HB 3500

Abstract

Amends the School Code. In a Section concerning the debt limitations of school districts, provides that, in addition to all other authority to issue bonds, Joliet Public Schools District 86 may issue bonds with an aggregate principal amount not to exceed $99,500,000 if certain conditions are met, including (1) that the voters of the district approve a proposition for the bond issuance at an election held on or after April 4, 2023 and (2) that, prior to the issuance of the bonds, the school board determines, by resolution, that the projects set forth in the proposition for the bond issuance were and are required because of the age and condition of the school district's existing school buildings. Provides that the debt incurred on the bonds shall not be considered indebtedness for purposes of any statutory debt limitation and that the bonds must mature within not to exceed 25 years from their date, notwithstanding any other law to the contrary. House Committee Amendment No. 1 Replaces everything after the enacting clause. Reinserts the contents of the introduced bill but provides that Central Community Unit School District 301, Freeburg Community High School District 77, and Mundelein Consolidated High School District Number 120 may issue bonds with specified aggregate principal amounts if certain conditions are met, including (1) that the voters of the district approve a proposition for the bond issuance at an election held on or after April 4, 2023 and (2) that, prior to the issuance of the bonds, the school board determines, by resolution, that the projects set forth in the proposition for the bond issuance were and are required because of the age and condition of the school district's existing school buildings. House Committee Amendment No. 2 Replaces everything after the enacting clause. Reinserts the contents of the bill as amended by House Amendment No. 1 with the following changes. With respect to Freeburg Community High School District 77 and Mundelein Consolidated High School District 120, changes the maximum aggregate principal amount that may be issued if the bonds are issued in more than one issuance. Provides that Washington School District 52 may issue bonds with an aggregate principal amount not to exceed $20,000,000 if certain conditions are met, including (1) that the voters of the district approve a proposition for the bond issuance at an election held on or after April 4, 2023 and (2) that, prior to the issuance of the bonds, the school board determines, by resolution, that the projects set forth in the proposition for the bond issuance were and are required because of the age, condition, or capacity of the school district's existing school buildings. Provides that the debt incurred on the bonds shall not be considered indebtedness for purposes of any statutory debt limitation and that the bonds must mature within not to exceed 25 years from their date, notwithstanding any other law to the contrary. Corrects grammatical and typographical errors. Senate Floor Amendment No. 1 Replaces everything after the enacting clause. Reinserts the contents of the introduced bill.