HB 5283

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, Milford Township High School District 233 may issue bonds with an aggregate principal amount not to exceed $17,500,000 if certain conditions are met, including that (1) the voters of the district approve a proposition for the bond issuance at an election held on or after November 4, 2014 and (2) prior to the issuance of the bonds, the school board determines, by resolution, that the building and equipping of a new school building is required as a result of the age and condition of an existing school building and the issuance of bonds is authorized by a statute that exempts the debt incurred on the bonds from the district's statutory debt limitation. Provides that the debt incurred on the bonds shall not be considered indebtedness for purposes of any statutory debt limitation. Requires the bonds to mature within not to exceed 25 years from their date. Effective immediately.