HB 5967

Abstract

Creates the School District Debt Control and Taxpayer Protection Act. Provides that a school district may not refinance debt past the repayment period of the debt when issued, may not issue debt to be serviced over a period of greater than 20 years, and may not issue capital appreciation bonds. Provides that school districts may not be indebted in an amount greater than that indicated in the Act and, if they do exceed the debt limitation, then the school district many not incur any new debt until the school district's debt is lower than the debt limitation. Amends the School Code. Provides that, if the School Code and the School District Debt Control and Taxpayer Protection Act conflict, the School District Debt Control and Taxpayer Protection Act shall control. Effective immediately.