SB 2507

Abstract

Amends the School Code. In a Section concerning the debt limitations of school districts, allows Wilmington Community Unit School District Number 209-U to issue bonds with an aggregate principal amount not to exceed $2,285,000 if, among other conditions, (i) the proceeds of the bonds are used to accomplish only those projects approved by the voters at the general primary election held on March 21, 2006; (ii) prior to the issuance of the bonds, the school board determines, by resolution, that (A) the projects approved by the voters were and are required because of the age and condition of the school district's prior and existing school buildings and (B) the issuance of the bonds is authorized by legislation that exempts the debt incurred on the bonds from the district's statutory debt limitation; (iii) the bonds are issued in one or more bond issuances on or before March 1, 2011, but the aggregate principal amount issued in all those bond issuances combined must not exceed $2,285,000; and (iv) the bonds are issued in accordance with the Article. Provides that the debt incurred on any bonds issued shall not be considered indebtedness for purposes of any statutory debt limitation. Effective immediately.