SB 3233

Abstract

Amends the School Code. In provisions concerning the debt limitations of school districts, allows Berwyn South School District 100 to issue bonds with an aggregate principal amount not to exceed $51,500,000 if, among other conditions, the voters of the district approve a proposition for the bond issuance at an election held on or after March 18, 2014 and the school board determines that the improvement of the sites of, the building and equipping of additions to, and the altering, repairing, and equipping of existing buildings is required as a result of the size, age, and condition of existing school buildings. Provides that the debt incurred on the bonds and on any bonds issued to refund or continue to refund such bonds shall not be considered indebtedness for purposes of any statutory debt limitation and that the bonds and any bonds issued to refund or continue to refund such bonds must mature within not to exceed 30 years from their date. Effective immediately.