code.
2801-(p-10) Notwithstanding any other provisions of this
2802-Section or the provisions of any other law, bonds issued by a
2803-community consolidated school district maintaining grades K
2804-through 8 shall not be considered indebtedness for purposes of
2805-any statutory limitation and may be issued in an amount or
2806-amounts, including existing indebtedness, in excess of any
2807-heretofore or hereafter imposed statutory limitation as to
2808-indebtedness, if all of the following conditions are met:
2809-(i) For each of the 4 most recent years, residential
2810-and farm property comprises more than 80% of the equalized
2811-assessed valuation of the district.
2812-(ii) The bond proceeds are to be used to acquire and
2813-improve school sites and build and equip a school
2814-building.
2815-(iii) Voters of the district approve a proposition for
2816-the issuance of the bonds at a regularly scheduled
2817-
2818-
2819-election.
2820-(iv) At the time of the sale of the bonds, the school
2821-board determines by resolution that the school sites and
2822-building additions are needed because of an increase in
2823-enrollment projected by the school board.
2824-(v) The principal amount of the bonds, including
2825-existing indebtedness, does not exceed 20% of the
2826-equalized assessed value of the taxable property in the
2827-district.
2828-(vi) The bonds are issued prior to January 1, 2007,
2829-pursuant to Sections 19-2 through 19-7 of this Code.
2830-(p-15) In addition to all other authority to issue bonds,
2831-the Oswego Community Unit School District Number 308 may issue
2832-bonds with an aggregate principal amount not to exceed
2833-$450,000,000, but only if all of the following conditions are
2834-met:
2835-(i) The voters of the district have approved a
2836-proposition for the bond issue at the general election
2837-held on November 7, 2006.
2838-(ii) At the time of the sale of the bonds, the school
2839-board determines, by resolution, that: (A) the building
2840-and equipping of the new high school building, new junior
2841-high school buildings, new elementary school buildings,
2842-early childhood building, maintenance building,
2843-transportation facility, and additions to existing school
2844-buildings, the altering, repairing, equipping, and
2845-
2846-
2847-provision of technology improvements to existing school
2848-buildings, and the acquisition and improvement of school
2849-sites, as the case may be, are required as a result of a
2850-projected increase in the enrollment of students in the
2851-district; and (B) the sale of bonds for these purposes is
2852-authorized by legislation that exempts the debt incurred
2853-on the bonds from the district's statutory debt
2854-limitation.
2855-(iii) The bonds are issued, in one or more bond
2856-issues, on or before November 7, 2011, but the aggregate
2857-principal amount issued in all such bond issues combined
2858-must not exceed $450,000,000.
2859-(iv) The bonds are issued in accordance with this
2860-Article 19.
2861-(v) The proceeds of the bonds are used only to
2862-accomplish those projects approved by the voters at the
2863-general election held on November 7, 2006.
2864-The debt incurred on any bonds issued under this subsection
2865-(p-15) shall not be considered indebtedness for purposes of
2866-any statutory debt limitation.
2867-(p-20) In addition to all other authority to issue bonds,
2868-the Lincoln-Way Community High School District Number 210 may
2869-issue bonds with an aggregate principal amount not to exceed
2870-$225,000,000, but only if all of the following conditions are
2871-met:
2872-(i) The voters of the district have approved a
2873-
2874-
2875-proposition for the bond issue at the general primary
2876-election held on March 21, 2006.
2877-(ii) At the time of the sale of the bonds, the school
2878-board determines, by resolution, that: (A) the building
2879-and equipping of the new high school buildings, the
2880-altering, repairing, and equipping of existing school
2881-buildings, and the improvement of school sites, as the
2882-case may be, are required as a result of a projected
2883-increase in the enrollment of students in the district;
2884-and (B) the sale of bonds for these purposes is authorized
2885-by legislation that exempts the debt incurred on the bonds
2886-from the district's statutory debt limitation.
2887-(iii) The bonds are issued, in one or more bond
2888-issues, on or before March 21, 2011, but the aggregate
2889-principal amount issued in all such bond issues combined
2890-must not exceed $225,000,000.
2891-(iv) The bonds are issued in accordance with this
2892-Article 19.
2893-(v) The proceeds of the bonds are used only to
2894-accomplish those projects approved by the voters at the
2895-primary election held on March 21, 2006.
2896-The debt incurred on any bonds issued under this subsection
2897-(p-20) shall not be considered indebtedness for purposes of
2898-any statutory debt limitation.
2899-(p-25) In addition to all other authority to issue bonds,
2900-Rochester Community Unit School District 3A may issue bonds
2901-
2902-
2903-with an aggregate principal amount not to exceed $18,500,000,
2904-but only if all of the following conditions are met:
2905-(i) The voters of the district approve a proposition
2906-for the bond issuance at the general primary election held
2907-in 2008.
2908-(ii) At the time of the sale of the bonds, the school
2909-board determines, by resolution, that: (A) the building
2910-and equipping of a new high school building; the addition
2911-of classrooms and support facilities at the high school,
2912-middle school, and elementary school; the altering,
2913-repairing, and equipping of existing school buildings; and
2914-the improvement of school sites, as the case may be, are
2915-required as a result of a projected increase in the
2916-enrollment of students in the district; and (B) the sale
2917-of bonds for these purposes is authorized by a law that
2918-exempts the debt incurred on the bonds from the district's
2919-statutory debt limitation.
2920-(iii) The bonds are issued, in one or more bond
2921-issues, on or before December 31, 2012, but the aggregate
2922-principal amount issued in all such bond issues combined
2923-must not exceed $18,500,000.
2924-(iv) The bonds are issued in accordance with this
2925-Article 19.
2926-(v) The proceeds of the bonds are used to accomplish
2927-only those projects approved by the voters at the primary
2928-election held in 2008.
2929-
2930-
2931-The debt incurred on any bonds issued under this subsection
2932-(p-25) shall not be considered indebtedness for purposes of
2933-any statutory debt limitation.
2934-(p-30) In addition to all other authority to issue bonds,
2935-Prairie Grove Consolidated School District 46 may issue bonds
2936-with an aggregate principal amount not to exceed $30,000,000,
2937-but only if all of the following conditions are met:
2938-(i) The voters of the district approve a proposition
2939-for the bond issuance at an election held in 2008.
2940-(ii) At the time of the sale of the bonds, the school
2941-board determines, by resolution, that (A) the building and
2942-equipping of a new school building and additions to
2943-existing school buildings are required as a result of a
2944-projected increase in the enrollment of students in the
2945-district and (B) the altering, repairing, and equipping of
2946-existing school buildings are required because of the age
2947-of the existing school buildings.
2948-(iii) The bonds are issued, in one or more bond
2949-issuances, on or before December 31, 2012; however, the
2950-aggregate principal amount issued in all such bond
2951-issuances combined must not exceed $30,000,000.
2952-(iv) The bonds are issued in accordance with this
2953-Article.
2954-(v) The proceeds of the bonds are used to accomplish
2955-only those projects approved by the voters at an election
2956-held in 2008.
2957-
2958-
2959-The debt incurred on any bonds issued under this subsection
2960-(p-30) shall not be considered indebtedness for purposes of
2961-any statutory debt limitation.
2962-(p-35) In addition to all other authority to issue bonds,
2963-Prairie Hill Community Consolidated School District 133 may
2964-issue bonds with an aggregate principal amount not to exceed
2965-$13,900,000, but only if all of the following conditions are
2966-met:
2967-(i) The voters of the district approved a proposition
2968-for the bond issuance at an election held on April 17,
2969-2007.
2970-(ii) At the time of the sale of the bonds, the school
2971-board determines, by resolution, that (A) the improvement
2972-of the site of and the building and equipping of a school
2973-building are required as a result of a projected increase
2974-in the enrollment of students in the district and (B) the
2975-repairing and equipping of the Prairie Hill Elementary
2976-School building is required because of the age of that
2977-school building.
2978-(iii) The bonds are issued, in one or more bond
2979-issuances, on or before December 31, 2011, but the
2980-aggregate principal amount issued in all such bond
2981-issuances combined must not exceed $13,900,000.
2982-(iv) The bonds are issued in accordance with this
2983-Article.
2984-(v) The proceeds of the bonds are used to accomplish
2985-
2986-
2987-only those projects approved by the voters at an election
2988-held on April 17, 2007.
2989-The debt incurred on any bonds issued under this subsection
2990-(p-35) shall not be considered indebtedness for purposes of
2991-any statutory debt limitation.
2992-(p-40) In addition to all other authority to issue bonds,
2993-Mascoutah Community Unit District 19 may issue bonds with an
2994-aggregate principal amount not to exceed $55,000,000, but only
2995-if all of the following conditions are met:
2996-(1) The voters of the district approve a proposition
2997-for the bond issuance at a regular election held on or
2998-after November 4, 2008.
2999-(2) At the time of the sale of the bonds, the school
3000-board determines, by resolution, that (i) the building and
3001-equipping of a new high school building is required as a
3002-result of a projected increase in the enrollment of
3003-students in the district and the age and condition of the
3004-existing high school building, (ii) the existing high
3005-school building will be demolished, and (iii) the sale of
3006-bonds is authorized by statute that exempts the debt
3007-incurred on the bonds from the district's statutory debt
3008-limitation.
3009-(3) The bonds are issued, in one or more bond
3010-issuances, on or before December 31, 2011, but the
3011-aggregate principal amount issued in all such bond
3012-issuances combined must not exceed $55,000,000.
3013-
3014-
3015-(4) The bonds are issued in accordance with this
3016-Article.
3017-(5) The proceeds of the bonds are used to accomplish
3018-only those projects approved by the voters at a regular
3019-election held on or after November 4, 2008.
3020-The debt incurred on any bonds issued under this
3021-subsection (p-40) shall not be considered indebtedness for
3022-purposes of any statutory debt limitation.
3023-(p-45) Notwithstanding the provisions of subsection (a) of
3024-this Section or of any other law, bonds issued pursuant to
3025-Section 19-3.5 of this Code shall not be considered
3026-indebtedness for purposes of any statutory limitation if the
3027-bonds are issued in an amount or amounts, including existing
3028-indebtedness of the school district, not in excess of 18.5% of
3029-the value of the taxable property in the district to be
3030-ascertained by the last assessment for State and county taxes.
3031-(p-50) Notwithstanding the provisions of subsection (a) of
3032-this Section or of any other law, bonds issued pursuant to
3033-Section 19-3.10 of this Code shall not be considered
3034-indebtedness for purposes of any statutory limitation if the
3035-bonds are issued in an amount or amounts, including existing
3036-indebtedness of the school district, not in excess of 43% of
3037-the value of the taxable property in the district to be
3038-ascertained by the last assessment for State and county taxes.
3039-(p-55) In addition to all other authority to issue bonds,
3040-Belle Valley School District 119 may issue bonds with an
3041-
3042-
3043-aggregate principal amount not to exceed $47,500,000, but only
3044-if all of the following conditions are met:
3045-(1) The voters of the district approve a proposition
3046-for the bond issuance at an election held on or after April
3047-7, 2009.
3048-(2) Prior to the issuance of the bonds, the school
3049-board determines, by resolution, that (i) the building and
3050-equipping of a new school building is required as a result
3051-of mine subsidence in an existing school building and
3052-because of the age and condition of another existing
3053-school building and (ii) the issuance of bonds is
3054-authorized by statute that exempts the debt incurred on
3055-the bonds from the district's statutory debt limitation.
3056-(3) The bonds are issued, in one or more bond
3057-issuances, on or before March 31, 2014, but the aggregate
3058-principal amount issued in all such bond issuances
3059-combined must not exceed $47,500,000.
3060-(4) The bonds are issued in accordance with this
3061-Article.
3062-(5) The proceeds of the bonds are used to accomplish
3063-only those projects approved by the voters at an election
3064-held on or after April 7, 2009.
3065-The debt incurred on any bonds issued under this
3066-subsection (p-55) shall not be considered indebtedness for
3067-purposes of any statutory debt limitation. Bonds issued under
3068-this subsection (p-55) must mature within not to exceed 30
3069-
3070-
3071-years from their date, notwithstanding any other law to the
3072-contrary.
3073-(p-60) In addition to all other authority to issue bonds,
3074-Wilmington Community Unit School District Number 209-U may
3075-issue bonds with an aggregate principal amount not to exceed
3076-$2,285,000, but only if all of the following conditions are
3077-met:
3078-(1) The proceeds of the bonds are used to accomplish
3079-only those projects approved by the voters at the general
3080-primary election held on March 21, 2006.
3081-(2) Prior to the issuance of the bonds, the school
3082-board determines, by resolution, that (i) the projects
3083-approved by the voters were and are required because of
3084-the age and condition of the school district's prior and
3085-existing school buildings and (ii) the issuance of the
3086-bonds is authorized by legislation that exempts the debt
3087-incurred on the bonds from the district's statutory debt
3088-limitation.
3089-(3) The bonds are issued in one or more bond issuances
3090-on or before March 1, 2011, but the aggregate principal
3091-amount issued in all those bond issuances combined must
3092-not exceed $2,285,000.
3093-(4) The bonds are issued in accordance with this
3094-Article.
3095-The debt incurred on any bonds issued under this
3096-subsection (p-60) shall not be considered indebtedness for
3097-
3098-
3099-purposes of any statutory debt limitation.
3100-(p-65) In addition to all other authority to issue bonds,
3101-West Washington County Community Unit School District 10 may
3102-issue bonds with an aggregate principal amount not to exceed
3103-$32,200,000 and maturing over a period not exceeding 25 years,
3104-but only if all of the following conditions are met:
3105-(1) The voters of the district approve a proposition
3106-for the bond issuance at an election held on or after
3107-February 2, 2010.
3108-(2) Prior to the issuance of the bonds, the school
3109-board determines, by resolution, that (A) all or a portion
3110-of the existing Okawville Junior/Senior High School
3111-Building will be demolished; (B) the building and
3112-equipping of a new school building to be attached to and
3113-the alteration, repair, and equipping of the remaining
3114-portion of the Okawville Junior/Senior High School
3115-Building is required because of the age and current
3116-condition of that school building; and (C) the issuance of
3117-bonds is authorized by a statute that exempts the debt
3118-incurred on the bonds from the district's statutory debt
3119-limitation.
3120-(3) The bonds are issued, in one or more bond
3121-issuances, on or before March 31, 2014, but the aggregate
3122-principal amount issued in all such bond issuances
3123-combined must not exceed $32,200,000.
3124-(4) The bonds are issued in accordance with this
3125-
3126-
3127-Article.
3128-(5) The proceeds of the bonds are used to accomplish
3129-only those projects approved by the voters at an election
3130-held on or after February 2, 2010.
3131-The debt incurred on any bonds issued under this
3132-subsection (p-65) shall not be considered indebtedness for
3133-purposes of any statutory debt limitation.
3134-(p-70) In addition to all other authority to issue bonds,
3135-Cahokia Community Unit School District 187 may issue bonds
3136-with an aggregate principal amount not to exceed $50,000,000,
3137-but only if all the following conditions are met:
3138-(1) The voters of the district approve a proposition
3139-for the bond issuance at an election held on or after
3140-November 2, 2010.
3141-(2) Prior to the issuance of the bonds, the school
3142-board determines, by resolution, that (i) the building and
3143-equipping of a new school building is required as a result
3144-of the age and condition of an existing school building
3145-and (ii) the issuance of bonds is authorized by a statute
3146-that exempts the debt incurred on the bonds from the
3147-district's statutory debt limitation.
3148-(3) The bonds are issued, in one or more issuances, on
3149-or before July 1, 2016, but the aggregate principal amount
3150-issued in all such bond issuances combined must not exceed
3151-$50,000,000.
3152-(4) The bonds are issued in accordance with this
3153-
3154-
3155-Article.
3156-(5) The proceeds of the bonds are used to accomplish
3157-only those projects approved by the voters at an election
3158-held on or after November 2, 2010.
3159-The debt incurred on any bonds issued under this
3160-subsection (p-70) shall not be considered indebtedness for
3161-purposes of any statutory debt limitation. Bonds issued under
3162-this subsection (p-70) must mature within not to exceed 25
3163-years from their date, notwithstanding any other law,
3164-including Section 19-3 of this Code, to the contrary.
3165-(p-75) Notwithstanding the debt limitation prescribed in
3166-subsection (a) of this Section or any other provisions of this
3167-Section or of any other law, the execution of leases on or
3168-after January 1, 2007 and before July 1, 2011 by the Board of
3169-Education of Peoria School District 150 with a public building
3170-commission for leases entered into pursuant to the Public
3171-Building Commission Act shall not be considered indebtedness
3172-for purposes of any statutory debt limitation.
3173-This subsection (p-75) applies only if the State Board of
3174-Education or the Capital Development Board makes one or more
3175-grants to Peoria School District 150 pursuant to the School
3176-Construction Law. The amount exempted from the debt limitation
3177-as prescribed in this subsection (p-75) shall be no greater
3178-than the amount of one or more grants awarded to Peoria School
3179-District 150 by the State Board of Education or the Capital
3180-Development Board.
3181-
3182-
3183-(p-80) In addition to all other authority to issue bonds,
3184-Ridgeland School District 122 may issue bonds with an
3185-aggregate principal amount not to exceed $50,000,000 for the
3186-purpose of refunding or continuing to refund bonds originally
3187-issued pursuant to voter approval at the general election held
3188-on November 7, 2000, and the debt incurred on any bonds issued
3189-under this subsection (p-80) shall not be considered
3190-indebtedness for purposes of any statutory debt limitation.
3191-Bonds issued under this subsection (p-80) may be issued in one
3192-or more issuances and must mature within not to exceed 25 years
3193-from their date, notwithstanding any other law, including
3194-Section 19-3 of this Code, to the contrary.
3195-(p-85) In addition to all other authority to issue bonds,
3196-Hall High School District 502 may issue bonds with an
3197-aggregate principal amount not to exceed $32,000,000, but only
3198-if all the following conditions are met:
3199-(1) The voters of the district approve a proposition
3200-for the bond issuance at an election held on or after April
3201-9, 2013.
3202-(2) Prior to the issuance of the bonds, the school
3203-board determines, by resolution, that (i) the building and
3204-equipping of a new school building is required as a result
3205-of the age and condition of an existing school building,
3206-(ii) the existing school building should be demolished in
3207-its entirety or the existing school building should be
3208-demolished except for the 1914 west wing of the building,
3209-
3210-
3211-and (iii) the issuance of bonds is authorized by a statute
3212-that exempts the debt incurred on the bonds from the
3213-district's statutory debt limitation.
3214-(3) The bonds are issued, in one or more issuances,
3215-not later than 5 years after the date of the referendum
3216-approving the issuance of the bonds, but the aggregate
3217-principal amount issued in all such bond issuances
3218-combined must not exceed $32,000,000.
3219-(4) The bonds are issued in accordance with this
3220-Article.
3221-(5) The proceeds of the bonds are used to accomplish
3222-only those projects approved by the voters at an election
3223-held on or after April 9, 2013.
3224-The debt incurred on any bonds issued under this
3225-subsection (p-85) shall not be considered indebtedness for
3226-purposes of any statutory debt limitation. Bonds issued under
3227-this subsection (p-85) must mature within not to exceed 30
3228-years from their date, notwithstanding any other law,
3229-including Section 19-3 of this Code, to the contrary.
3230-(p-90) In addition to all other authority to issue bonds,
3231-Lebanon Community Unit School District 9 may issue bonds with
3232-an aggregate principal amount not to exceed $7,500,000, but
3233-only if all of the following conditions are met:
3234-(1) The voters of the district approved a proposition
3235-for the bond issuance at the general primary election on
3236-February 2, 2010.
3237-
3238-
3239-(2) At or prior to the time of the sale of the bonds,
3240-the school board determines, by resolution, that (i) the
3241-building and equipping of a new elementary school building
3242-is required as a result of a projected increase in the
3243-enrollment of students in the district and the age and
3244-condition of the existing Lebanon Elementary School
3245-building, (ii) a portion of the existing Lebanon
3246-Elementary School building will be demolished and the
3247-remaining portion will be altered, repaired, and equipped,
3248-and (iii) the sale of bonds is authorized by a statute that
3249-exempts the debt incurred on the bonds from the district's
3250-statutory debt limitation.
3251-(3) The bonds are issued, in one or more bond
3252-issuances, on or before April 1, 2014, but the aggregate
3253-principal amount issued in all such bond issuances
3254-combined must not exceed $7,500,000.
3255-(4) The bonds are issued in accordance with this
3256-Article.
3257-(5) The proceeds of the bonds are used to accomplish
3258-only those projects approved by the voters at the general
3259-primary election held on February 2, 2010.
3260-The debt incurred on any bonds issued under this
3261-subsection (p-90) shall not be considered indebtedness for
3262-purposes of any statutory debt limitation.
3263-(p-95) In addition to all other authority to issue bonds,
3264-Monticello Community Unit School District 25 may issue bonds
3265-
3266-
3267-with an aggregate principal amount not to exceed $35,000,000,
3268-but only if all of the following conditions are met:
3269-(1) The voters of the district approve a proposition
3270-for the bond issuance at an election held on or after
3271-November 4, 2014.
3272-(2) Prior to the issuance of the bonds, the school
3273-board determines, by resolution, that (i) the building and
3274-equipping of a new school building is required as a result
3275-of the age and condition of an existing school building
3276-and (ii) the issuance of bonds is authorized by a statute
3277-that exempts the debt incurred on the bonds from the
3278-district's statutory debt limitation.
3279-(3) The bonds are issued, in one or more issuances, on
3280-or before July 1, 2020, but the aggregate principal amount
3281-issued in all such bond issuances combined must not exceed
3282-$35,000,000.
3283-(4) The bonds are issued in accordance with this
3284-Article.
3285-(5) The proceeds of the bonds are used to accomplish
3286-only those projects approved by the voters at an election
3287-held on or after November 4, 2014.
3288-The debt incurred on any bonds issued under this
3289-subsection (p-95) shall not be considered indebtedness for
3290-purposes of any statutory debt limitation. Bonds issued under
3291-this subsection (p-95) must mature within not to exceed 25
3292-years from their date, notwithstanding any other law,
3293-
3294-
3295-including Section 19-3 of this Code, to the contrary.
3296-(p-100) In addition to all other authority to issue bonds,
3297-the community unit school district created in the territory
3298-comprising Milford Community Consolidated School District 280
3299-and Milford Township High School District 233, as approved at
3300-the general primary election held on March 18, 2014, may issue
3301-bonds with an aggregate principal amount not to exceed
3302-$17,500,000, but only if all the following conditions are met:
3303-(1) The voters of the district approve a proposition
3304-for the bond issuance at an election held on or after
3305-November 4, 2014.
3306-(2) Prior to the issuance of the bonds, the school
3307-board determines, by resolution, that (i) the building and
3308-equipping of a new school building is required as a result
3309-of the age and condition of an existing school building
3310-and (ii) the issuance of bonds is authorized by a statute
3311-that exempts the debt incurred on the bonds from the
3312-district's statutory debt limitation.
3313-(3) The bonds are issued, in one or more issuances, on
3314-or before July 1, 2020, but the aggregate principal amount
3315-issued in all such bond issuances combined must not exceed
3316-$17,500,000.
3317-(4) The bonds are issued in accordance with this
3318-Article.
3319-(5) The proceeds of the bonds are used to accomplish
3320-only those projects approved by the voters at an election
3321-
3322-
3323-held on or after November 4, 2014.
3324-The debt incurred on any bonds issued under this
3325-subsection (p-100) shall not be considered indebtedness for
3326-purposes of any statutory debt limitation. Bonds issued under
3327-this subsection (p-100) must mature within not to exceed 25
3328-years from their date, notwithstanding any other law,
3329-including Section 19-3 of this Code, to the contrary.
3330-(p-105) In addition to all other authority to issue bonds,
3331-North Shore School District 112 may issue bonds with an
3332-aggregate principal amount not to exceed $150,000,000, but
3333-only if all of the following conditions are met:
3334-(1) The voters of the district approve a proposition
3335-for the bond issuance at an election held on or after March
3336-15, 2016.
3337-(2) Prior to the issuance of the bonds, the school
3338-board determines, by resolution, that (i) the building and
3339-equipping of new buildings and improving the sites thereof
3340-and the building and equipping of additions to, altering,
3341-repairing, equipping, and renovating existing buildings
3342-and improving the sites thereof are required as a result
3343-of the age and condition of the district's existing
3344-buildings and (ii) the issuance of bonds is authorized by
3345-a statute that exempts the debt incurred on the bonds from
3346-the district's statutory debt limitation.
3347-(3) The bonds are issued, in one or more issuances,
3348-not later than 5 years after the date of the referendum
3349-
3350-
3351-approving the issuance of the bonds, but the aggregate
3352-principal amount issued in all such bond issuances
3353-combined must not exceed $150,000,000.
3354-(4) The bonds are issued in accordance with this
3355-Article.
3356-(5) The proceeds of the bonds are used to accomplish
3357-only those projects approved by the voters at an election
3358-held on or after March 15, 2016.
3359-The debt incurred on any bonds issued under this
3360-subsection (p-105) and on any bonds issued to refund or
3361-continue to refund such bonds shall not be considered
3362-indebtedness for purposes of any statutory debt limitation.
3363-Bonds issued under this subsection (p-105) and any bonds
3364-issued to refund or continue to refund such bonds must mature
3365-within not to exceed 30 years from their date, notwithstanding
3366-any other law, including Section 19-3 of this Code, to the
3367-contrary.
3368-(p-110) In addition to all other authority to issue bonds,
3369-Sandoval Community Unit School District 501 may issue bonds
3370-with an aggregate principal amount not to exceed $2,000,000,
3371-but only if all of the following conditions are met:
3372-(1) The voters of the district approved a proposition
3373-for the bond issuance at an election held on March 20,
3374-2012.
3375-(2) Prior to the issuance of the bonds, the school
3376-board determines, by resolution, that (i) the building and
3377-
3378-
3379-equipping of a new school building is required because of
3380-the age and current condition of the Sandoval Elementary
3381-School building and (ii) the issuance of bonds is
3382-authorized by a statute that exempts the debt incurred on
3383-the bonds from the district's statutory debt limitation.
3384-(3) The bonds are issued, in one or more bond
3385-issuances, on or before March 19, 2022, but the aggregate
3386-principal amount issued in all such bond issuances
3387-combined must not exceed $2,000,000.
3388-(4) The bonds are issued in accordance with this
3389-Article.
3390-(5) The proceeds of the bonds are used to accomplish
3391-only those projects approved by the voters at the election
3392-held on March 20, 2012.
3393-The debt incurred on any bonds issued under this
3394-subsection (p-110) and on any bonds issued to refund or
3395-continue to refund the bonds shall not be considered
3396-indebtedness for purposes of any statutory debt limitation.
3397-(p-115) In addition to all other authority to issue bonds,
3398-Bureau Valley Community Unit School District 340 may issue
3399-bonds with an aggregate principal amount not to exceed
3400-$25,000,000, but only if all of the following conditions are
3401-met:
3402-(1) The voters of the district approve a proposition
3403-for the bond issuance at an election held on or after March
3404-15, 2016.
3405-
3406-
3407-(2) Prior to the issuances of the bonds, the school
3408-board determines, by resolution, that (i) the renovating
3409-and equipping of some existing school buildings, the
3410-building and equipping of new school buildings, and the
3411-demolishing of some existing school buildings are required
3412-as a result of the age and condition of existing school
3413-buildings and (ii) the issuance of bonds is authorized by
3414-a statute that exempts the debt incurred on the bonds from
3415-the district's statutory debt limitation.
3416-(3) The bonds are issued, in one or more issuances, on
3417-or before July 1, 2021, but the aggregate principal amount
3418-issued in all such bond issuances combined must not exceed
3419-$25,000,000.
3420-(4) The bonds are issued in accordance with this
3421-Article.
3422-(5) The proceeds of the bonds are used to accomplish
3423-only those projects approved by the voters at an election
3424-held on or after March 15, 2016.
3425-The debt incurred on any bonds issued under this
3426-subsection (p-115) shall not be considered indebtedness for
3427-purposes of any statutory debt limitation. Bonds issued under
3428-this subsection (p-115) must mature within not to exceed 30
3429-years from their date, notwithstanding any other law,
3430-including Section 19-3 of this Code, to the contrary.
3431-(p-120) In addition to all other authority to issue bonds,
3432-Paxton-Buckley-Loda Community Unit School District 10 may
3433-
3434-
3435-issue bonds with an aggregate principal amount not to exceed
3436-$28,500,000, but only if all the following conditions are met:
3437-(1) The voters of the district approve a proposition
3438-for the bond issuance at an election held on or after
3439-November 8, 2016.
3440-(2) Prior to the issuance of the bonds, the school
3441-board determines, by resolution, that (i) the projects as
3442-described in said proposition, relating to the building
3443-and equipping of one or more school buildings or additions
3444-to existing school buildings, are required as a result of
3445-the age and condition of the District's existing buildings
3446-and (ii) the issuance of bonds is authorized by a statute
3447-that exempts the debt incurred on the bonds from the
3448-district's statutory debt limitation.
3449-(3) The bonds are issued, in one or more issuances,
3450-not later than 5 years after the date of the referendum
3451-approving the issuance of the bonds, but the aggregate
3452-principal amount issued in all such bond issuances
3453-combined must not exceed $28,500,000.
3454-(4) The bonds are issued in accordance with this
3455-Article.
3456-(5) The proceeds of the bonds are used to accomplish
3457-only those projects approved by the voters at an election
3458-held on or after November 8, 2016.
3459-The debt incurred on any bonds issued under this
3460-subsection (p-120) and on any bonds issued to refund or
3461-
3462-
3463-continue to refund such bonds shall not be considered
3464-indebtedness for purposes of any statutory debt limitation.
3465-Bonds issued under this subsection (p-120) and any bonds
3466-issued to refund or continue to refund such bonds must mature
3467-within not to exceed 25 years from their date, notwithstanding
3468-any other law, including Section 19-3 of this Code, to the
3469-contrary.
3470-(p-125) In addition to all other authority to issue bonds,
3471-Hillsboro Community Unit School District 3 may issue bonds
3472-with an aggregate principal amount not to exceed $34,500,000,
3473-but only if all the following conditions are met:
3474-(1) The voters of the district approve a proposition
3475-for the bond issuance at an election held on or after March
3476-15, 2016.
3477-(2) Prior to the issuance of the bonds, the school
3478-board determines, by resolution, that (i) altering,
3479-repairing, and equipping the high school
3480-agricultural/vocational building, demolishing the high
3481-school main, cafeteria, and gym buildings, building and
3482-equipping a school building, and improving sites are
3483-required as a result of the age and condition of the
3484-district's existing buildings and (ii) the issuance of
3485-bonds is authorized by a statute that exempts the debt
3486-incurred on the bonds from the district's statutory debt
3487-limitation.
3488-(3) The bonds are issued, in one or more issuances,
3489-
3490-
3491-not later than 5 years after the date of the referendum
3492-approving the issuance of the bonds, but the aggregate
3493-principal amount issued in all such bond issuances
3494-combined must not exceed $34,500,000.
3495-(4) The bonds are issued in accordance with this
3496-Article.
3497-(5) The proceeds of the bonds are used to accomplish
3498-only those projects approved by the voters at an election
3499-held on or after March 15, 2016.
3500-The debt incurred on any bonds issued under this
3501-subsection (p-125) and on any bonds issued to refund or
3502-continue to refund such bonds shall not be considered
3503-indebtedness for purposes of any statutory debt limitation.
3504-Bonds issued under this subsection (p-125) and any bonds
3505-issued to refund or continue to refund such bonds must mature
3506-within not to exceed 25 years from their date, notwithstanding
3507-any other law, including Section 19-3 of this Code, to the
3508-contrary.
3509-(p-130) In addition to all other authority to issue bonds,
3510-Waltham Community Consolidated School District 185 may incur
3511-indebtedness in an aggregate principal amount not to exceed
3512-$9,500,000 to build and equip a new school building and
3513-improve the site thereof, but only if all the following
3514-conditions are met:
3515-(1) A majority of the voters of the district voting on
3516-an advisory question voted in favor of the question
3517-
3518-
3519-regarding the use of funding sources to build a new school
3520-building without increasing property tax rates at the
3521-general election held on November 8, 2016.
3522-(2) Prior to incurring the debt, the school board
3523-enters into intergovernmental agreements with the City of
3524-LaSalle to pledge moneys in a special tax allocation fund
3525-associated with tax increment financing districts LaSalle
3526-I and LaSalle III and with the Village of Utica to pledge
3527-moneys in a special tax allocation fund associated with
3528-tax increment financing district Utica I for the purposes
3529-of repaying the debt issued pursuant to this subsection
3530-(p-130). Notwithstanding any other provision of law to the
3531-contrary, the intergovernmental agreement may extend these
3532-tax increment financing districts as necessary to ensure
3533-repayment of the debt.
3534-(3) Prior to incurring the debt, the school board
3535-determines, by resolution, that (i) the building and
3536-equipping of a new school building is required as a result
3537-of the age and condition of the district's existing
3538-buildings and (ii) the debt is authorized by a statute
3539-that exempts the debt from the district's statutory debt
3540-limitation.
3541-(4) The debt is incurred, in one or more issuances,
3542-not later than January 1, 2021, and the aggregate
3543-principal amount of debt issued in all such issuances
3544-combined must not exceed $9,500,000.
3545-
3546-
3547-The debt incurred under this subsection (p-130) and on any
3548-bonds issued to pay, refund, or continue to refund such debt
3549-shall not be considered indebtedness for purposes of any
3550-statutory debt limitation. Debt issued under this subsection
3551-(p-130) and any bonds issued to pay, refund, or continue to
3552-refund such debt must mature within not to exceed 25 years from
3553-their date, notwithstanding any other law, including Section
3554-19-11 of this Code and subsection (b) of Section 17 of the
3555-Local Government Debt Reform Act, to the contrary.
3556-(p-133) Notwithstanding the provisions of subsection (a)
3557-of this Section or of any other law, bonds heretofore or
3558-hereafter issued by East Prairie School District 73 with an
3559-aggregate principal amount not to exceed $47,353,147 and
3560-approved by the voters of the district at the general election
3561-held on November 8, 2016, and any bonds issued to refund or
3562-continue to refund the bonds, shall not be considered
3563-indebtedness for the purposes of any statutory debt limitation
3564-and may mature within not to exceed 25 years from their date,
3565-notwithstanding any other law, including Section 19-3 of this
3566-Code, to the contrary.
3567-(p-135) In addition to all other authority to issue bonds,
3568-Brookfield LaGrange Park School District Number 95 may issue
3569-bonds with an aggregate principal amount not to exceed
3570-$20,000,000, but only if all the following conditions are met:
3571-(1) The voters of the district approve a proposition
3572-for the bond issuance at an election held on or after April
3573-
3574-
3575-4, 2017.
3576-(2) Prior to the issuance of the bonds, the school
3577-board determines, by resolution, that (i) the additions
3578-and renovations to the Brook Park Elementary and S. E.
3579-Gross Middle School buildings are required to accommodate
3580-enrollment growth, replace outdated facilities, and create
3581-spaces consistent with 21st century learning and (ii) the
3582-issuance of the bonds is authorized by a statute that
3583-exempts the debt incurred on the bonds from the district's
3584-statutory debt limitation.
3585-(3) The bonds are issued, in one or more issuances,
3586-not later than 5 years after the date of the referendum
3587-approving the issuance of the bonds, but the aggregate
3588-principal amount issued in all such bond issuances
3589-combined must not exceed $20,000,000.
3590-(4) The bonds are issued in accordance with this
3591-Article.
3592-(5) The proceeds of the bonds are used to accomplish
3593-only those projects approved by the voters at an election
3594-held on or after April 4, 2017.
3595-The debt incurred on any bonds issued under this
3596-subsection (p-135) and on any bonds issued to refund or
3597-continue to refund such bonds shall not be considered
3598-indebtedness for purposes of any statutory debt limitation.
3599-(p-140) The debt incurred on any bonds issued by Wolf
3600-Branch School District 113 under Section 17-2.11 of this Code
3601-
3602-
3603-for the purpose of repairing or replacing all or a portion of a
3604-school building that has been damaged by mine subsidence in an
3605-aggregate principal amount not to exceed $17,500,000 and on
3606-any bonds issued to refund or continue to refund those bonds
3607-shall not be considered indebtedness for purposes of any
3608-statutory debt limitation and must mature no later than 25
3609-years from the date of issuance, notwithstanding any other
3610-provision of law to the contrary, including Section 19-3 of
3611-this Code. The maximum allowable amount of debt exempt from
3612-statutory debt limitations under this subsection (p-140) shall
3613-be reduced by an amount equal to any grants awarded by the
3614-State Board of Education or Capital Development Board for the
3615-explicit purpose of repairing or reconstructing a school
3616-building damaged by mine subsidence.
3617-(p-145) In addition to all other authority to issue bonds,
3618-Greenview Community Unit School District 200 may issue bonds
3619-with an aggregate principal amount not to exceed $3,500,000,
3620-but only if all of the following conditions are met:
3621-(1) The voters of the district approve a proposition
3622-for the bond issuance at an election held on March 17,
3623-2020.
3624-(2) Prior to the issuance of the bonds, the school
3625-board determines, by resolution, that the bonding is
3626-necessary for construction and expansion of the district's
3627-kindergarten through grade 12 facility.
3628-(3) The bonds are issued, in one or more issuances,
3629-
3630-
3631-not later than 5 years after the date of the referendum
3632-approving the issuance of the bonds, but the aggregate
3633-principal amount issued in all such bond issuances
3634-combined must not exceed $3,500,000.
3635-(4) The bonds are issued in accordance with this
3636-Article.
3637-(5) The proceeds of the bonds are used to accomplish
3638-only the projects approved by the voters at an election
3639-held on March 17, 2020.
3640-The debt incurred on any bonds issued under this
3641-subsection (p-145) and on any bonds issued to refund or
3642-continue to refund such bonds shall not be considered
3643-indebtedness for purposes of any statutory debt limitation.
3644-Bonds issued under this subsection (p-145) and any bonds
3645-issued to refund or continue to refund such bonds must mature
3646-within not to exceed 25 years from their date, notwithstanding
3647-any other law, including Section 19-3 of this Code, to the
3648-contrary.
3649-(p-150) In addition to all other authority to issue bonds,
3650-Komarek School District 94 may issue bonds with an aggregate
3651-principal amount not to exceed $20,800,000, but only if all of
3652-the following conditions are met:
3653-(1) The voters of the district approve a proposition
3654-for the bond issuance at an election held on or after March
3655-17, 2020.
3656-(2) Prior to the issuance of the bonds, the school
3657-
3658-
3659-board determines, by resolution, that (i) building and
3660-equipping additions to, altering, repairing, equipping, or
3661-demolishing a portion of, or improving the site of the
3662-district's existing school building is required as a
3663-result of the age and condition of the existing building
3664-and (ii) the issuance of the bonds is authorized by a
3665-statute that exempts the debt incurred on the bonds from
3666-the district's statutory debt limitation.
3667-(3) The bonds are issued, in one or more issuances, no
3668-later than 5 years after the date of the referendum
3669-approving the issuance of the bonds, but the aggregate
3670-principal amount issued in all of the bond issuances
3671-combined may not exceed $20,800,000.
3672-(4) The bonds are issued in accordance with this
3673-Article.
3674-(5) The proceeds of the bonds are used to accomplish
3675-only those projects approved by the voters at an election
3676-held on or after March 17, 2020.
3677-The debt incurred on any bonds issued under this
3678-subsection (p-150) and on any bonds issued to refund or
3679-continue to refund those bonds may not be considered
3680-indebtedness for purposes of any statutory debt limitation.
3681-Notwithstanding any other law to the contrary, including
3682-Section 19-3, bonds issued under this subsection (p-150) and
3683-any bonds issued to refund or continue to refund those bonds
3684-must mature within 30 years from their date of issuance.
3685-
3686-
3687-(p-155) In addition to all other authority to issue bonds,
3688-Williamsville Community Unit School District 15 may issue
3689-bonds with an aggregate principal amount not to exceed
3690-$40,000,000, but only if all of the following conditions are
3691-met:
3692-(1) The voters of the school district approve a
3693-proposition for the bond issuance at an election held on
3694-March 17, 2020.
3695-(2) Prior to the issuance of the bonds, the school
3696-board determines, by resolution, that the projects set
3697-forth in the proposition for the bond issuance were and
3698-are required because of the age and condition of the
3699-school district's existing school buildings.
3700-(3) The bonds are issued, in one or more issuances,
3701-not later than 5 years after the date of the referendum
3702-approving the issuance of the bonds, but the aggregate
3703-principal amount issued in all such bond issuances
3704-combined must not exceed $40,000,000.
3705-(4) The bonds are issued in accordance with this
3706-Article.
3707-(5) The proceeds of the bonds are used to accomplish
3708-only the projects approved by the voters at an election
3709-held on March 17, 2020.
3710-The debt incurred on any bonds issued under this
3711-subsection (p-155) and on any bonds issued to refund or
3712-continue to refund such bonds shall not be considered
3713-
3714-
3715-indebtedness for purposes of any statutory debt limitation.
3716-Bonds issued under this subsection (p-155) and any bonds
3717-issued to refund or continue to refund such bonds must mature
3718-within not to exceed 25 years from their date, notwithstanding
3719-any other law, including Section 19-3 of this Code, to the
3720-contrary.
3721-(p-160) In addition to all other authority to issue bonds,
3722-Berkeley School District 87 may issue bonds with an aggregate
3723-principal amount not to exceed $105,000,000, but only if all
3724-of the following conditions are met:
3725-(1) The voters of the district approve a proposition
3726-for the bond issuance at the general primary election held
3727-on March 17, 2020.
3728-(2) Prior to the issuance of the bonds, the school
3729-board determines, by resolution, that (i) building and
3730-equipping a school building to replace the Sunnyside
3731-Intermediate and MacArthur Middle School buildings;
3732-building and equipping additions to and altering,
3733-repairing, and equipping the Riley Intermediate and
3734-Northlake Middle School buildings; altering, repairing,
3735-and equipping the Whittier Primary and Jefferson Primary
3736-School buildings; improving sites; renovating
3737-instructional spaces; providing STEM (science, technology,
3738-engineering, and mathematics) labs; and constructing life
3739-safety, security, and infrastructure improvements are
3740-required to replace outdated facilities and to provide
3741-
3742-
3743-safe spaces consistent with 21st century learning and (ii)
3744-the issuance of bonds is authorized by a statute that
3745-exempts the debt incurred on the bonds from the district's
3746-statutory debt limitation.
3747-(3) The bonds are issued, in one or more issuances,
3748-not later than 5 years after the date of the referendum
3749-approving the issuance of the bonds, but the aggregate
3750-principal amount issued in all such bond issuances
3751-combined must not exceed $105,000,000.
3752-(4) The bonds are issued in accordance with this
3753-Article.
3754-(5) The proceeds of the bonds are used to accomplish
3755-only those projects approved by the voters at the general
3756-primary election held on March 17, 2020.
3757-The debt incurred on any bonds issued under this
3758-subsection (p-160) and on any bonds issued to refund or
3759-continue to refund such bonds shall not be considered
3760-indebtedness for purposes of any statutory debt limitation.
3761-(p-165) In addition to all other authority to issue bonds,
3762-Elmwood Park Community Unit School District 401 may issue
3763-bonds with an aggregate principal amount not to exceed
3764-$55,000,000, but only if all of the following conditions are
3765-met:
3766-(1) The voters of the district approve a proposition
3767-for the bond issuance at an election held on or after March
3768-17, 2020.
3769-
3770-
3771-(2) Prior to the issuance of the bonds, the school
3772-board determines, by resolution, that (i) the building and
3773-equipping of an addition to the John Mills Elementary
3774-School building; the renovating, altering, repairing, and
3775-equipping of the John Mills and Elmwood Elementary School
3776-buildings; the installation of safety and security
3777-improvements; and the improvement of school sites are
3778-required as a result of the age and condition of the
3779-district's existing school buildings and (ii) the issuance
3780-of bonds is authorized by a statute that exempts the debt
3781-incurred on the bonds from the district's statutory debt
3782-limitation.
3783-(3) The bonds are issued, in one or more issuances,
3784-not later than 5 years after the date of the referendum
3785-approving the issuance of the bonds, but the aggregate
3786-principal amount issued in all such bond issuances
3787-combined must not exceed $55,000,000.
3788-(4) The bonds are issued in accordance with this
3789-Article.
3790-(5) The proceeds of the bonds are used to accomplish
3791-only the projects approved by the voters at an election
3792-held on or after March 17, 2020.
3793-The debt incurred on any bonds issued under this
3794-subsection (p-165) and on any bonds issued to refund or
3795-continue to refund such bonds shall not be considered
3796-indebtedness for purposes of any statutory debt limitation.
3797-
3798-
3799-Bonds issued under this subsection (p-165) and any bonds
3800-issued to refund or continue to refund such bonds must mature
3801-within not to exceed 25 years from their date, notwithstanding
3802-any other law, including Section 19-3 of this Code, to the
3803-contrary.
3804-(p-170) In addition to all other authority to issue bonds,
3805-Maroa-Forsyth Community Unit School District 2 may issue bonds
3806-with an aggregate principal amount not to exceed $33,000,000,
3807-but only if all of the following conditions are met:
3808-(1) The voters of the school district approve a
3809-proposition for the bond issuance at an election held on
3810-March 17, 2020.
3811-(2) Prior to the issuance of the bonds, the school
3812-board determines, by resolution, that the projects set
3813-forth in the proposition for the bond issuance were and
3814-are required because of the age and condition of the
3815-school district's existing school buildings.
3816-(3) The bonds are issued, in one or more issuances,
3817-not later than 5 years after the date of the referendum
3818-approving the issuance of the bonds, but the aggregate
3819-principal amount issued in all such bond issuances
3820-combined must not exceed $33,000,000.
3821-(4) The bonds are issued in accordance with this
3822-Article.
3823-(5) The proceeds of the bonds are used to accomplish
3824-only the projects approved by the voters at an election
3825-
3826-
3827-held on March 17, 2020.
3828-The debt incurred on any bonds issued under this
3829-subsection (p-170) and on any bonds issued to refund or
3830-continue to refund such bonds shall not be considered
3831-indebtedness for purposes of any statutory debt limitation.
3832-Bonds issued under this subsection (p-170) and any bonds
3833-issued to refund or continue to refund such bonds must mature
3834-within not to exceed 25 years from their date, notwithstanding
3835-any other law, including Section 19-3 of this Code, to the
3836-contrary.
3837-(p-175) In addition to all other authority to issue bonds,
3838-Schiller Park School District 81 may issue bonds with an
3839-aggregate principal amount not to exceed $30,000,000, but only
3840-if all of the following conditions are met:
3841-(1) The voters of the district approve a proposition
3842-for the bond issuance at an election held on or after March
3843-17, 2020.
3844-(2) Prior to the issuance of the bonds, the school
3845-board determines, by resolution, that (i) building and
3846-equipping a school building to replace the Washington
3847-Elementary School building, installing fire suppression
3848-systems, security systems, and federal Americans with
3849-Disability Act of 1990 compliance measures, acquiring
3850-land, and improving the site are required to accommodate
3851-enrollment growth, replace an outdated facility, and
3852-create spaces consistent with 21st century learning and
3853-
3854-
3855-(ii) the issuance of bonds is authorized by a statute that
3856-exempts the debt incurred on the bonds from the district's
3857-statutory debt limitation.
3858-(3) The bonds are issued, in one or more issuances,
3859-not later than 5 years after the date of the referendum
3860-approving the issuance of the bonds, but the aggregate
3861-principal amount issued in all such bond issuances
3862-combined must not exceed $30,000,000.
3863-(4) The bonds are issued in accordance with this
3864-Article.
3865-(5) The proceeds of the bonds are used to accomplish
3866-only the projects approved by the voters at an election
3867-held on or after March 17, 2020.
3868-The debt incurred on any bonds issued under this
3869-subsection (p-175) and on any bonds issued to refund or
3870-continue to refund such bonds shall not be considered
3871-indebtedness for purposes of any statutory debt limitation.
3872-Bonds issued under this subsection (p-175) and any bonds
3873-issued to refund or continue to refund such bonds must mature
3874-within not to exceed 27 years from their date, notwithstanding
3875-any other law, including Section 19-3 of this Code, to the
3876-contrary.
3877-(p-180) In addition to all other authority to issue bonds,
3878-Iroquois County Community Unit School District 9 may issue
3879-bonds with an aggregate principal amount not to exceed
3880-$17,125,000, but only if all of the following conditions are
3881-
3882-
3883-met:
3884-(1) The voters of the district approve a proposition
3885-for the bond issuance at an election held on or after April
3886-6, 2021.
3887-(2) Prior to the issuance of the bonds, the school
3888-board determines, by resolution, that (i) building and
3889-equipping a new school building in the City of Watseka;
3890-altering, repairing, renovating, and equipping portions of
3891-the existing facilities of the district; and making site
3892-improvements is necessary because of the age and condition
3893-of the district's existing school facilities and (ii) the
3894-issuance of bonds is authorized by a statute that exempts
3895-the debt incurred on the bonds from the district's
3896-statutory debt limitation.
3897-(3) The bonds are issued, in one or more issuances,
3898-not later than 5 years after the date of the referendum
3899-approving the issuance of the bonds, but the aggregate
3900-principal amount issued in all such bond issuances
3901-combined must not exceed $17,125,000.
3902-(4) The bonds are issued in accordance with this
3903-Article.
3904-(5) The proceeds of the bonds are used to accomplish
3905-only the projects approved by the voters at an election
3906-held on or after April 6, 2021.
3907-The debt incurred on any bonds issued under this
3908-subsection (p-180) and on any bonds issued to refund or
3909-
3910-
3911-continue to refund such bonds shall not be considered
3912-indebtedness for purposes of any statutory debt limitation.
3913-Bonds issued under this subsection (p-180) and any bonds
3914-issued to refund or continue to refund such bonds must mature
3915-within not to exceed 25 years from their date, notwithstanding
3916-any other law, including Section 19-3 of this Code, to the
3917-contrary.
3918-(p-185) In addition to all other authority to issue bonds,
3919-Field Community Consolidated School District 3 may issue bonds
3920-with an aggregate principal amount not to exceed $2,600,000,
3921-but only if all of the following conditions are met:
3922-(1) The voters of the district approve a proposition
3923-for the bond issuance at an election held on or after April
3924-6, 2021.
3925-(2) Prior to the issuance of the bonds, the school
3926-board determines, by resolution, that (i) it is necessary
3927-to alter, repair, renovate, and equip the existing
3928-facilities of the district, including, but not limited to,
3929-roof replacement, lighting replacement, electrical
3930-upgrades, restroom repairs, and gym renovations, and make
3931-site improvements because of the age and condition of the
3932-district's existing school facilities and (ii) the
3933-issuance of bonds is authorized by a statute that exempts
3934-the debt incurred on the bonds from the district's
3935-statutory debt limitation.
3936-(3) The bonds are issued, in one or more issuances,
3937-
3938-
3939-not later than 5 years after the date of the referendum
3940-approving the issuance of the bonds, but the aggregate
3941-principal amount issued in all such bond issuances
3942-combined must not exceed $2,600,000.
3943-(4) The bonds are issued in accordance with this
3944-Article.
3945-(5) The proceeds of the bonds are used to accomplish
3946-only the projects approved by the voters at an election
3947-held on or after April 6, 2021.
3948-The debt incurred on any bonds issued under this
3949-subsection (p-185) and on any bonds issued to refund or
3950-continue to refund such bonds shall not be considered
3951-indebtedness for purposes of any statutory debt limitation.
3952-Bonds issued under this subsection (p-185) and any bonds
3953-issued to refund or continue to refund such bonds must mature
3954-within not to exceed 25 years from their date, notwithstanding
3955-any other law, including Section 19-3 of this Code, to the
3956-contrary.
3957-(p-190) In addition to all other authority to issue bonds,
3958-Mahomet-Seymour Community Unit School District 3 may issue
3959-bonds with an aggregate principal amount not to exceed
3960-$97,900,000, but only if all the following conditions are met:
3961-(1) The voters of the district approve a proposition
3962-for the bond issuance at an election held on or after June
3963-28, 2022.
3964-(2) Prior to the issuance of the bonds, the school
3965-
3966-
3967-board determines, by resolution, that (i) it is necessary
3968-to build and equip a new junior high school building,
3969-build and equip a new transportation building, and build
3970-and equip additions to, renovate, and make site
3971-improvements at the Lincoln Trail Elementary building,
3972-Middletown Prairie Elementary building, and
3973-Mahomet-Seymour High School building and (ii) the issuance
3974-of bonds is authorized by a statute that exempts the debt
3975-incurred on the bonds from the district's statutory debt
3976-limitation.
3977-(3) The bonds are issued, in one or more issuances,
3978-not later than 5 years after the date of the referendum
3979-approving the issuance of the bonds, but the aggregate
3980-principal amount issued in all such bond issuances
3981-combined must not exceed $97,900,000.
3982-(4) The bonds are issued in accordance with this
3983-Article.
3984-(5) The proceeds of the bonds are used to accomplish
3985-only the projects approved by the voters at an election
3986-held on or after June 28, 2022.
3987-The debt incurred on any bonds issued under this
3988-subsection (p-190) and on any bonds issued to refund or
3989-continue to refund such bonds shall not be considered
3990-indebtedness for purposes of any statutory debt limitation.
3991-Bonds issued under this subsection (p-190) and any bonds
3992-issued to refund or continue to refund such bonds must mature
3993-
3994-
3995-within not to exceed 25 years from their date, notwithstanding
3996-any other law, including Section 19-3 of this Code, to the
3997-contrary.
3998-(p-195) In addition to all other authority to issue bonds,
3999-New Berlin Community Unit School District 16 may issue bonds
4000-with an aggregate principal amount not to exceed $23,500,000,
4001-but only if all the following conditions are met:
4002-(1) The voters of the district approve a proposition
4003-for the bond issuance at an election held on or after June
4004-28, 2022.
4005-(2) Prior to the issuance of the bonds, the school
4006-board determines, by resolution, that (i) it is necessary
4007-to alter, repair, and equip the junior/senior high school
4008-building, including creating new classroom, gym, and other
4009-instructional spaces, renovating the J.V. Kirby Pretzel
4010-Dome, improving heating, cooling, and ventilation systems,
4011-installing school safety and security improvements,
4012-removing asbestos, and making site improvements, and (ii)
4013-the issuance of bonds is authorized by a statute that
4014-exempts the debt incurred on the bonds from the district's
4015-statutory debt limitation.
4016-(3) The bonds are issued, in one or more issuances,
4017-not later than 5 years after the date of the referendum
4018-approving the issuance of the bonds, but the aggregate
4019-principal amount issued in all such bond issuances
4020-combined must not exceed $23,500,000.
4021-
4022-
4023-(4) The bonds are issued in accordance with this
4024-Article.
4025-(5) The proceeds of the bonds are used to accomplish
4026-only the projects approved by the voters at an election
4027-held on or after June 28, 2022.
4028-The debt incurred on any bonds issued under this
4029-subsection (p-195) and on any bonds issued to refund or
4030-continue to refund such bonds shall not be considered
4031-indebtedness for purposes of any statutory debt limitation.
4032-Bonds issued under this subsection (p-195) and any bonds
4033-issued to refund or continue to refund such bonds must mature
4034-within not to exceed 25 years from their date, notwithstanding
4035-any other law, including Section 19-3 of this Code, to the
4036-contrary.
4037-(p-200) In addition to all other authority to issue bonds,
4038-Highland Community Unit School District 5 may issue bonds with
4039-an aggregate principal amount not to exceed $40,000,000, but
4040-only if all the following conditions are met:
4041-(1) The voters of the district approve a proposition
4042-for the bond issuance at an election held on or after June
4043-28, 2022.
4044-(2) Prior to the issuance of the bonds, the school
4045-board determines, by resolution, that (i) it is necessary
4046-to improve the sites of, build, and equip a new primary
4047-school building and build and equip additions to and
4048-alter, repair, and equip existing school buildings and
4049-
4050-
4051-(ii) the issuance of bonds is authorized by a statute that
4052-exempts the debt incurred on the bonds from the district's
4053-statutory debt limitation.
4054-(3) The bonds are issued, in one or more issuances,
4055-not later than 5 years after the date of the referendum
4056-approving the issuance of the bonds, but the aggregate
4057-principal amount issued in all such bond issuances
4058-combined must not exceed $40,000,000.
4059-(4) The bonds are issued in accordance with this
4060-Article.
4061-(5) The proceeds of the bonds are used to accomplish
4062-only the projects approved by the voters at an election
4063-held on or after June 28, 2022.
4064-The debt incurred on any bonds issued under this
4065-subsection (p-200) and on any bonds issued to refund or
4066-continue to refund such bonds shall not be considered
4067-indebtedness for purposes of any statutory debt limitation.
4068-Bonds issued under this subsection (p-200) and any bonds
4069-issued to refund or continue to refund such bonds must mature
4070-within not to exceed 25 years from their date, notwithstanding
4071-any other law, including Section 19-3 of this Code, to the
4072-contrary.
4073-(p-205) In addition to all other authority to issue bonds,
4074-Sullivan Community Unit School District 300 may issue bonds
4075-with an aggregate principal amount not to exceed $25,000,000,
4076-but only if all of the following conditions are met:
4077-
4078-
4079-(1) The voters of the district approve a proposition
4080-for the bond issuance at an election held on or after June
4081-28, 2022.
4082-(2) Prior to the issuance of the bonds, the school
4083-board determines, by resolution, that (i) the projects set
4084-forth in the proposition for the issuance of the bonds are
4085-required because of the age, condition, or capacity of the
4086-school district's existing school buildings and (ii) the
4087-issuance of bonds is authorized by a statute that exempts
4088-the debt incurred on the bonds from the district's
4089-statutory debt limitation.
4090-(3) The bonds are issued, in one or more issuances,
4091-not later than 5 years after the date of the referendum
4092-approving the issuance of the bonds, but the aggregate
4093-principal amount issued in all such bond issuances
4094-combined must not exceed $25,000,000.
4095-(4) The bonds are issued in accordance with this
4096-Article.
4097-(5) The proceeds of the bonds are used to accomplish
4098-only the projects approved by the voters at an election
4099-held on or after June 28, 2022.
4100-The debt incurred on any bonds issued under this
4101-subsection (p-205) and on any bonds issued to refund or
4102-continue to refund such bonds shall not be considered
4103-indebtedness for purposes of any statutory debt limitation.
4104-Bonds issued under this subsection (p-205) and any bonds
4105-
4106-
4107-issued to refund or continue to refund such bonds must mature
4108-within not to exceed 25 years from their date, notwithstanding
4109-any other law, including Section 19-3 of this Code, to the
4110-contrary.
4111-(p-210) In addition to all other authority to issue bonds,
4112-Manhattan School District 114 may issue bonds with an
4113-aggregate principal amount not to exceed $85,000,000, but only
4114-if all the following conditions are met:
4115-(1) The voters of the district approve a proposition
4116-for the bond issuance at an election held on or after June
4117-28, 2022.
4118-(2) Prior to the issuance of the bonds, the school
4119-board determines, by resolution, that the projects set
4120-forth in the proposition for the bond issuance were and
4121-are required because of the age, condition, or capacity of
4122-the school district's existing school buildings.
4123-(3) The bonds are issued, in one or more issuances,
4124-not later than 5 years after the date of the referendum
4125-approving the issuances of the bonds, but the aggregate
4126-principal amount issued in all such bond issuances
4127-combined must not exceed $85,000,000.
4128-(4) The bonds are issued in accordance with this
4129-Article.
4130-(5) The proceeds of the bonds are used to accomplish
4131-only the projects approved by the voters at an election
4132-held on or after June 28, 2022.
4133-
4134-
4135-The debt incurred on any bonds issued under this
4136-subsection (p-210) and on any bonds issued to refund or
4137-continue to refund such bonds shall not be considered
4138-indebtedness for purposes of any statutory debt limitation.
4139-Bonds issued under this subsection (p-210) and any bonds
4140-issued to refund or continue to refund such bonds must mature
4141-within not to exceed 30 years from their date, notwithstanding
4142-any other law, including Section 19-3 of this Code, to the
4143-contrary.
4144-(p-215) In addition to all other authority to issue bonds,
4145-Golf Elementary School District 67 may issue bonds with an
4146-aggregate principal amount not to exceed $56,000,000, but only
4147-if all of the following conditions are met:
4148-(1) The voters of the district approve a proposition
4149-for the bond issuance at an election held on or after June
4150-28, 2022.
4151-(2) Prior to the issuance of the bonds, the school
4152-board determines, by resolution, that (i) it is necessary
4153-to build and equip a new school building and improve the
4154-site thereof and (ii) the issuance of bonds is authorized
4155-by a statute that exempts the debt incurred on the bonds
4156-from the district's statutory debt limitation.
4157-(3) The bonds are issued, in one or more issuances,
4158-not later than 5 years after the date of the referendum
4159-approving the issuance of the bonds, but the aggregate
4160-principal amount issued in all such bond issuances
4161-
4162-
4163-combined must not exceed $56,000,000.
4164-(4) The bonds are issued in accordance with this
4165-Article.
4166-(5) The proceeds of the bonds are used to accomplish
4167-only the projects approved by the voters at an election
4168-held on or after June 28, 2022.
4169-The debt incurred on any bonds issued under this
4170-subsection (p-215) and on any bonds issued to refund or
4171-continue to refund such bonds shall not be considered
4172-indebtedness for purposes of any statutory debt limitation.
4173-Bonds issued under this subsection (p-215) and any bonds
4174-issued to refund or continue to refund such bonds must mature
4175-within not to exceed 25 years from their date, notwithstanding
4176-any other law, including Section 19-3 of this Code, to the
4177-contrary.
4178-(p-220) In addition to all other authority to issue bonds,
4179-Joliet Public Schools District 86 may issue bonds with an
4180-aggregate principal amount not to exceed $99,500,000, but only
4181-if all the following conditions are met:
4182-(1) The voters of the district approve a proposition
4183-for the bond issuance at an election held on or after April
4184-4, 2023.
4185-(2) Prior to the issuance of the bonds, the school
4186-board determines, by resolution, that the projects set
4187-forth in the proposition for the bond issuance were and
4188-are required because of the age and condition of the
4189-
4190-
4191-school district's existing school buildings.
4192-(3) The bonds are issued, in one or more issuances,
4193-not later than 5 years after the date of the referendum
4194-approving the issuance of the bonds, but the aggregate
4195-principal amount issued in all such bond issuances
4196-combined must not exceed $99,500,000.
4197-(4) The bonds are issued in accordance with this
4198-Article.
4199-(5) The proceeds of the bonds are used to accomplish
4200-only the projects approved by the voters at an election
4201-held on or after April 4, 2023.
4202-The debt incurred on any bonds issued under this
4203-subsection (p-220), and on any bonds issued to refund or
4204-continue to refund such bonds, shall not be considered
4205-indebtedness for purposes of any statutory debt limitation.
4206-Bonds issued under this subsection (p-220) and any bonds
4207-issued to refund or continue to refund such bonds must mature
4208-within not to exceed 25 years from their date, notwithstanding
4209-any other law, including Section 19-3 of this Code, to the
4210-contrary.
4211-(p-225) Notwithstanding the provisions of any other law to
4212-the contrary, debt incurred on any bonds issued under Section
4213-19-3 of this Code and authorized by an election held on or
4214-after November 5, 2024, and on any bonds issued to refund or
4215-continue to refund such bonds, shall not be considered
4216-indebtedness for purposes of any statutory debt limitation.
4217-
4218-
4219-Bonds issued under Section 19-3 of this Code and authorized by
4220-an election held on or after November 5, 2024, and any bonds
4221-issued to refund or continue to refund such bonds must mature
4222-within 30 years from their date, notwithstanding any other
4223-law, including Section 19-3 of this Code, to the contrary.
4224-(q) A school district must notify the State Board of
4225-Education prior to issuing any form of long-term or short-term
4226-debt that will result in outstanding debt that exceeds 75% of
4227-the debt limit specified in this Section or any other
4228-provision of law.
4229-(Source: P.A. 102-316, eff. 8-6-21; 102-949, eff. 5-27-22;
4230-103-449, eff. 1-1-24.)
4231-(105 ILCS 5/20-2) (from Ch. 122, par. 20-2)
4232-Sec. 20-2. Indebtedness and bonds. For the purpose of
4233-creating, re-creating, or increasing a working cash fund, the
4234-school board of any such district may incur an indebtedness
4235-and issue bonds as evidence thereof in an amount or amounts not
4236-exceeding in the aggregate 85% of the taxes permitted to be
4237-levied for educational purposes for the then current year to
4238-be determined by multiplying the maximum educational tax rate
4239-or rates applicable to such school district by the last
4240-assessed valuation or assessed valuations as determined at the
4241-time of the issue of said bonds, plus 85% of the last known
4242-entitlement of such district to taxes as by law now or
4243-hereafter enacted or amended, imposed by the General Assembly
4244-
4245-
4246-of the State of Illinois to replace revenue lost by units of
4247-local government and school districts as a result of the
4248-abolition of ad valorem personal property taxes, pursuant to
4249-Article IX, Section 5, paragraph (c) of the Constitution of
4250-the State of Illinois, plus 85% of the most recent amount of
4251-funding received by the school district under Section 18-8.15.
4252-The authorized amount of bonds issued pursuant to this Section
4253-may be increased by an amount not to exceed 3% of that
4254-authorized amount to provide for expenses of issuing such
4255-bonds, including underwriter's compensation and costs of bond
4256-insurance or other credit enhancement, and also an amount to
4257-pay capitalized interest as otherwise permitted by law. The
4258-bonds shall bear interest at not more than the maximum rate
4259-authorized by law and shall mature within 20 years from the
4260-date thereof. Subject to the foregoing limitations as to
4261-amount, the bonds may be issued in an amount including
4262-existing indebtedness which will not exceed the constitutional
4263-limitation as to debt, notwithstanding any statutory debt
4264-limitation to the contrary. The school board shall before or
4265-at the time of issuing the bonds provide for the collection of
4266-a direct annual tax upon all the taxable property within the
4267-district sufficient to pay the principal thereof at maturity
4268-and to pay the interest thereon as it falls due, which tax
4269-shall be in addition to the maximum amount of all other taxes,
4270-either educational; transportation; operations and
4271-maintenance; or fire prevention and safety fund taxes, now or
4272-
4273-
4274-hereafter authorized and in addition to any limitations upon
4275-the levy of taxes as provided by Sections 17-2 through 17-9.
4276-With respect to instruments for the payment of money
4277-issued under this Section either before, on, or after the
4278-effective date of this amendatory Act of 1989, it is and always
4279-has been the intention of the General Assembly (i) that the
4280-Omnibus Bond Acts are and always have been supplementary
4281-grants of power to issue instruments in accordance with the
4282-Omnibus Bond Acts, regardless of any provision of this Act
4283-that may appear to be or to have been more restrictive than
4284-those Acts, (ii) that the provisions of this Section are not a
4285-limitation on the supplementary authority granted by the
4286-Omnibus Bond Acts, and (iii) that instruments issued under
4287-this Section within the supplementary authority granted by the
4288-Omnibus Bond Acts are not invalid because of any provision of
4289-this Act that may appear to be or to have been more restrictive
4290-than those Acts.
4291-(Source: P.A. 101-416, eff. 8-16-19.)
4292-Article 99.
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31+1 discharging annually the principal and interest on that bonded
32+2 indebtedness then due and payable.
33+3 In addition to other transfers to the General Obligation
34+4 Bond Retirement and Interest Fund made pursuant to Section 15
35+5 of the General Obligation Bond Act, upon each delivery of
36+6 general obligation bonds for capital projects using bond
37+7 authorizations enacted in Public Act 96-36, Public Act
38+8 96-1554, Public Act 97-771, Public Act 98-94, Public Act
39+9 101-30 (except for amounts in Public Act 101-30 that increase
40+10 bond authorization under paragraph (1) of subsection (a) of
41+11 Section 4 and subsection (e) of Section 4 of the General
42+12 Obligation Bond Act), Public Act 103-7, and this amendatory
43+13 Act of the 103rd General Assembly and this amendatory Act of
44+14 the 103rd General Assembly, the State Comptroller shall
45+15 compute and certify to the State Treasurer the total amount of
46+16 principal of, interest on, and premium, if any, on such bonds
47+17 during the then current and each succeeding fiscal year. With
48+18 respect to the interest payable on variable rate bonds, such
49+19 certifications shall be calculated at the maximum rate of
50+20 interest that may be payable during the fiscal year, after
51+21 taking into account any credits permitted in the related
52+22 indenture or other instrument against the amount of such
53+23 interest required to be appropriated for the period.
54+24 (a) Except as provided for in subsection (b), on or before
55+25 the last day of each month, the State Treasurer and State
56+26 Comptroller shall transfer from the Capital Projects Fund to
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67+1 the General Obligation Bond Retirement and Interest Fund an
68+2 amount sufficient to pay the aggregate of the principal of,
69+3 interest on, and premium, if any, on the bonds payable on their
70+4 next payment date, divided by the number of monthly transfers
71+5 occurring between the last previous payment date (or the
72+6 delivery date if no payment date has yet occurred) and the next
73+7 succeeding payment date. Interest payable on variable rate
74+8 bonds shall be calculated at the maximum rate of interest that
75+9 may be payable for the relevant period, after taking into
76+10 account any credits permitted in the related indenture or
77+11 other instrument against the amount of such interest required
78+12 to be appropriated for that period. Interest for which moneys
79+13 have already been deposited into the capitalized interest
80+14 account within the General Obligation Bond Retirement and
81+15 Interest Fund shall not be included in the calculation of the
82+16 amounts to be transferred under this subsection.
83+17 (b) On or before the last day of each month, the State
84+18 Treasurer and State Comptroller shall transfer from the
85+19 Capital Projects Fund to the General Obligation Bond
86+20 Retirement and Interest Fund an amount sufficient to pay the
87+21 aggregate of the principal of, interest on, and premium, if
88+22 any, on the bonds issued prior to January 1, 2012 pursuant to
89+23 Section 4(d) of the General Obligation Bond Act payable on
90+24 their next payment date, divided by the number of monthly
91+25 transfers occurring between the last previous payment date (or
92+26 the delivery date if no payment date has yet occurred) and the
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103+1 next succeeding payment date. If the available balance in the
104+2 Capital Projects Fund is not sufficient for the transfer
105+3 required in this subsection, the State Treasurer and State
106+4 Comptroller shall transfer the difference from the Road Fund
107+5 to the General Obligation Bond Retirement and Interest Fund;
108+6 except that such Road Fund transfers shall constitute a debt
109+7 of the Capital Projects Fund which shall be repaid according
110+8 to subsection (c). Interest payable on variable rate bonds
111+9 shall be calculated at the maximum rate of interest that may be
112+10 payable for the relevant period, after taking into account any
113+11 credits permitted in the related indenture or other instrument
114+12 against the amount of such interest required to be
115+13 appropriated for that period. Interest for which moneys have
116+14 already been deposited into the capitalized interest account
117+15 within the General Obligation Bond Retirement and Interest
118+16 Fund shall not be included in the calculation of the amounts to
119+17 be transferred under this subsection.
120+18 (c) On the first day of any month when the Capital Projects
121+19 Fund is carrying a debt to the Road Fund due to the provisions
122+20 of subsection (b), the State Treasurer and State Comptroller
123+21 shall transfer from the Capital Projects Fund to the Road Fund
124+22 an amount sufficient to discharge that debt. These transfers
125+23 to the Road Fund shall continue until the Capital Projects
126+24 Fund has repaid to the Road Fund all transfers made from the
127+25 Road Fund pursuant to subsection (b). Notwithstanding any
128+26 other law to the contrary, transfers to the Road Fund from the
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139+1 Capital Projects Fund shall be made prior to any other
140+2 expenditures or transfers out of the Capital Projects Fund.
141+3 (Source: P.A. 103-7, eff. 7-1-23.)
142+4 Article 10.
143+5 Section 10-5. The General Obligation Bond Act is amended
144+6 by changing Sections 2, 3, and 9 as follows:
145+7 (30 ILCS 330/2) (from Ch. 127, par. 652)
146+8 Sec. 2. Authorization for Bonds. The State of Illinois is
147+9 authorized to issue, sell and provide for the retirement of
148+10 General Obligation Bonds of the State of Illinois for the
149+11 categories and specific purposes expressed in Sections 2
150+12 through 8 of this Act, in the total amount of $81,789,839,969
151+13 $79,440,839,969.
152+14 The bonds authorized in this Section 2 and in Section 16 of
153+15 this Act are herein called "Bonds".
154+16 Of the total amount of Bonds authorized in this Act, up to
155+17 $2,200,000,000 in aggregate original principal amount may be
156+18 issued and sold in accordance with the Baccalaureate Savings
157+19 Act in the form of General Obligation College Savings Bonds.
158+20 Of the total amount of Bonds authorized in this Act, up to
159+21 $300,000,000 in aggregate original principal amount may be
160+22 issued and sold in accordance with the Retirement Savings Act
161+23 in the form of General Obligation Retirement Savings Bonds.
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172+1 Of the total amount of Bonds authorized in this Act, the
173+2 additional $10,000,000,000 authorized by Public Act 93-2, the
174+3 $3,466,000,000 authorized by Public Act 96-43, and the
175+4 $4,096,348,300 authorized by Public Act 96-1497 shall be used
176+5 solely as provided in Section 7.2.
177+6 Of the total amount of Bonds authorized in this Act, the
178+7 additional $6,000,000,000 authorized by Public Act 100-23
179+8 shall be used solely as provided in Section 7.6 and shall be
180+9 issued by December 31, 2017.
181+10 Of the total amount of Bonds authorized in this Act,
182+11 $2,000,000,000 of the additional amount authorized by Public
183+12 Act 100-587 and by Public Act 102-718 shall be used solely as
184+13 provided in Section 7.7.
185+14 The issuance and sale of Bonds pursuant to the General
186+15 Obligation Bond Act is an economical and efficient method of
187+16 financing the long-term capital needs of the State. This Act
188+17 will permit the issuance of a multi-purpose General Obligation
189+18 Bond with uniform terms and features. This will not only lower
190+19 the cost of registration but also reduce the overall cost of
191+20 issuing debt by improving the marketability of Illinois
192+21 General Obligation Bonds.
193+22 (Source: P.A. 102-718, eff. 5-5-22; 103-7, eff. 7-1-23.)
194+23 (30 ILCS 330/3) (from Ch. 127, par. 653)
195+24 Sec. 3. Capital facilities. The amount of $21,094,011,269
196+25 $18,745,011,269 is authorized to be used for the acquisition,
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207+1 development, construction, reconstruction, improvement,
208+2 demolition, financing, architectural planning and installation
209+3 of capital facilities within the State, consisting of
210+4 buildings, structures, durable equipment, land, interests in
211+5 land, and the costs associated with the purchase and
212+6 implementation of information technology, including but not
213+7 limited to the purchase of hardware and software, for the
214+8 following specific purposes:
215+9 (a) $6,908,676,500 $6,333,676,500 for educational
216+10 purposes by State universities and public community
217+11 colleges, the Illinois Community College Board created by
218+12 the Public Community College Act and for grants to public
219+13 community colleges as authorized by Sections 5-11 and 5-12
220+14 of the Public Community College Act;
221+15 (b) $2,590,506,300 $1,690,506,300 for correctional
222+16 purposes at State prison and correctional centers;
223+17 (c) $691,492,300 $688,492,300 for open spaces,
224+18 recreational and conservation purposes and the protection
225+19 of land, including expenditures and grants for the
226+20 Illinois Conservation Reserve Enhancement Program and for
227+21 ecosystem restoration and for plugging of abandoned wells;
228+22 (d) $1,078,503,900 for State child care facilities,
229+23 mental and public health facilities, and facilities for
230+24 the care of veterans with disabilities and their spouses,
231+25 and for grants to public and private community health
232+26 centers, hospitals, and other health care providers for
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243+1 capital facilities;
244+2 (e) $8,439,753,300 $7,568,753,300 for use by the
245+3 State, its departments, authorities, public corporations,
246+4 commissions and agencies, including renewable energy
247+5 upgrades at State facilities;
248+6 (f) $818,100 for cargo handling facilities at port
249+7 districts and for breakwaters, including harbor entrances,
250+8 at port districts in conjunction with facilities for small
251+9 boats and pleasure crafts;
252+10 (g) $425,457,000 for water resource management
253+11 projects, including flood mitigation and State dam and
254+12 waterway projects;
255+13 (h) $16,940,269 for the provision of facilities for
256+14 food production research and related instructional and
257+15 public service activities at the State universities and
258+16 public community colleges;
259+17 (i) $75,134,700 for grants by the Secretary of State,
260+18 as State Librarian, for central library facilities
261+19 authorized by Section 8 of the Illinois Library System Act
262+20 and for grants by the Capital Development Board to units
263+21 of local government for public library facilities;
264+22 (j) $25,000,000 for the acquisition, development,
265+23 construction, reconstruction, improvement, financing,
266+24 architectural planning and installation of capital
267+25 facilities consisting of buildings, structures, durable
268+26 equipment and land for grants to counties, municipalities
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279+1 or public building commissions with correctional
280+2 facilities that do not comply with the minimum standards
281+3 of the Department of Corrections under Section 3-15-2 of
282+4 the Unified Code of Corrections;
283+5 (k) $5,011,600 for grants by the Department of
284+6 Conservation for improvement or expansion of aquarium
285+7 facilities located on property owned by a park district;
286+8 (l) $599,590,000 to State agencies for grants to local
287+9 governments for the acquisition, financing, architectural
288+10 planning, development, alteration, installation, and
289+11 construction of capital facilities consisting of
290+12 buildings, structures, durable equipment, and land; and
291+13 (m) $237,127,300 for the Illinois Open Land Trust
292+14 Program as defined by the Illinois Open Land Trust Act.
293+15 The amounts authorized above for capital facilities may be
294+16 used for the acquisition, installation, alteration,
295+17 construction, or reconstruction of capital facilities and for
296+18 the purchase of equipment for the purpose of major capital
297+19 improvements which will reduce energy consumption in State
298+20 buildings or facilities.
299+21 (Source: P.A. 103-7, eff. 7-1-23.)
300+22 (30 ILCS 330/9) (from Ch. 127, par. 659)
301+23 Sec. 9. Conditions for issuance and sale of Bonds;
302+24 requirements for Bonds.
303+25 (a) Except as otherwise provided in this subsection,
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314+1 subsection (h), and subsection (i), Bonds shall be issued and
315+2 sold from time to time, in one or more series, in such amounts
316+3 and at such prices as may be directed by the Governor, upon
317+4 recommendation by the Director of the Governor's Office of
318+5 Management and Budget. Bonds shall be in such form (either
319+6 coupon, registered or book entry), in such denominations,
320+7 payable within 25 years from their date, subject to such terms
321+8 of redemption with or without premium, bear interest payable
322+9 at such times and at such fixed or variable rate or rates, and
323+10 be dated as shall be fixed and determined by the Director of
324+11 the Governor's Office of Management and Budget in the order
325+12 authorizing the issuance and sale of any series of Bonds,
326+13 which order shall be approved by the Governor and is herein
327+14 called a "Bond Sale Order"; provided however, that interest
328+15 payable at fixed or variable rates shall not exceed that
329+16 permitted in the Bond Authorization Act, as now or hereafter
330+17 amended. Bonds shall be payable at such place or places,
331+18 within or without the State of Illinois, and may be made
332+19 registrable as to either principal or as to both principal and
333+20 interest, as shall be specified in the Bond Sale Order. Bonds
334+21 may be callable or subject to purchase and retirement or
335+22 tender and remarketing as fixed and determined in the Bond
336+23 Sale Order. Bonds, other than Bonds issued under Section 3 of
337+24 this Act for the costs associated with the purchase and
338+25 implementation of information technology, (i) except for
339+26 refunding Bonds satisfying the requirements of Section 16 of
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350+1 this Act must be issued with principal or mandatory redemption
351+2 amounts in equal amounts, with the first maturity issued
352+3 occurring within the fiscal year in which the Bonds are issued
353+4 or within the next succeeding fiscal year, except that Bonds
354+5 issued during fiscal year 2025 may be issued with principal or
355+6 mandatory redemption amounts in unequal amounts, and (ii) must
356+7 mature or be subject to mandatory redemption each fiscal year
357+8 thereafter up to 25 years, except for refunding Bonds
358+9 satisfying the requirements of Section 16 of this Act and sold
359+10 during fiscal year 2009, 2010, or 2011 which must mature or be
360+11 subject to mandatory redemption each fiscal year thereafter up
361+12 to 16 years. Bonds issued under Section 3 of this Act for the
362+13 costs associated with the purchase and implementation of
363+14 information technology must be issued with principal or
364+15 mandatory redemption amounts in equal amounts, with the first
365+16 maturity issued occurring with the fiscal year in which the
366+17 respective bonds are issued or with the next succeeding fiscal
367+18 year, with the respective bonds issued maturing or subject to
368+19 mandatory redemption each fiscal year thereafter up to 10
369+20 years, except that Bonds issued during fiscal year 2025 may be
370+21 issued with principal or mandatory redemption amounts in
371+22 unequal amounts. Notwithstanding any provision of this Act to
372+23 the contrary, the Bonds authorized by Public Act 96-43 shall
373+24 be payable within 5 years from their date and must be issued
374+25 with principal or mandatory redemption amounts in equal
375+26 amounts, with payment of principal or mandatory redemption
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386+1 beginning in the first fiscal year following the fiscal year
387+2 in which the Bonds are issued.
388+3 Notwithstanding any provision of this Act to the contrary,
389+4 the Bonds authorized by Public Act 96-1497 shall be payable
390+5 within 8 years from their date and shall be issued with payment
391+6 of maturing principal or scheduled mandatory redemptions in
392+7 accordance with the following schedule, except the following
393+8 amounts shall be prorated if less than the total additional
394+9 amount of Bonds authorized by Public Act 96-1497 are issued:
395+10 Fiscal Year After Issuance Amount
396+11 1-2 $0
397+12 3 $110,712,120
398+13 4 $332,136,360
399+14 5 $664,272,720
400+15 6-8 $996,409,080
401+16 Notwithstanding any provision of this Act to the contrary,
402+17 Income Tax Proceed Bonds issued under Section 7.6 shall be
403+18 payable 12 years from the date of sale and shall be issued with
404+19 payment of principal or mandatory redemption.
405+20 In the case of any series of Bonds bearing interest at a
406+21 variable interest rate ("Variable Rate Bonds"), in lieu of
407+22 determining the rate or rates at which such series of Variable
408+23 Rate Bonds shall bear interest and the price or prices at which
409+24 such Variable Rate Bonds shall be initially sold or remarketed
410+25 (in the event of purchase and subsequent resale), the Bond
411+26 Sale Order may provide that such interest rates and prices may
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422+1 vary from time to time depending on criteria established in
423+2 such Bond Sale Order, which criteria may include, without
424+3 limitation, references to indices or variations in interest
425+4 rates as may, in the judgment of a remarketing agent, be
426+5 necessary to cause Variable Rate Bonds of such series to be
427+6 remarketable from time to time at a price equal to their
428+7 principal amount, and may provide for appointment of a bank,
429+8 trust company, investment bank, or other financial institution
430+9 to serve as remarketing agent in that connection. The Bond
431+10 Sale Order may provide that alternative interest rates or
432+11 provisions for establishing alternative interest rates,
433+12 different security or claim priorities, or different call or
434+13 amortization provisions will apply during such times as
435+14 Variable Rate Bonds of any series are held by a person
436+15 providing credit or liquidity enhancement arrangements for
437+16 such Bonds as authorized in subsection (b) of this Section.
438+17 The Bond Sale Order may also provide for such variable
439+18 interest rates to be established pursuant to a process
440+19 generally known as an auction rate process and may provide for
441+20 appointment of one or more financial institutions to serve as
442+21 auction agents and broker-dealers in connection with the
443+22 establishment of such interest rates and the sale and
444+23 remarketing of such Bonds.
445+24 (b) In connection with the issuance of any series of
446+25 Bonds, the State may enter into arrangements to provide
447+26 additional security and liquidity for such Bonds, including,
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458+1 without limitation, bond or interest rate insurance or letters
459+2 of credit, lines of credit, bond purchase contracts, or other
460+3 arrangements whereby funds are made available to retire or
461+4 purchase Bonds, thereby assuring the ability of owners of the
462+5 Bonds to sell or redeem their Bonds. The State may enter into
463+6 contracts and may agree to pay fees to persons providing such
464+7 arrangements, but only under circumstances where the Director
465+8 of the Governor's Office of Management and Budget certifies
466+9 that he or she reasonably expects the total interest paid or to
467+10 be paid on the Bonds, together with the fees for the
468+11 arrangements (being treated as if interest), would not, taken
469+12 together, cause the Bonds to bear interest, calculated to
470+13 their stated maturity, at a rate in excess of the rate that the
471+14 Bonds would bear in the absence of such arrangements.
472+15 The State may, with respect to Bonds issued or anticipated
473+16 to be issued, participate in and enter into arrangements with
474+17 respect to interest rate protection or exchange agreements,
475+18 guarantees, or financial futures contracts for the purpose of
476+19 limiting, reducing, or managing interest rate exposure. The
477+20 authority granted under this paragraph, however, shall not
478+21 increase the principal amount of Bonds authorized to be issued
479+22 by law. The arrangements may be executed and delivered by the
480+23 Director of the Governor's Office of Management and Budget on
481+24 behalf of the State. Net payments for such arrangements shall
482+25 constitute interest on the Bonds and shall be paid from the
483+26 General Obligation Bond Retirement and Interest Fund. The
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494+1 Director of the Governor's Office of Management and Budget
495+2 shall at least annually certify to the Governor and the State
496+3 Comptroller his or her estimate of the amounts of such net
497+4 payments to be included in the calculation of interest
498+5 required to be paid by the State.
499+6 (c) Prior to the issuance of any Variable Rate Bonds
500+7 pursuant to subsection (a), the Director of the Governor's
501+8 Office of Management and Budget shall adopt an interest rate
502+9 risk management policy providing that the amount of the
503+10 State's variable rate exposure with respect to Bonds shall not
504+11 exceed 20%. This policy shall remain in effect while any Bonds
505+12 are outstanding and the issuance of Bonds shall be subject to
506+13 the terms of such policy. The terms of this policy may be
507+14 amended from time to time by the Director of the Governor's
508+15 Office of Management and Budget but in no event shall any
509+16 amendment cause the permitted level of the State's variable
510+17 rate exposure with respect to Bonds to exceed 20%.
511+18 (d) "Build America Bonds" in this Section means Bonds
512+19 authorized by Section 54AA of the Internal Revenue Code of
513+20 1986, as amended ("Internal Revenue Code"), and bonds issued
514+21 from time to time to refund or continue to refund "Build
515+22 America Bonds".
516+23 (e) Notwithstanding any other provision of this Section,
517+24 Qualified School Construction Bonds shall be issued and sold
518+25 from time to time, in one or more series, in such amounts and
519+26 at such prices as may be directed by the Governor, upon
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530+1 recommendation by the Director of the Governor's Office of
531+2 Management and Budget. Qualified School Construction Bonds
532+3 shall be in such form (either coupon, registered or book
533+4 entry), in such denominations, payable within 25 years from
534+5 their date, subject to such terms of redemption with or
535+6 without premium, and if the Qualified School Construction
536+7 Bonds are issued with a supplemental coupon, bear interest
537+8 payable at such times and at such fixed or variable rate or
538+9 rates, and be dated as shall be fixed and determined by the
539+10 Director of the Governor's Office of Management and Budget in
540+11 the order authorizing the issuance and sale of any series of
541+12 Qualified School Construction Bonds, which order shall be
542+13 approved by the Governor and is herein called a "Bond Sale
543+14 Order"; except that interest payable at fixed or variable
544+15 rates, if any, shall not exceed that permitted in the Bond
545+16 Authorization Act, as now or hereafter amended. Qualified
546+17 School Construction Bonds shall be payable at such place or
547+18 places, within or without the State of Illinois, and may be
548+19 made registrable as to either principal or as to both
549+20 principal and interest, as shall be specified in the Bond Sale
550+21 Order. Qualified School Construction Bonds may be callable or
551+22 subject to purchase and retirement or tender and remarketing
552+23 as fixed and determined in the Bond Sale Order. Qualified
553+24 School Construction Bonds must be issued with principal or
554+25 mandatory redemption amounts or sinking fund payments into the
555+26 General Obligation Bond Retirement and Interest Fund (or
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565+ HB4582 Enrolled - 17 - LRB103 35517 HLH 65589 b
566+1 subaccount therefor) in equal amounts, with the first maturity
567+2 issued, mandatory redemption payment or sinking fund payment
568+3 occurring within the fiscal year in which the Qualified School
569+4 Construction Bonds are issued or within the next succeeding
570+5 fiscal year, with Qualified School Construction Bonds issued
571+6 maturing or subject to mandatory redemption or with sinking
572+7 fund payments thereof deposited each fiscal year thereafter up
573+8 to 25 years. Sinking fund payments set forth in this
574+9 subsection shall be permitted only to the extent authorized in
575+10 Section 54F of the Internal Revenue Code or as otherwise
576+11 determined by the Director of the Governor's Office of
577+12 Management and Budget. "Qualified School Construction Bonds"
578+13 in this subsection means Bonds authorized by Section 54F of
579+14 the Internal Revenue Code and for bonds issued from time to
580+15 time to refund or continue to refund such "Qualified School
581+16 Construction Bonds".
582+17 (f) Beginning with the next issuance by the Governor's
583+18 Office of Management and Budget of a request for
584+19 qualifications for the purpose of formulating a new pool of
585+20 qualified underwriters, all entities responding to such a
586+21 request for qualifications for inclusion on that list shall
587+22 provide a written report to the Governor's Office of
588+23 Management and Budget and the Illinois Comptroller. The
589+24 written report submitted to the Comptroller shall (i) be
590+25 published on the Comptroller's Internet website and (ii) be
591+26 used by the Governor's Office of Management and Budget for the
592+
593+
594+
595+
596+
597+ HB4582 Enrolled - 17 - LRB103 35517 HLH 65589 b
598+
599+
600+HB4582 Enrolled- 18 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 18 - LRB103 35517 HLH 65589 b
601+ HB4582 Enrolled - 18 - LRB103 35517 HLH 65589 b
602+1 purposes of scoring such a request for qualifications. The
603+2 written report, at a minimum, shall:
604+3 (1) disclose whether, within the past 3 months,
605+4 pursuant to its credit default swap market-making
606+5 activities, the firm has entered into any State of
607+6 Illinois credit default swaps ("CDS");
608+7 (2) include, in the event of State of Illinois CDS
609+8 activity, disclosure of the firm's cumulative notional
610+9 volume of State of Illinois CDS trades and the firm's
611+10 outstanding gross and net notional amount of State of
612+11 Illinois CDS, as of the end of the current 3-month period;
613+12 (3) indicate, pursuant to the firm's proprietary
614+13 trading activities, disclosure of whether the firm, within
615+14 the past 3 months, has entered into any proprietary trades
616+15 for its own account in State of Illinois CDS;
617+16 (4) include, in the event of State of Illinois
618+17 proprietary trades, disclosure of the firm's outstanding
619+18 gross and net notional amount of proprietary State of
620+19 Illinois CDS and whether the net position is short or long
621+20 credit protection, as of the end of the current 3-month
622+21 period;
623+22 (5) list all time periods during the past 3 months
624+23 during which the firm held net long or net short State of
625+24 Illinois CDS proprietary credit protection positions, the
626+25 amount of such positions, and whether those positions were
627+26 net long or net short credit protection positions; and
628+
629+
630+
631+
632+
633+ HB4582 Enrolled - 18 - LRB103 35517 HLH 65589 b
634+
635+
636+HB4582 Enrolled- 19 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 19 - LRB103 35517 HLH 65589 b
637+ HB4582 Enrolled - 19 - LRB103 35517 HLH 65589 b
638+1 (6) indicate whether, within the previous 3 months,
639+2 the firm released any publicly available research or
640+3 marketing reports that reference State of Illinois CDS and
641+4 include those research or marketing reports as
642+5 attachments.
643+6 (g) All entities included on a Governor's Office of
644+7 Management and Budget's pool of qualified underwriters list
645+8 shall, as soon as possible after March 18, 2011 (the effective
646+9 date of Public Act 96-1554), but not later than January 21,
647+10 2011, and on a quarterly fiscal basis thereafter, provide a
648+11 written report to the Governor's Office of Management and
649+12 Budget and the Illinois Comptroller. The written reports
650+13 submitted to the Comptroller shall be published on the
651+14 Comptroller's Internet website. The written reports, at a
652+15 minimum, shall:
653+16 (1) disclose whether, within the past 3 months,
654+17 pursuant to its credit default swap market-making
655+18 activities, the firm has entered into any State of
656+19 Illinois credit default swaps ("CDS");
657+20 (2) include, in the event of State of Illinois CDS
658+21 activity, disclosure of the firm's cumulative notional
659+22 volume of State of Illinois CDS trades and the firm's
660+23 outstanding gross and net notional amount of State of
661+24 Illinois CDS, as of the end of the current 3-month period;
662+25 (3) indicate, pursuant to the firm's proprietary
663+26 trading activities, disclosure of whether the firm, within
664+
665+
666+
667+
668+
669+ HB4582 Enrolled - 19 - LRB103 35517 HLH 65589 b
670+
671+
672+HB4582 Enrolled- 20 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 20 - LRB103 35517 HLH 65589 b
673+ HB4582 Enrolled - 20 - LRB103 35517 HLH 65589 b
674+1 the past 3 months, has entered into any proprietary trades
675+2 for its own account in State of Illinois CDS;
676+3 (4) include, in the event of State of Illinois
677+4 proprietary trades, disclosure of the firm's outstanding
678+5 gross and net notional amount of proprietary State of
679+6 Illinois CDS and whether the net position is short or long
680+7 credit protection, as of the end of the current 3-month
681+8 period;
682+9 (5) list all time periods during the past 3 months
683+10 during which the firm held net long or net short State of
684+11 Illinois CDS proprietary credit protection positions, the
685+12 amount of such positions, and whether those positions were
686+13 net long or net short credit protection positions; and
687+14 (6) indicate whether, within the previous 3 months,
688+15 the firm released any publicly available research or
689+16 marketing reports that reference State of Illinois CDS and
690+17 include those research or marketing reports as
691+18 attachments.
692+19 (h) Notwithstanding any other provision of this Section,
693+20 for purposes of maximizing market efficiencies and cost
694+21 savings, Income Tax Proceed Bonds may be issued and sold from
695+22 time to time, in one or more series, in such amounts and at
696+23 such prices as may be directed by the Governor, upon
697+24 recommendation by the Director of the Governor's Office of
698+25 Management and Budget. Income Tax Proceed Bonds shall be in
699+26 such form, either coupon, registered, or book entry, in such
700+
701+
702+
703+
704+
705+ HB4582 Enrolled - 20 - LRB103 35517 HLH 65589 b
706+
707+
708+HB4582 Enrolled- 21 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 21 - LRB103 35517 HLH 65589 b
709+ HB4582 Enrolled - 21 - LRB103 35517 HLH 65589 b
710+1 denominations, shall bear interest payable at such times and
711+2 at such fixed or variable rate or rates, and be dated as shall
712+3 be fixed and determined by the Director of the Governor's
713+4 Office of Management and Budget in the order authorizing the
714+5 issuance and sale of any series of Income Tax Proceed Bonds,
715+6 which order shall be approved by the Governor and is herein
716+7 called a "Bond Sale Order"; provided, however, that interest
717+8 payable at fixed or variable rates shall not exceed that
718+9 permitted in the Bond Authorization Act. Income Tax Proceed
719+10 Bonds shall be payable at such place or places, within or
720+11 without the State of Illinois, and may be made registrable as
721+12 to either principal or as to both principal and interest, as
722+13 shall be specified in the Bond Sale Order. Income Tax Proceed
723+14 Bonds may be callable or subject to purchase and retirement or
724+15 tender and remarketing as fixed and determined in the Bond
725+16 Sale Order.
726+17 (i) Notwithstanding any other provision of this Section,
727+18 for purposes of maximizing market efficiencies and cost
728+19 savings, State Pension Obligation Acceleration Bonds may be
729+20 issued and sold from time to time, in one or more series, in
730+21 such amounts and at such prices as may be directed by the
731+22 Governor, upon recommendation by the Director of the
732+23 Governor's Office of Management and Budget. State Pension
733+24 Obligation Acceleration Bonds shall be in such form, either
734+25 coupon, registered, or book entry, in such denominations,
735+26 shall bear interest payable at such times and at such fixed or
736+
737+
738+
739+
740+
741+ HB4582 Enrolled - 21 - LRB103 35517 HLH 65589 b
742+
743+
744+HB4582 Enrolled- 22 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 22 - LRB103 35517 HLH 65589 b
745+ HB4582 Enrolled - 22 - LRB103 35517 HLH 65589 b
746+1 variable rate or rates, and be dated as shall be fixed and
747+2 determined by the Director of the Governor's Office of
748+3 Management and Budget in the order authorizing the issuance
749+4 and sale of any series of State Pension Obligation
750+5 Acceleration Bonds, which order shall be approved by the
751+6 Governor and is herein called a "Bond Sale Order"; provided,
752+7 however, that interest payable at fixed or variable rates
753+8 shall not exceed that permitted in the Bond Authorization Act.
754+9 State Pension Obligation Acceleration Bonds shall be payable
755+10 at such place or places, within or without the State of
756+11 Illinois, and may be made registrable as to either principal
757+12 or as to both principal and interest, as shall be specified in
758+13 the Bond Sale Order. State Pension Obligation Acceleration
759+14 Bonds may be callable or subject to purchase and retirement or
760+15 tender and remarketing as fixed and determined in the Bond
761+16 Sale Order.
762+17 (Source: P.A. 103-7, eff. 7-1-23.)
763+18 Article 15.
764+19 Section 15-5. The Build Illinois Bond Act is amended by
765+20 changing Sections 2, 4, 6, and 13 as follows:
766+21 (30 ILCS 425/2) (from Ch. 127, par. 2802)
767+22 Sec. 2. Authorization for Bonds. The State of Illinois is
768+23 authorized to issue, sell and provide for the retirement of
769+
770+
771+
772+
773+
774+ HB4582 Enrolled - 22 - LRB103 35517 HLH 65589 b
775+
776+
777+HB4582 Enrolled- 23 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 23 - LRB103 35517 HLH 65589 b
778+ HB4582 Enrolled - 23 - LRB103 35517 HLH 65589 b
779+1 limited obligation bonds, notes and other evidences of
780+2 indebtedness of the State of Illinois in the total principal
781+3 amount of $11,358,681,100 $10,019,681,100 herein called
782+4 "Bonds". Such amount of authorized Bonds shall be exclusive of
783+5 any refunding Bonds issued pursuant to Section 15 of this Act
784+6 and exclusive of any Bonds issued pursuant to this Section
785+7 which are redeemed, purchased, advance refunded, or defeased
786+8 in accordance with paragraph (f) of Section 4 of this Act.
787+9 Bonds shall be issued for the categories and specific purposes
788+10 expressed in Section 4 of this Act.
789+11 (Source: P.A. 102-1071, eff. 6-10-22; 103-7, eff. 7-1-23.)
790+12 (30 ILCS 425/4) (from Ch. 127, par. 2804)
791+13 Sec. 4. Purposes of Bonds. Bonds shall be issued for the
792+14 following purposes and in the approximate amounts as set forth
793+15 below:
794+16 (a) $4,741,094,533 $4,506,094,533 for the expenses of
795+17 issuance and sale of Bonds, including bond discounts, and for
796+18 planning, engineering, acquisition, construction,
797+19 reconstruction, development, improvement, demolition, and
798+20 extension of the public infrastructure in the State of
799+21 Illinois, including: the making of loans or grants to local
800+22 governments for waste disposal systems, water and sewer line
801+23 extensions and water distribution and purification facilities,
802+24 rail or air or water port improvements, gas and electric
803+25 utility extensions, publicly owned industrial and commercial
804+
805+
806+
807+
808+
809+ HB4582 Enrolled - 23 - LRB103 35517 HLH 65589 b
810+
811+
812+HB4582 Enrolled- 24 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 24 - LRB103 35517 HLH 65589 b
813+ HB4582 Enrolled - 24 - LRB103 35517 HLH 65589 b
814+1 sites, buildings used for public administration purposes and
815+2 other public infrastructure capital improvements; the making
816+3 of loans or grants to units of local government for financing
817+4 and construction of wastewater facilities, including grants to
818+5 serve unincorporated areas; refinancing or retiring bonds
819+6 issued between January 1, 1987 and January 1, 1990 by home rule
820+7 municipalities, debt service on which is provided from a tax
821+8 imposed by home rule municipalities prior to January 1, 1990
822+9 on the sale of food and drugs pursuant to Section 8-11-1 of the
823+10 Home Rule Municipal Retailers' Occupation Tax Act or Section
824+11 8-11-5 of the Home Rule Municipal Service Occupation Tax Act;
825+12 the making of deposits not to exceed $70,000,000 in the
826+13 aggregate into the Water Pollution Control Revolving Fund to
827+14 provide assistance in accordance with the provisions of Title
828+15 IV-A of the Environmental Protection Act; the planning,
829+16 engineering, acquisition, construction, reconstruction,
830+17 alteration, expansion, extension and improvement of highways,
831+18 bridges, structures separating highways and railroads, rest
832+19 areas, interchanges, access roads to and from any State or
833+20 local highway and other transportation improvement projects
834+21 which are related to economic development activities; the
835+22 making of loans or grants for planning, engineering,
836+23 rehabilitation, improvement or construction of rail and
837+24 transit facilities; the planning, engineering, acquisition,
838+25 construction, reconstruction and improvement of watershed,
839+26 drainage, flood control, recreation and related improvements
840+
841+
842+
843+
844+
845+ HB4582 Enrolled - 24 - LRB103 35517 HLH 65589 b
846+
847+
848+HB4582 Enrolled- 25 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 25 - LRB103 35517 HLH 65589 b
849+ HB4582 Enrolled - 25 - LRB103 35517 HLH 65589 b
850+1 and facilities, including expenses related to land and
851+2 easement acquisition, relocation, control structures, channel
852+3 work and clearing and appurtenant work; the planning,
853+4 engineering, acquisition, construction, reconstruction and
854+5 improvement of State facilities and related infrastructure;
855+6 the making of Park and Recreational Facilities Construction
856+7 (PARC) grants; the making of grants to units of local
857+8 government for community development capital projects; the
858+9 making of grants for improvement and development of zoos and
859+10 park district field houses and related structures; and the
860+11 making of grants for improvement and development of Navy Pier
861+12 and related structures.
862+13 (b) $3,554,636,967 $2,474,636,967 for fostering economic
863+14 development and increased employment and fostering the well
864+15 being of the citizens of Illinois through community
865+16 development, including: the making of grants for improvement
866+17 and development of McCormick Place and related structures; the
867+18 planning and construction of a microelectronics research
868+19 center, including the planning, engineering, construction,
869+20 improvement, renovation and acquisition of buildings,
870+21 equipment and related utility support systems; the making of
871+22 loans to businesses and investments in small businesses;
872+23 acquiring real properties for industrial or commercial site
873+24 development; acquiring, rehabilitating and reconveying
874+25 industrial and commercial properties for the purpose of
875+26 expanding employment and encouraging private and other public
876+
877+
878+
879+
880+
881+ HB4582 Enrolled - 25 - LRB103 35517 HLH 65589 b
882+
883+
884+HB4582 Enrolled- 26 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 26 - LRB103 35517 HLH 65589 b
885+ HB4582 Enrolled - 26 - LRB103 35517 HLH 65589 b
886+1 sector investment in the economy of Illinois; the payment of
887+2 expenses associated with siting the Superconducting Super
888+3 Collider Particle Accelerator in Illinois and with its
889+4 acquisition, construction, maintenance, operation, promotion
890+5 and support; the making of loans for the planning,
891+6 engineering, acquisition, construction, improvement and
892+7 conversion of facilities and equipment which will foster the
893+8 use of Illinois coal; the payment of expenses associated with
894+9 the promotion, establishment, acquisition and operation of
895+10 small business incubator facilities and agribusiness research
896+11 facilities, including the lease, purchase, renovation,
897+12 planning, engineering, construction and maintenance of
898+13 buildings, utility support systems and equipment designated
899+14 for such purposes and the establishment and maintenance of
900+15 centralized support services within such facilities; the
901+16 making of grants for transportation electrification
902+17 infrastructure projects that promote use of clean and
903+18 renewable energy; the making of capital expenditures and
904+19 grants for broadband development and for a statewide broadband
905+20 deployment grant program; the making of grants to public
906+21 entities and private persons and entities for community
907+22 development capital projects; the making of grants to public
908+23 entities and private persons and entities for capital projects
909+24 in the context of grant programs focused on assisting
910+25 economically depressed areas, expanding affordable housing,
911+26 supporting the provision of human services, supporting
912+
913+
914+
915+
916+
917+ HB4582 Enrolled - 26 - LRB103 35517 HLH 65589 b
918+
919+
920+HB4582 Enrolled- 27 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 27 - LRB103 35517 HLH 65589 b
921+ HB4582 Enrolled - 27 - LRB103 35517 HLH 65589 b
922+1 emerging technology enterprises, fostering the advancement of
923+2 quantum information science and technology, and supporting
924+3 minority owned businesses; and the making of grants or loans
925+4 to units of local government for Urban Development Action
926+5 Grant and Housing Partnership programs.
927+6 (c) $2,785,076,600 $2,761,076,600 for the development and
928+7 improvement of educational, scientific, technical and
929+8 vocational programs and facilities and the expansion of health
930+9 and human services for all citizens of Illinois, including:
931+10 the making of grants to school districts and not-for-profit
932+11 organizations for early childhood construction projects
933+12 pursuant to Section 5-300 of the School Construction Law; the
934+13 making of grants to educational institutions for educational,
935+14 scientific, technical and vocational program equipment and
936+15 facilities; the making of grants to museums for equipment and
937+16 facilities; the making of construction and improvement grants
938+17 and loans to public libraries and library systems; the making
939+18 of grants and loans for planning, engineering, acquisition and
940+19 construction of a new State central library in Springfield;
941+20 the planning, engineering, acquisition and construction of an
942+21 animal and dairy sciences facility; the planning, engineering,
943+22 acquisition and construction of a campus and all related
944+23 buildings, facilities, equipment and materials for Richland
945+24 Community College; the acquisition, rehabilitation and
946+25 installation of equipment and materials for scientific and
947+26 historical surveys; the making of grants or loans for
948+
949+
950+
951+
952+
953+ HB4582 Enrolled - 27 - LRB103 35517 HLH 65589 b
954+
955+
956+HB4582 Enrolled- 28 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 28 - LRB103 35517 HLH 65589 b
957+ HB4582 Enrolled - 28 - LRB103 35517 HLH 65589 b
958+1 distribution to eligible vocational education instructional
959+2 programs for the upgrading of vocational education programs,
960+3 school shops and laboratories, including the acquisition,
961+4 rehabilitation and installation of technical equipment and
962+5 materials; the making of grants or loans for distribution to
963+6 eligible local educational agencies for the upgrading of math
964+7 and science instructional programs, including the acquisition
965+8 of instructional equipment and materials; miscellaneous
966+9 capital improvements for universities and community colleges
967+10 including the planning, engineering, construction,
968+11 reconstruction, remodeling, improvement, repair and
969+12 installation of capital facilities and costs of planning,
970+13 supplies, equipment, materials, services, and all other
971+14 required expenses; the making of grants or loans for repair,
972+15 renovation and miscellaneous capital improvements for
973+16 privately operated colleges and universities and community
974+17 colleges, including the planning, engineering, acquisition,
975+18 construction, reconstruction, remodeling, improvement, repair
976+19 and installation of capital facilities and costs of planning,
977+20 supplies, equipment, materials, services, and all other
978+21 required expenses; and the making of grants or loans for
979+22 distribution to local governments for hospital and other
980+23 health care facilities including the planning, engineering,
981+24 acquisition, construction, reconstruction, remodeling,
982+25 improvement, repair and installation of capital facilities and
983+26 costs of planning, supplies, equipment, materials, services
984+
985+
986+
987+
988+
989+ HB4582 Enrolled - 28 - LRB103 35517 HLH 65589 b
990+
991+
992+HB4582 Enrolled- 29 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 29 - LRB103 35517 HLH 65589 b
993+ HB4582 Enrolled - 29 - LRB103 35517 HLH 65589 b
994+1 and all other required expenses.
995+2 (d) $277,873,000 for protection, preservation, restoration
996+3 and conservation of environmental and natural resources,
997+4 including: the making of grants to soil and water conservation
998+5 districts for the planning and implementation of conservation
999+6 practices and for funding contracts with the Soil Conservation
1000+7 Service for watershed planning; the making of grants to units
1001+8 of local government for the capital development and
1002+9 improvement of recreation areas, including planning and
1003+10 engineering costs, sewer projects, including planning and
1004+11 engineering costs and water projects, including planning and
1005+12 engineering costs, and for the acquisition of open space
1006+13 lands, including the acquisition of easements and other
1007+14 property interests of less than fee simple ownership; the
1008+15 making of grants to units of local government through the
1009+16 Illinois Green Infrastructure Grant Program to protect water
1010+17 quality and mitigate flooding; the acquisition and related
1011+18 costs and development and management of natural heritage
1012+19 lands, including natural areas and areas providing habitat for
1013+20 endangered species and nongame wildlife, and buffer area
1014+21 lands; the acquisition and related costs and development and
1015+22 management of habitat lands, including forest, wildlife
1016+23 habitat and wetlands; and the removal and disposition of
1017+24 hazardous substances, including the cost of project
1018+25 management, equipment, laboratory analysis, and contractual
1019+26 services necessary for preventative and corrective actions
1020+
1021+
1022+
1023+
1024+
1025+ HB4582 Enrolled - 29 - LRB103 35517 HLH 65589 b
1026+
1027+
1028+HB4582 Enrolled- 30 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 30 - LRB103 35517 HLH 65589 b
1029+ HB4582 Enrolled - 30 - LRB103 35517 HLH 65589 b
1030+1 related to the preservation, restoration and conservation of
1031+2 the environment, including deposits not to exceed $60,000,000
1032+3 in the aggregate into the Hazardous Waste Fund and the
1033+4 Brownfields Redevelopment Fund for improvements in accordance
1034+5 with the provisions of Titles V and XVII of the Environmental
1035+6 Protection Act.
1036+7 (e) The amount specified in paragraph (a) above shall
1037+8 include an amount necessary to pay reasonable expenses of each
1038+9 issuance and sale of the Bonds, as specified in the related
1039+10 Bond Sale Order (hereinafter defined).
1040+11 (f) Any unexpended proceeds from any sale of Bonds which
1041+12 are held in the Build Illinois Bond Fund may be used to redeem,
1042+13 purchase, advance refund, or defease any Bonds outstanding.
1043+14 (Source: P.A. 103-7, eff. 7-1-23.)
1044+15 (30 ILCS 425/6) (from Ch. 127, par. 2806)
1045+16 Sec. 6. Conditions for issuance and sale of Bonds -
1046+17 requirements for Bonds - master and supplemental indentures -
1047+18 credit and liquidity enhancement.
1048+19 (a) Bonds shall be issued and sold from time to time, in
1049+20 one or more series, in such amounts and at such prices as
1050+21 directed by the Governor, upon recommendation by the Director
1051+22 of the Governor's Office of Management and Budget. Bonds shall
1052+23 be payable only from the specific sources and secured in the
1053+24 manner provided in this Act. Bonds shall be in such form, in
1054+25 such denominations, mature on such dates within 25 years from
1055+
1056+
1057+
1058+
1059+
1060+ HB4582 Enrolled - 30 - LRB103 35517 HLH 65589 b
1061+
1062+
1063+HB4582 Enrolled- 31 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 31 - LRB103 35517 HLH 65589 b
1064+ HB4582 Enrolled - 31 - LRB103 35517 HLH 65589 b
1065+1 their date of issuance, be subject to optional or mandatory
1066+2 redemption, bear interest payable at such times and at such
1067+3 rate or rates, fixed or variable, and be dated as shall be
1068+4 fixed and determined by the Director of the Governor's Office
1069+5 of Management and Budget in an order authorizing the issuance
1070+6 and sale of any series of Bonds, which order shall be approved
1071+7 by the Governor and is herein called a "Bond Sale Order";
1072+8 provided, however, that interest payable at fixed rates shall
1073+9 not exceed that permitted in "An Act to authorize public
1074+10 corporations to issue bonds, other evidences of indebtedness
1075+11 and tax anticipation warrants subject to interest rate
1076+12 limitations set forth therein", approved May 26, 1970, as now
1077+13 or hereafter amended, and interest payable at variable rates
1078+14 shall not exceed the maximum rate permitted in the Bond Sale
1079+15 Order. Said Bonds shall be payable at such place or places,
1080+16 within or without the State of Illinois, and may be made
1081+17 registrable as to either principal only or as to both
1082+18 principal and interest, as shall be specified in the Bond Sale
1083+19 Order. Bonds may be callable or subject to purchase and
1084+20 retirement or remarketing as fixed and determined in the Bond
1085+21 Sale Order. Bonds (i) except for refunding Bonds satisfying
1086+22 the requirements of Section 15 of this Act must be issued with
1087+23 principal or mandatory redemption amounts in equal amounts,
1088+24 with the first maturity issued occurring within the fiscal
1089+25 year in which the Bonds are issued or within the next
1090+26 succeeding fiscal year, except that Bonds issued during fiscal
1091+
1092+
1093+
1094+
1095+
1096+ HB4582 Enrolled - 31 - LRB103 35517 HLH 65589 b
1097+
1098+
1099+HB4582 Enrolled- 32 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 32 - LRB103 35517 HLH 65589 b
1100+ HB4582 Enrolled - 32 - LRB103 35517 HLH 65589 b
1101+1 year 2025 may be issued with principal or mandatory redemption
1102+2 amounts in unequal amounts, and (ii) must mature or be subject
1103+3 to mandatory redemption each fiscal year thereafter up to 25
1104+4 years, except for refunding Bonds satisfying the requirements
1105+5 of Section 15 of this Act and sold during fiscal year 2009,
1106+6 2010, or 2011 which must mature or be subject to mandatory
1107+7 redemption each fiscal year thereafter up to 16 years.
1108+8 All Bonds authorized under this Act shall be issued
1109+9 pursuant to a master trust indenture ("Master Indenture")
1110+10 executed and delivered on behalf of the State by the Director
1111+11 of the Governor's Office of Management and Budget, such Master
1112+12 Indenture to be in substantially the form approved in the Bond
1113+13 Sale Order authorizing the issuance and sale of the initial
1114+14 series of Bonds issued under this Act. Such initial series of
1115+15 Bonds may, and each subsequent series of Bonds shall, also be
1116+16 issued pursuant to a supplemental trust indenture
1117+17 ("Supplemental Indenture") executed and delivered on behalf of
1118+18 the State by the Director of the Governor's Office of
1119+19 Management and Budget, each such Supplemental Indenture to be
1120+20 in substantially the form approved in the Bond Sale Order
1121+21 relating to such series. The Master Indenture and any
1122+22 Supplemental Indenture shall be entered into with a bank or
1123+23 trust company in the State of Illinois having trust powers and
1124+24 possessing capital and surplus of not less than $100,000,000.
1125+25 Such indentures shall set forth the terms and conditions of
1126+26 the Bonds and provide for payment of and security for the
1127+
1128+
1129+
1130+
1131+
1132+ HB4582 Enrolled - 32 - LRB103 35517 HLH 65589 b
1133+
1134+
1135+HB4582 Enrolled- 33 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 33 - LRB103 35517 HLH 65589 b
1136+ HB4582 Enrolled - 33 - LRB103 35517 HLH 65589 b
1137+1 Bonds, including the establishment and maintenance of debt
1138+2 service and reserve funds, and for other protections for
1139+3 holders of the Bonds. The term "reserve funds" as used in this
1140+4 Act shall include funds and accounts established under
1141+5 indentures to provide for the payment of principal of and
1142+6 premium and interest on Bonds, to provide for the purchase,
1143+7 retirement or defeasance of Bonds, to provide for fees of
1144+8 trustees, registrars, paying agents and other fiduciaries and
1145+9 to provide for payment of costs of and debt service payable in
1146+10 respect of credit or liquidity enhancement arrangements,
1147+11 interest rate swaps or guarantees or financial futures
1148+12 contracts and indexing and remarketing agents' services.
1149+13 In the case of any series of Bonds bearing interest at a
1150+14 variable interest rate ("Variable Rate Bonds"), in lieu of
1151+15 determining the rate or rates at which such series of Variable
1152+16 Rate Bonds shall bear interest and the price or prices at which
1153+17 such Variable Rate Bonds shall be initially sold or remarketed
1154+18 (in the event of purchase and subsequent resale), the Bond
1155+19 Sale Order may provide that such interest rates and prices may
1156+20 vary from time to time depending on criteria established in
1157+21 such Bond Sale Order, which criteria may include, without
1158+22 limitation, references to indices or variations in interest
1159+23 rates as may, in the judgment of a remarketing agent, be
1160+24 necessary to cause Bonds of such series to be remarketable
1161+25 from time to time at a price equal to their principal amount
1162+26 (or compound accreted value in the case of original issue
1163+
1164+
1165+
1166+
1167+
1168+ HB4582 Enrolled - 33 - LRB103 35517 HLH 65589 b
1169+
1170+
1171+HB4582 Enrolled- 34 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 34 - LRB103 35517 HLH 65589 b
1172+ HB4582 Enrolled - 34 - LRB103 35517 HLH 65589 b
1173+1 discount Bonds), and may provide for appointment of indexing
1174+2 agents and a bank, trust company, investment bank or other
1175+3 financial institution to serve as remarketing agent in that
1176+4 connection. The Bond Sale Order may provide that alternative
1177+5 interest rates or provisions for establishing alternative
1178+6 interest rates, different security or claim priorities or
1179+7 different call or amortization provisions will apply during
1180+8 such times as Bonds of any series are held by a person
1181+9 providing credit or liquidity enhancement arrangements for
1182+10 such Bonds as authorized in subsection (b) of Section 6 of this
1183+11 Act.
1184+12 (b) In connection with the issuance of any series of
1185+13 Bonds, the State may enter into arrangements to provide
1186+14 additional security and liquidity for such Bonds, including,
1187+15 without limitation, bond or interest rate insurance or letters
1188+16 of credit, lines of credit, bond purchase contracts or other
1189+17 arrangements whereby funds are made available to retire or
1190+18 purchase Bonds, thereby assuring the ability of owners of the
1191+19 Bonds to sell or redeem their Bonds. The State may enter into
1192+20 contracts and may agree to pay fees to persons providing such
1193+21 arrangements, but only under circumstances where the Director
1194+22 of the Bureau of the Budget (now Governor's Office of
1195+23 Management and Budget) certifies that he reasonably expects
1196+24 the total interest paid or to be paid on the Bonds, together
1197+25 with the fees for the arrangements (being treated as if
1198+26 interest), would not, taken together, cause the Bonds to bear
1199+
1200+
1201+
1202+
1203+
1204+ HB4582 Enrolled - 34 - LRB103 35517 HLH 65589 b
1205+
1206+
1207+HB4582 Enrolled- 35 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 35 - LRB103 35517 HLH 65589 b
1208+ HB4582 Enrolled - 35 - LRB103 35517 HLH 65589 b
1209+1 interest, calculated to their stated maturity, at a rate in
1210+2 excess of the rate which the Bonds would bear in the absence of
1211+3 such arrangements. Any bonds, notes or other evidences of
1212+4 indebtedness issued pursuant to any such arrangements for the
1213+5 purpose of retiring and discharging outstanding Bonds shall
1214+6 constitute refunding Bonds under Section 15 of this Act. The
1215+7 State may participate in and enter into arrangements with
1216+8 respect to interest rate swaps or guarantees or financial
1217+9 futures contracts for the purpose of limiting or restricting
1218+10 interest rate risk; provided that such arrangements shall be
1219+11 made with or executed through banks having capital and surplus
1220+12 of not less than $100,000,000 or insurance companies holding
1221+13 the highest policyholder rating accorded insurers by A.M. Best &
1222+14 Co. or any comparable rating service or government bond
1223+15 dealers reporting to, trading with, and recognized as primary
1224+16 dealers by a Federal Reserve Bank and having capital and
1225+17 surplus of not less than $100,000,000, or other persons whose
1226+18 debt securities are rated in the highest long-term categories
1227+19 by both Moody's Investors' Services, Inc. and Standard &
1228+20 Poor's Corporation. Agreements incorporating any of the
1229+21 foregoing arrangements may be executed and delivered by the
1230+22 Director of the Governor's Office of Management and Budget on
1231+23 behalf of the State in substantially the form approved in the
1232+24 Bond Sale Order relating to such Bonds.
1233+25 (c) "Build America Bonds" in this Section means Bonds
1234+26 authorized by Section 54AA of the Internal Revenue Code of
1235+
1236+
1237+
1238+
1239+
1240+ HB4582 Enrolled - 35 - LRB103 35517 HLH 65589 b
1241+
1242+
1243+HB4582 Enrolled- 36 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 36 - LRB103 35517 HLH 65589 b
1244+ HB4582 Enrolled - 36 - LRB103 35517 HLH 65589 b
1245+1 1986, as amended ("Internal Revenue Code"), and bonds issued
1246+2 from time to time to refund or continue to refund "Build
1247+3 America Bonds".
1248+4 (Source: P.A. 100-23, eff. 7-6-17; 100-587, eff. 6-4-18;
1249+5 101-30, eff. 6-28-19.)
1250+6 (30 ILCS 425/13) (from Ch. 127, par. 2813)
1251+7 Sec. 13. Computation of principal and interest; transfer
1252+8 from Build Illinois Bond Account; payment from Build Illinois
1253+9 Bond Retirement and Interest Fund. Upon each delivery of
1254+10 Bonds authorized to be issued under this Act, the trustee
1255+11 under the Master Indenture shall compute and certify to the
1256+12 Director of the Governor's Office of Management and Budget,
1257+13 the Comptroller and the Treasurer (a) the total amount of the
1258+14 principal of and the interest and the premium, if any, on the
1259+15 Bonds then being issued and on Bonds previously issued and
1260+16 outstanding that will be payable in order to retire such Bonds
1261+17 at their stated maturities or mandatory sinking fund payment
1262+18 dates and (b) the amount of principal of and interest and
1263+19 premium, if any, on such Bonds that will be payable on each
1264+20 principal, interest and mandatory sinking fund payment date
1265+21 according to the tenor of such Bonds during the then current
1266+22 and each succeeding fiscal year. Such certifications shall
1267+23 include with respect to interest payable on Variable Rate
1268+24 Bonds the maximum amount of interest which may be payable for
1269+25 the relevant period after taking into account any credits
1270+
1271+
1272+
1273+
1274+
1275+ HB4582 Enrolled - 36 - LRB103 35517 HLH 65589 b
1276+
1277+
1278+HB4582 Enrolled- 37 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 37 - LRB103 35517 HLH 65589 b
1279+ HB4582 Enrolled - 37 - LRB103 35517 HLH 65589 b
1280+1 permitted in the related indenture against the amount of such
1281+2 interest required to be appropriated for such period pursuant
1282+3 to subsection (c) of Section 11 of this Act.
1283+4 On or before June 20, 1993 and on or before each June 20
1284+5 thereafter so long as Bonds remain outstanding, the trustee
1285+6 under the Master Indenture shall deliver to the Director of
1286+7 the Governor's Office of Management and Budget (formerly
1287+8 Bureau of the Budget), the Comptroller and the Treasurer a
1288+9 certificate setting forth the "Certified Annual Debt Service
1289+10 Requirement" (hereinafter defined) for the next succeeding
1290+11 fiscal year. If Bonds are issued subsequent to the delivery of
1291+12 any such certificate, upon the issuance of such Bonds the
1292+13 trustee under the Master Indenture shall deliver a
1293+14 supplemental certificate setting forth the revisions, if any,
1294+15 in the Certified Annual Debt Service Requirement resulting
1295+16 from the issuance of such Bonds. The "Certified Annual Debt
1296+17 Service Requirement" for any fiscal year shall be an amount
1297+18 equal to (a) the aggregate amount of principal, interest and
1298+19 premium, if any, payable on outstanding Bonds during such
1299+20 fiscal year plus (b) the amount required to be deposited into
1300+21 any reserve fund securing such Bonds or for the purpose of
1301+22 retiring or defeasing such Bonds plus (c) the amount of any
1302+23 deficiencies in required transfers of amounts described in
1303+24 clauses (a) and (b) for any prior fiscal year, minus (d) the
1304+25 amount, if any, of such interest to be paid from Bond proceeds
1305+26 on deposit under any indenture; provided, however, that
1306+
1307+
1308+
1309+
1310+
1311+ HB4582 Enrolled - 37 - LRB103 35517 HLH 65589 b
1312+
1313+
1314+HB4582 Enrolled- 38 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 38 - LRB103 35517 HLH 65589 b
1315+ HB4582 Enrolled - 38 - LRB103 35517 HLH 65589 b
1316+1 interest payable on Variable Rate Bonds shall be calculated at
1317+2 the maximum rate of interest which may be payable during such
1318+3 fiscal year after taking into account any credits permitted in
1319+4 the related indenture against the amount of such interest
1320+5 required to be appropriated for such period pursuant to
1321+6 subsection (c) of Section 11 of this Act.
1322+7 In each month during fiscal years 1986 through 1993, the
1323+8 State Treasurer and Comptroller shall transfer, on the last
1324+9 day of such month, from the Build Illinois Bond Account to the
1325+10 Build Illinois Bond Retirement and Interest Fund and shall
1326+11 make payment from the Build Illinois Bond Retirement and
1327+12 Interest Fund to the trustee under the Master Indenture of an
1328+13 amount equal to 1/12 of 150% of the amount set forth below for
1329+14 each such fiscal year, plus any cumulative deficiency in such
1330+15 transfers and payments for prior months; provided that such
1331+16 transfers shall commence in October, 1985 and such amounts for
1332+17 fiscal year 1986 shall equal 1/9 of 150% of the amount set
1333+18 forth below for such fiscal year:
1334+19Fiscal YearAmount201986$15,000,000211987$25,000,000221988$40,000,000231989$54,000,000241990$85,400,000251991$133,600,000261992$164,400,000 19 Fiscal Year Amount 20 1986 $15,000,000 21 1987 $25,000,000 22 1988 $40,000,000 23 1989 $54,000,000 24 1990 $85,400,000 25 1991 $133,600,000 26 1992 $164,400,000
1335+19 Fiscal Year Amount
1336+20 1986 $15,000,000
1337+21 1987 $25,000,000
1338+22 1988 $40,000,000
1339+23 1989 $54,000,000
1340+24 1990 $85,400,000
1341+25 1991 $133,600,000
1342+26 1992 $164,400,000
1343+
1344+
1345+
1346+
1347+
1348+ HB4582 Enrolled - 38 - LRB103 35517 HLH 65589 b
1349+
1350+
1351+19 Fiscal Year Amount
1352+20 1986 $15,000,000
1353+21 1987 $25,000,000
1354+22 1988 $40,000,000
1355+23 1989 $54,000,000
1356+24 1990 $85,400,000
1357+25 1991 $133,600,000
1358+26 1992 $164,400,000
1359+
1360+
1361+HB4582 Enrolled- 39 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 39 - LRB103 35517 HLH 65589 b
1362+ HB4582 Enrolled - 39 - LRB103 35517 HLH 65589 b
1363+11993$188,900,000 1 1993 $188,900,000
1364+1 1993 $188,900,000
1365+2 provided that payments of such amounts from the Build Illinois
1366+3 Bond Retirement and Interest Fund to the trustee under the
1367+4 Master Indenture shall commence on the last day of the month in
1368+5 which Bonds are initially issued under this Act; and, further
1369+6 provided, that the first such payment to said trustee shall
1370+7 equal the entire amount then on deposit in the Build Illinois
1371+8 Bond Retirement and Interest Fund; and, further provided, that
1372+9 the aggregate amount of transfers and payments for any such
1373+10 fiscal year shall not exceed the amount set forth above for
1374+11 such fiscal year.
1375+12 In each month in which Bonds are outstanding during fiscal
1376+13 year 1994 and each fiscal year thereafter, the State Treasurer
1377+14 and Comptroller shall transfer, on the last day of such month,
1378+15 (i) with respect to Bonds constituting bonds issued pursuant
1379+16 to the bond authorization under this Act enacted pursuant to
1380+17 Public Act 96-36 and this amendatory Act of the 103rd General
1381+18 Assembly this amendatory Act of the 96th General Assembly (and
1382+19 any refunding Bonds issued to refund such Bonds), first from
1383+20 the Capital Projects Fund and second, if needed, from the
1384+21 Build Illinois Bond Account and (ii) with respect to all other
1385+22 Bonds not described in clause (i), from the Build Illinois
1386+23 Bond Account, in each case, to the Build Illinois Bond
1387+24 Retirement and Interest Fund and shall make payment from the
1388+25 Build Illinois Bond Retirement and Interest Fund to the
1389+26 trustee under the Master Indenture of an amount equal to the
1390+
1391+
1392+
1393+
1394+
1395+ HB4582 Enrolled - 39 - LRB103 35517 HLH 65589 b
1396+
1397+1 1993 $188,900,000
1398+
1399+
1400+HB4582 Enrolled- 40 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 40 - LRB103 35517 HLH 65589 b
1401+ HB4582 Enrolled - 40 - LRB103 35517 HLH 65589 b
1402+1 greater of (a) 1/12th of 150% of the Certified Annual Debt
1403+2 Service Requirement or (b) the Tax Act Amount (as defined in
1404+3 Section 3 of the "Retailers' Occupation Tax Act", as amended)
1405+4 deposited in the Build Illinois Bond Account during such
1406+5 month, plus any cumulative deficiency in such transfers and
1407+6 payments for prior months; provided that such transfers and
1408+7 payments for any such fiscal year shall not exceed the greater
1409+8 of (a) the Certified Annual Debt Service Requirement or (b)
1410+9 the Tax Act Amount.
1411+10 (Source: P.A. 96-36, eff. 7-13-09.)
1412+11 Article 20.
1413+12 Section 20-5. The Illinois Housing Development Act is
1414+13 amended by changing Section 22 as follows:
1415+14 (20 ILCS 3805/22) (from Ch. 67 1/2, par. 322)
1416+15 Sec. 22. (a) The Authority shall not have outstanding at
1417+16 any one time bonds and notes for any of its corporate purposes
1418+17 in an aggregate principal amount exceeding $11,500,000,000
1419+18 $7,200,000,000, excluding bonds and notes issued to refund
1420+19 outstanding bonds and notes.
1421+20 (b) Of the authorized aggregate principal amount of
1422+21 $11,500,000,000 $7,200,000,000 provided for by this Section,
1423+22 the amount of $150,000,000 shall be used for the purposes
1424+23 specified in Sections 7.23 and 7.24 of this Act.
1425+
1426+
1427+
1428+
1429+
1430+ HB4582 Enrolled - 40 - LRB103 35517 HLH 65589 b
1431+
1432+
1433+HB4582 Enrolled- 41 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 41 - LRB103 35517 HLH 65589 b
1434+ HB4582 Enrolled - 41 - LRB103 35517 HLH 65589 b
1435+1 (c) Of the $1,000,000,000 authorized by this amendatory
1436+2 Act of 1985, an amount not less than $100,000,000 shall be
1437+3 reserved for financing developments which involve the
1438+4 rehabilitation of dwelling accommodations, subject to the
1439+5 occupancy reservation of low or moderate income persons or
1440+6 families as provided in this Act.
1441+7 (Source: P.A. 102-175, eff. 7-29-21.)
1442+8 Article 25.
1443+9 Section 25-5. The Local Government Debt Reform Act is
1444+10 amended by changing Sections 10, 16, and 17 as follows:
1445+11 (30 ILCS 350/10) (from Ch. 17, par. 6910)
1446+12 Sec. 10. General provisions. Bonds authorized by
1447+13 applicable law may be issued in one or more series, bear such
1448+14 date or dates, become due at such time or times within 40
1449+15 years, except as expressly limited by applicable law, provided
1450+16 that notwithstanding any such express limitation bonds issued
1451+17 by any school district, Lockport High School, Township High
1452+18 School District 113, South Suburban Community College District
1453+19 No. 510, Elgin Community College District No. 509, or
1454+20 Kishwaukee Community College District No. 523 for the purpose
1455+21 of purchasing, constructing, or improving real or personal
1456+22 property, including bonds issued pursuant to Sections 17-2.11
1457+23 of the School Code, bonds issued to increase the working cash
1458+
1459+
1460+
1461+
1462+
1463+ HB4582 Enrolled - 41 - LRB103 35517 HLH 65589 b
1464+
1465+
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1467+ HB4582 Enrolled - 42 - LRB103 35517 HLH 65589 b
1468+1 fund of the district, and bonds issued to pay or paying claims
1469+2 against the any such district incurred for the purpose of
1470+3 purchasing, constructing, or improving real or personal
1471+4 property, and any bonds issued to refund or continue to refund
1472+5 those bonds, may become due within 30 25 years, bear interest
1473+6 payable at such intervals and at such rate or rates as
1474+7 authorized under applicable law, which rates may be fixed or
1475+8 variable, be in such denominations, be in such form, either
1476+9 coupon, registered or book-entry, carry such conversion,
1477+10 registration, and exchange privileges, be subject to
1478+11 defeasance upon such terms, have such rank or priority, be
1479+12 executed in such manner, be payable in such medium of payment
1480+13 at such place or places within or without the State of
1481+14 Illinois, make provision for a corporate trustee within or
1482+15 without the State with respect to such bonds, prescribe the
1483+16 rights, powers and duties thereof to be exercised for the
1484+17 benefit of the governmental unit and the protection of the
1485+18 bondholders, provide for the holding in trust, investment and
1486+19 use of moneys, funds and accounts held under an ordinance,
1487+20 provide for assignment of and direct payment of the moneys to
1488+21 pay such bonds or to be deposited into such funds or accounts
1489+22 directly to such trustee, be subject to such terms of
1490+23 redemption with or without premium, and be sold in such manner
1491+24 at private or public sale and at such price, all as the
1492+25 governing body shall determine. Whenever such bonds are sold
1493+26 at price less than par, they shall be sold at such price and
1494+
1495+
1496+
1497+
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1500+
1501+
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1503+ HB4582 Enrolled - 43 - LRB103 35517 HLH 65589 b
1504+1 bear interest at such rate or rates such that either the true
1505+2 interest cost (yield) or the net interest rate, as may be
1506+3 selected by the governing body, received upon the sale of such
1507+4 bonds does not exceed the maximum rate otherwise authorized by
1508+5 applicable law. Except for an ordinance required to be
1509+6 published by applicable law in connection with a backdoor
1510+7 referendum, any bond ordinance adopted by a governing body
1511+8 under applicable law shall, in all instances, become effective
1512+9 immediately without publication or posting or any further act
1513+10 or requirement.
1514+11 (Source: P.A. 97-615, eff. 8-26-11; 98-36, eff. 6-28-13.)
1515+12 (30 ILCS 350/16) (from Ch. 17, par. 6916)
1516+13 Sec. 16. Levy for bonds.
1517+14 (a) A governmental unit may levy a tax for the payment of
1518+15 principal of and interest on general obligation bonds or
1519+16 limited bonds at any time prior to March 1 of the calendar year
1520+17 during which the tax will be collected. The county clerk shall
1521+18 accept the filing of the ordinance levying such tax
1522+19 notwithstanding that such time is subsequent to the end of the
1523+20 calendar year next preceding the calendar year during which
1524+21 such tax will be collected.
1525+22 (b) The county clerk shall accept the electronic filing of
1526+23 any ordinance under subsection (a) and any certificate abating
1527+24 taxes levied by an ordinance under subsection (a). If a
1528+25 governmental unit electronically files an ordinance under
1529+
1530+
1531+
1532+
1533+
1534+ HB4582 Enrolled - 43 - LRB103 35517 HLH 65589 b
1535+
1536+
1537+HB4582 Enrolled- 44 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 44 - LRB103 35517 HLH 65589 b
1538+ HB4582 Enrolled - 44 - LRB103 35517 HLH 65589 b
1539+1 subsection (a) or a certificate abating taxes levied by an
1540+2 ordinance under subsection (a) electronically, then the
1541+3 governmental unit shall maintain an original signed copy of
1542+4 the ordinance as long as the general obligation bonds or
1543+5 limited bonds remain outstanding.
1544+6 (c) In extending taxes for general obligation bonds, the
1545+7 county clerk shall add to the levy for debt service on such
1546+8 bonds an amount sufficient, in view of all losses and
1547+9 delinquencies in tax collection, to produce tax receipts
1548+10 adequate for the prompt payment of such debt service.
1549+11 (Source: P.A. 103-137, eff. 6-30-23.)
1550+12 (30 ILCS 350/17) (from Ch. 17, par. 6917)
1551+13 Sec. 17. Leases and installment contracts.
1552+14 (a) Interest not debt; debt on leases and installment
1553+15 contracts. Interest on bonds shall not be included in any
1554+16 computation of indebtedness of a governmental unit for the
1555+17 purpose of any statutory provision or limitation. For bonds
1556+18 consisting of leases and installment or financing contracts,
1557+19 (1) that portion of payments made by a governmental unit under
1558+20 the terms of a bond designated as interest in the bond or the
1559+21 ordinance authorizing such bond shall be treated as interest
1560+22 for purposes of this Section (2) where portions of payments
1561+23 due under the terms of a bond have not been designated as
1562+24 interest in the bond or the ordinance authorizing such bond,
1563+25 and all or a portion of such payments is to be used for the
1564+
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1567+
1568+
1569+ HB4582 Enrolled - 44 - LRB103 35517 HLH 65589 b
1570+
1571+
1572+HB4582 Enrolled- 45 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 45 - LRB103 35517 HLH 65589 b
1573+ HB4582 Enrolled - 45 - LRB103 35517 HLH 65589 b
1574+1 payment of principal of and interest on other bonds of the
1575+2 governmental unit or bonds issued by another unit of local
1576+3 government, such as a public building commission, the payments
1577+4 equal to interest due on such corresponding bonds shall be
1578+5 treated as interest for purposes of this Section and (3) where
1579+6 portions of payments due under the terms of a bond have not
1580+7 been designated as interest in the bond or ordinance
1581+8 authorizing such bond and no portion of any such payment is to
1582+9 be used for the payment of principal of and interest on other
1583+10 bonds of the governmental unit or another unit of local
1584+11 government, a portion of each payment due under the terms of
1585+12 such bond shall be treated as interest for purposes of this
1586+13 Section; such portion shall be equal in amount to the interest
1587+14 that would have been paid on a notional obligation of the
1588+15 governmental unit (bearing interest at the highest rate
1589+16 permitted by law for bonds of the governmental unit at the time
1590+17 the bond was issued or, if no such limit existed, 12%) on which
1591+18 the payments of principal and interest were due at the same
1592+19 times and in the same amounts as payments are due under the
1593+20 terms of the bonds. The rule set forth in this Section shall be
1594+21 applicable to all interest no matter when earned or accrued or
1595+22 at what interval paid, and whether or not a bond bears interest
1596+23 which compounds at certain intervals. For purposes of bonds
1597+24 sold at amounts less than 95% of their stated value at
1598+25 maturity, interest for purposes of this Section includes the
1599+26 difference between the amount set forth on the face of the bond
1600+
1601+
1602+
1603+
1604+
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1606+
1607+
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1609+ HB4582 Enrolled - 46 - LRB103 35517 HLH 65589 b
1610+1 as the original principal amount and the bond's stated value
1611+2 at maturity.
1612+3 This subsection may be made applicable to bonds issued
1613+4 prior to the effective date of this Act by passage of an
1614+5 ordinance to such effect by the governing body of a
1615+6 governmental unit.
1616+7 (b) Purchase or lease of property. The governing body of
1617+8 each governmental unit may purchase or lease either real or
1618+9 personal property, including investments, investment
1619+10 agreements, or investment services, through agreements that
1620+11 provide that the consideration for the purchase or lease may
1621+12 be paid through installments made at stated intervals for a
1622+13 period of no more than 20 years or another period of time
1623+14 authorized by law, whichever is greater; provided, however,
1624+15 that investments, investment agreements, or investment
1625+16 services purchased in connection with a bond issue may be paid
1626+17 through installments made at stated intervals for a period of
1627+18 time not in excess of the maximum term of such bond issue. Each
1628+19 governmental unit may issue certificates evidencing the
1629+20 indebtedness incurred under the lease or agreement. The
1630+21 governing body may provide for the treasurer, comptroller,
1631+22 finance officer, or other officer of the governing body
1632+23 charged with financial administration to act as counter-party
1633+24 to any such lease or agreement, as nominee lessor or seller.
1634+25 When the lease or agreement is executed by the officer of the
1635+26 governmental unit authorized by the governing body to bind the
1636+
1637+
1638+
1639+
1640+
1641+ HB4582 Enrolled - 46 - LRB103 35517 HLH 65589 b
1642+
1643+
1644+HB4582 Enrolled- 47 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 47 - LRB103 35517 HLH 65589 b
1645+ HB4582 Enrolled - 47 - LRB103 35517 HLH 65589 b
1646+1 governmental unit thereon by the execution thereof and is
1647+2 filed with and executed by the nominee lessor or seller, the
1648+3 lease or agreement shall be sufficiently executed so as to
1649+4 permit the governmental unit to issue certificates evidencing
1650+5 the indebtedness incurred under the lease or agreement. The
1651+6 certificates shall be valid whether or not an appropriation
1652+7 with respect thereto is included in any annual or supplemental
1653+8 budget adopted by the governmental unit. From time to time, as
1654+9 the governing body executes contracts for the purpose of
1655+10 acquiring and constructing the services or real or personal
1656+11 property that is a part of the subject of the lease or
1657+12 agreement, including financial, legal, architectural, and
1658+13 engineering services related to the lease or agreement, the
1659+14 governing body shall order the contracts shall be filed with
1660+15 the its nominee officer, and that officer shall identify the
1661+16 contracts to the lease or agreement; that identification shall
1662+17 permit the payment of the contract from the proceeds of the
1663+18 certificates; and the nominee officer shall duly apply or
1664+19 cause to be applied proceeds of the certificates to the
1665+20 payment of the contracts. The governing body of each
1666+21 governmental unit may sell, lease, convey, and reacquire
1667+22 either real or personal property, or any interest in real or
1668+23 personal property, upon any terms and conditions and in any
1669+24 manner, as the governing body shall determine, if the
1670+25 governmental unit will lease, acquire by purchase agreement,
1671+26 or otherwise reacquire the property, as authorized by this
1672+
1673+
1674+
1675+
1676+
1677+ HB4582 Enrolled - 47 - LRB103 35517 HLH 65589 b
1678+
1679+
1680+HB4582 Enrolled- 48 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 48 - LRB103 35517 HLH 65589 b
1681+ HB4582 Enrolled - 48 - LRB103 35517 HLH 65589 b
1682+1 subsection or any other applicable law.
1683+2 All indebtedness incurred under this subsection, when
1684+3 aggregated with the existing indebtedness of the governmental
1685+4 unit, may not exceed the debt limits provided by applicable
1686+5 law.
1687+6 (Source: P.A. 91-493, eff. 8-13-99; 91-868, eff. 6-22-00;
1688+7 92-879, eff. 1-13-03.)
1689+8 Section 25-10. The Property Tax Code is amended by
1690+9 changing Section 18-185 as follows:
1691+10 (35 ILCS 200/18-185)
1692+11 Sec. 18-185. Short title; definitions. This Division 5
1693+12 may be cited as the Property Tax Extension Limitation Law. As
1694+13 used in this Division 5:
1695+14 "Consumer Price Index" means the Consumer Price Index for
1696+15 All Urban Consumers for all items published by the United
1697+16 States Department of Labor.
1698+17 "Extension limitation" means (a) the lesser of 5% or the
1699+18 percentage increase in the Consumer Price Index during the
1700+19 12-month calendar year preceding the levy year or (b) the rate
1701+20 of increase approved by voters under Section 18-205.
1702+21 "Affected county" means a county of 3,000,000 or more
1703+22 inhabitants or a county contiguous to a county of 3,000,000 or
1704+23 more inhabitants.
1705+24 "Taxing district" has the same meaning provided in Section
1706+
1707+
1708+
1709+
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1711+ HB4582 Enrolled - 48 - LRB103 35517 HLH 65589 b
1712+
1713+
1714+HB4582 Enrolled- 49 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 49 - LRB103 35517 HLH 65589 b
1715+ HB4582 Enrolled - 49 - LRB103 35517 HLH 65589 b
1716+1 1-150, except as otherwise provided in this Section. For the
1717+2 1991 through 1994 levy years only, "taxing district" includes
1718+3 only each non-home rule taxing district having the majority of
1719+4 its 1990 equalized assessed value within any county or
1720+5 counties contiguous to a county with 3,000,000 or more
1721+6 inhabitants. Beginning with the 1995 levy year, "taxing
1722+7 district" includes only each non-home rule taxing district
1723+8 subject to this Law before the 1995 levy year and each non-home
1724+9 rule taxing district not subject to this Law before the 1995
1725+10 levy year having the majority of its 1994 equalized assessed
1726+11 value in an affected county or counties. Beginning with the
1727+12 levy year in which this Law becomes applicable to a taxing
1728+13 district as provided in Section 18-213, "taxing district" also
1729+14 includes those taxing districts made subject to this Law as
1730+15 provided in Section 18-213.
1731+16 "Aggregate extension" for taxing districts to which this
1732+17 Law applied before the 1995 levy year means the annual
1733+18 corporate extension for the taxing district and those special
1734+19 purpose extensions that are made annually for the taxing
1735+20 district, excluding special purpose extensions: (a) made for
1736+21 the taxing district to pay interest or principal on general
1737+22 obligation bonds that were approved by referendum; (b) made
1738+23 for any taxing district to pay interest or principal on
1739+24 general obligation bonds issued before October 1, 1991; (c)
1740+25 made for any taxing district to pay interest or principal on
1741+26 bonds issued to refund or continue to refund those bonds
1742+
1743+
1744+
1745+
1746+
1747+ HB4582 Enrolled - 49 - LRB103 35517 HLH 65589 b
1748+
1749+
1750+HB4582 Enrolled- 50 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 50 - LRB103 35517 HLH 65589 b
1751+ HB4582 Enrolled - 50 - LRB103 35517 HLH 65589 b
1752+1 issued before October 1, 1991; (d) made for any taxing
1753+2 district to pay interest or principal on bonds issued to
1754+3 refund or continue to refund bonds issued after October 1,
1755+4 1991 that were approved by referendum; (e) made for any taxing
1756+5 district to pay interest or principal on revenue bonds issued
1757+6 before October 1, 1991 for payment of which a property tax levy
1758+7 or the full faith and credit of the unit of local government is
1759+8 pledged; however, a tax for the payment of interest or
1760+9 principal on those bonds shall be made only after the
1761+10 governing body of the unit of local government finds that all
1762+11 other sources for payment are insufficient to make those
1763+12 payments; (f) made for payments under a building commission
1764+13 lease when the lease payments are for the retirement of bonds
1765+14 issued by the commission before October 1, 1991, to pay for the
1766+15 building project; (g) made for payments due under installment
1767+16 contracts entered into before October 1, 1991; (h) made for
1768+17 payments of principal and interest on bonds issued under the
1769+18 Metropolitan Water Reclamation District Act to finance
1770+19 construction projects initiated before October 1, 1991; (i)
1771+20 made for payments of principal and interest on limited bonds,
1772+21 as defined in Section 3 of the Local Government Debt Reform
1773+22 Act, in an amount not to exceed the debt service extension base
1774+23 less the amount in items (b), (c), (e), and (h) of this
1775+24 definition for non-referendum obligations, except obligations
1776+25 initially issued pursuant to referendum; (j) made for payments
1777+26 of principal and interest on bonds issued under Section 15 of
1778+
1779+
1780+
1781+
1782+
1783+ HB4582 Enrolled - 50 - LRB103 35517 HLH 65589 b
1784+
1785+
1786+HB4582 Enrolled- 51 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 51 - LRB103 35517 HLH 65589 b
1787+ HB4582 Enrolled - 51 - LRB103 35517 HLH 65589 b
1788+1 the Local Government Debt Reform Act; (k) made by a school
1789+2 district that participates in the Special Education District
1790+3 of Lake County, created by special education joint agreement
1791+4 under Section 10-22.31 of the School Code, for payment of the
1792+5 school district's share of the amounts required to be
1793+6 contributed by the Special Education District of Lake County
1794+7 to the Illinois Municipal Retirement Fund under Article 7 of
1795+8 the Illinois Pension Code; the amount of any extension under
1796+9 this item (k) shall be certified by the school district to the
1797+10 county clerk; (l) made to fund expenses of providing joint
1798+11 recreational programs for persons with disabilities under
1799+12 Section 5-8 of the Park District Code or Section 11-95-14 of
1800+13 the Illinois Municipal Code; (m) made for temporary relocation
1801+14 loan repayment purposes pursuant to Sections 2-3.77 and
1802+15 17-2.2d of the School Code; (n) made for payment of principal
1803+16 and interest on any bonds issued under the authority of
1804+17 Section 17-2.2d of the School Code; (o) made for contributions
1805+18 to a firefighter's pension fund created under Article 4 of the
1806+19 Illinois Pension Code, to the extent of the amount certified
1807+20 under item (5) of Section 4-134 of the Illinois Pension Code;
1808+21 and (p) made for road purposes in the first year after a
1809+22 township assumes the rights, powers, duties, assets, property,
1810+23 liabilities, obligations, and responsibilities of a road
1811+24 district abolished under the provisions of Section 6-133 of
1812+25 the Illinois Highway Code; and (q) made for the payment of
1813+26 principal and interest on any bonds issued under the authority
1814+
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1817+
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1819+ HB4582 Enrolled - 51 - LRB103 35517 HLH 65589 b
1820+
1821+
1822+HB4582 Enrolled- 52 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 52 - LRB103 35517 HLH 65589 b
1823+ HB4582 Enrolled - 52 - LRB103 35517 HLH 65589 b
1824+1 of Section 17-2.11 of the School Code or to refund or continue
1825+2 to refund those bonds.
1826+3 "Aggregate extension" for the taxing districts to which
1827+4 this Law did not apply before the 1995 levy year (except taxing
1828+5 districts subject to this Law in accordance with Section
1829+6 18-213) means the annual corporate extension for the taxing
1830+7 district and those special purpose extensions that are made
1831+8 annually for the taxing district, excluding special purpose
1832+9 extensions: (a) made for the taxing district to pay interest
1833+10 or principal on general obligation bonds that were approved by
1834+11 referendum; (b) made for any taxing district to pay interest
1835+12 or principal on general obligation bonds issued before March
1836+13 1, 1995; (c) made for any taxing district to pay interest or
1837+14 principal on bonds issued to refund or continue to refund
1838+15 those bonds issued before March 1, 1995; (d) made for any
1839+16 taxing district to pay interest or principal on bonds issued
1840+17 to refund or continue to refund bonds issued after March 1,
1841+18 1995 that were approved by referendum; (e) made for any taxing
1842+19 district to pay interest or principal on revenue bonds issued
1843+20 before March 1, 1995 for payment of which a property tax levy
1844+21 or the full faith and credit of the unit of local government is
1845+22 pledged; however, a tax for the payment of interest or
1846+23 principal on those bonds shall be made only after the
1847+24 governing body of the unit of local government finds that all
1848+25 other sources for payment are insufficient to make those
1849+26 payments; (f) made for payments under a building commission
1850+
1851+
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1853+
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1855+ HB4582 Enrolled - 52 - LRB103 35517 HLH 65589 b
1856+
1857+
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1859+ HB4582 Enrolled - 53 - LRB103 35517 HLH 65589 b
1860+1 lease when the lease payments are for the retirement of bonds
1861+2 issued by the commission before March 1, 1995 to pay for the
1862+3 building project; (g) made for payments due under installment
1863+4 contracts entered into before March 1, 1995; (h) made for
1864+5 payments of principal and interest on bonds issued under the
1865+6 Metropolitan Water Reclamation District Act to finance
1866+7 construction projects initiated before October 1, 1991; (h-4)
1867+8 made for stormwater management purposes by the Metropolitan
1868+9 Water Reclamation District of Greater Chicago under Section 12
1869+10 of the Metropolitan Water Reclamation District Act; (h-8) made
1870+11 for payments of principal and interest on bonds issued under
1871+12 Section 9.6a of the Metropolitan Water Reclamation District
1872+13 Act to make contributions to the pension fund established
1873+14 under Article 13 of the Illinois Pension Code; (i) made for
1874+15 payments of principal and interest on limited bonds, as
1875+16 defined in Section 3 of the Local Government Debt Reform Act,
1876+17 in an amount not to exceed the debt service extension base less
1877+18 the amount in items (b), (c), and (e) of this definition for
1878+19 non-referendum obligations, except obligations initially
1879+20 issued pursuant to referendum and bonds described in
1880+21 subsections (h) and (h-8) of this definition; (j) made for
1881+22 payments of principal and interest on bonds issued under
1882+23 Section 15 of the Local Government Debt Reform Act; (k) made
1883+24 for payments of principal and interest on bonds authorized by
1884+25 Public Act 88-503 and issued under Section 20a of the Chicago
1885+26 Park District Act for aquarium or museum projects and bonds
1886+
1887+
1888+
1889+
1890+
1891+ HB4582 Enrolled - 53 - LRB103 35517 HLH 65589 b
1892+
1893+
1894+HB4582 Enrolled- 54 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 54 - LRB103 35517 HLH 65589 b
1895+ HB4582 Enrolled - 54 - LRB103 35517 HLH 65589 b
1896+1 issued under Section 20a of the Chicago Park District Act for
1897+2 the purpose of making contributions to the pension fund
1898+3 established under Article 12 of the Illinois Pension Code; (l)
1899+4 made for payments of principal and interest on bonds
1900+5 authorized by Public Act 87-1191 or 93-601 and (i) issued
1901+6 pursuant to Section 21.2 of the Cook County Forest Preserve
1902+7 District Act, (ii) issued under Section 42 of the Cook County
1903+8 Forest Preserve District Act for zoological park projects, or
1904+9 (iii) issued under Section 44.1 of the Cook County Forest
1905+10 Preserve District Act for botanical gardens projects; (m) made
1906+11 pursuant to Section 34-53.5 of the School Code, whether levied
1907+12 annually or not; (n) made to fund expenses of providing joint
1908+13 recreational programs for persons with disabilities under
1909+14 Section 5-8 of the Park District Code or Section 11-95-14 of
1910+15 the Illinois Municipal Code; (o) made by the Chicago Park
1911+16 District for recreational programs for persons with
1912+17 disabilities under subsection (c) of Section 7.06 of the
1913+18 Chicago Park District Act; (p) made for contributions to a
1914+19 firefighter's pension fund created under Article 4 of the
1915+20 Illinois Pension Code, to the extent of the amount certified
1916+21 under item (5) of Section 4-134 of the Illinois Pension Code;
1917+22 (q) made by Ford Heights School District 169 under Section
1918+23 17-9.02 of the School Code; and (r) made for the purpose of
1919+24 making employer contributions to the Public School Teachers'
1920+25 Pension and Retirement Fund of Chicago under Section 34-53 of
1921+26 the School Code; and (s) made for the payment of principal and
1922+
1923+
1924+
1925+
1926+
1927+ HB4582 Enrolled - 54 - LRB103 35517 HLH 65589 b
1928+
1929+
1930+HB4582 Enrolled- 55 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 55 - LRB103 35517 HLH 65589 b
1931+ HB4582 Enrolled - 55 - LRB103 35517 HLH 65589 b
1932+1 interest on any bonds issued under the authority of Section
1933+2 17-2.11 of the School Code or to refund or continue to refund
1934+3 those bonds.
1935+4 "Aggregate extension" for all taxing districts to which
1936+5 this Law applies in accordance with Section 18-213, except for
1937+6 those taxing districts subject to paragraph (2) of subsection
1938+7 (e) of Section 18-213, means the annual corporate extension
1939+8 for the taxing district and those special purpose extensions
1940+9 that are made annually for the taxing district, excluding
1941+10 special purpose extensions: (a) made for the taxing district
1942+11 to pay interest or principal on general obligation bonds that
1943+12 were approved by referendum; (b) made for any taxing district
1944+13 to pay interest or principal on general obligation bonds
1945+14 issued before the date on which the referendum making this Law
1946+15 applicable to the taxing district is held; (c) made for any
1947+16 taxing district to pay interest or principal on bonds issued
1948+17 to refund or continue to refund those bonds issued before the
1949+18 date on which the referendum making this Law applicable to the
1950+19 taxing district is held; (d) made for any taxing district to
1951+20 pay interest or principal on bonds issued to refund or
1952+21 continue to refund bonds issued after the date on which the
1953+22 referendum making this Law applicable to the taxing district
1954+23 is held if the bonds were approved by referendum after the date
1955+24 on which the referendum making this Law applicable to the
1956+25 taxing district is held; (e) made for any taxing district to
1957+26 pay interest or principal on revenue bonds issued before the
1958+
1959+
1960+
1961+
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1963+ HB4582 Enrolled - 55 - LRB103 35517 HLH 65589 b
1964+
1965+
1966+HB4582 Enrolled- 56 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 56 - LRB103 35517 HLH 65589 b
1967+ HB4582 Enrolled - 56 - LRB103 35517 HLH 65589 b
1968+1 date on which the referendum making this Law applicable to the
1969+2 taxing district is held for payment of which a property tax
1970+3 levy or the full faith and credit of the unit of local
1971+4 government is pledged; however, a tax for the payment of
1972+5 interest or principal on those bonds shall be made only after
1973+6 the governing body of the unit of local government finds that
1974+7 all other sources for payment are insufficient to make those
1975+8 payments; (f) made for payments under a building commission
1976+9 lease when the lease payments are for the retirement of bonds
1977+10 issued by the commission before the date on which the
1978+11 referendum making this Law applicable to the taxing district
1979+12 is held to pay for the building project; (g) made for payments
1980+13 due under installment contracts entered into before the date
1981+14 on which the referendum making this Law applicable to the
1982+15 taxing district is held; (h) made for payments of principal
1983+16 and interest on limited bonds, as defined in Section 3 of the
1984+17 Local Government Debt Reform Act, in an amount not to exceed
1985+18 the debt service extension base less the amount in items (b),
1986+19 (c), and (e) of this definition for non-referendum
1987+20 obligations, except obligations initially issued pursuant to
1988+21 referendum; (i) made for payments of principal and interest on
1989+22 bonds issued under Section 15 of the Local Government Debt
1990+23 Reform Act; (j) made for a qualified airport authority to pay
1991+24 interest or principal on general obligation bonds issued for
1992+25 the purpose of paying obligations due under, or financing
1993+26 airport facilities required to be acquired, constructed,
1994+
1995+
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1999+ HB4582 Enrolled - 56 - LRB103 35517 HLH 65589 b
2000+
2001+
2002+HB4582 Enrolled- 57 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 57 - LRB103 35517 HLH 65589 b
2003+ HB4582 Enrolled - 57 - LRB103 35517 HLH 65589 b
2004+1 installed or equipped pursuant to, contracts entered into
2005+2 before March 1, 1996 (but not including any amendments to such
2006+3 a contract taking effect on or after that date); (k) made to
2007+4 fund expenses of providing joint recreational programs for
2008+5 persons with disabilities under Section 5-8 of the Park
2009+6 District Code or Section 11-95-14 of the Illinois Municipal
2010+7 Code; (l) made for contributions to a firefighter's pension
2011+8 fund created under Article 4 of the Illinois Pension Code, to
2012+9 the extent of the amount certified under item (5) of Section
2013+10 4-134 of the Illinois Pension Code; and (m) made for the taxing
2014+11 district to pay interest or principal on general obligation
2015+12 bonds issued pursuant to Section 19-3.10 of the School Code;
2016+13 and (n) made for the payment of principal and interest on any
2017+14 bonds issued under the authority of Section 17-2.11 of the
2018+15 School Code or to refund or continue to refund those bonds.
2019+16 "Aggregate extension" for all taxing districts to which
2020+17 this Law applies in accordance with paragraph (2) of
2021+18 subsection (e) of Section 18-213 means the annual corporate
2022+19 extension for the taxing district and those special purpose
2023+20 extensions that are made annually for the taxing district,
2024+21 excluding special purpose extensions: (a) made for the taxing
2025+22 district to pay interest or principal on general obligation
2026+23 bonds that were approved by referendum; (b) made for any
2027+24 taxing district to pay interest or principal on general
2028+25 obligation bonds issued before March 7, 1997 (the effective
2029+26 date of Public Act 89-718); (c) made for any taxing district to
2030+
2031+
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2033+
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2035+ HB4582 Enrolled - 57 - LRB103 35517 HLH 65589 b
2036+
2037+
2038+HB4582 Enrolled- 58 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 58 - LRB103 35517 HLH 65589 b
2039+ HB4582 Enrolled - 58 - LRB103 35517 HLH 65589 b
2040+1 pay interest or principal on bonds issued to refund or
2041+2 continue to refund those bonds issued before March 7, 1997
2042+3 (the effective date of Public Act 89-718); (d) made for any
2043+4 taxing district to pay interest or principal on bonds issued
2044+5 to refund or continue to refund bonds issued after March 7,
2045+6 1997 (the effective date of Public Act 89-718) if the bonds
2046+7 were approved by referendum after March 7, 1997 (the effective
2047+8 date of Public Act 89-718); (e) made for any taxing district to
2048+9 pay interest or principal on revenue bonds issued before March
2049+10 7, 1997 (the effective date of Public Act 89-718) for payment
2050+11 of which a property tax levy or the full faith and credit of
2051+12 the unit of local government is pledged; however, a tax for the
2052+13 payment of interest or principal on those bonds shall be made
2053+14 only after the governing body of the unit of local government
2054+15 finds that all other sources for payment are insufficient to
2055+16 make those payments; (f) made for payments under a building
2056+17 commission lease when the lease payments are for the
2057+18 retirement of bonds issued by the commission before March 7,
2058+19 1997 (the effective date of Public Act 89-718) to pay for the
2059+20 building project; (g) made for payments due under installment
2060+21 contracts entered into before March 7, 1997 (the effective
2061+22 date of Public Act 89-718); (h) made for payments of principal
2062+23 and interest on limited bonds, as defined in Section 3 of the
2063+24 Local Government Debt Reform Act, in an amount not to exceed
2064+25 the debt service extension base less the amount in items (b),
2065+26 (c), and (e) of this definition for non-referendum
2066+
2067+
2068+
2069+
2070+
2071+ HB4582 Enrolled - 58 - LRB103 35517 HLH 65589 b
2072+
2073+
2074+HB4582 Enrolled- 59 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 59 - LRB103 35517 HLH 65589 b
2075+ HB4582 Enrolled - 59 - LRB103 35517 HLH 65589 b
2076+1 obligations, except obligations initially issued pursuant to
2077+2 referendum; (i) made for payments of principal and interest on
2078+3 bonds issued under Section 15 of the Local Government Debt
2079+4 Reform Act; (j) made for a qualified airport authority to pay
2080+5 interest or principal on general obligation bonds issued for
2081+6 the purpose of paying obligations due under, or financing
2082+7 airport facilities required to be acquired, constructed,
2083+8 installed or equipped pursuant to, contracts entered into
2084+9 before March 1, 1996 (but not including any amendments to such
2085+10 a contract taking effect on or after that date); (k) made to
2086+11 fund expenses of providing joint recreational programs for
2087+12 persons with disabilities under Section 5-8 of the Park
2088+13 District Code or Section 11-95-14 of the Illinois Municipal
2089+14 Code; and (l) made for contributions to a firefighter's
2090+15 pension fund created under Article 4 of the Illinois Pension
2091+16 Code, to the extent of the amount certified under item (5) of
2092+17 Section 4-134 of the Illinois Pension Code; and (m) made for
2093+18 the payment of principal and interest on any bonds issued
2094+19 under the authority of Section 17-2.11 of the School Code or to
2095+20 refund or continue to refund those bonds.
2096+21 "Debt service extension base" means an amount equal to
2097+22 that portion of the extension for a taxing district for the
2098+23 1994 levy year, or for those taxing districts subject to this
2099+24 Law in accordance with Section 18-213, except for those
2100+25 subject to paragraph (2) of subsection (e) of Section 18-213,
2101+26 for the levy year in which the referendum making this Law
2102+
2103+
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2108+
2109+
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2111+ HB4582 Enrolled - 60 - LRB103 35517 HLH 65589 b
2112+1 applicable to the taxing district is held, or for those taxing
2113+2 districts subject to this Law in accordance with paragraph (2)
2114+3 of subsection (e) of Section 18-213 for the 1996 levy year,
2115+4 constituting an extension for payment of principal and
2116+5 interest on bonds issued by the taxing district without
2117+6 referendum, but not including excluded non-referendum bonds.
2118+7 For park districts (i) that were first subject to this Law in
2119+8 1991 or 1995 and (ii) whose extension for the 1994 levy year
2120+9 for the payment of principal and interest on bonds issued by
2121+10 the park district without referendum (but not including
2122+11 excluded non-referendum bonds) was less than 51% of the amount
2123+12 for the 1991 levy year constituting an extension for payment
2124+13 of principal and interest on bonds issued by the park district
2125+14 without referendum (but not including excluded non-referendum
2126+15 bonds), "debt service extension base" means an amount equal to
2127+16 that portion of the extension for the 1991 levy year
2128+17 constituting an extension for payment of principal and
2129+18 interest on bonds issued by the park district without
2130+19 referendum (but not including excluded non-referendum bonds).
2131+20 A debt service extension base established or increased at any
2132+21 time pursuant to any provision of this Law, except Section
2133+22 18-212, shall be increased each year commencing with the later
2134+23 of (i) the 2009 levy year or (ii) the first levy year in which
2135+24 this Law becomes applicable to the taxing district, by the
2136+25 lesser of 5% or the percentage increase in the Consumer Price
2137+26 Index during the 12-month calendar year preceding the levy
2138+
2139+
2140+
2141+
2142+
2143+ HB4582 Enrolled - 60 - LRB103 35517 HLH 65589 b
2144+
2145+
2146+HB4582 Enrolled- 61 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 61 - LRB103 35517 HLH 65589 b
2147+ HB4582 Enrolled - 61 - LRB103 35517 HLH 65589 b
2148+1 year. The debt service extension base may be established or
2149+2 increased as provided under Section 18-212. "Excluded
2150+3 non-referendum bonds" means (i) bonds authorized by Public Act
2151+4 88-503 and issued under Section 20a of the Chicago Park
2152+5 District Act for aquarium and museum projects; (ii) bonds
2153+6 issued under Section 15 of the Local Government Debt Reform
2154+7 Act; or (iii) refunding obligations issued to refund or to
2155+8 continue to refund obligations initially issued pursuant to
2156+9 referendum.
2157+10 "Special purpose extensions" include, but are not limited
2158+11 to, extensions for levies made on an annual basis for
2159+12 unemployment and workers' compensation, self-insurance,
2160+13 contributions to pension plans, and extensions made pursuant
2161+14 to Section 6-601 of the Illinois Highway Code for a road
2162+15 district's permanent road fund whether levied annually or not.
2163+16 The extension for a special service area is not included in the
2164+17 aggregate extension.
2165+18 "Aggregate extension base" means the taxing district's
2166+19 last preceding aggregate extension as adjusted under Sections
2167+20 18-135, 18-215, 18-230, 18-206, and 18-233. Beginning with
2168+21 levy year 2022, for taxing districts that are specified in
2169+22 Section 18-190.7, the taxing district's aggregate extension
2170+23 base shall be calculated as provided in Section 18-190.7. An
2171+24 adjustment under Section 18-135 shall be made for the 2007
2172+25 levy year and all subsequent levy years whenever one or more
2173+26 counties within which a taxing district is located (i) used
2174+
2175+
2176+
2177+
2178+
2179+ HB4582 Enrolled - 61 - LRB103 35517 HLH 65589 b
2180+
2181+
2182+HB4582 Enrolled- 62 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 62 - LRB103 35517 HLH 65589 b
2183+ HB4582 Enrolled - 62 - LRB103 35517 HLH 65589 b
2184+1 estimated valuations or rates when extending taxes in the
2185+2 taxing district for the last preceding levy year that resulted
2186+3 in the over or under extension of taxes, or (ii) increased or
2187+4 decreased the tax extension for the last preceding levy year
2188+5 as required by Section 18-135(c). Whenever an adjustment is
2189+6 required under Section 18-135, the aggregate extension base of
2190+7 the taxing district shall be equal to the amount that the
2191+8 aggregate extension of the taxing district would have been for
2192+9 the last preceding levy year if either or both (i) actual,
2193+10 rather than estimated, valuations or rates had been used to
2194+11 calculate the extension of taxes for the last levy year, or
2195+12 (ii) the tax extension for the last preceding levy year had not
2196+13 been adjusted as required by subsection (c) of Section 18-135.
2197+14 Notwithstanding any other provision of law, for levy year
2198+15 2012, the aggregate extension base for West Northfield School
2199+16 District No. 31 in Cook County shall be $12,654,592.
2200+17 Notwithstanding any other provision of law, for levy year
2201+18 2022, the aggregate extension base of a home equity assurance
2202+19 program that levied at least $1,000,000 in property taxes in
2203+20 levy year 2019 or 2020 under the Home Equity Assurance Act
2204+21 shall be the amount that the program's aggregate extension
2205+22 base for levy year 2021 would have been if the program had
2206+23 levied a property tax for levy year 2021.
2207+24 "Levy year" has the same meaning as "year" under Section
2208+25 1-155.
2209+26 "New property" means (i) the assessed value, after final
2210+
2211+
2212+
2213+
2214+
2215+ HB4582 Enrolled - 62 - LRB103 35517 HLH 65589 b
2216+
2217+
2218+HB4582 Enrolled- 63 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 63 - LRB103 35517 HLH 65589 b
2219+ HB4582 Enrolled - 63 - LRB103 35517 HLH 65589 b
2220+1 board of review or board of appeals action, of new
2221+2 improvements or additions to existing improvements on any
2222+3 parcel of real property that increase the assessed value of
2223+4 that real property during the levy year multiplied by the
2224+5 equalization factor issued by the Department under Section
2225+6 17-30, (ii) the assessed value, after final board of review or
2226+7 board of appeals action, of real property not exempt from real
2227+8 estate taxation, which real property was exempt from real
2228+9 estate taxation for any portion of the immediately preceding
2229+10 levy year, multiplied by the equalization factor issued by the
2230+11 Department under Section 17-30, including the assessed value,
2231+12 upon final stabilization of occupancy after new construction
2232+13 is complete, of any real property located within the
2233+14 boundaries of an otherwise or previously exempt military
2234+15 reservation that is intended for residential use and owned by
2235+16 or leased to a private corporation or other entity, (iii) in
2236+17 counties that classify in accordance with Section 4 of Article
2237+18 IX of the Illinois Constitution, an incentive property's
2238+19 additional assessed value resulting from a scheduled increase
2239+20 in the level of assessment as applied to the first year final
2240+21 board of review market value, and (iv) any increase in
2241+22 assessed value due to oil or gas production from an oil or gas
2242+23 well required to be permitted under the Hydraulic Fracturing
2243+24 Regulatory Act that was not produced in or accounted for
2244+25 during the previous levy year. In addition, the county clerk
2245+26 in a county containing a population of 3,000,000 or more shall
2246+
2247+
2248+
2249+
2250+
2251+ HB4582 Enrolled - 63 - LRB103 35517 HLH 65589 b
2252+
2253+
2254+HB4582 Enrolled- 64 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 64 - LRB103 35517 HLH 65589 b
2255+ HB4582 Enrolled - 64 - LRB103 35517 HLH 65589 b
2256+1 include in the 1997 recovered tax increment value for any
2257+2 school district, any recovered tax increment value that was
2258+3 applicable to the 1995 tax year calculations.
2259+4 "Qualified airport authority" means an airport authority
2260+5 organized under the Airport Authorities Act and located in a
2261+6 county bordering on the State of Wisconsin and having a
2262+7 population in excess of 200,000 and not greater than 500,000.
2263+8 "Recovered tax increment value" means, except as otherwise
2264+9 provided in this paragraph, the amount of the current year's
2265+10 equalized assessed value, in the first year after a
2266+11 municipality terminates the designation of an area as a
2267+12 redevelopment project area previously established under the
2268+13 Tax Increment Allocation Redevelopment Act in the Illinois
2269+14 Municipal Code, previously established under the Industrial
2270+15 Jobs Recovery Law in the Illinois Municipal Code, previously
2271+16 established under the Economic Development Project Area Tax
2272+17 Increment Act of 1995, or previously established under the
2273+18 Economic Development Area Tax Increment Allocation Act, of
2274+19 each taxable lot, block, tract, or parcel of real property in
2275+20 the redevelopment project area over and above the initial
2276+21 equalized assessed value of each property in the redevelopment
2277+22 project area. For the taxes which are extended for the 1997
2278+23 levy year, the recovered tax increment value for a non-home
2279+24 rule taxing district that first became subject to this Law for
2280+25 the 1995 levy year because a majority of its 1994 equalized
2281+26 assessed value was in an affected county or counties shall be
2282+
2283+
2284+
2285+
2286+
2287+ HB4582 Enrolled - 64 - LRB103 35517 HLH 65589 b
2288+
2289+
2290+HB4582 Enrolled- 65 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 65 - LRB103 35517 HLH 65589 b
2291+ HB4582 Enrolled - 65 - LRB103 35517 HLH 65589 b
2292+1 increased if a municipality terminated the designation of an
2293+2 area in 1993 as a redevelopment project area previously
2294+3 established under the Tax Increment Allocation Redevelopment
2295+4 Act in the Illinois Municipal Code, previously established
2296+5 under the Industrial Jobs Recovery Law in the Illinois
2297+6 Municipal Code, or previously established under the Economic
2298+7 Development Area Tax Increment Allocation Act, by an amount
2299+8 equal to the 1994 equalized assessed value of each taxable
2300+9 lot, block, tract, or parcel of real property in the
2301+10 redevelopment project area over and above the initial
2302+11 equalized assessed value of each property in the redevelopment
2303+12 project area. In the first year after a municipality removes a
2304+13 taxable lot, block, tract, or parcel of real property from a
2305+14 redevelopment project area established under the Tax Increment
2306+15 Allocation Redevelopment Act in the Illinois Municipal Code,
2307+16 the Industrial Jobs Recovery Law in the Illinois Municipal
2308+17 Code, or the Economic Development Area Tax Increment
2309+18 Allocation Act, "recovered tax increment value" means the
2310+19 amount of the current year's equalized assessed value of each
2311+20 taxable lot, block, tract, or parcel of real property removed
2312+21 from the redevelopment project area over and above the initial
2313+22 equalized assessed value of that real property before removal
2314+23 from the redevelopment project area.
2315+24 Except as otherwise provided in this Section, "limiting
2316+25 rate" means a fraction the numerator of which is the last
2317+26 preceding aggregate extension base times an amount equal to
2318+
2319+
2320+
2321+
2322+
2323+ HB4582 Enrolled - 65 - LRB103 35517 HLH 65589 b
2324+
2325+
2326+HB4582 Enrolled- 66 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 66 - LRB103 35517 HLH 65589 b
2327+ HB4582 Enrolled - 66 - LRB103 35517 HLH 65589 b
2328+1 one plus the extension limitation defined in this Section and
2329+2 the denominator of which is the current year's equalized
2330+3 assessed value of all real property in the territory under the
2331+4 jurisdiction of the taxing district during the prior levy
2332+5 year. For those taxing districts that reduced their aggregate
2333+6 extension for the last preceding levy year, except for school
2334+7 districts that reduced their extension for educational
2335+8 purposes pursuant to Section 18-206, the highest aggregate
2336+9 extension in any of the last 3 preceding levy years shall be
2337+10 used for the purpose of computing the limiting rate. The
2338+11 denominator shall not include new property or the recovered
2339+12 tax increment value. If a new rate, a rate decrease, or a
2340+13 limiting rate increase has been approved at an election held
2341+14 after March 21, 2006, then (i) the otherwise applicable
2342+15 limiting rate shall be increased by the amount of the new rate
2343+16 or shall be reduced by the amount of the rate decrease, as the
2344+17 case may be, or (ii) in the case of a limiting rate increase,
2345+18 the limiting rate shall be equal to the rate set forth in the
2346+19 proposition approved by the voters for each of the years
2347+20 specified in the proposition, after which the limiting rate of
2348+21 the taxing district shall be calculated as otherwise provided.
2349+22 In the case of a taxing district that obtained referendum
2350+23 approval for an increased limiting rate on March 20, 2012, the
2351+24 limiting rate for tax year 2012 shall be the rate that
2352+25 generates the approximate total amount of taxes extendable for
2353+26 that tax year, as set forth in the proposition approved by the
2354+
2355+
2356+
2357+
2358+
2359+ HB4582 Enrolled - 66 - LRB103 35517 HLH 65589 b
2360+
2361+
2362+HB4582 Enrolled- 67 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 67 - LRB103 35517 HLH 65589 b
2363+ HB4582 Enrolled - 67 - LRB103 35517 HLH 65589 b
2364+1 voters; this rate shall be the final rate applied by the county
2365+2 clerk for the aggregate of all capped funds of the district for
2366+3 tax year 2012.
2367+4 (Source: P.A. 102-263, eff. 8-6-21; 102-311, eff. 8-6-21;
2368+5 102-519, eff. 8-20-21; 102-558, eff. 8-20-21; 102-707, eff.
2369+6 4-22-22; 102-813, eff. 5-13-22; 102-895, eff. 5-23-22;
2370+7 103-154, eff. 6-30-23.)
2371+8 Section 25-15. The School Code is amended by changing
2372+9 Sections 10-22.36, 17-2.11, 19-1, and 20-2 as follows:
2373+10 (105 ILCS 5/10-22.36) (from Ch. 122, par. 10-22.36)
2374+11 Sec. 10-22.36. Buildings for school purposes.
2375+12 (a) To build or purchase a building for school classroom
2376+13 or instructional purposes upon the approval of a majority of
2377+14 the voters upon the proposition at a referendum held for such
2378+15 purpose or in accordance with Section 17-2.11, 19-3.5, or
2379+16 19-3.10. The board may initiate such referendum by resolution.
2380+17 The board shall certify the resolution and proposition to the
2381+18 proper election authority for submission in accordance with
2382+19 the general election law.
2383+20 The questions of building one or more new buildings for
2384+21 school purposes or office facilities, and issuing bonds for
2385+22 the purpose of borrowing money to purchase one or more
2386+23 buildings or sites for such buildings or office sites, to
2387+24 build one or more new buildings for school purposes or office
2388+
2389+
2390+
2391+
2392+
2393+ HB4582 Enrolled - 67 - LRB103 35517 HLH 65589 b
2394+
2395+
2396+HB4582 Enrolled- 68 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 68 - LRB103 35517 HLH 65589 b
2397+ HB4582 Enrolled - 68 - LRB103 35517 HLH 65589 b
2398+1 facilities or to make additions and improvements to existing
2399+2 school buildings, may be combined into one or more
2400+3 propositions on the ballot.
2401+4 Before erecting, or purchasing or remodeling such a
2402+5 building the board shall submit the plans and specifications
2403+6 respecting heating, ventilating, lighting, seating, water
2404+7 supply, toilets and safety against fire to the regional
2405+8 superintendent of schools having supervision and control over
2406+9 the district, for approval in accordance with Section 2-3.12.
2407+10 Notwithstanding any of the foregoing, no referendum shall
2408+11 be required if the purchase, construction, or building of any
2409+12 such building (1) occurs while the building is being leased by
2410+13 the school district or (2) is paid with (A) funds derived from
2411+14 the sale or disposition of other buildings, land, or
2412+15 structures of the school district or (B) funds received (i) as
2413+16 a grant under the School Construction Law or (ii) as gifts or
2414+17 donations, provided that no funds to purchase, construct, or
2415+18 build such building, other than lease payments, are derived
2416+19 from the district's bonded indebtedness or the tax levy of the
2417+20 district.
2418+21 Notwithstanding any of the foregoing, no referendum shall
2419+22 be required if the purchase, construction, or building of any
2420+23 such building is paid with funds received from the County
2421+24 School Facility and Resources Occupation Tax Law under Section
2422+25 5-1006.7 of the Counties Code or from the proceeds of bonds or
2423+26 other debt obligations secured by revenues obtained from that
2424+
2425+
2426+
2427+
2428+
2429+ HB4582 Enrolled - 68 - LRB103 35517 HLH 65589 b
2430+
2431+
2432+HB4582 Enrolled- 69 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 69 - LRB103 35517 HLH 65589 b
2433+ HB4582 Enrolled - 69 - LRB103 35517 HLH 65589 b
2434+1 Law.
2435+2 Notwithstanding any of the foregoing, for Decatur School
2436+3 District Number 61, no referendum shall be required if at
2437+4 least 50% of the cost of the purchase, construction, or
2438+5 building of any such building is paid, or will be paid, with
2439+6 funds received or expected to be received as part of, or
2440+7 otherwise derived from, any COVID-19 pandemic relief program
2441+8 or funding source, including, but not limited to, Elementary
2442+9 and Secondary School Emergency Relief Fund grant proceeds.
2443+10 (b) Notwithstanding the provisions of subsection (a), for
2444+11 any school district: (i) that is a tier 1 school, (ii) that has
2445+12 a population of less than 50,000 inhabitants, (iii) whose
2446+13 student population is between 5,800 and 6,300, (iv) in which
2447+14 57% to 62% of students are low-income, and (v) whose average
2448+15 district spending is between $10,000 to $12,000 per pupil,
2449+16 until July 1, 2025, no referendum shall be required if at least
2450+17 50% of the cost of the purchase, construction, or building of
2451+18 any such building is paid, or will be paid, with funds received
2452+19 or expected to be received as part of, or otherwise derived
2453+20 from, the federal Consolidated Appropriations Act and the
2454+21 federal American Rescue Plan Act of 2021.
2455+22 For this subsection (b), the school board must hold at
2456+23 least 2 public hearings, the sole purpose of which shall be to
2457+24 discuss the decision to construct a school building and to
2458+25 receive input from the community. The notice of each public
2459+26 hearing that sets forth the time, date, place, and name or
2460+
2461+
2462+
2463+
2464+
2465+ HB4582 Enrolled - 69 - LRB103 35517 HLH 65589 b
2466+
2467+
2468+HB4582 Enrolled- 70 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 70 - LRB103 35517 HLH 65589 b
2469+ HB4582 Enrolled - 70 - LRB103 35517 HLH 65589 b
2470+1 description of the school building that the school board is
2471+2 considering constructing must be provided at least 10 days
2472+3 prior to the hearing by publication on the school board's
2473+4 Internet website.
2474+5 (c) Notwithstanding the provisions of subsections
2475+6 subsection (a) and (b), for Cahokia Community Unit School
2476+7 District 187, no referendum shall be required for the lease of
2477+8 any building for school or educational purposes if the cost is
2478+9 paid or will be paid with funds available at the time of the
2479+10 lease in the district's existing fund balances to fund the
2480+11 lease of a building during the 2023-2024 or 2024-2025 school
2481+12 year.
2482+13 For the purposes of this subsection (c), the school board
2483+14 must hold at least 2 public hearings, the sole purpose of which
2484+15 shall be to discuss the decision to lease a school building and
2485+16 to receive input from the community. The notice of each public
2486+17 hearing that sets forth the time, date, place, and name or
2487+18 description of the school building that the school board is
2488+19 considering leasing must be provided at least 10 days prior to
2489+20 the hearing by publication on the school district's website.
2490+21 (d) (c) Notwithstanding the provisions of subsections
2491+22 subsection (a) and (b), for Bloomington School District 87, no
2492+23 referendum shall be required for the purchase, construction,
2493+24 or building of any building for school or education purposes
2494+25 if such cost is paid, or will be paid with funds available at
2495+26 the time of contract, purchase, construction, or building in
2496+
2497+
2498+
2499+
2500+
2501+ HB4582 Enrolled - 70 - LRB103 35517 HLH 65589 b
2502+
2503+
2504+HB4582 Enrolled- 71 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 71 - LRB103 35517 HLH 65589 b
2505+ HB4582 Enrolled - 71 - LRB103 35517 HLH 65589 b
2506+1 Bloomington School District Number 87's existing fund balances
2507+2 to fund the procurement or requisition of a building or site
2508+3 during the 2022-2023, 2023-2024, or 2024-2025 school year
2509+4 years.
2510+5 For this subsection (d) (c), the school board must hold at
2511+6 least 2 public hearings, the sole purpose of which shall be to
2512+7 discuss the decision to construct a school building and to
2513+8 receive input from the community. The notice of each public
2514+9 hearing that sets forth the time, date, place, and name or
2515+10 description of the school building that the school board is
2516+11 considering constructing must be provided at least 10 days
2517+12 prior to the hearing by publication on the school board's
2518+13 website.
2519+14 (e) Notwithstanding the provisions of subsection (a) and
2520+15 (b), beginning September 1, 2024, no referendum shall be
2521+16 required to build or purchase a building for school classroom
2522+17 or instructional purposes if, prior to the building or
2523+18 purchase of the building, the board determines, by resolution,
2524+19 that the building or purchase will result in an increase in
2525+20 pre-kindergarten or kindergarten classroom space in the
2526+21 district.
2527+22 (Source: P.A. 102-16, eff. 6-17-21; 102-699, eff. 7-1-22;
2528+23 103-8, eff. 6-7-23; 103-509, eff. 8-4-23; revised 8-31-23.)
2529+24 (105 ILCS 5/17-2.11) (from Ch. 122, par. 17-2.11)
2530+25 Sec. 17-2.11. School board power to levy a tax or to borrow
2531+
2532+
2533+
2534+
2535+
2536+ HB4582 Enrolled - 71 - LRB103 35517 HLH 65589 b
2537+
2538+
2539+HB4582 Enrolled- 72 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 72 - LRB103 35517 HLH 65589 b
2540+ HB4582 Enrolled - 72 - LRB103 35517 HLH 65589 b
2541+1 money and issue bonds for fire prevention, safety, energy
2542+2 conservation, accessibility, school security, and specified
2543+3 repair purposes.
2544+4 (a) Whenever, as a result of any lawful order of any
2545+5 agency, other than a school board, having authority to enforce
2546+6 any school building code applicable to any facility that
2547+7 houses students, or any law or regulation for the protection
2548+8 and safety of the environment, pursuant to the Environmental
2549+9 Protection Act, any school district having a population of
2550+10 less than 500,000 inhabitants is required to alter or
2551+11 reconstruct any school building or permanent, fixed equipment;
2552+12 the district may, by proper resolution, levy a tax for the
2553+13 purpose of making such alteration or reconstruction, based on
2554+14 a survey report by an architect or engineer licensed in this
2555+15 State, upon all of the taxable property of the district at the
2556+16 value as assessed by the Department of Revenue and at a rate
2557+17 not to exceed 0.05% per year for a period sufficient to finance
2558+18 such alteration or reconstruction, upon the following
2559+19 conditions:
2560+20 (1) When there are not sufficient funds available in
2561+21 the operations and maintenance fund of the school
2562+22 district, the school facility occupation tax fund of the
2563+23 district, or the fire prevention and safety fund of the
2564+24 district, as determined by the district on the basis of
2565+25 rules adopted by the State Board of Education, to make
2566+26 such alteration or reconstruction or to purchase and
2567+
2568+
2569+
2570+
2571+
2572+ HB4582 Enrolled - 72 - LRB103 35517 HLH 65589 b
2573+
2574+
2575+HB4582 Enrolled- 73 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 73 - LRB103 35517 HLH 65589 b
2576+ HB4582 Enrolled - 73 - LRB103 35517 HLH 65589 b
2577+1 install such permanent, fixed equipment so ordered or
2578+2 determined as necessary. Appropriate school district
2579+3 records must be made available to the State Superintendent
2580+4 of Education, upon request, to confirm this insufficiency.
2581+5 (2) When a certified estimate of an architect or
2582+6 engineer licensed in this State stating the estimated
2583+7 amount necessary to make the alteration or reconstruction
2584+8 or to purchase and install the equipment so ordered has
2585+9 been secured by the school district, and the estimate has
2586+10 been approved by the regional superintendent of schools
2587+11 having jurisdiction over the district and the State
2588+12 Superintendent of Education. Approval must not be granted
2589+13 for any work that has already started without the prior
2590+14 express authorization of the State Superintendent of
2591+15 Education. If the estimate is not approved or is denied
2592+16 approval by the regional superintendent of schools within
2593+17 3 months after the date on which it is submitted to him or
2594+18 her, the school board of the district may submit the
2595+19 estimate directly to the State Superintendent of Education
2596+20 for approval or denial.
2597+21 In the case of an emergency situation, where the estimated
2598+22 cost to effectuate emergency repairs is less than the amount
2599+23 specified in Section 10-20.21 of this Code, the school
2600+24 district may proceed with such repairs prior to approval by
2601+25 the State Superintendent of Education, but shall comply with
2602+26 the provisions of subdivision (2) of this subsection (a) as
2603+
2604+
2605+
2606+
2607+
2608+ HB4582 Enrolled - 73 - LRB103 35517 HLH 65589 b
2609+
2610+
2611+HB4582 Enrolled- 74 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 74 - LRB103 35517 HLH 65589 b
2612+ HB4582 Enrolled - 74 - LRB103 35517 HLH 65589 b
2613+1 soon thereafter as may be as well as Section 10-20.21 of this
2614+2 Code. If the estimated cost to effectuate emergency repairs is
2615+3 greater than the amount specified in Section 10-20.21 of this
2616+4 Code, then the school district shall proceed in conformity
2617+5 with Section 10-20.21 of this Code and with rules established
2618+6 by the State Board of Education to address such situations.
2619+7 The rules adopted by the State Board of Education to deal with
2620+8 these situations shall stipulate that emergency situations
2621+9 must be expedited and given priority consideration. For
2622+10 purposes of this paragraph, an emergency is a situation that
2623+11 presents an imminent and continuing threat to the health and
2624+12 safety of students or other occupants of a facility, requires
2625+13 complete or partial evacuation of a building or part of a
2626+14 building, or consumes one or more of the 5 emergency days built
2627+15 into the adopted calendar of the school or schools or would
2628+16 otherwise be expected to cause such school or schools to fall
2629+17 short of the minimum school calendar requirements.
2630+18 (b) Whenever any such district determines that it is
2631+19 necessary for energy conservation purposes that any school
2632+20 building or permanent, fixed equipment should be altered or
2633+21 reconstructed and that such alterations or reconstruction will
2634+22 be made with funds not necessary for the completion of
2635+23 approved and recommended projects contained in any safety
2636+24 survey report or amendments thereto authorized by Section
2637+25 2-3.12 of this Act; the district may levy a tax or issue bonds
2638+26 as provided in subsection (a) of this Section.
2639+
2640+
2641+
2642+
2643+
2644+ HB4582 Enrolled - 74 - LRB103 35517 HLH 65589 b
2645+
2646+
2647+HB4582 Enrolled- 75 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 75 - LRB103 35517 HLH 65589 b
2648+ HB4582 Enrolled - 75 - LRB103 35517 HLH 65589 b
2649+1 (c) Whenever any such district determines that it is
2650+2 necessary for accessibility purposes and to comply with the
2651+3 school building code that any school building or equipment
2652+4 should be altered or reconstructed and that such alterations
2653+5 or reconstruction will be made with funds not necessary for
2654+6 the completion of approved and recommended projects contained
2655+7 in any safety survey report or amendments thereto authorized
2656+8 under Section 2-3.12 of this Act, the district may levy a tax
2657+9 or issue bonds as provided in subsection (a) of this Section.
2658+10 (d) Whenever any such district determines that it is
2659+11 necessary for school security purposes and the related
2660+12 protection and safety of pupils and school personnel that any
2661+13 school building or property should be altered or reconstructed
2662+14 or that security systems and equipment (including but not
2663+15 limited to intercom, early detection and warning, access
2664+16 control and television monitoring systems) should be purchased
2665+17 and installed, and that such alterations, reconstruction or
2666+18 purchase and installation of equipment will be made with funds
2667+19 not necessary for the completion of approved and recommended
2668+20 projects contained in any safety survey report or amendment
2669+21 thereto authorized by Section 2-3.12 of this Act and will
2670+22 deter and prevent unauthorized entry or activities upon school
2671+23 property by unknown or dangerous persons, assure early
2672+24 detection and advance warning of any such actual or attempted
2673+25 unauthorized entry or activities and help assure the continued
2674+26 safety of pupils and school staff if any such unauthorized
2675+
2676+
2677+
2678+
2679+
2680+ HB4582 Enrolled - 75 - LRB103 35517 HLH 65589 b
2681+
2682+
2683+HB4582 Enrolled- 76 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 76 - LRB103 35517 HLH 65589 b
2684+ HB4582 Enrolled - 76 - LRB103 35517 HLH 65589 b
2685+1 entry or activity is attempted or occurs; the district may
2686+2 levy a tax or issue bonds as provided in subsection (a) of this
2687+3 Section.
2688+4 If such a school district determines that it is necessary
2689+5 for school security purposes and the related protection and
2690+6 safety of pupils and school staff to hire a school resource
2691+7 officer or that personnel costs for school counselors, mental
2692+8 health experts, or school resource officers are necessary and
2693+9 the district determines that it does not need funds for any of
2694+10 the other purposes set forth in this Section, then the
2695+11 district may levy a tax or issue bonds as provided in
2696+12 subsection (a).
2697+13 (e) If a school district does not need funds for other fire
2698+14 prevention and safety projects, including the completion of
2699+15 approved and recommended projects contained in any safety
2700+16 survey report or amendments thereto authorized by Section
2701+17 2-3.12 of this Act, and it is determined after a public hearing
2702+18 (which is preceded by at least one published notice (i)
2703+19 occurring at least 7 days prior to the hearing in a newspaper
2704+20 of general circulation within the school district and (ii)
2705+21 setting forth the time, date, place, and general subject
2706+22 matter of the hearing) that there is a substantial, immediate,
2707+23 and otherwise unavoidable threat to the health, safety, or
2708+24 welfare of pupils due to disrepair of school sidewalks,
2709+25 playgrounds, parking lots, or school bus turnarounds and
2710+26 repairs must be made; then the district may levy a tax or issue
2711+
2712+
2713+
2714+
2715+
2716+ HB4582 Enrolled - 76 - LRB103 35517 HLH 65589 b
2717+
2718+
2719+HB4582 Enrolled- 77 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 77 - LRB103 35517 HLH 65589 b
2720+ HB4582 Enrolled - 77 - LRB103 35517 HLH 65589 b
2721+1 bonds as provided in subsection (a) of this Section.
2722+2 (f) For purposes of this Section a school district may
2723+3 replace a school building or build additions to replace
2724+4 portions of a building when it is determined that the
2725+5 effectuation of the recommendations for the existing building
2726+6 will cost more than the replacement costs. Such determination
2727+7 shall be based on a comparison of estimated costs made by an
2728+8 architect or engineer licensed in the State of Illinois. The
2729+9 new building or addition shall be equivalent in area (square
2730+10 feet) and comparable in purpose and grades served and may be on
2731+11 the same site or another site. Such replacement may only be
2732+12 done upon order of the regional superintendent of schools and
2733+13 the approval of the State Superintendent of Education.
2734+14 (g) The filing of a certified copy of the resolution
2735+15 levying the tax when accompanied by the certificates of the
2736+16 regional superintendent of schools and State Superintendent of
2737+17 Education shall be the authority of the county clerk to extend
2738+18 such tax.
2739+19 (h) The county clerk of the county in which any school
2740+20 district levying a tax under the authority of this Section is
2741+21 located, in reducing raised levies, shall not consider any
2742+22 such tax as a part of the general levy for school purposes and
2743+23 shall not include the same in the limitation of any other tax
2744+24 rate which may be extended.
2745+25 Such tax shall be levied and collected in like manner as
2746+26 all other taxes of school districts, subject to the provisions
2747+
2748+
2749+
2750+
2751+
2752+ HB4582 Enrolled - 77 - LRB103 35517 HLH 65589 b
2753+
2754+
2755+HB4582 Enrolled- 78 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 78 - LRB103 35517 HLH 65589 b
2756+ HB4582 Enrolled - 78 - LRB103 35517 HLH 65589 b
2757+1 contained in this Section.
2758+2 (i) The tax rate limit specified in this Section may be
2759+3 increased to .10% upon the approval of a proposition to effect
2760+4 such increase by a majority of the electors voting on that
2761+5 proposition at a regular scheduled election. Such proposition
2762+6 may be initiated by resolution of the school board and shall be
2763+7 certified by the secretary to the proper election authorities
2764+8 for submission in accordance with the general election law.
2765+9 (j) When taxes are levied by any school district for fire
2766+10 prevention, safety, energy conservation, and school security
2767+11 purposes as specified in this Section, and the purposes for
2768+12 which the taxes have been levied are accomplished and paid in
2769+13 full, and there remain funds on hand in the Fire Prevention and
2770+14 Safety Fund from the proceeds of the taxes levied, including
2771+15 interest earnings thereon, the school board by resolution
2772+16 shall use such excess and other board restricted funds,
2773+17 excluding bond proceeds and earnings from such proceeds, as
2774+18 follows:
2775+19 (1) for other authorized fire prevention, safety,
2776+20 energy conservation, required safety inspections, school
2777+21 security purposes, sampling for lead in drinking water in
2778+22 schools, and for repair and mitigation due to lead levels
2779+23 in the drinking water supply; or
2780+24 (2) for transfer to the Operations and Maintenance
2781+25 Fund for the purpose of abating an equal amount of
2782+26 operations and maintenance purposes taxes.
2783+
2784+
2785+
2786+
2787+
2788+ HB4582 Enrolled - 78 - LRB103 35517 HLH 65589 b
2789+
2790+
2791+HB4582 Enrolled- 79 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 79 - LRB103 35517 HLH 65589 b
2792+ HB4582 Enrolled - 79 - LRB103 35517 HLH 65589 b
2793+1 Notwithstanding subdivision (2) of this subsection (j) and
2794+2 subsection (k) of this Section, through June 30, 2021, the
2795+3 school board may, by proper resolution following a public
2796+4 hearing set by the school board or the president of the school
2797+5 board (that is preceded (i) by at least one published notice
2798+6 over the name of the clerk or secretary of the board, occurring
2799+7 at least 7 days and not more than 30 days prior to the hearing,
2800+8 in a newspaper of general circulation within the school
2801+9 district and (ii) by posted notice over the name of the clerk
2802+10 or secretary of the board, at least 48 hours before the
2803+11 hearing, at the principal office of the school board or at the
2804+12 building where the hearing is to be held if a principal office
2805+13 does not exist, with both notices setting forth the time,
2806+14 date, place, and subject matter of the hearing), transfer
2807+15 surplus life safety taxes and interest earnings thereon to the
2808+16 Operations and Maintenance Fund for building repair work.
2809+17 (k) If any transfer is made to the Operation and
2810+18 Maintenance Fund, the secretary of the school board shall
2811+19 within 30 days notify the county clerk of the amount of that
2812+20 transfer and direct the clerk to abate the taxes to be extended
2813+21 for the purposes of operations and maintenance authorized
2814+22 under Section 17-2 of this Act by an amount equal to such
2815+23 transfer.
2816+24 (l) If the proceeds from the tax levy authorized by this
2817+25 Section are insufficient to complete the work approved under
2818+26 this Section, the school board is authorized to sell bonds
2819+
2820+
2821+
2822+
2823+
2824+ HB4582 Enrolled - 79 - LRB103 35517 HLH 65589 b
2825+
2826+
2827+HB4582 Enrolled- 80 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 80 - LRB103 35517 HLH 65589 b
2828+ HB4582 Enrolled - 80 - LRB103 35517 HLH 65589 b
2829+1 without referendum under the provisions of this Section in an
2830+2 amount that, when added to the proceeds of the tax levy
2831+3 authorized by this Section, will allow completion of the
2832+4 approved work.
2833+5 (m) Any bonds issued pursuant to this Section shall bear
2834+6 interest at a rate not to exceed the maximum rate authorized by
2835+7 law at the time of the making of the contract, shall mature
2836+8 within 20 years from date, and shall be signed by the president
2837+9 of the school board and the treasurer of the school district.
2838+10 The authorized amount of bonds issued pursuant to this Section
2839+11 may be increased by an amount not to exceed 3% of that
2840+12 authorized amount to provide for expenses of issuing the
2841+13 bonds, including underwriter's compensation and costs of bond
2842+14 insurance or other credit enhancement, and also an amount to
2843+15 pay capitalized interest as otherwise permitted by law.
2844+16 (n) In order to authorize and issue such bonds, the school
2845+17 board shall adopt a resolution fixing the amount of bonds, the
2846+18 date thereof, the maturities thereof, rates of interest
2847+19 thereof, place of payment and denomination, which shall be in
2848+20 denominations of not less than $100 and not more than $5,000,
2849+21 and provide for the levy and collection of a direct annual tax
2850+22 upon all the taxable property in the school district
2851+23 sufficient to pay the principal and interest on such bonds to
2852+24 maturity. Upon the filing in the office of the county clerk of
2853+25 the county in which the school district is located of a
2854+26 certified copy of the resolution, it is the duty of the county
2855+
2856+
2857+
2858+
2859+
2860+ HB4582 Enrolled - 80 - LRB103 35517 HLH 65589 b
2861+
2862+
2863+HB4582 Enrolled- 81 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 81 - LRB103 35517 HLH 65589 b
2864+ HB4582 Enrolled - 81 - LRB103 35517 HLH 65589 b
2865+1 clerk to extend the tax therefor in addition to and in excess
2866+2 of all other taxes heretofore or hereafter authorized to be
2867+3 levied by such school district.
2868+4 (o) After the time such bonds are issued as provided for by
2869+5 this Section, if additional alterations or reconstructions are
2870+6 required to be made because of surveys conducted by an
2871+7 architect or engineer licensed in the State of Illinois, the
2872+8 district may levy a tax at a rate not to exceed .05% per year
2873+9 upon all the taxable property of the district or issue
2874+10 additional bonds, whichever action shall be the most feasible.
2875+11 (p) This Section is cumulative and constitutes complete
2876+12 authority for the issuance of bonds as provided in this
2877+13 Section notwithstanding any other statute or law to the
2878+14 contrary.
2879+15 (q) With respect to instruments for the payment of money
2880+16 issued under this Section either before, on, or after the
2881+17 effective date of Public Act 86-004 (June 6, 1989), it is, and
2882+18 always has been, the intention of the General Assembly (i)
2883+19 that the Omnibus Bond Acts are, and always have been,
2884+20 supplementary grants of power to issue instruments in
2885+21 accordance with the Omnibus Bond Acts, regardless of any
2886+22 provision of this Act that may appear to be or to have been
2887+23 more restrictive than those Acts, (ii) that the provisions of
2888+24 this Section are not a limitation on the supplementary
2889+25 authority granted by the Omnibus Bond Acts, and (iii) that
2890+26 instruments issued under this Section within the supplementary
2891+
2892+
2893+
2894+
2895+
2896+ HB4582 Enrolled - 81 - LRB103 35517 HLH 65589 b
2897+
2898+
2899+HB4582 Enrolled- 82 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 82 - LRB103 35517 HLH 65589 b
2900+ HB4582 Enrolled - 82 - LRB103 35517 HLH 65589 b
2901+1 authority granted by the Omnibus Bond Acts are not invalid
2902+2 because of any provision of this Act that may appear to be or
2903+3 to have been more restrictive than those Acts.
2904+4 (r) When the purposes for which the bonds are issued have
2905+5 been accomplished and paid for in full and there remain funds
2906+6 on hand from the proceeds of the bond sale and interest
2907+7 earnings therefrom, the board shall, by resolution, use such
2908+8 excess funds in accordance with the provisions of Section
2909+9 10-22.14 of this Act.
2910+10 (s) Whenever any tax is levied or bonds issued for fire
2911+11 prevention, safety, energy conservation, and school security
2912+12 purposes, such proceeds shall be deposited and accounted for
2913+13 separately within the Fire Prevention and Safety Fund.
2914+14 (Source: P.A. 100-465, eff. 8-31-17; 101-455, eff. 8-23-19;
2915+15 101-643, eff. 6-18-20.)
2916+16 (105 ILCS 5/19-1)
2917+17 Sec. 19-1. Debt limitations of school districts.
2918+18 (a) School districts shall not be subject to the
2919+19 provisions limiting their indebtedness prescribed in the Local
2920+20 Government Debt Limitation Act.
2921+21 No school districts maintaining grades K through 8 or 9
2922+22 through 12 shall become indebted in any manner or for any
2923+23 purpose to an amount, including existing indebtedness, in the
2924+24 aggregate exceeding 6.9% on the value of the taxable property
2925+25 therein to be ascertained by the last assessment for State and
2926+
2927+
2928+
2929+
2930+
2931+ HB4582 Enrolled - 82 - LRB103 35517 HLH 65589 b
2932+
2933+
2934+HB4582 Enrolled- 83 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 83 - LRB103 35517 HLH 65589 b
2935+ HB4582 Enrolled - 83 - LRB103 35517 HLH 65589 b
2936+1 county taxes or, until January 1, 1983, if greater, the sum
2937+2 that is produced by multiplying the school district's 1978
2938+3 equalized assessed valuation by the debt limitation percentage
2939+4 in effect on January 1, 1979, previous to the incurring of such
2940+5 indebtedness.
2941+6 No school districts maintaining grades K through 12 shall
2942+7 become indebted in any manner or for any purpose to an amount,
2943+8 including existing indebtedness, in the aggregate exceeding
2944+9 13.8% on the value of the taxable property therein to be
2945+10 ascertained by the last assessment for State and county taxes
2946+11 or, until January 1, 1983, if greater, the sum that is produced
2947+12 by multiplying the school district's 1978 equalized assessed
2948+13 valuation by the debt limitation percentage in effect on
2949+14 January 1, 1979, previous to the incurring of such
2950+15 indebtedness.
2951+16 No partial elementary unit district, as defined in Article
2952+17 11E of this Code, shall become indebted in any manner or for
2953+18 any purpose in an amount, including existing indebtedness, in
2954+19 the aggregate exceeding 6.9% of the value of the taxable
2955+20 property of the entire district, to be ascertained by the last
2956+21 assessment for State and county taxes, plus an amount,
2957+22 including existing indebtedness, in the aggregate exceeding
2958+23 6.9% of the value of the taxable property of that portion of
2959+24 the district included in the elementary and high school
2960+25 classification, to be ascertained by the last assessment for
2961+26 State and county taxes. Moreover, no partial elementary unit
2962+
2963+
2964+
2965+
2966+
2967+ HB4582 Enrolled - 83 - LRB103 35517 HLH 65589 b
2968+
2969+
2970+HB4582 Enrolled- 84 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 84 - LRB103 35517 HLH 65589 b
2971+ HB4582 Enrolled - 84 - LRB103 35517 HLH 65589 b
2972+1 district, as defined in Article 11E of this Code, shall become
2973+2 indebted on account of bonds issued by the district for high
2974+3 school purposes in the aggregate exceeding 6.9% of the value
2975+4 of the taxable property of the entire district, to be
2976+5 ascertained by the last assessment for State and county taxes,
2977+6 nor shall the district become indebted on account of bonds
2978+7 issued by the district for elementary purposes in the
2979+8 aggregate exceeding 6.9% of the value of the taxable property
2980+9 for that portion of the district included in the elementary
2981+10 and high school classification, to be ascertained by the last
2982+11 assessment for State and county taxes.
2983+12 Notwithstanding the provisions of any other law to the
2984+13 contrary, in any case in which the voters of a school district
2985+14 have approved a proposition for the issuance of bonds of such
2986+15 school district at an election held prior to January 1, 1979,
2987+16 and all of the bonds approved at such election have not been
2988+17 issued, the debt limitation applicable to such school district
2989+18 during the calendar year 1979 shall be computed by multiplying
2990+19 the value of taxable property therein, including personal
2991+20 property, as ascertained by the last assessment for State and
2992+21 county taxes, previous to the incurring of such indebtedness,
2993+22 by the percentage limitation applicable to such school
2994+23 district under the provisions of this subsection (a).
2995+24 (a-5) After January 1, 2018, no school district may issue
2996+25 bonds under Sections 19-2 through 19-7 of this Code and rely on
2997+26 an exception to the debt limitations in this Section unless it
2998+
2999+
3000+
3001+
3002+
3003+ HB4582 Enrolled - 84 - LRB103 35517 HLH 65589 b
3004+
3005+
3006+HB4582 Enrolled- 85 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 85 - LRB103 35517 HLH 65589 b
3007+ HB4582 Enrolled - 85 - LRB103 35517 HLH 65589 b
3008+1 has complied with the requirements of Section 21 of the Bond
3009+2 Issue Notification Act and the bonds have been approved by
3010+3 referendum.
3011+4 (b) Notwithstanding the debt limitation prescribed in
3012+5 subsection (a) of this Section, additional indebtedness may be
3013+6 incurred in an amount not to exceed the estimated cost of
3014+7 acquiring or improving school sites or constructing and
3015+8 equipping additional building facilities under the following
3016+9 conditions:
3017+10 (1) Whenever the enrollment of students for the next
3018+11 school year is estimated by the board of education to
3019+12 increase over the actual present enrollment by not less
3020+13 than 35% or by not less than 200 students or the actual
3021+14 present enrollment of students has increased over the
3022+15 previous school year by not less than 35% or by not less
3023+16 than 200 students and the board of education determines
3024+17 that additional school sites or building facilities are
3025+18 required as a result of such increase in enrollment; and
3026+19 (2) When the Regional Superintendent of Schools having
3027+20 jurisdiction over the school district and the State
3028+21 Superintendent of Education concur in such enrollment
3029+22 projection or increase and approve the need for such
3030+23 additional school sites or building facilities and the
3031+24 estimated cost thereof; and
3032+25 (3) When the voters in the school district approve a
3033+26 proposition for the issuance of bonds for the purpose of
3034+
3035+
3036+
3037+
3038+
3039+ HB4582 Enrolled - 85 - LRB103 35517 HLH 65589 b
3040+
3041+
3042+HB4582 Enrolled- 86 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 86 - LRB103 35517 HLH 65589 b
3043+ HB4582 Enrolled - 86 - LRB103 35517 HLH 65589 b
3044+1 acquiring or improving such needed school sites or
3045+2 constructing and equipping such needed additional building
3046+3 facilities at an election called and held for that
3047+4 purpose. Notice of such an election shall state that the
3048+5 amount of indebtedness proposed to be incurred would
3049+6 exceed the debt limitation otherwise applicable to the
3050+7 school district. The ballot for such proposition shall
3051+8 state what percentage of the equalized assessed valuation
3052+9 will be outstanding in bonds if the proposed issuance of
3053+10 bonds is approved by the voters; or
3054+11 (4) Notwithstanding the provisions of paragraphs (1)
3055+12 through (3) of this subsection (b), if the school board
3056+13 determines that additional facilities are needed to
3057+14 provide a quality educational program and not less than
3058+15 2/3 of those voting in an election called by the school
3059+16 board on the question approve the issuance of bonds for
3060+17 the construction of such facilities, the school district
3061+18 may issue bonds for this purpose; or
3062+19 (5) Notwithstanding the provisions of paragraphs (1)
3063+20 through (3) of this subsection (b), if (i) the school
3064+21 district has previously availed itself of the provisions
3065+22 of paragraph (4) of this subsection (b) to enable it to
3066+23 issue bonds, (ii) the voters of the school district have
3067+24 not defeated a proposition for the issuance of bonds since
3068+25 the referendum described in paragraph (4) of this
3069+26 subsection (b) was held, (iii) the school board determines
3070+
3071+
3072+
3073+
3074+
3075+ HB4582 Enrolled - 86 - LRB103 35517 HLH 65589 b
3076+
3077+
3078+HB4582 Enrolled- 87 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 87 - LRB103 35517 HLH 65589 b
3079+ HB4582 Enrolled - 87 - LRB103 35517 HLH 65589 b
3080+1 that additional facilities are needed to provide a quality
3081+2 educational program, and (iv) a majority of those voting
3082+3 in an election called by the school board on the question
3083+4 approve the issuance of bonds for the construction of such
3084+5 facilities, the school district may issue bonds for this
3085+6 purpose.
3086+7 In no event shall the indebtedness incurred pursuant to
3087+8 this subsection (b) and the existing indebtedness of the
3088+9 school district exceed 15% of the value of the taxable
3089+10 property therein to be ascertained by the last assessment for
3090+11 State and county taxes, previous to the incurring of such
3091+12 indebtedness or, until January 1, 1983, if greater, the sum
3092+13 that is produced by multiplying the school district's 1978
3093+14 equalized assessed valuation by the debt limitation percentage
3094+15 in effect on January 1, 1979.
3095+16 The indebtedness provided for by this subsection (b) shall
3096+17 be in addition to and in excess of any other debt limitation.
3097+18 (c) Notwithstanding the debt limitation prescribed in
3098+19 subsection (a) of this Section, in any case in which a public
3099+20 question for the issuance of bonds of a proposed school
3100+21 district maintaining grades kindergarten through 12 received
3101+22 at least 60% of the valid ballots cast on the question at an
3102+23 election held on or prior to November 8, 1994, and in which the
3103+24 bonds approved at such election have not been issued, the
3104+25 school district pursuant to the requirements of Section 11A-10
3105+26 (now repealed) may issue the total amount of bonds approved at
3106+
3107+
3108+
3109+
3110+
3111+ HB4582 Enrolled - 87 - LRB103 35517 HLH 65589 b
3112+
3113+
3114+HB4582 Enrolled- 88 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 88 - LRB103 35517 HLH 65589 b
3115+ HB4582 Enrolled - 88 - LRB103 35517 HLH 65589 b
3116+1 such election for the purpose stated in the question.
3117+2 (d) Notwithstanding the debt limitation prescribed in
3118+3 subsection (a) of this Section, a school district that meets
3119+4 all the criteria set forth in paragraphs (1) and (2) of this
3120+5 subsection (d) may incur an additional indebtedness in an
3121+6 amount not to exceed $4,500,000, even though the amount of the
3122+7 additional indebtedness authorized by this subsection (d),
3123+8 when incurred and added to the aggregate amount of
3124+9 indebtedness of the district existing immediately prior to the
3125+10 district incurring the additional indebtedness authorized by
3126+11 this subsection (d), causes the aggregate indebtedness of the
3127+12 district to exceed the debt limitation otherwise applicable to
3128+13 that district under subsection (a):
3129+14 (1) The additional indebtedness authorized by this
3130+15 subsection (d) is incurred by the school district through
3131+16 the issuance of bonds under and in accordance with Section
3132+17 17-2.11a for the purpose of replacing a school building
3133+18 which, because of mine subsidence damage, has been closed
3134+19 as provided in paragraph (2) of this subsection (d) or
3135+20 through the issuance of bonds under and in accordance with
3136+21 Section 19-3 for the purpose of increasing the size of, or
3137+22 providing for additional functions in, such replacement
3138+23 school buildings, or both such purposes.
3139+24 (2) The bonds issued by the school district as
3140+25 provided in paragraph (1) above are issued for the
3141+26 purposes of construction by the school district of a new
3142+
3143+
3144+
3145+
3146+
3147+ HB4582 Enrolled - 88 - LRB103 35517 HLH 65589 b
3148+
3149+
3150+HB4582 Enrolled- 89 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 89 - LRB103 35517 HLH 65589 b
3151+ HB4582 Enrolled - 89 - LRB103 35517 HLH 65589 b
3152+1 school building pursuant to Section 17-2.11, to replace an
3153+2 existing school building that, because of mine subsidence
3154+3 damage, is closed as of the end of the 1992-93 school year
3155+4 pursuant to action of the regional superintendent of
3156+5 schools of the educational service region in which the
3157+6 district is located under Section 3-14.22 or are issued
3158+7 for the purpose of increasing the size of, or providing
3159+8 for additional functions in, the new school building being
3160+9 constructed to replace a school building closed as the
3161+10 result of mine subsidence damage, or both such purposes.
3162+11 (e) (Blank).
3163+12 (f) Notwithstanding the provisions of subsection (a) of
3164+13 this Section or of any other law, bonds in not to exceed the
3165+14 aggregate amount of $5,500,000 and issued by a school district
3166+15 meeting the following criteria shall not be considered
3167+16 indebtedness for purposes of any statutory limitation and may
3168+17 be issued in an amount or amounts, including existing
3169+18 indebtedness, in excess of any heretofore or hereafter imposed
3170+19 statutory limitation as to indebtedness:
3171+20 (1) At the time of the sale of such bonds, the board of
3172+21 education of the district shall have determined by
3173+22 resolution that the enrollment of students in the district
3174+23 is projected to increase by not less than 7% during each of
3175+24 the next succeeding 2 school years.
3176+25 (2) The board of education shall also determine by
3177+26 resolution that the improvements to be financed with the
3178+
3179+
3180+
3181+
3182+
3183+ HB4582 Enrolled - 89 - LRB103 35517 HLH 65589 b
3184+
3185+
3186+HB4582 Enrolled- 90 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 90 - LRB103 35517 HLH 65589 b
3187+ HB4582 Enrolled - 90 - LRB103 35517 HLH 65589 b
3188+1 proceeds of the bonds are needed because of the projected
3189+2 enrollment increases.
3190+3 (3) The board of education shall also determine by
3191+4 resolution that the projected increases in enrollment are
3192+5 the result of improvements made or expected to be made to
3193+6 passenger rail facilities located in the school district.
3194+7 Notwithstanding the provisions of subsection (a) of this
3195+8 Section or of any other law, a school district that has availed
3196+9 itself of the provisions of this subsection (f) prior to July
3197+10 22, 2004 (the effective date of Public Act 93-799) may also
3198+11 issue bonds approved by referendum up to an amount, including
3199+12 existing indebtedness, not exceeding 25% of the equalized
3200+13 assessed value of the taxable property in the district if all
3201+14 of the conditions set forth in items (1), (2), and (3) of this
3202+15 subsection (f) are met.
3203+16 (g) Notwithstanding the provisions of subsection (a) of
3204+17 this Section or any other law, bonds in not to exceed an
3205+18 aggregate amount of 25% of the equalized assessed value of the
3206+19 taxable property of a school district and issued by a school
3207+20 district meeting the criteria in paragraphs (i) through (iv)
3208+21 of this subsection shall not be considered indebtedness for
3209+22 purposes of any statutory limitation and may be issued
3210+23 pursuant to resolution of the school board in an amount or
3211+24 amounts, including existing indebtedness, in excess of any
3212+25 statutory limitation of indebtedness heretofore or hereafter
3213+26 imposed:
3214+
3215+
3216+
3217+
3218+
3219+ HB4582 Enrolled - 90 - LRB103 35517 HLH 65589 b
3220+
3221+
3222+HB4582 Enrolled- 91 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 91 - LRB103 35517 HLH 65589 b
3223+ HB4582 Enrolled - 91 - LRB103 35517 HLH 65589 b
3224+1 (i) The bonds are issued for the purpose of
3225+2 constructing a new high school building to replace two
3226+3 adjacent existing buildings which together house a single
3227+4 high school, each of which is more than 65 years old, and
3228+5 which together are located on more than 10 acres and less
3229+6 than 11 acres of property.
3230+7 (ii) At the time the resolution authorizing the
3231+8 issuance of the bonds is adopted, the cost of constructing
3232+9 a new school building to replace the existing school
3233+10 building is less than 60% of the cost of repairing the
3234+11 existing school building.
3235+12 (iii) The sale of the bonds occurs before July 1,
3236+13 1997.
3237+14 (iv) The school district issuing the bonds is a unit
3238+15 school district located in a county of less than 70,000
3239+16 and more than 50,000 inhabitants, which has an average
3240+17 daily attendance of less than 1,500 and an equalized
3241+18 assessed valuation of less than $29,000,000.
3242+19 (h) Notwithstanding any other provisions of this Section
3243+20 or the provisions of any other law, until January 1, 1998, a
3244+21 community unit school district maintaining grades K through 12
3245+22 may issue bonds up to an amount, including existing
3246+23 indebtedness, not exceeding 27.6% of the equalized assessed
3247+24 value of the taxable property in the district, if all of the
3248+25 following conditions are met:
3249+26 (i) The school district has an equalized assessed
3250+
3251+
3252+
3253+
3254+
3255+ HB4582 Enrolled - 91 - LRB103 35517 HLH 65589 b
3256+
3257+
3258+HB4582 Enrolled- 92 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 92 - LRB103 35517 HLH 65589 b
3259+ HB4582 Enrolled - 92 - LRB103 35517 HLH 65589 b
3260+1 valuation for calendar year 1995 of less than $24,000,000;
3261+2 (ii) The bonds are issued for the capital improvement,
3262+3 renovation, rehabilitation, or replacement of existing
3263+4 school buildings of the district, all of which buildings
3264+5 were originally constructed not less than 40 years ago;
3265+6 (iii) The voters of the district approve a proposition
3266+7 for the issuance of the bonds at a referendum held after
3267+8 March 19, 1996; and
3268+9 (iv) The bonds are issued pursuant to Sections 19-2
3269+10 through 19-7 of this Code.
3270+11 (i) Notwithstanding any other provisions of this Section
3271+12 or the provisions of any other law, until January 1, 1998, a
3272+13 community unit school district maintaining grades K through 12
3273+14 may issue bonds up to an amount, including existing
3274+15 indebtedness, not exceeding 27% of the equalized assessed
3275+16 value of the taxable property in the district, if all of the
3276+17 following conditions are met:
3277+18 (i) The school district has an equalized assessed
3278+19 valuation for calendar year 1995 of less than $44,600,000;
3279+20 (ii) The bonds are issued for the capital improvement,
3280+21 renovation, rehabilitation, or replacement of existing
3281+22 school buildings of the district, all of which existing
3282+23 buildings were originally constructed not less than 80
3283+24 years ago;
3284+25 (iii) The voters of the district approve a proposition
3285+26 for the issuance of the bonds at a referendum held after
3286+
3287+
3288+
3289+
3290+
3291+ HB4582 Enrolled - 92 - LRB103 35517 HLH 65589 b
3292+
3293+
3294+HB4582 Enrolled- 93 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 93 - LRB103 35517 HLH 65589 b
3295+ HB4582 Enrolled - 93 - LRB103 35517 HLH 65589 b
3296+1 December 31, 1996; and
3297+2 (iv) The bonds are issued pursuant to Sections 19-2
3298+3 through 19-7 of this Code.
3299+4 (j) Notwithstanding any other provisions of this Section
3300+5 or the provisions of any other law, until January 1, 1999, a
3301+6 community unit school district maintaining grades K through 12
3302+7 may issue bonds up to an amount, including existing
3303+8 indebtedness, not exceeding 27% of the equalized assessed
3304+9 value of the taxable property in the district if all of the
3305+10 following conditions are met:
3306+11 (i) The school district has an equalized assessed
3307+12 valuation for calendar year 1995 of less than $140,000,000
3308+13 and a best 3 months average daily attendance for the
3309+14 1995-96 school year of at least 2,800;
3310+15 (ii) The bonds are issued to purchase a site and build
3311+16 and equip a new high school, and the school district's
3312+17 existing high school was originally constructed not less
3313+18 than 35 years prior to the sale of the bonds;
3314+19 (iii) At the time of the sale of the bonds, the board
3315+20 of education determines by resolution that a new high
3316+21 school is needed because of projected enrollment
3317+22 increases;
3318+23 (iv) At least 60% of those voting in an election held
3319+24 after December 31, 1996 approve a proposition for the
3320+25 issuance of the bonds; and
3321+26 (v) The bonds are issued pursuant to Sections 19-2
3322+
3323+
3324+
3325+
3326+
3327+ HB4582 Enrolled - 93 - LRB103 35517 HLH 65589 b
3328+
3329+
3330+HB4582 Enrolled- 94 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 94 - LRB103 35517 HLH 65589 b
3331+ HB4582 Enrolled - 94 - LRB103 35517 HLH 65589 b
3332+1 through 19-7 of this Code.
3333+2 (k) Notwithstanding the debt limitation prescribed in
3334+3 subsection (a) of this Section, a school district that meets
3335+4 all the criteria set forth in paragraphs (1) through (4) of
3336+5 this subsection (k) may issue bonds to incur an additional
3337+6 indebtedness in an amount not to exceed $4,000,000 even though
3338+7 the amount of the additional indebtedness authorized by this
3339+8 subsection (k), when incurred and added to the aggregate
3340+9 amount of indebtedness of the school district existing
3341+10 immediately prior to the school district incurring such
3342+11 additional indebtedness, causes the aggregate indebtedness of
3343+12 the school district to exceed or increases the amount by which
3344+13 the aggregate indebtedness of the district already exceeds the
3345+14 debt limitation otherwise applicable to that school district
3346+15 under subsection (a):
3347+16 (1) the school district is located in 2 counties, and
3348+17 a referendum to authorize the additional indebtedness was
3349+18 approved by a majority of the voters of the school
3350+19 district voting on the proposition to authorize that
3351+20 indebtedness;
3352+21 (2) the additional indebtedness is for the purpose of
3353+22 financing a multi-purpose room addition to the existing
3354+23 high school;
3355+24 (3) the additional indebtedness, together with the
3356+25 existing indebtedness of the school district, shall not
3357+26 exceed 17.4% of the value of the taxable property in the
3358+
3359+
3360+
3361+
3362+
3363+ HB4582 Enrolled - 94 - LRB103 35517 HLH 65589 b
3364+
3365+
3366+HB4582 Enrolled- 95 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 95 - LRB103 35517 HLH 65589 b
3367+ HB4582 Enrolled - 95 - LRB103 35517 HLH 65589 b
3368+1 school district, to be ascertained by the last assessment
3369+2 for State and county taxes; and
3370+3 (4) the bonds evidencing the additional indebtedness
3371+4 are issued, if at all, within 120 days of August 14, 1998
3372+5 (the effective date of Public Act 90-757).
3373+6 (l) Notwithstanding any other provisions of this Section
3374+7 or the provisions of any other law, until January 1, 2000, a
3375+8 school district maintaining grades kindergarten through 8 may
3376+9 issue bonds up to an amount, including existing indebtedness,
3377+10 not exceeding 15% of the equalized assessed value of the
3378+11 taxable property in the district if all of the following
3379+12 conditions are met:
3380+13 (i) the district has an equalized assessed valuation
3381+14 for calendar year 1996 of less than $10,000,000;
3382+15 (ii) the bonds are issued for capital improvement,
3383+16 renovation, rehabilitation, or replacement of one or more
3384+17 school buildings of the district, which buildings were
3385+18 originally constructed not less than 70 years ago;
3386+19 (iii) the voters of the district approve a proposition
3387+20 for the issuance of the bonds at a referendum held on or
3388+21 after March 17, 1998; and
3389+22 (iv) the bonds are issued pursuant to Sections 19-2
3390+23 through 19-7 of this Code.
3391+24 (m) Notwithstanding any other provisions of this Section
3392+25 or the provisions of any other law, until January 1, 1999, an
3393+26 elementary school district maintaining grades K through 8 may
3394+
3395+
3396+
3397+
3398+
3399+ HB4582 Enrolled - 95 - LRB103 35517 HLH 65589 b
3400+
3401+
3402+HB4582 Enrolled- 96 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 96 - LRB103 35517 HLH 65589 b
3403+ HB4582 Enrolled - 96 - LRB103 35517 HLH 65589 b
3404+1 issue bonds up to an amount, excluding existing indebtedness,
3405+2 not exceeding 18% of the equalized assessed value of the
3406+3 taxable property in the district, if all of the following
3407+4 conditions are met:
3408+5 (i) The school district has an equalized assessed
3409+6 valuation for calendar year 1995 or less than $7,700,000;
3410+7 (ii) The school district operates 2 elementary
3411+8 attendance centers that until 1976 were operated as the
3412+9 attendance centers of 2 separate and distinct school
3413+10 districts;
3414+11 (iii) The bonds are issued for the construction of a
3415+12 new elementary school building to replace an existing
3416+13 multi-level elementary school building of the school
3417+14 district that is not accessible at all levels and parts of
3418+15 which were constructed more than 75 years ago;
3419+16 (iv) The voters of the school district approve a
3420+17 proposition for the issuance of the bonds at a referendum
3421+18 held after July 1, 1998; and
3422+19 (v) The bonds are issued pursuant to Sections 19-2
3423+20 through 19-7 of this Code.
3424+21 (n) Notwithstanding the debt limitation prescribed in
3425+22 subsection (a) of this Section or any other provisions of this
3426+23 Section or of any other law, a school district that meets all
3427+24 of the criteria set forth in paragraphs (i) through (vi) of
3428+25 this subsection (n) may incur additional indebtedness by the
3429+26 issuance of bonds in an amount not exceeding the amount
3430+
3431+
3432+
3433+
3434+
3435+ HB4582 Enrolled - 96 - LRB103 35517 HLH 65589 b
3436+
3437+
3438+HB4582 Enrolled- 97 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 97 - LRB103 35517 HLH 65589 b
3439+ HB4582 Enrolled - 97 - LRB103 35517 HLH 65589 b
3440+1 certified by the Capital Development Board to the school
3441+2 district as provided in paragraph (iii) of this subsection
3442+3 (n), even though the amount of the additional indebtedness so
3443+4 authorized, when incurred and added to the aggregate amount of
3444+5 indebtedness of the district existing immediately prior to the
3445+6 district incurring the additional indebtedness authorized by
3446+7 this subsection (n), causes the aggregate indebtedness of the
3447+8 district to exceed the debt limitation otherwise applicable by
3448+9 law to that district:
3449+10 (i) The school district applies to the State Board of
3450+11 Education for a school construction project grant and
3451+12 submits a district facilities plan in support of its
3452+13 application pursuant to Section 5-20 of the School
3453+14 Construction Law.
3454+15 (ii) The school district's application and facilities
3455+16 plan are approved by, and the district receives a grant
3456+17 entitlement for a school construction project issued by,
3457+18 the State Board of Education under the School Construction
3458+19 Law.
3459+20 (iii) The school district has exhausted its bonding
3460+21 capacity or the unused bonding capacity of the district is
3461+22 less than the amount certified by the Capital Development
3462+23 Board to the district under Section 5-15 of the School
3463+24 Construction Law as the dollar amount of the school
3464+25 construction project's cost that the district will be
3465+26 required to finance with non-grant funds in order to
3466+
3467+
3468+
3469+
3470+
3471+ HB4582 Enrolled - 97 - LRB103 35517 HLH 65589 b
3472+
3473+
3474+HB4582 Enrolled- 98 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 98 - LRB103 35517 HLH 65589 b
3475+ HB4582 Enrolled - 98 - LRB103 35517 HLH 65589 b
3476+1 receive a school construction project grant under the
3477+2 School Construction Law.
3478+3 (iv) The bonds are issued for a "school construction
3479+4 project", as that term is defined in Section 5-5 of the
3480+5 School Construction Law, in an amount that does not exceed
3481+6 the dollar amount certified, as provided in paragraph
3482+7 (iii) of this subsection (n), by the Capital Development
3483+8 Board to the school district under Section 5-15 of the
3484+9 School Construction Law.
3485+10 (v) The voters of the district approve a proposition
3486+11 for the issuance of the bonds at a referendum held after
3487+12 the criteria specified in paragraphs (i) and (iii) of this
3488+13 subsection (n) are met.
3489+14 (vi) The bonds are issued pursuant to Sections 19-2
3490+15 through 19-7 of the School Code.
3491+16 (o) Notwithstanding any other provisions of this Section
3492+17 or the provisions of any other law, until November 1, 2007, a
3493+18 community unit school district maintaining grades K through 12
3494+19 may issue bonds up to an amount, including existing
3495+20 indebtedness, not exceeding 20% of the equalized assessed
3496+21 value of the taxable property in the district if all of the
3497+22 following conditions are met:
3498+23 (i) the school district has an equalized assessed
3499+24 valuation for calendar year 2001 of at least $737,000,000
3500+25 and an enrollment for the 2002-2003 school year of at
3501+26 least 8,500;
3502+
3503+
3504+
3505+
3506+
3507+ HB4582 Enrolled - 98 - LRB103 35517 HLH 65589 b
3508+
3509+
3510+HB4582 Enrolled- 99 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 99 - LRB103 35517 HLH 65589 b
3511+ HB4582 Enrolled - 99 - LRB103 35517 HLH 65589 b
3512+1 (ii) the bonds are issued to purchase school sites,
3513+2 build and equip a new high school, build and equip a new
3514+3 junior high school, build and equip 5 new elementary
3515+4 schools, and make technology and other improvements and
3516+5 additions to existing schools;
3517+6 (iii) at the time of the sale of the bonds, the board
3518+7 of education determines by resolution that the sites and
3519+8 new or improved facilities are needed because of projected
3520+9 enrollment increases;
3521+10 (iv) at least 57% of those voting in a general
3522+11 election held prior to January 1, 2003 approved a
3523+12 proposition for the issuance of the bonds; and
3524+13 (v) the bonds are issued pursuant to Sections 19-2
3525+14 through 19-7 of this Code.
3526+15 (p) Notwithstanding any other provisions of this Section
3527+16 or the provisions of any other law, a community unit school
3528+17 district maintaining grades K through 12 may issue bonds up to
3529+18 an amount, including indebtedness, not exceeding 27% of the
3530+19 equalized assessed value of the taxable property in the
3531+20 district if all of the following conditions are met:
3532+21 (i) The school district has an equalized assessed
3533+22 valuation for calendar year 2001 of at least $295,741,187
3534+23 and a best 3 months' average daily attendance for the
3535+24 2002-2003 school year of at least 2,394.
3536+25 (ii) The bonds are issued to build and equip 3
3537+26 elementary school buildings; build and equip one middle
3538+
3539+
3540+
3541+
3542+
3543+ HB4582 Enrolled - 99 - LRB103 35517 HLH 65589 b
3544+
3545+
3546+HB4582 Enrolled- 100 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 100 - LRB103 35517 HLH 65589 b
3547+ HB4582 Enrolled - 100 - LRB103 35517 HLH 65589 b
3548+1 school building; and alter, repair, improve, and equip all
3549+2 existing school buildings in the district.
3550+3 (iii) At the time of the sale of the bonds, the board
3551+4 of education determines by resolution that the project is
3552+5 needed because of expanding growth in the school district
3553+6 and a projected enrollment increase.
3554+7 (iv) The bonds are issued pursuant to Sections 19-2
3555+8 through 19-7 of this Code.
3556+9 (p-5) Notwithstanding any other provisions of this Section
3557+10 or the provisions of any other law, bonds issued by a community
3558+11 unit school district maintaining grades K through 12 shall not
3559+12 be considered indebtedness for purposes of any statutory
3560+13 limitation and may be issued in an amount or amounts,
3561+14 including existing indebtedness, in excess of any heretofore
3562+15 or hereafter imposed statutory limitation as to indebtedness,
3563+16 if all of the following conditions are met:
3564+17 (i) For each of the 4 most recent years, residential
3565+18 property comprises more than 80% of the equalized assessed
3566+19 valuation of the district.
3567+20 (ii) At least 2 school buildings that were constructed
3568+21 40 or more years prior to the issuance of the bonds will be
3569+22 demolished and will be replaced by new buildings or
3570+23 additions to one or more existing buildings.
3571+24 (iii) Voters of the district approve a proposition for
3572+25 the issuance of the bonds at a regularly scheduled
3573+26 election.
3574+
3575+
3576+
3577+
3578+
3579+ HB4582 Enrolled - 100 - LRB103 35517 HLH 65589 b
3580+
3581+
3582+HB4582 Enrolled- 101 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 101 - LRB103 35517 HLH 65589 b
3583+ HB4582 Enrolled - 101 - LRB103 35517 HLH 65589 b
3584+1 (iv) At the time of the sale of the bonds, the school
3585+2 board determines by resolution that the new buildings or
3586+3 building additions are needed because of an increase in
3587+4 enrollment projected by the school board.
3588+5 (v) The principal amount of the bonds, including
3589+6 existing indebtedness, does not exceed 25% of the
3590+7 equalized assessed value of the taxable property in the
3591+8 district.
3592+9 (vi) The bonds are issued prior to January 1, 2007,
3593+10 pursuant to Sections 19-2 through 19-7 of this Code.
3594+11 (p-10) Notwithstanding any other provisions of this
3595+12 Section or the provisions of any other law, bonds issued by a
3596+13 community consolidated school district maintaining grades K
3597+14 through 8 shall not be considered indebtedness for purposes of
3598+15 any statutory limitation and may be issued in an amount or
3599+16 amounts, including existing indebtedness, in excess of any
3600+17 heretofore or hereafter imposed statutory limitation as to
3601+18 indebtedness, if all of the following conditions are met:
3602+19 (i) For each of the 4 most recent years, residential
3603+20 and farm property comprises more than 80% of the equalized
3604+21 assessed valuation of the district.
3605+22 (ii) The bond proceeds are to be used to acquire and
3606+23 improve school sites and build and equip a school
3607+24 building.
3608+25 (iii) Voters of the district approve a proposition for
3609+26 the issuance of the bonds at a regularly scheduled
3610+
3611+
3612+
3613+
3614+
3615+ HB4582 Enrolled - 101 - LRB103 35517 HLH 65589 b
3616+
3617+
3618+HB4582 Enrolled- 102 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 102 - LRB103 35517 HLH 65589 b
3619+ HB4582 Enrolled - 102 - LRB103 35517 HLH 65589 b
3620+1 election.
3621+2 (iv) At the time of the sale of the bonds, the school
3622+3 board determines by resolution that the school sites and
3623+4 building additions are needed because of an increase in
3624+5 enrollment projected by the school board.
3625+6 (v) The principal amount of the bonds, including
3626+7 existing indebtedness, does not exceed 20% of the
3627+8 equalized assessed value of the taxable property in the
3628+9 district.
3629+10 (vi) The bonds are issued prior to January 1, 2007,
3630+11 pursuant to Sections 19-2 through 19-7 of this Code.
3631+12 (p-15) In addition to all other authority to issue bonds,
3632+13 the Oswego Community Unit School District Number 308 may issue
3633+14 bonds with an aggregate principal amount not to exceed
3634+15 $450,000,000, but only if all of the following conditions are
3635+16 met:
3636+17 (i) The voters of the district have approved a
3637+18 proposition for the bond issue at the general election
3638+19 held on November 7, 2006.
3639+20 (ii) At the time of the sale of the bonds, the school
3640+21 board determines, by resolution, that: (A) the building
3641+22 and equipping of the new high school building, new junior
3642+23 high school buildings, new elementary school buildings,
3643+24 early childhood building, maintenance building,
3644+25 transportation facility, and additions to existing school
3645+26 buildings, the altering, repairing, equipping, and
3646+
3647+
3648+
3649+
3650+
3651+ HB4582 Enrolled - 102 - LRB103 35517 HLH 65589 b
3652+
3653+
3654+HB4582 Enrolled- 103 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 103 - LRB103 35517 HLH 65589 b
3655+ HB4582 Enrolled - 103 - LRB103 35517 HLH 65589 b
3656+1 provision of technology improvements to existing school
3657+2 buildings, and the acquisition and improvement of school
3658+3 sites, as the case may be, are required as a result of a
3659+4 projected increase in the enrollment of students in the
3660+5 district; and (B) the sale of bonds for these purposes is
3661+6 authorized by legislation that exempts the debt incurred
3662+7 on the bonds from the district's statutory debt
3663+8 limitation.
3664+9 (iii) The bonds are issued, in one or more bond
3665+10 issues, on or before November 7, 2011, but the aggregate
3666+11 principal amount issued in all such bond issues combined
3667+12 must not exceed $450,000,000.
3668+13 (iv) The bonds are issued in accordance with this
3669+14 Article 19.
3670+15 (v) The proceeds of the bonds are used only to
3671+16 accomplish those projects approved by the voters at the
3672+17 general election held on November 7, 2006.
3673+18 The debt incurred on any bonds issued under this subsection
3674+19 (p-15) shall not be considered indebtedness for purposes of
3675+20 any statutory debt limitation.
3676+21 (p-20) In addition to all other authority to issue bonds,
3677+22 the Lincoln-Way Community High School District Number 210 may
3678+23 issue bonds with an aggregate principal amount not to exceed
3679+24 $225,000,000, but only if all of the following conditions are
3680+25 met:
3681+26 (i) The voters of the district have approved a
3682+
3683+
3684+
3685+
3686+
3687+ HB4582 Enrolled - 103 - LRB103 35517 HLH 65589 b
3688+
3689+
3690+HB4582 Enrolled- 104 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 104 - LRB103 35517 HLH 65589 b
3691+ HB4582 Enrolled - 104 - LRB103 35517 HLH 65589 b
3692+1 proposition for the bond issue at the general primary
3693+2 election held on March 21, 2006.
3694+3 (ii) At the time of the sale of the bonds, the school
3695+4 board determines, by resolution, that: (A) the building
3696+5 and equipping of the new high school buildings, the
3697+6 altering, repairing, and equipping of existing school
3698+7 buildings, and the improvement of school sites, as the
3699+8 case may be, are required as a result of a projected
3700+9 increase in the enrollment of students in the district;
3701+10 and (B) the sale of bonds for these purposes is authorized
3702+11 by legislation that exempts the debt incurred on the bonds
3703+12 from the district's statutory debt limitation.
3704+13 (iii) The bonds are issued, in one or more bond
3705+14 issues, on or before March 21, 2011, but the aggregate
3706+15 principal amount issued in all such bond issues combined
3707+16 must not exceed $225,000,000.
3708+17 (iv) The bonds are issued in accordance with this
3709+18 Article 19.
3710+19 (v) The proceeds of the bonds are used only to
3711+20 accomplish those projects approved by the voters at the
3712+21 primary election held on March 21, 2006.
3713+22 The debt incurred on any bonds issued under this subsection
3714+23 (p-20) shall not be considered indebtedness for purposes of
3715+24 any statutory debt limitation.
3716+25 (p-25) In addition to all other authority to issue bonds,
3717+26 Rochester Community Unit School District 3A may issue bonds
3718+
3719+
3720+
3721+
3722+
3723+ HB4582 Enrolled - 104 - LRB103 35517 HLH 65589 b
3724+
3725+
3726+HB4582 Enrolled- 105 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 105 - LRB103 35517 HLH 65589 b
3727+ HB4582 Enrolled - 105 - LRB103 35517 HLH 65589 b
3728+1 with an aggregate principal amount not to exceed $18,500,000,
3729+2 but only if all of the following conditions are met:
3730+3 (i) The voters of the district approve a proposition
3731+4 for the bond issuance at the general primary election held
3732+5 in 2008.
3733+6 (ii) At the time of the sale of the bonds, the school
3734+7 board determines, by resolution, that: (A) the building
3735+8 and equipping of a new high school building; the addition
3736+9 of classrooms and support facilities at the high school,
3737+10 middle school, and elementary school; the altering,
3738+11 repairing, and equipping of existing school buildings; and
3739+12 the improvement of school sites, as the case may be, are
3740+13 required as a result of a projected increase in the
3741+14 enrollment of students in the district; and (B) the sale
3742+15 of bonds for these purposes is authorized by a law that
3743+16 exempts the debt incurred on the bonds from the district's
3744+17 statutory debt limitation.
3745+18 (iii) The bonds are issued, in one or more bond
3746+19 issues, on or before December 31, 2012, but the aggregate
3747+20 principal amount issued in all such bond issues combined
3748+21 must not exceed $18,500,000.
3749+22 (iv) The bonds are issued in accordance with this
3750+23 Article 19.
3751+24 (v) The proceeds of the bonds are used to accomplish
3752+25 only those projects approved by the voters at the primary
3753+26 election held in 2008.
3754+
3755+
3756+
3757+
3758+
3759+ HB4582 Enrolled - 105 - LRB103 35517 HLH 65589 b
3760+
3761+
3762+HB4582 Enrolled- 106 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 106 - LRB103 35517 HLH 65589 b
3763+ HB4582 Enrolled - 106 - LRB103 35517 HLH 65589 b
3764+1 The debt incurred on any bonds issued under this subsection
3765+2 (p-25) shall not be considered indebtedness for purposes of
3766+3 any statutory debt limitation.
3767+4 (p-30) In addition to all other authority to issue bonds,
3768+5 Prairie Grove Consolidated School District 46 may issue bonds
3769+6 with an aggregate principal amount not to exceed $30,000,000,
3770+7 but only if all of the following conditions are met:
3771+8 (i) The voters of the district approve a proposition
3772+9 for the bond issuance at an election held in 2008.
3773+10 (ii) At the time of the sale of the bonds, the school
3774+11 board determines, by resolution, that (A) the building and
3775+12 equipping of a new school building and additions to
3776+13 existing school buildings are required as a result of a
3777+14 projected increase in the enrollment of students in the
3778+15 district and (B) the altering, repairing, and equipping of
3779+16 existing school buildings are required because of the age
3780+17 of the existing school buildings.
3781+18 (iii) The bonds are issued, in one or more bond
3782+19 issuances, on or before December 31, 2012; however, the
3783+20 aggregate principal amount issued in all such bond
3784+21 issuances combined must not exceed $30,000,000.
3785+22 (iv) The bonds are issued in accordance with this
3786+23 Article.
3787+24 (v) The proceeds of the bonds are used to accomplish
3788+25 only those projects approved by the voters at an election
3789+26 held in 2008.
3790+
3791+
3792+
3793+
3794+
3795+ HB4582 Enrolled - 106 - LRB103 35517 HLH 65589 b
3796+
3797+
3798+HB4582 Enrolled- 107 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 107 - LRB103 35517 HLH 65589 b
3799+ HB4582 Enrolled - 107 - LRB103 35517 HLH 65589 b
3800+1 The debt incurred on any bonds issued under this subsection
3801+2 (p-30) shall not be considered indebtedness for purposes of
3802+3 any statutory debt limitation.
3803+4 (p-35) In addition to all other authority to issue bonds,
3804+5 Prairie Hill Community Consolidated School District 133 may
3805+6 issue bonds with an aggregate principal amount not to exceed
3806+7 $13,900,000, but only if all of the following conditions are
3807+8 met:
3808+9 (i) The voters of the district approved a proposition
3809+10 for the bond issuance at an election held on April 17,
3810+11 2007.
3811+12 (ii) At the time of the sale of the bonds, the school
3812+13 board determines, by resolution, that (A) the improvement
3813+14 of the site of and the building and equipping of a school
3814+15 building are required as a result of a projected increase
3815+16 in the enrollment of students in the district and (B) the
3816+17 repairing and equipping of the Prairie Hill Elementary
3817+18 School building is required because of the age of that
3818+19 school building.
3819+20 (iii) The bonds are issued, in one or more bond
3820+21 issuances, on or before December 31, 2011, but the
3821+22 aggregate principal amount issued in all such bond
3822+23 issuances combined must not exceed $13,900,000.
3823+24 (iv) The bonds are issued in accordance with this
3824+25 Article.
3825+26 (v) The proceeds of the bonds are used to accomplish
3826+
3827+
3828+
3829+
3830+
3831+ HB4582 Enrolled - 107 - LRB103 35517 HLH 65589 b
3832+
3833+
3834+HB4582 Enrolled- 108 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 108 - LRB103 35517 HLH 65589 b
3835+ HB4582 Enrolled - 108 - LRB103 35517 HLH 65589 b
3836+1 only those projects approved by the voters at an election
3837+2 held on April 17, 2007.
3838+3 The debt incurred on any bonds issued under this subsection
3839+4 (p-35) shall not be considered indebtedness for purposes of
3840+5 any statutory debt limitation.
3841+6 (p-40) In addition to all other authority to issue bonds,
3842+7 Mascoutah Community Unit District 19 may issue bonds with an
3843+8 aggregate principal amount not to exceed $55,000,000, but only
3844+9 if all of the following conditions are met:
3845+10 (1) The voters of the district approve a proposition
3846+11 for the bond issuance at a regular election held on or
3847+12 after November 4, 2008.
3848+13 (2) At the time of the sale of the bonds, the school
3849+14 board determines, by resolution, that (i) the building and
3850+15 equipping of a new high school building is required as a
3851+16 result of a projected increase in the enrollment of
3852+17 students in the district and the age and condition of the
3853+18 existing high school building, (ii) the existing high
3854+19 school building will be demolished, and (iii) the sale of
3855+20 bonds is authorized by statute that exempts the debt
3856+21 incurred on the bonds from the district's statutory debt
3857+22 limitation.
3858+23 (3) The bonds are issued, in one or more bond
3859+24 issuances, on or before December 31, 2011, but the
3860+25 aggregate principal amount issued in all such bond
3861+26 issuances combined must not exceed $55,000,000.
3862+
3863+
3864+
3865+
3866+
3867+ HB4582 Enrolled - 108 - LRB103 35517 HLH 65589 b
3868+
3869+
3870+HB4582 Enrolled- 109 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 109 - LRB103 35517 HLH 65589 b
3871+ HB4582 Enrolled - 109 - LRB103 35517 HLH 65589 b
3872+1 (4) The bonds are issued in accordance with this
3873+2 Article.
3874+3 (5) The proceeds of the bonds are used to accomplish
3875+4 only those projects approved by the voters at a regular
3876+5 election held on or after November 4, 2008.
3877+6 The debt incurred on any bonds issued under this
3878+7 subsection (p-40) shall not be considered indebtedness for
3879+8 purposes of any statutory debt limitation.
3880+9 (p-45) Notwithstanding the provisions of subsection (a) of
3881+10 this Section or of any other law, bonds issued pursuant to
3882+11 Section 19-3.5 of this Code shall not be considered
3883+12 indebtedness for purposes of any statutory limitation if the
3884+13 bonds are issued in an amount or amounts, including existing
3885+14 indebtedness of the school district, not in excess of 18.5% of
3886+15 the value of the taxable property in the district to be
3887+16 ascertained by the last assessment for State and county taxes.
3888+17 (p-50) Notwithstanding the provisions of subsection (a) of
3889+18 this Section or of any other law, bonds issued pursuant to
3890+19 Section 19-3.10 of this Code shall not be considered
3891+20 indebtedness for purposes of any statutory limitation if the
3892+21 bonds are issued in an amount or amounts, including existing
3893+22 indebtedness of the school district, not in excess of 43% of
3894+23 the value of the taxable property in the district to be
3895+24 ascertained by the last assessment for State and county taxes.
3896+25 (p-55) In addition to all other authority to issue bonds,
3897+26 Belle Valley School District 119 may issue bonds with an
3898+
3899+
3900+
3901+
3902+
3903+ HB4582 Enrolled - 109 - LRB103 35517 HLH 65589 b
3904+
3905+
3906+HB4582 Enrolled- 110 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 110 - LRB103 35517 HLH 65589 b
3907+ HB4582 Enrolled - 110 - LRB103 35517 HLH 65589 b
3908+1 aggregate principal amount not to exceed $47,500,000, but only
3909+2 if all of the following conditions are met:
3910+3 (1) The voters of the district approve a proposition
3911+4 for the bond issuance at an election held on or after April
3912+5 7, 2009.
3913+6 (2) Prior to the issuance of the bonds, the school
3914+7 board determines, by resolution, that (i) the building and
3915+8 equipping of a new school building is required as a result
3916+9 of mine subsidence in an existing school building and
3917+10 because of the age and condition of another existing
3918+11 school building and (ii) the issuance of bonds is
3919+12 authorized by statute that exempts the debt incurred on
3920+13 the bonds from the district's statutory debt limitation.
3921+14 (3) The bonds are issued, in one or more bond
3922+15 issuances, on or before March 31, 2014, but the aggregate
3923+16 principal amount issued in all such bond issuances
3924+17 combined must not exceed $47,500,000.
3925+18 (4) The bonds are issued in accordance with this
3926+19 Article.
3927+20 (5) The proceeds of the bonds are used to accomplish
3928+21 only those projects approved by the voters at an election
3929+22 held on or after April 7, 2009.
3930+23 The debt incurred on any bonds issued under this
3931+24 subsection (p-55) shall not be considered indebtedness for
3932+25 purposes of any statutory debt limitation. Bonds issued under
3933+26 this subsection (p-55) must mature within not to exceed 30
3934+
3935+
3936+
3937+
3938+
3939+ HB4582 Enrolled - 110 - LRB103 35517 HLH 65589 b
3940+
3941+
3942+HB4582 Enrolled- 111 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 111 - LRB103 35517 HLH 65589 b
3943+ HB4582 Enrolled - 111 - LRB103 35517 HLH 65589 b
3944+1 years from their date, notwithstanding any other law to the
3945+2 contrary.
3946+3 (p-60) In addition to all other authority to issue bonds,
3947+4 Wilmington Community Unit School District Number 209-U may
3948+5 issue bonds with an aggregate principal amount not to exceed
3949+6 $2,285,000, but only if all of the following conditions are
3950+7 met:
3951+8 (1) The proceeds of the bonds are used to accomplish
3952+9 only those projects approved by the voters at the general
3953+10 primary election held on March 21, 2006.
3954+11 (2) Prior to the issuance of the bonds, the school
3955+12 board determines, by resolution, that (i) the projects
3956+13 approved by the voters were and are required because of
3957+14 the age and condition of the school district's prior and
3958+15 existing school buildings and (ii) the issuance of the
3959+16 bonds is authorized by legislation that exempts the debt
3960+17 incurred on the bonds from the district's statutory debt
3961+18 limitation.
3962+19 (3) The bonds are issued in one or more bond issuances
3963+20 on or before March 1, 2011, but the aggregate principal
3964+21 amount issued in all those bond issuances combined must
3965+22 not exceed $2,285,000.
3966+23 (4) The bonds are issued in accordance with this
3967+24 Article.
3968+25 The debt incurred on any bonds issued under this
3969+26 subsection (p-60) shall not be considered indebtedness for
3970+
3971+
3972+
3973+
3974+
3975+ HB4582 Enrolled - 111 - LRB103 35517 HLH 65589 b
3976+
3977+
3978+HB4582 Enrolled- 112 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 112 - LRB103 35517 HLH 65589 b
3979+ HB4582 Enrolled - 112 - LRB103 35517 HLH 65589 b
3980+1 purposes of any statutory debt limitation.
3981+2 (p-65) In addition to all other authority to issue bonds,
3982+3 West Washington County Community Unit School District 10 may
3983+4 issue bonds with an aggregate principal amount not to exceed
3984+5 $32,200,000 and maturing over a period not exceeding 25 years,
3985+6 but only if all of the following conditions are met:
3986+7 (1) The voters of the district approve a proposition
3987+8 for the bond issuance at an election held on or after
3988+9 February 2, 2010.
3989+10 (2) Prior to the issuance of the bonds, the school
3990+11 board determines, by resolution, that (A) all or a portion
3991+12 of the existing Okawville Junior/Senior High School
3992+13 Building will be demolished; (B) the building and
3993+14 equipping of a new school building to be attached to and
3994+15 the alteration, repair, and equipping of the remaining
3995+16 portion of the Okawville Junior/Senior High School
3996+17 Building is required because of the age and current
3997+18 condition of that school building; and (C) the issuance of
3998+19 bonds is authorized by a statute that exempts the debt
3999+20 incurred on the bonds from the district's statutory debt
4000+21 limitation.
4001+22 (3) The bonds are issued, in one or more bond
4002+23 issuances, on or before March 31, 2014, but the aggregate
4003+24 principal amount issued in all such bond issuances
4004+25 combined must not exceed $32,200,000.
4005+26 (4) The bonds are issued in accordance with this
4006+
4007+
4008+
4009+
4010+
4011+ HB4582 Enrolled - 112 - LRB103 35517 HLH 65589 b
4012+
4013+
4014+HB4582 Enrolled- 113 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 113 - LRB103 35517 HLH 65589 b
4015+ HB4582 Enrolled - 113 - LRB103 35517 HLH 65589 b
4016+1 Article.
4017+2 (5) The proceeds of the bonds are used to accomplish
4018+3 only those projects approved by the voters at an election
4019+4 held on or after February 2, 2010.
4020+5 The debt incurred on any bonds issued under this
4021+6 subsection (p-65) shall not be considered indebtedness for
4022+7 purposes of any statutory debt limitation.
4023+8 (p-70) In addition to all other authority to issue bonds,
4024+9 Cahokia Community Unit School District 187 may issue bonds
4025+10 with an aggregate principal amount not to exceed $50,000,000,
4026+11 but only if all the following conditions are met:
4027+12 (1) The voters of the district approve a proposition
4028+13 for the bond issuance at an election held on or after
4029+14 November 2, 2010.
4030+15 (2) Prior to the issuance of the bonds, the school
4031+16 board determines, by resolution, that (i) the building and
4032+17 equipping of a new school building is required as a result
4033+18 of the age and condition of an existing school building
4034+19 and (ii) the issuance of bonds is authorized by a statute
4035+20 that exempts the debt incurred on the bonds from the
4036+21 district's statutory debt limitation.
4037+22 (3) The bonds are issued, in one or more issuances, on
4038+23 or before July 1, 2016, but the aggregate principal amount
4039+24 issued in all such bond issuances combined must not exceed
4040+25 $50,000,000.
4041+26 (4) The bonds are issued in accordance with this
4042+
4043+
4044+
4045+
4046+
4047+ HB4582 Enrolled - 113 - LRB103 35517 HLH 65589 b
4048+
4049+
4050+HB4582 Enrolled- 114 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 114 - LRB103 35517 HLH 65589 b
4051+ HB4582 Enrolled - 114 - LRB103 35517 HLH 65589 b
4052+1 Article.
4053+2 (5) The proceeds of the bonds are used to accomplish
4054+3 only those projects approved by the voters at an election
4055+4 held on or after November 2, 2010.
4056+5 The debt incurred on any bonds issued under this
4057+6 subsection (p-70) shall not be considered indebtedness for
4058+7 purposes of any statutory debt limitation. Bonds issued under
4059+8 this subsection (p-70) must mature within not to exceed 25
4060+9 years from their date, notwithstanding any other law,
4061+10 including Section 19-3 of this Code, to the contrary.
4062+11 (p-75) Notwithstanding the debt limitation prescribed in
4063+12 subsection (a) of this Section or any other provisions of this
4064+13 Section or of any other law, the execution of leases on or
4065+14 after January 1, 2007 and before July 1, 2011 by the Board of
4066+15 Education of Peoria School District 150 with a public building
4067+16 commission for leases entered into pursuant to the Public
4068+17 Building Commission Act shall not be considered indebtedness
4069+18 for purposes of any statutory debt limitation.
4070+19 This subsection (p-75) applies only if the State Board of
4071+20 Education or the Capital Development Board makes one or more
4072+21 grants to Peoria School District 150 pursuant to the School
4073+22 Construction Law. The amount exempted from the debt limitation
4074+23 as prescribed in this subsection (p-75) shall be no greater
4075+24 than the amount of one or more grants awarded to Peoria School
4076+25 District 150 by the State Board of Education or the Capital
4077+26 Development Board.
4078+
4079+
4080+
4081+
4082+
4083+ HB4582 Enrolled - 114 - LRB103 35517 HLH 65589 b
4084+
4085+
4086+HB4582 Enrolled- 115 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 115 - LRB103 35517 HLH 65589 b
4087+ HB4582 Enrolled - 115 - LRB103 35517 HLH 65589 b
4088+1 (p-80) In addition to all other authority to issue bonds,
4089+2 Ridgeland School District 122 may issue bonds with an
4090+3 aggregate principal amount not to exceed $50,000,000 for the
4091+4 purpose of refunding or continuing to refund bonds originally
4092+5 issued pursuant to voter approval at the general election held
4093+6 on November 7, 2000, and the debt incurred on any bonds issued
4094+7 under this subsection (p-80) shall not be considered
4095+8 indebtedness for purposes of any statutory debt limitation.
4096+9 Bonds issued under this subsection (p-80) may be issued in one
4097+10 or more issuances and must mature within not to exceed 25 years
4098+11 from their date, notwithstanding any other law, including
4099+12 Section 19-3 of this Code, to the contrary.
4100+13 (p-85) In addition to all other authority to issue bonds,
4101+14 Hall High School District 502 may issue bonds with an
4102+15 aggregate principal amount not to exceed $32,000,000, but only
4103+16 if all the following conditions are met:
4104+17 (1) The voters of the district approve a proposition
4105+18 for the bond issuance at an election held on or after April
4106+19 9, 2013.
4107+20 (2) Prior to the issuance of the bonds, the school
4108+21 board determines, by resolution, that (i) the building and
4109+22 equipping of a new school building is required as a result
4110+23 of the age and condition of an existing school building,
4111+24 (ii) the existing school building should be demolished in
4112+25 its entirety or the existing school building should be
4113+26 demolished except for the 1914 west wing of the building,
4114+
4115+
4116+
4117+
4118+
4119+ HB4582 Enrolled - 115 - LRB103 35517 HLH 65589 b
4120+
4121+
4122+HB4582 Enrolled- 116 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 116 - LRB103 35517 HLH 65589 b
4123+ HB4582 Enrolled - 116 - LRB103 35517 HLH 65589 b
4124+1 and (iii) the issuance of bonds is authorized by a statute
4125+2 that exempts the debt incurred on the bonds from the
4126+3 district's statutory debt limitation.
4127+4 (3) The bonds are issued, in one or more issuances,
4128+5 not later than 5 years after the date of the referendum
4129+6 approving the issuance of the bonds, but the aggregate
4130+7 principal amount issued in all such bond issuances
4131+8 combined must not exceed $32,000,000.
4132+9 (4) The bonds are issued in accordance with this
4133+10 Article.
4134+11 (5) The proceeds of the bonds are used to accomplish
4135+12 only those projects approved by the voters at an election
4136+13 held on or after April 9, 2013.
4137+14 The debt incurred on any bonds issued under this
4138+15 subsection (p-85) shall not be considered indebtedness for
4139+16 purposes of any statutory debt limitation. Bonds issued under
4140+17 this subsection (p-85) must mature within not to exceed 30
4141+18 years from their date, notwithstanding any other law,
4142+19 including Section 19-3 of this Code, to the contrary.
4143+20 (p-90) In addition to all other authority to issue bonds,
4144+21 Lebanon Community Unit School District 9 may issue bonds with
4145+22 an aggregate principal amount not to exceed $7,500,000, but
4146+23 only if all of the following conditions are met:
4147+24 (1) The voters of the district approved a proposition
4148+25 for the bond issuance at the general primary election on
4149+26 February 2, 2010.
4150+
4151+
4152+
4153+
4154+
4155+ HB4582 Enrolled - 116 - LRB103 35517 HLH 65589 b
4156+
4157+
4158+HB4582 Enrolled- 117 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 117 - LRB103 35517 HLH 65589 b
4159+ HB4582 Enrolled - 117 - LRB103 35517 HLH 65589 b
4160+1 (2) At or prior to the time of the sale of the bonds,
4161+2 the school board determines, by resolution, that (i) the
4162+3 building and equipping of a new elementary school building
4163+4 is required as a result of a projected increase in the
4164+5 enrollment of students in the district and the age and
4165+6 condition of the existing Lebanon Elementary School
4166+7 building, (ii) a portion of the existing Lebanon
4167+8 Elementary School building will be demolished and the
4168+9 remaining portion will be altered, repaired, and equipped,
4169+10 and (iii) the sale of bonds is authorized by a statute that
4170+11 exempts the debt incurred on the bonds from the district's
4171+12 statutory debt limitation.
4172+13 (3) The bonds are issued, in one or more bond
4173+14 issuances, on or before April 1, 2014, but the aggregate
4174+15 principal amount issued in all such bond issuances
4175+16 combined must not exceed $7,500,000.
4176+17 (4) The bonds are issued in accordance with this
4177+18 Article.
4178+19 (5) The proceeds of the bonds are used to accomplish
4179+20 only those projects approved by the voters at the general
4180+21 primary election held on February 2, 2010.
4181+22 The debt incurred on any bonds issued under this
4182+23 subsection (p-90) shall not be considered indebtedness for
4183+24 purposes of any statutory debt limitation.
4184+25 (p-95) In addition to all other authority to issue bonds,
4185+26 Monticello Community Unit School District 25 may issue bonds
4186+
4187+
4188+
4189+
4190+
4191+ HB4582 Enrolled - 117 - LRB103 35517 HLH 65589 b
4192+
4193+
4194+HB4582 Enrolled- 118 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 118 - LRB103 35517 HLH 65589 b
4195+ HB4582 Enrolled - 118 - LRB103 35517 HLH 65589 b
4196+1 with an aggregate principal amount not to exceed $35,000,000,
4197+2 but only if all of the following conditions are met:
4198+3 (1) The voters of the district approve a proposition
4199+4 for the bond issuance at an election held on or after
4200+5 November 4, 2014.
4201+6 (2) Prior to the issuance of the bonds, the school
4202+7 board determines, by resolution, that (i) the building and
4203+8 equipping of a new school building is required as a result
4204+9 of the age and condition of an existing school building
4205+10 and (ii) the issuance of bonds is authorized by a statute
4206+11 that exempts the debt incurred on the bonds from the
4207+12 district's statutory debt limitation.
4208+13 (3) The bonds are issued, in one or more issuances, on
4209+14 or before July 1, 2020, but the aggregate principal amount
4210+15 issued in all such bond issuances combined must not exceed
4211+16 $35,000,000.
4212+17 (4) The bonds are issued in accordance with this
4213+18 Article.
4214+19 (5) The proceeds of the bonds are used to accomplish
4215+20 only those projects approved by the voters at an election
4216+21 held on or after November 4, 2014.
4217+22 The debt incurred on any bonds issued under this
4218+23 subsection (p-95) shall not be considered indebtedness for
4219+24 purposes of any statutory debt limitation. Bonds issued under
4220+25 this subsection (p-95) must mature within not to exceed 25
4221+26 years from their date, notwithstanding any other law,
4222+
4223+
4224+
4225+
4226+
4227+ HB4582 Enrolled - 118 - LRB103 35517 HLH 65589 b
4228+
4229+
4230+HB4582 Enrolled- 119 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 119 - LRB103 35517 HLH 65589 b
4231+ HB4582 Enrolled - 119 - LRB103 35517 HLH 65589 b
4232+1 including Section 19-3 of this Code, to the contrary.
4233+2 (p-100) In addition to all other authority to issue bonds,
4234+3 the community unit school district created in the territory
4235+4 comprising Milford Community Consolidated School District 280
4236+5 and Milford Township High School District 233, as approved at
4237+6 the general primary election held on March 18, 2014, may issue
4238+7 bonds with an aggregate principal amount not to exceed
4239+8 $17,500,000, but only if all the following conditions are met:
4240+9 (1) The voters of the district approve a proposition
4241+10 for the bond issuance at an election held on or after
4242+11 November 4, 2014.
4243+12 (2) Prior to the issuance of the bonds, the school
4244+13 board determines, by resolution, that (i) the building and
4245+14 equipping of a new school building is required as a result
4246+15 of the age and condition of an existing school building
4247+16 and (ii) the issuance of bonds is authorized by a statute
4248+17 that exempts the debt incurred on the bonds from the
4249+18 district's statutory debt limitation.
4250+19 (3) The bonds are issued, in one or more issuances, on
4251+20 or before July 1, 2020, but the aggregate principal amount
4252+21 issued in all such bond issuances combined must not exceed
4253+22 $17,500,000.
4254+23 (4) The bonds are issued in accordance with this
4255+24 Article.
4256+25 (5) The proceeds of the bonds are used to accomplish
4257+26 only those projects approved by the voters at an election
4258+
4259+
4260+
4261+
4262+
4263+ HB4582 Enrolled - 119 - LRB103 35517 HLH 65589 b
4264+
4265+
4266+HB4582 Enrolled- 120 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 120 - LRB103 35517 HLH 65589 b
4267+ HB4582 Enrolled - 120 - LRB103 35517 HLH 65589 b
4268+1 held on or after November 4, 2014.
4269+2 The debt incurred on any bonds issued under this
4270+3 subsection (p-100) shall not be considered indebtedness for
4271+4 purposes of any statutory debt limitation. Bonds issued under
4272+5 this subsection (p-100) must mature within not to exceed 25
4273+6 years from their date, notwithstanding any other law,
4274+7 including Section 19-3 of this Code, to the contrary.
4275+8 (p-105) In addition to all other authority to issue bonds,
4276+9 North Shore School District 112 may issue bonds with an
4277+10 aggregate principal amount not to exceed $150,000,000, but
4278+11 only if all of the following conditions are met:
4279+12 (1) The voters of the district approve a proposition
4280+13 for the bond issuance at an election held on or after March
4281+14 15, 2016.
4282+15 (2) Prior to the issuance of the bonds, the school
4283+16 board determines, by resolution, that (i) the building and
4284+17 equipping of new buildings and improving the sites thereof
4285+18 and the building and equipping of additions to, altering,
4286+19 repairing, equipping, and renovating existing buildings
4287+20 and improving the sites thereof are required as a result
4288+21 of the age and condition of the district's existing
4289+22 buildings and (ii) the issuance of bonds is authorized by
4290+23 a statute that exempts the debt incurred on the bonds from
4291+24 the district's statutory debt limitation.
4292+25 (3) The bonds are issued, in one or more issuances,
4293+26 not later than 5 years after the date of the referendum
4294+
4295+
4296+
4297+
4298+
4299+ HB4582 Enrolled - 120 - LRB103 35517 HLH 65589 b
4300+
4301+
4302+HB4582 Enrolled- 121 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 121 - LRB103 35517 HLH 65589 b
4303+ HB4582 Enrolled - 121 - LRB103 35517 HLH 65589 b
4304+1 approving the issuance of the bonds, but the aggregate
4305+2 principal amount issued in all such bond issuances
4306+3 combined must not exceed $150,000,000.
4307+4 (4) The bonds are issued in accordance with this
4308+5 Article.
4309+6 (5) The proceeds of the bonds are used to accomplish
4310+7 only those projects approved by the voters at an election
4311+8 held on or after March 15, 2016.
4312+9 The debt incurred on any bonds issued under this
4313+10 subsection (p-105) and on any bonds issued to refund or
4314+11 continue to refund such bonds shall not be considered
4315+12 indebtedness for purposes of any statutory debt limitation.
4316+13 Bonds issued under this subsection (p-105) and any bonds
4317+14 issued to refund or continue to refund such bonds must mature
4318+15 within not to exceed 30 years from their date, notwithstanding
4319+16 any other law, including Section 19-3 of this Code, to the
4320+17 contrary.
4321+18 (p-110) In addition to all other authority to issue bonds,
4322+19 Sandoval Community Unit School District 501 may issue bonds
4323+20 with an aggregate principal amount not to exceed $2,000,000,
4324+21 but only if all of the following conditions are met:
4325+22 (1) The voters of the district approved a proposition
4326+23 for the bond issuance at an election held on March 20,
4327+24 2012.
4328+25 (2) Prior to the issuance of the bonds, the school
4329+26 board determines, by resolution, that (i) the building and
4330+
4331+
4332+
4333+
4334+
4335+ HB4582 Enrolled - 121 - LRB103 35517 HLH 65589 b
4336+
4337+
4338+HB4582 Enrolled- 122 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 122 - LRB103 35517 HLH 65589 b
4339+ HB4582 Enrolled - 122 - LRB103 35517 HLH 65589 b
4340+1 equipping of a new school building is required because of
4341+2 the age and current condition of the Sandoval Elementary
4342+3 School building and (ii) the issuance of bonds is
4343+4 authorized by a statute that exempts the debt incurred on
4344+5 the bonds from the district's statutory debt limitation.
4345+6 (3) The bonds are issued, in one or more bond
4346+7 issuances, on or before March 19, 2022, but the aggregate
4347+8 principal amount issued in all such bond issuances
4348+9 combined must not exceed $2,000,000.
4349+10 (4) The bonds are issued in accordance with this
4350+11 Article.
4351+12 (5) The proceeds of the bonds are used to accomplish
4352+13 only those projects approved by the voters at the election
4353+14 held on March 20, 2012.
4354+15 The debt incurred on any bonds issued under this
4355+16 subsection (p-110) and on any bonds issued to refund or
4356+17 continue to refund the bonds shall not be considered
4357+18 indebtedness for purposes of any statutory debt limitation.
4358+19 (p-115) In addition to all other authority to issue bonds,
4359+20 Bureau Valley Community Unit School District 340 may issue
4360+21 bonds with an aggregate principal amount not to exceed
4361+22 $25,000,000, but only if all of the following conditions are
4362+23 met:
4363+24 (1) The voters of the district approve a proposition
4364+25 for the bond issuance at an election held on or after March
4365+26 15, 2016.
4366+
4367+
4368+
4369+
4370+
4371+ HB4582 Enrolled - 122 - LRB103 35517 HLH 65589 b
4372+
4373+
4374+HB4582 Enrolled- 123 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 123 - LRB103 35517 HLH 65589 b
4375+ HB4582 Enrolled - 123 - LRB103 35517 HLH 65589 b
4376+1 (2) Prior to the issuances of the bonds, the school
4377+2 board determines, by resolution, that (i) the renovating
4378+3 and equipping of some existing school buildings, the
4379+4 building and equipping of new school buildings, and the
4380+5 demolishing of some existing school buildings are required
4381+6 as a result of the age and condition of existing school
4382+7 buildings and (ii) the issuance of bonds is authorized by
4383+8 a statute that exempts the debt incurred on the bonds from
4384+9 the district's statutory debt limitation.
4385+10 (3) The bonds are issued, in one or more issuances, on
4386+11 or before July 1, 2021, but the aggregate principal amount
4387+12 issued in all such bond issuances combined must not exceed
4388+13 $25,000,000.
4389+14 (4) The bonds are issued in accordance with this
4390+15 Article.
4391+16 (5) The proceeds of the bonds are used to accomplish
4392+17 only those projects approved by the voters at an election
4393+18 held on or after March 15, 2016.
4394+19 The debt incurred on any bonds issued under this
4395+20 subsection (p-115) shall not be considered indebtedness for
4396+21 purposes of any statutory debt limitation. Bonds issued under
4397+22 this subsection (p-115) must mature within not to exceed 30
4398+23 years from their date, notwithstanding any other law,
4399+24 including Section 19-3 of this Code, to the contrary.
4400+25 (p-120) In addition to all other authority to issue bonds,
4401+26 Paxton-Buckley-Loda Community Unit School District 10 may
4402+
4403+
4404+
4405+
4406+
4407+ HB4582 Enrolled - 123 - LRB103 35517 HLH 65589 b
4408+
4409+
4410+HB4582 Enrolled- 124 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 124 - LRB103 35517 HLH 65589 b
4411+ HB4582 Enrolled - 124 - LRB103 35517 HLH 65589 b
4412+1 issue bonds with an aggregate principal amount not to exceed
4413+2 $28,500,000, but only if all the following conditions are met:
4414+3 (1) The voters of the district approve a proposition
4415+4 for the bond issuance at an election held on or after
4416+5 November 8, 2016.
4417+6 (2) Prior to the issuance of the bonds, the school
4418+7 board determines, by resolution, that (i) the projects as
4419+8 described in said proposition, relating to the building
4420+9 and equipping of one or more school buildings or additions
4421+10 to existing school buildings, are required as a result of
4422+11 the age and condition of the District's existing buildings
4423+12 and (ii) the issuance of bonds is authorized by a statute
4424+13 that exempts the debt incurred on the bonds from the
4425+14 district's statutory debt limitation.
4426+15 (3) The bonds are issued, in one or more issuances,
4427+16 not later than 5 years after the date of the referendum
4428+17 approving the issuance of the bonds, but the aggregate
4429+18 principal amount issued in all such bond issuances
4430+19 combined must not exceed $28,500,000.
4431+20 (4) The bonds are issued in accordance with this
4432+21 Article.
4433+22 (5) The proceeds of the bonds are used to accomplish
4434+23 only those projects approved by the voters at an election
4435+24 held on or after November 8, 2016.
4436+25 The debt incurred on any bonds issued under this
4437+26 subsection (p-120) and on any bonds issued to refund or
4438+
4439+
4440+
4441+
4442+
4443+ HB4582 Enrolled - 124 - LRB103 35517 HLH 65589 b
4444+
4445+
4446+HB4582 Enrolled- 125 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 125 - LRB103 35517 HLH 65589 b
4447+ HB4582 Enrolled - 125 - LRB103 35517 HLH 65589 b
4448+1 continue to refund such bonds shall not be considered
4449+2 indebtedness for purposes of any statutory debt limitation.
4450+3 Bonds issued under this subsection (p-120) and any bonds
4451+4 issued to refund or continue to refund such bonds must mature
4452+5 within not to exceed 25 years from their date, notwithstanding
4453+6 any other law, including Section 19-3 of this Code, to the
4454+7 contrary.
4455+8 (p-125) In addition to all other authority to issue bonds,
4456+9 Hillsboro Community Unit School District 3 may issue bonds
4457+10 with an aggregate principal amount not to exceed $34,500,000,
4458+11 but only if all the following conditions are met:
4459+12 (1) The voters of the district approve a proposition
4460+13 for the bond issuance at an election held on or after March
4461+14 15, 2016.
4462+15 (2) Prior to the issuance of the bonds, the school
4463+16 board determines, by resolution, that (i) altering,
4464+17 repairing, and equipping the high school
4465+18 agricultural/vocational building, demolishing the high
4466+19 school main, cafeteria, and gym buildings, building and
4467+20 equipping a school building, and improving sites are
4468+21 required as a result of the age and condition of the
4469+22 district's existing buildings and (ii) the issuance of
4470+23 bonds is authorized by a statute that exempts the debt
4471+24 incurred on the bonds from the district's statutory debt
4472+25 limitation.
4473+26 (3) The bonds are issued, in one or more issuances,
4474+
4475+
4476+
4477+
4478+
4479+ HB4582 Enrolled - 125 - LRB103 35517 HLH 65589 b
4480+
4481+
4482+HB4582 Enrolled- 126 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 126 - LRB103 35517 HLH 65589 b
4483+ HB4582 Enrolled - 126 - LRB103 35517 HLH 65589 b
4484+1 not later than 5 years after the date of the referendum
4485+2 approving the issuance of the bonds, but the aggregate
4486+3 principal amount issued in all such bond issuances
4487+4 combined must not exceed $34,500,000.
4488+5 (4) The bonds are issued in accordance with this
4489+6 Article.
4490+7 (5) The proceeds of the bonds are used to accomplish
4491+8 only those projects approved by the voters at an election
4492+9 held on or after March 15, 2016.
4493+10 The debt incurred on any bonds issued under this
4494+11 subsection (p-125) and on any bonds issued to refund or
4495+12 continue to refund such bonds shall not be considered
4496+13 indebtedness for purposes of any statutory debt limitation.
4497+14 Bonds issued under this subsection (p-125) and any bonds
4498+15 issued to refund or continue to refund such bonds must mature
4499+16 within not to exceed 25 years from their date, notwithstanding
4500+17 any other law, including Section 19-3 of this Code, to the
4501+18 contrary.
4502+19 (p-130) In addition to all other authority to issue bonds,
4503+20 Waltham Community Consolidated School District 185 may incur
4504+21 indebtedness in an aggregate principal amount not to exceed
4505+22 $9,500,000 to build and equip a new school building and
4506+23 improve the site thereof, but only if all the following
4507+24 conditions are met:
4508+25 (1) A majority of the voters of the district voting on
4509+26 an advisory question voted in favor of the question
4510+
4511+
4512+
4513+
4514+
4515+ HB4582 Enrolled - 126 - LRB103 35517 HLH 65589 b
4516+
4517+
4518+HB4582 Enrolled- 127 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 127 - LRB103 35517 HLH 65589 b
4519+ HB4582 Enrolled - 127 - LRB103 35517 HLH 65589 b
4520+1 regarding the use of funding sources to build a new school
4521+2 building without increasing property tax rates at the
4522+3 general election held on November 8, 2016.
4523+4 (2) Prior to incurring the debt, the school board
4524+5 enters into intergovernmental agreements with the City of
4525+6 LaSalle to pledge moneys in a special tax allocation fund
4526+7 associated with tax increment financing districts LaSalle
4527+8 I and LaSalle III and with the Village of Utica to pledge
4528+9 moneys in a special tax allocation fund associated with
4529+10 tax increment financing district Utica I for the purposes
4530+11 of repaying the debt issued pursuant to this subsection
4531+12 (p-130). Notwithstanding any other provision of law to the
4532+13 contrary, the intergovernmental agreement may extend these
4533+14 tax increment financing districts as necessary to ensure
4534+15 repayment of the debt.
4535+16 (3) Prior to incurring the debt, the school board
4536+17 determines, by resolution, that (i) the building and
4537+18 equipping of a new school building is required as a result
4538+19 of the age and condition of the district's existing
4539+20 buildings and (ii) the debt is authorized by a statute
4540+21 that exempts the debt from the district's statutory debt
4541+22 limitation.
4542+23 (4) The debt is incurred, in one or more issuances,
4543+24 not later than January 1, 2021, and the aggregate
4544+25 principal amount of debt issued in all such issuances
4545+26 combined must not exceed $9,500,000.
4546+
4547+
4548+
4549+
4550+
4551+ HB4582 Enrolled - 127 - LRB103 35517 HLH 65589 b
4552+
4553+
4554+HB4582 Enrolled- 128 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 128 - LRB103 35517 HLH 65589 b
4555+ HB4582 Enrolled - 128 - LRB103 35517 HLH 65589 b
4556+1 The debt incurred under this subsection (p-130) and on any
4557+2 bonds issued to pay, refund, or continue to refund such debt
4558+3 shall not be considered indebtedness for purposes of any
4559+4 statutory debt limitation. Debt issued under this subsection
4560+5 (p-130) and any bonds issued to pay, refund, or continue to
4561+6 refund such debt must mature within not to exceed 25 years from
4562+7 their date, notwithstanding any other law, including Section
4563+8 19-11 of this Code and subsection (b) of Section 17 of the
4564+9 Local Government Debt Reform Act, to the contrary.
4565+10 (p-133) Notwithstanding the provisions of subsection (a)
4566+11 of this Section or of any other law, bonds heretofore or
4567+12 hereafter issued by East Prairie School District 73 with an
4568+13 aggregate principal amount not to exceed $47,353,147 and
4569+14 approved by the voters of the district at the general election
4570+15 held on November 8, 2016, and any bonds issued to refund or
4571+16 continue to refund the bonds, shall not be considered
4572+17 indebtedness for the purposes of any statutory debt limitation
4573+18 and may mature within not to exceed 25 years from their date,
4574+19 notwithstanding any other law, including Section 19-3 of this
4575+20 Code, to the contrary.
4576+21 (p-135) In addition to all other authority to issue bonds,
4577+22 Brookfield LaGrange Park School District Number 95 may issue
4578+23 bonds with an aggregate principal amount not to exceed
4579+24 $20,000,000, but only if all the following conditions are met:
4580+25 (1) The voters of the district approve a proposition
4581+26 for the bond issuance at an election held on or after April
4582+
4583+
4584+
4585+
4586+
4587+ HB4582 Enrolled - 128 - LRB103 35517 HLH 65589 b
4588+
4589+
4590+HB4582 Enrolled- 129 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 129 - LRB103 35517 HLH 65589 b
4591+ HB4582 Enrolled - 129 - LRB103 35517 HLH 65589 b
4592+1 4, 2017.
4593+2 (2) Prior to the issuance of the bonds, the school
4594+3 board determines, by resolution, that (i) the additions
4595+4 and renovations to the Brook Park Elementary and S. E.
4596+5 Gross Middle School buildings are required to accommodate
4597+6 enrollment growth, replace outdated facilities, and create
4598+7 spaces consistent with 21st century learning and (ii) the
4599+8 issuance of the bonds is authorized by a statute that
4600+9 exempts the debt incurred on the bonds from the district's
4601+10 statutory debt limitation.
4602+11 (3) The bonds are issued, in one or more issuances,
4603+12 not later than 5 years after the date of the referendum
4604+13 approving the issuance of the bonds, but the aggregate
4605+14 principal amount issued in all such bond issuances
4606+15 combined must not exceed $20,000,000.
4607+16 (4) The bonds are issued in accordance with this
4608+17 Article.
4609+18 (5) The proceeds of the bonds are used to accomplish
4610+19 only those projects approved by the voters at an election
4611+20 held on or after April 4, 2017.
4612+21 The debt incurred on any bonds issued under this
4613+22 subsection (p-135) and on any bonds issued to refund or
4614+23 continue to refund such bonds shall not be considered
4615+24 indebtedness for purposes of any statutory debt limitation.
4616+25 (p-140) The debt incurred on any bonds issued by Wolf
4617+26 Branch School District 113 under Section 17-2.11 of this Code
4618+
4619+
4620+
4621+
4622+
4623+ HB4582 Enrolled - 129 - LRB103 35517 HLH 65589 b
4624+
4625+
4626+HB4582 Enrolled- 130 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 130 - LRB103 35517 HLH 65589 b
4627+ HB4582 Enrolled - 130 - LRB103 35517 HLH 65589 b
4628+1 for the purpose of repairing or replacing all or a portion of a
4629+2 school building that has been damaged by mine subsidence in an
4630+3 aggregate principal amount not to exceed $17,500,000 and on
4631+4 any bonds issued to refund or continue to refund those bonds
4632+5 shall not be considered indebtedness for purposes of any
4633+6 statutory debt limitation and must mature no later than 25
4634+7 years from the date of issuance, notwithstanding any other
4635+8 provision of law to the contrary, including Section 19-3 of
4636+9 this Code. The maximum allowable amount of debt exempt from
4637+10 statutory debt limitations under this subsection (p-140) shall
4638+11 be reduced by an amount equal to any grants awarded by the
4639+12 State Board of Education or Capital Development Board for the
4640+13 explicit purpose of repairing or reconstructing a school
4641+14 building damaged by mine subsidence.
4642+15 (p-145) In addition to all other authority to issue bonds,
4643+16 Greenview Community Unit School District 200 may issue bonds
4644+17 with an aggregate principal amount not to exceed $3,500,000,
4645+18 but only if all of the following conditions are met:
4646+19 (1) The voters of the district approve a proposition
4647+20 for the bond issuance at an election held on March 17,
4648+21 2020.
4649+22 (2) Prior to the issuance of the bonds, the school
4650+23 board determines, by resolution, that the bonding is
4651+24 necessary for construction and expansion of the district's
4652+25 kindergarten through grade 12 facility.
4653+26 (3) The bonds are issued, in one or more issuances,
4654+
4655+
4656+
4657+
4658+
4659+ HB4582 Enrolled - 130 - LRB103 35517 HLH 65589 b
4660+
4661+
4662+HB4582 Enrolled- 131 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 131 - LRB103 35517 HLH 65589 b
4663+ HB4582 Enrolled - 131 - LRB103 35517 HLH 65589 b
4664+1 not later than 5 years after the date of the referendum
4665+2 approving the issuance of the bonds, but the aggregate
4666+3 principal amount issued in all such bond issuances
4667+4 combined must not exceed $3,500,000.
4668+5 (4) The bonds are issued in accordance with this
4669+6 Article.
4670+7 (5) The proceeds of the bonds are used to accomplish
4671+8 only the projects approved by the voters at an election
4672+9 held on March 17, 2020.
4673+10 The debt incurred on any bonds issued under this
4674+11 subsection (p-145) and on any bonds issued to refund or
4675+12 continue to refund such bonds shall not be considered
4676+13 indebtedness for purposes of any statutory debt limitation.
4677+14 Bonds issued under this subsection (p-145) and any bonds
4678+15 issued to refund or continue to refund such bonds must mature
4679+16 within not to exceed 25 years from their date, notwithstanding
4680+17 any other law, including Section 19-3 of this Code, to the
4681+18 contrary.
4682+19 (p-150) In addition to all other authority to issue bonds,
4683+20 Komarek School District 94 may issue bonds with an aggregate
4684+21 principal amount not to exceed $20,800,000, but only if all of
4685+22 the following conditions are met:
4686+23 (1) The voters of the district approve a proposition
4687+24 for the bond issuance at an election held on or after March
4688+25 17, 2020.
4689+26 (2) Prior to the issuance of the bonds, the school
4690+
4691+
4692+
4693+
4694+
4695+ HB4582 Enrolled - 131 - LRB103 35517 HLH 65589 b
4696+
4697+
4698+HB4582 Enrolled- 132 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 132 - LRB103 35517 HLH 65589 b
4699+ HB4582 Enrolled - 132 - LRB103 35517 HLH 65589 b
4700+1 board determines, by resolution, that (i) building and
4701+2 equipping additions to, altering, repairing, equipping, or
4702+3 demolishing a portion of, or improving the site of the
4703+4 district's existing school building is required as a
4704+5 result of the age and condition of the existing building
4705+6 and (ii) the issuance of the bonds is authorized by a
4706+7 statute that exempts the debt incurred on the bonds from
4707+8 the district's statutory debt limitation.
4708+9 (3) The bonds are issued, in one or more issuances, no
4709+10 later than 5 years after the date of the referendum
4710+11 approving the issuance of the bonds, but the aggregate
4711+12 principal amount issued in all of the bond issuances
4712+13 combined may not exceed $20,800,000.
4713+14 (4) The bonds are issued in accordance with this
4714+15 Article.
4715+16 (5) The proceeds of the bonds are used to accomplish
4716+17 only those projects approved by the voters at an election
4717+18 held on or after March 17, 2020.
4718+19 The debt incurred on any bonds issued under this
4719+20 subsection (p-150) and on any bonds issued to refund or
4720+21 continue to refund those bonds may not be considered
4721+22 indebtedness for purposes of any statutory debt limitation.
4722+23 Notwithstanding any other law to the contrary, including
4723+24 Section 19-3, bonds issued under this subsection (p-150) and
4724+25 any bonds issued to refund or continue to refund those bonds
4725+26 must mature within 30 years from their date of issuance.
4726+
4727+
4728+
4729+
4730+
4731+ HB4582 Enrolled - 132 - LRB103 35517 HLH 65589 b
4732+
4733+
4734+HB4582 Enrolled- 133 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 133 - LRB103 35517 HLH 65589 b
4735+ HB4582 Enrolled - 133 - LRB103 35517 HLH 65589 b
4736+1 (p-155) In addition to all other authority to issue bonds,
4737+2 Williamsville Community Unit School District 15 may issue
4738+3 bonds with an aggregate principal amount not to exceed
4739+4 $40,000,000, but only if all of the following conditions are
4740+5 met:
4741+6 (1) The voters of the school district approve a
4742+7 proposition for the bond issuance at an election held on
4743+8 March 17, 2020.
4744+9 (2) Prior to the issuance of the bonds, the school
4745+10 board determines, by resolution, that the projects set
4746+11 forth in the proposition for the bond issuance were and
4747+12 are required because of the age and condition of the
4748+13 school district's existing school buildings.
4749+14 (3) The bonds are issued, in one or more issuances,
4750+15 not later than 5 years after the date of the referendum
4751+16 approving the issuance of the bonds, but the aggregate
4752+17 principal amount issued in all such bond issuances
4753+18 combined must not exceed $40,000,000.
4754+19 (4) The bonds are issued in accordance with this
4755+20 Article.
4756+21 (5) The proceeds of the bonds are used to accomplish
4757+22 only the projects approved by the voters at an election
4758+23 held on March 17, 2020.
4759+24 The debt incurred on any bonds issued under this
4760+25 subsection (p-155) and on any bonds issued to refund or
4761+26 continue to refund such bonds shall not be considered
4762+
4763+
4764+
4765+
4766+
4767+ HB4582 Enrolled - 133 - LRB103 35517 HLH 65589 b
4768+
4769+
4770+HB4582 Enrolled- 134 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 134 - LRB103 35517 HLH 65589 b
4771+ HB4582 Enrolled - 134 - LRB103 35517 HLH 65589 b
4772+1 indebtedness for purposes of any statutory debt limitation.
4773+2 Bonds issued under this subsection (p-155) and any bonds
4774+3 issued to refund or continue to refund such bonds must mature
4775+4 within not to exceed 25 years from their date, notwithstanding
4776+5 any other law, including Section 19-3 of this Code, to the
4777+6 contrary.
4778+7 (p-160) In addition to all other authority to issue bonds,
4779+8 Berkeley School District 87 may issue bonds with an aggregate
4780+9 principal amount not to exceed $105,000,000, but only if all
4781+10 of the following conditions are met:
4782+11 (1) The voters of the district approve a proposition
4783+12 for the bond issuance at the general primary election held
4784+13 on March 17, 2020.
4785+14 (2) Prior to the issuance of the bonds, the school
4786+15 board determines, by resolution, that (i) building and
4787+16 equipping a school building to replace the Sunnyside
4788+17 Intermediate and MacArthur Middle School buildings;
4789+18 building and equipping additions to and altering,
4790+19 repairing, and equipping the Riley Intermediate and
4791+20 Northlake Middle School buildings; altering, repairing,
4792+21 and equipping the Whittier Primary and Jefferson Primary
4793+22 School buildings; improving sites; renovating
4794+23 instructional spaces; providing STEM (science, technology,
4795+24 engineering, and mathematics) labs; and constructing life
4796+25 safety, security, and infrastructure improvements are
4797+26 required to replace outdated facilities and to provide
4798+
4799+
4800+
4801+
4802+
4803+ HB4582 Enrolled - 134 - LRB103 35517 HLH 65589 b
4804+
4805+
4806+HB4582 Enrolled- 135 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 135 - LRB103 35517 HLH 65589 b
4807+ HB4582 Enrolled - 135 - LRB103 35517 HLH 65589 b
4808+1 safe spaces consistent with 21st century learning and (ii)
4809+2 the issuance of bonds is authorized by a statute that
4810+3 exempts the debt incurred on the bonds from the district's
4811+4 statutory debt limitation.
4812+5 (3) The bonds are issued, in one or more issuances,
4813+6 not later than 5 years after the date of the referendum
4814+7 approving the issuance of the bonds, but the aggregate
4815+8 principal amount issued in all such bond issuances
4816+9 combined must not exceed $105,000,000.
4817+10 (4) The bonds are issued in accordance with this
4818+11 Article.
4819+12 (5) The proceeds of the bonds are used to accomplish
4820+13 only those projects approved by the voters at the general
4821+14 primary election held on March 17, 2020.
4822+15 The debt incurred on any bonds issued under this
4823+16 subsection (p-160) and on any bonds issued to refund or
4824+17 continue to refund such bonds shall not be considered
4825+18 indebtedness for purposes of any statutory debt limitation.
4826+19 (p-165) In addition to all other authority to issue bonds,
4827+20 Elmwood Park Community Unit School District 401 may issue
4828+21 bonds with an aggregate principal amount not to exceed
4829+22 $55,000,000, but only if all of the following conditions are
4830+23 met:
4831+24 (1) The voters of the district approve a proposition
4832+25 for the bond issuance at an election held on or after March
4833+26 17, 2020.
4834+
4835+
4836+
4837+
4838+
4839+ HB4582 Enrolled - 135 - LRB103 35517 HLH 65589 b
4840+
4841+
4842+HB4582 Enrolled- 136 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 136 - LRB103 35517 HLH 65589 b
4843+ HB4582 Enrolled - 136 - LRB103 35517 HLH 65589 b
4844+1 (2) Prior to the issuance of the bonds, the school
4845+2 board determines, by resolution, that (i) the building and
4846+3 equipping of an addition to the John Mills Elementary
4847+4 School building; the renovating, altering, repairing, and
4848+5 equipping of the John Mills and Elmwood Elementary School
4849+6 buildings; the installation of safety and security
4850+7 improvements; and the improvement of school sites are
4851+8 required as a result of the age and condition of the
4852+9 district's existing school buildings and (ii) the issuance
4853+10 of bonds is authorized by a statute that exempts the debt
4854+11 incurred on the bonds from the district's statutory debt
4855+12 limitation.
4856+13 (3) The bonds are issued, in one or more issuances,
4857+14 not later than 5 years after the date of the referendum
4858+15 approving the issuance of the bonds, but the aggregate
4859+16 principal amount issued in all such bond issuances
4860+17 combined must not exceed $55,000,000.
4861+18 (4) The bonds are issued in accordance with this
4862+19 Article.
4863+20 (5) The proceeds of the bonds are used to accomplish
4864+21 only the projects approved by the voters at an election
4865+22 held on or after March 17, 2020.
4866+23 The debt incurred on any bonds issued under this
4867+24 subsection (p-165) and on any bonds issued to refund or
4868+25 continue to refund such bonds shall not be considered
4869+26 indebtedness for purposes of any statutory debt limitation.
4870+
4871+
4872+
4873+
4874+
4875+ HB4582 Enrolled - 136 - LRB103 35517 HLH 65589 b
4876+
4877+
4878+HB4582 Enrolled- 137 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 137 - LRB103 35517 HLH 65589 b
4879+ HB4582 Enrolled - 137 - LRB103 35517 HLH 65589 b
4880+1 Bonds issued under this subsection (p-165) and any bonds
4881+2 issued to refund or continue to refund such bonds must mature
4882+3 within not to exceed 25 years from their date, notwithstanding
4883+4 any other law, including Section 19-3 of this Code, to the
4884+5 contrary.
4885+6 (p-170) In addition to all other authority to issue bonds,
4886+7 Maroa-Forsyth Community Unit School District 2 may issue bonds
4887+8 with an aggregate principal amount not to exceed $33,000,000,
4888+9 but only if all of the following conditions are met:
4889+10 (1) The voters of the school district approve a
4890+11 proposition for the bond issuance at an election held on
4891+12 March 17, 2020.
4892+13 (2) Prior to the issuance of the bonds, the school
4893+14 board determines, by resolution, that the projects set
4894+15 forth in the proposition for the bond issuance were and
4895+16 are required because of the age and condition of the
4896+17 school district's existing school buildings.
4897+18 (3) The bonds are issued, in one or more issuances,
4898+19 not later than 5 years after the date of the referendum
4899+20 approving the issuance of the bonds, but the aggregate
4900+21 principal amount issued in all such bond issuances
4901+22 combined must not exceed $33,000,000.
4902+23 (4) The bonds are issued in accordance with this
4903+24 Article.
4904+25 (5) The proceeds of the bonds are used to accomplish
4905+26 only the projects approved by the voters at an election
4906+
4907+
4908+
4909+
4910+
4911+ HB4582 Enrolled - 137 - LRB103 35517 HLH 65589 b
4912+
4913+
4914+HB4582 Enrolled- 138 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 138 - LRB103 35517 HLH 65589 b
4915+ HB4582 Enrolled - 138 - LRB103 35517 HLH 65589 b
4916+1 held on March 17, 2020.
4917+2 The debt incurred on any bonds issued under this
4918+3 subsection (p-170) and on any bonds issued to refund or
4919+4 continue to refund such bonds shall not be considered
4920+5 indebtedness for purposes of any statutory debt limitation.
4921+6 Bonds issued under this subsection (p-170) and any bonds
4922+7 issued to refund or continue to refund such bonds must mature
4923+8 within not to exceed 25 years from their date, notwithstanding
4924+9 any other law, including Section 19-3 of this Code, to the
4925+10 contrary.
4926+11 (p-175) In addition to all other authority to issue bonds,
4927+12 Schiller Park School District 81 may issue bonds with an
4928+13 aggregate principal amount not to exceed $30,000,000, but only
4929+14 if all of the following conditions are met:
4930+15 (1) The voters of the district approve a proposition
4931+16 for the bond issuance at an election held on or after March
4932+17 17, 2020.
4933+18 (2) Prior to the issuance of the bonds, the school
4934+19 board determines, by resolution, that (i) building and
4935+20 equipping a school building to replace the Washington
4936+21 Elementary School building, installing fire suppression
4937+22 systems, security systems, and federal Americans with
4938+23 Disability Act of 1990 compliance measures, acquiring
4939+24 land, and improving the site are required to accommodate
4940+25 enrollment growth, replace an outdated facility, and
4941+26 create spaces consistent with 21st century learning and
4942+
4943+
4944+
4945+
4946+
4947+ HB4582 Enrolled - 138 - LRB103 35517 HLH 65589 b
4948+
4949+
4950+HB4582 Enrolled- 139 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 139 - LRB103 35517 HLH 65589 b
4951+ HB4582 Enrolled - 139 - LRB103 35517 HLH 65589 b
4952+1 (ii) the issuance of bonds is authorized by a statute that
4953+2 exempts the debt incurred on the bonds from the district's
4954+3 statutory debt limitation.
4955+4 (3) The bonds are issued, in one or more issuances,
4956+5 not later than 5 years after the date of the referendum
4957+6 approving the issuance of the bonds, but the aggregate
4958+7 principal amount issued in all such bond issuances
4959+8 combined must not exceed $30,000,000.
4960+9 (4) The bonds are issued in accordance with this
4961+10 Article.
4962+11 (5) The proceeds of the bonds are used to accomplish
4963+12 only the projects approved by the voters at an election
4964+13 held on or after March 17, 2020.
4965+14 The debt incurred on any bonds issued under this
4966+15 subsection (p-175) and on any bonds issued to refund or
4967+16 continue to refund such bonds shall not be considered
4968+17 indebtedness for purposes of any statutory debt limitation.
4969+18 Bonds issued under this subsection (p-175) and any bonds
4970+19 issued to refund or continue to refund such bonds must mature
4971+20 within not to exceed 27 years from their date, notwithstanding
4972+21 any other law, including Section 19-3 of this Code, to the
4973+22 contrary.
4974+23 (p-180) In addition to all other authority to issue bonds,
4975+24 Iroquois County Community Unit School District 9 may issue
4976+25 bonds with an aggregate principal amount not to exceed
4977+26 $17,125,000, but only if all of the following conditions are
4978+
4979+
4980+
4981+
4982+
4983+ HB4582 Enrolled - 139 - LRB103 35517 HLH 65589 b
4984+
4985+
4986+HB4582 Enrolled- 140 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 140 - LRB103 35517 HLH 65589 b
4987+ HB4582 Enrolled - 140 - LRB103 35517 HLH 65589 b
4988+1 met:
4989+2 (1) The voters of the district approve a proposition
4990+3 for the bond issuance at an election held on or after April
4991+4 6, 2021.
4992+5 (2) Prior to the issuance of the bonds, the school
4993+6 board determines, by resolution, that (i) building and
4994+7 equipping a new school building in the City of Watseka;
4995+8 altering, repairing, renovating, and equipping portions of
4996+9 the existing facilities of the district; and making site
4997+10 improvements is necessary because of the age and condition
4998+11 of the district's existing school facilities and (ii) the
4999+12 issuance of bonds is authorized by a statute that exempts
5000+13 the debt incurred on the bonds from the district's
5001+14 statutory debt limitation.
5002+15 (3) The bonds are issued, in one or more issuances,
5003+16 not later than 5 years after the date of the referendum
5004+17 approving the issuance of the bonds, but the aggregate
5005+18 principal amount issued in all such bond issuances
5006+19 combined must not exceed $17,125,000.
5007+20 (4) The bonds are issued in accordance with this
5008+21 Article.
5009+22 (5) The proceeds of the bonds are used to accomplish
5010+23 only the projects approved by the voters at an election
5011+24 held on or after April 6, 2021.
5012+25 The debt incurred on any bonds issued under this
5013+26 subsection (p-180) and on any bonds issued to refund or
5014+
5015+
5016+
5017+
5018+
5019+ HB4582 Enrolled - 140 - LRB103 35517 HLH 65589 b
5020+
5021+
5022+HB4582 Enrolled- 141 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 141 - LRB103 35517 HLH 65589 b
5023+ HB4582 Enrolled - 141 - LRB103 35517 HLH 65589 b
5024+1 continue to refund such bonds shall not be considered
5025+2 indebtedness for purposes of any statutory debt limitation.
5026+3 Bonds issued under this subsection (p-180) and any bonds
5027+4 issued to refund or continue to refund such bonds must mature
5028+5 within not to exceed 25 years from their date, notwithstanding
5029+6 any other law, including Section 19-3 of this Code, to the
5030+7 contrary.
5031+8 (p-185) In addition to all other authority to issue bonds,
5032+9 Field Community Consolidated School District 3 may issue bonds
5033+10 with an aggregate principal amount not to exceed $2,600,000,
5034+11 but only if all of the following conditions are met:
5035+12 (1) The voters of the district approve a proposition
5036+13 for the bond issuance at an election held on or after April
5037+14 6, 2021.
5038+15 (2) Prior to the issuance of the bonds, the school
5039+16 board determines, by resolution, that (i) it is necessary
5040+17 to alter, repair, renovate, and equip the existing
5041+18 facilities of the district, including, but not limited to,
5042+19 roof replacement, lighting replacement, electrical
5043+20 upgrades, restroom repairs, and gym renovations, and make
5044+21 site improvements because of the age and condition of the
5045+22 district's existing school facilities and (ii) the
5046+23 issuance of bonds is authorized by a statute that exempts
5047+24 the debt incurred on the bonds from the district's
5048+25 statutory debt limitation.
5049+26 (3) The bonds are issued, in one or more issuances,
5050+
5051+
5052+
5053+
5054+
5055+ HB4582 Enrolled - 141 - LRB103 35517 HLH 65589 b
5056+
5057+
5058+HB4582 Enrolled- 142 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 142 - LRB103 35517 HLH 65589 b
5059+ HB4582 Enrolled - 142 - LRB103 35517 HLH 65589 b
5060+1 not later than 5 years after the date of the referendum
5061+2 approving the issuance of the bonds, but the aggregate
5062+3 principal amount issued in all such bond issuances
5063+4 combined must not exceed $2,600,000.
5064+5 (4) The bonds are issued in accordance with this
5065+6 Article.
5066+7 (5) The proceeds of the bonds are used to accomplish
5067+8 only the projects approved by the voters at an election
5068+9 held on or after April 6, 2021.
5069+10 The debt incurred on any bonds issued under this
5070+11 subsection (p-185) and on any bonds issued to refund or
5071+12 continue to refund such bonds shall not be considered
5072+13 indebtedness for purposes of any statutory debt limitation.
5073+14 Bonds issued under this subsection (p-185) and any bonds
5074+15 issued to refund or continue to refund such bonds must mature
5075+16 within not to exceed 25 years from their date, notwithstanding
5076+17 any other law, including Section 19-3 of this Code, to the
5077+18 contrary.
5078+19 (p-190) In addition to all other authority to issue bonds,
5079+20 Mahomet-Seymour Community Unit School District 3 may issue
5080+21 bonds with an aggregate principal amount not to exceed
5081+22 $97,900,000, but only if all the following conditions are met:
5082+23 (1) The voters of the district approve a proposition
5083+24 for the bond issuance at an election held on or after June
5084+25 28, 2022.
5085+26 (2) Prior to the issuance of the bonds, the school
5086+
5087+
5088+
5089+
5090+
5091+ HB4582 Enrolled - 142 - LRB103 35517 HLH 65589 b
5092+
5093+
5094+HB4582 Enrolled- 143 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 143 - LRB103 35517 HLH 65589 b
5095+ HB4582 Enrolled - 143 - LRB103 35517 HLH 65589 b
5096+1 board determines, by resolution, that (i) it is necessary
5097+2 to build and equip a new junior high school building,
5098+3 build and equip a new transportation building, and build
5099+4 and equip additions to, renovate, and make site
5100+5 improvements at the Lincoln Trail Elementary building,
5101+6 Middletown Prairie Elementary building, and
5102+7 Mahomet-Seymour High School building and (ii) the issuance
5103+8 of bonds is authorized by a statute that exempts the debt
5104+9 incurred on the bonds from the district's statutory debt
5105+10 limitation.
5106+11 (3) The bonds are issued, in one or more issuances,
5107+12 not later than 5 years after the date of the referendum
5108+13 approving the issuance of the bonds, but the aggregate
5109+14 principal amount issued in all such bond issuances
5110+15 combined must not exceed $97,900,000.
5111+16 (4) The bonds are issued in accordance with this
5112+17 Article.
5113+18 (5) The proceeds of the bonds are used to accomplish
5114+19 only the projects approved by the voters at an election
5115+20 held on or after June 28, 2022.
5116+21 The debt incurred on any bonds issued under this
5117+22 subsection (p-190) and on any bonds issued to refund or
5118+23 continue to refund such bonds shall not be considered
5119+24 indebtedness for purposes of any statutory debt limitation.
5120+25 Bonds issued under this subsection (p-190) and any bonds
5121+26 issued to refund or continue to refund such bonds must mature
5122+
5123+
5124+
5125+
5126+
5127+ HB4582 Enrolled - 143 - LRB103 35517 HLH 65589 b
5128+
5129+
5130+HB4582 Enrolled- 144 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 144 - LRB103 35517 HLH 65589 b
5131+ HB4582 Enrolled - 144 - LRB103 35517 HLH 65589 b
5132+1 within not to exceed 25 years from their date, notwithstanding
5133+2 any other law, including Section 19-3 of this Code, to the
5134+3 contrary.
5135+4 (p-195) In addition to all other authority to issue bonds,
5136+5 New Berlin Community Unit School District 16 may issue bonds
5137+6 with an aggregate principal amount not to exceed $23,500,000,
5138+7 but only if all the following conditions are met:
5139+8 (1) The voters of the district approve a proposition
5140+9 for the bond issuance at an election held on or after June
5141+10 28, 2022.
5142+11 (2) Prior to the issuance of the bonds, the school
5143+12 board determines, by resolution, that (i) it is necessary
5144+13 to alter, repair, and equip the junior/senior high school
5145+14 building, including creating new classroom, gym, and other
5146+15 instructional spaces, renovating the J.V. Kirby Pretzel
5147+16 Dome, improving heating, cooling, and ventilation systems,
5148+17 installing school safety and security improvements,
5149+18 removing asbestos, and making site improvements, and (ii)
5150+19 the issuance of bonds is authorized by a statute that
5151+20 exempts the debt incurred on the bonds from the district's
5152+21 statutory debt limitation.
5153+22 (3) The bonds are issued, in one or more issuances,
5154+23 not later than 5 years after the date of the referendum
5155+24 approving the issuance of the bonds, but the aggregate
5156+25 principal amount issued in all such bond issuances
5157+26 combined must not exceed $23,500,000.
5158+
5159+
5160+
5161+
5162+
5163+ HB4582 Enrolled - 144 - LRB103 35517 HLH 65589 b
5164+
5165+
5166+HB4582 Enrolled- 145 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 145 - LRB103 35517 HLH 65589 b
5167+ HB4582 Enrolled - 145 - LRB103 35517 HLH 65589 b
5168+1 (4) The bonds are issued in accordance with this
5169+2 Article.
5170+3 (5) The proceeds of the bonds are used to accomplish
5171+4 only the projects approved by the voters at an election
5172+5 held on or after June 28, 2022.
5173+6 The debt incurred on any bonds issued under this
5174+7 subsection (p-195) and on any bonds issued to refund or
5175+8 continue to refund such bonds shall not be considered
5176+9 indebtedness for purposes of any statutory debt limitation.
5177+10 Bonds issued under this subsection (p-195) and any bonds
5178+11 issued to refund or continue to refund such bonds must mature
5179+12 within not to exceed 25 years from their date, notwithstanding
5180+13 any other law, including Section 19-3 of this Code, to the
5181+14 contrary.
5182+15 (p-200) In addition to all other authority to issue bonds,
5183+16 Highland Community Unit School District 5 may issue bonds with
5184+17 an aggregate principal amount not to exceed $40,000,000, but
5185+18 only if all the following conditions are met:
5186+19 (1) The voters of the district approve a proposition
5187+20 for the bond issuance at an election held on or after June
5188+21 28, 2022.
5189+22 (2) Prior to the issuance of the bonds, the school
5190+23 board determines, by resolution, that (i) it is necessary
5191+24 to improve the sites of, build, and equip a new primary
5192+25 school building and build and equip additions to and
5193+26 alter, repair, and equip existing school buildings and
5194+
5195+
5196+
5197+
5198+
5199+ HB4582 Enrolled - 145 - LRB103 35517 HLH 65589 b
5200+
5201+
5202+HB4582 Enrolled- 146 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 146 - LRB103 35517 HLH 65589 b
5203+ HB4582 Enrolled - 146 - LRB103 35517 HLH 65589 b
5204+1 (ii) the issuance of bonds is authorized by a statute that
5205+2 exempts the debt incurred on the bonds from the district's
5206+3 statutory debt limitation.
5207+4 (3) The bonds are issued, in one or more issuances,
5208+5 not later than 5 years after the date of the referendum
5209+6 approving the issuance of the bonds, but the aggregate
5210+7 principal amount issued in all such bond issuances
5211+8 combined must not exceed $40,000,000.
5212+9 (4) The bonds are issued in accordance with this
5213+10 Article.
5214+11 (5) The proceeds of the bonds are used to accomplish
5215+12 only the projects approved by the voters at an election
5216+13 held on or after June 28, 2022.
5217+14 The debt incurred on any bonds issued under this
5218+15 subsection (p-200) and on any bonds issued to refund or
5219+16 continue to refund such bonds shall not be considered
5220+17 indebtedness for purposes of any statutory debt limitation.
5221+18 Bonds issued under this subsection (p-200) and any bonds
5222+19 issued to refund or continue to refund such bonds must mature
5223+20 within not to exceed 25 years from their date, notwithstanding
5224+21 any other law, including Section 19-3 of this Code, to the
5225+22 contrary.
5226+23 (p-205) In addition to all other authority to issue bonds,
5227+24 Sullivan Community Unit School District 300 may issue bonds
5228+25 with an aggregate principal amount not to exceed $25,000,000,
5229+26 but only if all of the following conditions are met:
5230+
5231+
5232+
5233+
5234+
5235+ HB4582 Enrolled - 146 - LRB103 35517 HLH 65589 b
5236+
5237+
5238+HB4582 Enrolled- 147 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 147 - LRB103 35517 HLH 65589 b
5239+ HB4582 Enrolled - 147 - LRB103 35517 HLH 65589 b
5240+1 (1) The voters of the district approve a proposition
5241+2 for the bond issuance at an election held on or after June
5242+3 28, 2022.
5243+4 (2) Prior to the issuance of the bonds, the school
5244+5 board determines, by resolution, that (i) the projects set
5245+6 forth in the proposition for the issuance of the bonds are
5246+7 required because of the age, condition, or capacity of the
5247+8 school district's existing school buildings and (ii) the
5248+9 issuance of bonds is authorized by a statute that exempts
5249+10 the debt incurred on the bonds from the district's
5250+11 statutory debt limitation.
5251+12 (3) The bonds are issued, in one or more issuances,
5252+13 not later than 5 years after the date of the referendum
5253+14 approving the issuance of the bonds, but the aggregate
5254+15 principal amount issued in all such bond issuances
5255+16 combined must not exceed $25,000,000.
5256+17 (4) The bonds are issued in accordance with this
5257+18 Article.
5258+19 (5) The proceeds of the bonds are used to accomplish
5259+20 only the projects approved by the voters at an election
5260+21 held on or after June 28, 2022.
5261+22 The debt incurred on any bonds issued under this
5262+23 subsection (p-205) and on any bonds issued to refund or
5263+24 continue to refund such bonds shall not be considered
5264+25 indebtedness for purposes of any statutory debt limitation.
5265+26 Bonds issued under this subsection (p-205) and any bonds
5266+
5267+
5268+
5269+
5270+
5271+ HB4582 Enrolled - 147 - LRB103 35517 HLH 65589 b
5272+
5273+
5274+HB4582 Enrolled- 148 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 148 - LRB103 35517 HLH 65589 b
5275+ HB4582 Enrolled - 148 - LRB103 35517 HLH 65589 b
5276+1 issued to refund or continue to refund such bonds must mature
5277+2 within not to exceed 25 years from their date, notwithstanding
5278+3 any other law, including Section 19-3 of this Code, to the
5279+4 contrary.
5280+5 (p-210) In addition to all other authority to issue bonds,
5281+6 Manhattan School District 114 may issue bonds with an
5282+7 aggregate principal amount not to exceed $85,000,000, but only
5283+8 if all the following conditions are met:
5284+9 (1) The voters of the district approve a proposition
5285+10 for the bond issuance at an election held on or after June
5286+11 28, 2022.
5287+12 (2) Prior to the issuance of the bonds, the school
5288+13 board determines, by resolution, that the projects set
5289+14 forth in the proposition for the bond issuance were and
5290+15 are required because of the age, condition, or capacity of
5291+16 the school district's existing school buildings.
5292+17 (3) The bonds are issued, in one or more issuances,
5293+18 not later than 5 years after the date of the referendum
5294+19 approving the issuances of the bonds, but the aggregate
5295+20 principal amount issued in all such bond issuances
5296+21 combined must not exceed $85,000,000.
5297+22 (4) The bonds are issued in accordance with this
5298+23 Article.
5299+24 (5) The proceeds of the bonds are used to accomplish
5300+25 only the projects approved by the voters at an election
5301+26 held on or after June 28, 2022.
5302+
5303+
5304+
5305+
5306+
5307+ HB4582 Enrolled - 148 - LRB103 35517 HLH 65589 b
5308+
5309+
5310+HB4582 Enrolled- 149 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 149 - LRB103 35517 HLH 65589 b
5311+ HB4582 Enrolled - 149 - LRB103 35517 HLH 65589 b
5312+1 The debt incurred on any bonds issued under this
5313+2 subsection (p-210) and on any bonds issued to refund or
5314+3 continue to refund such bonds shall not be considered
5315+4 indebtedness for purposes of any statutory debt limitation.
5316+5 Bonds issued under this subsection (p-210) and any bonds
5317+6 issued to refund or continue to refund such bonds must mature
5318+7 within not to exceed 30 years from their date, notwithstanding
5319+8 any other law, including Section 19-3 of this Code, to the
5320+9 contrary.
5321+10 (p-215) In addition to all other authority to issue bonds,
5322+11 Golf Elementary School District 67 may issue bonds with an
5323+12 aggregate principal amount not to exceed $56,000,000, but only
5324+13 if all of the following conditions are met:
5325+14 (1) The voters of the district approve a proposition
5326+15 for the bond issuance at an election held on or after June
5327+16 28, 2022.
5328+17 (2) Prior to the issuance of the bonds, the school
5329+18 board determines, by resolution, that (i) it is necessary
5330+19 to build and equip a new school building and improve the
5331+20 site thereof and (ii) the issuance of bonds is authorized
5332+21 by a statute that exempts the debt incurred on the bonds
5333+22 from the district's statutory debt limitation.
5334+23 (3) The bonds are issued, in one or more issuances,
5335+24 not later than 5 years after the date of the referendum
5336+25 approving the issuance of the bonds, but the aggregate
5337+26 principal amount issued in all such bond issuances
5338+
5339+
5340+
5341+
5342+
5343+ HB4582 Enrolled - 149 - LRB103 35517 HLH 65589 b
5344+
5345+
5346+HB4582 Enrolled- 150 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 150 - LRB103 35517 HLH 65589 b
5347+ HB4582 Enrolled - 150 - LRB103 35517 HLH 65589 b
5348+1 combined must not exceed $56,000,000.
5349+2 (4) The bonds are issued in accordance with this
5350+3 Article.
5351+4 (5) The proceeds of the bonds are used to accomplish
5352+5 only the projects approved by the voters at an election
5353+6 held on or after June 28, 2022.
5354+7 The debt incurred on any bonds issued under this
5355+8 subsection (p-215) and on any bonds issued to refund or
5356+9 continue to refund such bonds shall not be considered
5357+10 indebtedness for purposes of any statutory debt limitation.
5358+11 Bonds issued under this subsection (p-215) and any bonds
5359+12 issued to refund or continue to refund such bonds must mature
5360+13 within not to exceed 25 years from their date, notwithstanding
5361+14 any other law, including Section 19-3 of this Code, to the
5362+15 contrary.
5363+16 (p-220) In addition to all other authority to issue bonds,
5364+17 Joliet Public Schools District 86 may issue bonds with an
5365+18 aggregate principal amount not to exceed $99,500,000, but only
5366+19 if all the following conditions are met:
5367+20 (1) The voters of the district approve a proposition
5368+21 for the bond issuance at an election held on or after April
5369+22 4, 2023.
5370+23 (2) Prior to the issuance of the bonds, the school
5371+24 board determines, by resolution, that the projects set
5372+25 forth in the proposition for the bond issuance were and
5373+26 are required because of the age and condition of the
5374+
5375+
5376+
5377+
5378+
5379+ HB4582 Enrolled - 150 - LRB103 35517 HLH 65589 b
5380+
5381+
5382+HB4582 Enrolled- 151 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 151 - LRB103 35517 HLH 65589 b
5383+ HB4582 Enrolled - 151 - LRB103 35517 HLH 65589 b
5384+1 school district's existing school buildings.
5385+2 (3) The bonds are issued, in one or more issuances,
5386+3 not later than 5 years after the date of the referendum
5387+4 approving the issuance of the bonds, but the aggregate
5388+5 principal amount issued in all such bond issuances
5389+6 combined must not exceed $99,500,000.
5390+7 (4) The bonds are issued in accordance with this
5391+8 Article.
5392+9 (5) The proceeds of the bonds are used to accomplish
5393+10 only the projects approved by the voters at an election
5394+11 held on or after April 4, 2023.
5395+12 The debt incurred on any bonds issued under this
5396+13 subsection (p-220), and on any bonds issued to refund or
5397+14 continue to refund such bonds, shall not be considered
5398+15 indebtedness for purposes of any statutory debt limitation.
5399+16 Bonds issued under this subsection (p-220) and any bonds
5400+17 issued to refund or continue to refund such bonds must mature
5401+18 within not to exceed 25 years from their date, notwithstanding
5402+19 any other law, including Section 19-3 of this Code, to the
5403+20 contrary.
5404+21 (p-225) Notwithstanding the provisions of any other law to
5405+22 the contrary, debt incurred on any bonds issued under Section
5406+23 19-3 of this Code and authorized by an election held on or
5407+24 after November 5, 2024, and on any bonds issued to refund or
5408+25 continue to refund such bonds, shall not be considered
5409+26 indebtedness for purposes of any statutory debt limitation.
5410+
5411+
5412+
5413+
5414+
5415+ HB4582 Enrolled - 151 - LRB103 35517 HLH 65589 b
5416+
5417+
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5419+ HB4582 Enrolled - 152 - LRB103 35517 HLH 65589 b
5420+1 Bonds issued under Section 19-3 of this Code and authorized by
5421+2 an election held on or after November 5, 2024, and any bonds
5422+3 issued to refund or continue to refund such bonds must mature
5423+4 within 30 years from their date, notwithstanding any other
5424+5 law, including Section 19-3 of this Code, to the contrary.
5425+6 (q) A school district must notify the State Board of
5426+7 Education prior to issuing any form of long-term or short-term
5427+8 debt that will result in outstanding debt that exceeds 75% of
5428+9 the debt limit specified in this Section or any other
5429+10 provision of law.
5430+11 (Source: P.A. 102-316, eff. 8-6-21; 102-949, eff. 5-27-22;
5431+12 103-449, eff. 1-1-24.)
5432+13 (105 ILCS 5/20-2) (from Ch. 122, par. 20-2)
5433+14 Sec. 20-2. Indebtedness and bonds. For the purpose of
5434+15 creating, re-creating, or increasing a working cash fund, the
5435+16 school board of any such district may incur an indebtedness
5436+17 and issue bonds as evidence thereof in an amount or amounts not
5437+18 exceeding in the aggregate 85% of the taxes permitted to be
5438+19 levied for educational purposes for the then current year to
5439+20 be determined by multiplying the maximum educational tax rate
5440+21 or rates applicable to such school district by the last
5441+22 assessed valuation or assessed valuations as determined at the
5442+23 time of the issue of said bonds, plus 85% of the last known
5443+24 entitlement of such district to taxes as by law now or
5444+25 hereafter enacted or amended, imposed by the General Assembly
5445+
5446+
5447+
5448+
5449+
5450+ HB4582 Enrolled - 152 - LRB103 35517 HLH 65589 b
5451+
5452+
5453+HB4582 Enrolled- 153 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 153 - LRB103 35517 HLH 65589 b
5454+ HB4582 Enrolled - 153 - LRB103 35517 HLH 65589 b
5455+1 of the State of Illinois to replace revenue lost by units of
5456+2 local government and school districts as a result of the
5457+3 abolition of ad valorem personal property taxes, pursuant to
5458+4 Article IX, Section 5, paragraph (c) of the Constitution of
5459+5 the State of Illinois, plus 85% of the most recent amount of
5460+6 funding received by the school district under Section 18-8.15.
5461+7 The authorized amount of bonds issued pursuant to this Section
5462+8 may be increased by an amount not to exceed 3% of that
5463+9 authorized amount to provide for expenses of issuing such
5464+10 bonds, including underwriter's compensation and costs of bond
5465+11 insurance or other credit enhancement, and also an amount to
5466+12 pay capitalized interest as otherwise permitted by law. The
5467+13 bonds shall bear interest at not more than the maximum rate
5468+14 authorized by law and shall mature within 20 years from the
5469+15 date thereof. Subject to the foregoing limitations as to
5470+16 amount, the bonds may be issued in an amount including
5471+17 existing indebtedness which will not exceed the constitutional
5472+18 limitation as to debt, notwithstanding any statutory debt
5473+19 limitation to the contrary. The school board shall before or
5474+20 at the time of issuing the bonds provide for the collection of
5475+21 a direct annual tax upon all the taxable property within the
5476+22 district sufficient to pay the principal thereof at maturity
5477+23 and to pay the interest thereon as it falls due, which tax
5478+24 shall be in addition to the maximum amount of all other taxes,
5479+25 either educational; transportation; operations and
5480+26 maintenance; or fire prevention and safety fund taxes, now or
5481+
5482+
5483+
5484+
5485+
5486+ HB4582 Enrolled - 153 - LRB103 35517 HLH 65589 b
5487+
5488+
5489+HB4582 Enrolled- 154 -LRB103 35517 HLH 65589 b HB4582 Enrolled - 154 - LRB103 35517 HLH 65589 b
5490+ HB4582 Enrolled - 154 - LRB103 35517 HLH 65589 b
5491+1 hereafter authorized and in addition to any limitations upon
5492+2 the levy of taxes as provided by Sections 17-2 through 17-9.
5493+3 With respect to instruments for the payment of money
5494+4 issued under this Section either before, on, or after the
5495+5 effective date of this amendatory Act of 1989, it is and always
5496+6 has been the intention of the General Assembly (i) that the
5497+7 Omnibus Bond Acts are and always have been supplementary
5498+8 grants of power to issue instruments in accordance with the
5499+9 Omnibus Bond Acts, regardless of any provision of this Act
5500+10 that may appear to be or to have been more restrictive than
5501+11 those Acts, (ii) that the provisions of this Section are not a
5502+12 limitation on the supplementary authority granted by the
5503+13 Omnibus Bond Acts, and (iii) that instruments issued under
5504+14 this Section within the supplementary authority granted by the
5505+15 Omnibus Bond Acts are not invalid because of any provision of
5506+16 this Act that may appear to be or to have been more restrictive
5507+17 than those Acts.
5508+18 (Source: P.A. 101-416, eff. 8-16-19.)
5509+19 Article 99.
5510+
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5515+ HB4582 Enrolled - 154 - LRB103 35517 HLH 65589 b