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Public Act 103-0591 | ||||
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AN ACT concerning finance. | ||||
Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly: | ||||
Article 1. | ||||
Section 1-1. This Act may be referred to as the Bond | ||||
Authorization Act of 2024. | ||||
Article 5. | ||||
Section 5-5. The State Finance Act is amended by changing | ||||
Section 6z-78 as follows: | ||||
(30 ILCS 105/6z-78) | ||||
Sec. 6z-78. Capital Projects Fund; bonded indebtedness; | ||||
transfers. Money in the Capital Projects Fund shall, if and | ||||
when the State of Illinois incurs any bonded indebtedness | ||||
using the bond authorizations for capital projects enacted in | ||||
Public Act 96-36, Public Act 96-1554, Public Act 97-771, | ||||
Public Act 98-94, and this amendatory Act of the 103rd General | ||||
Assembly and using the general obligation bond authorizations | ||||
for capital projects enacted in Public Act 101-30 and Public | ||||
Act 103-7 and in this amendatory Act of the 103rd General | ||||
Assembly , be set aside and used for the purpose of paying and |
discharging annually the principal and interest on that bonded | ||
indebtedness then due and payable. | ||
In addition to other transfers to the General Obligation | ||
Bond Retirement and Interest Fund made pursuant to Section 15 | ||
of the General Obligation Bond Act, upon each delivery of | ||
general obligation bonds for capital projects using bond | ||
authorizations enacted in Public Act 96-36, Public Act | ||
96-1554, Public Act 97-771, Public Act 98-94, Public Act | ||
101-30 (except for amounts in Public Act 101-30 that increase | ||
bond authorization under paragraph (1) of subsection (a) of | ||
Section 4 and subsection (e) of Section 4 of the General | ||
Obligation Bond Act), Public Act 103-7, and this amendatory | ||
Act of the 103rd General Assembly and this amendatory Act of | ||
the 103rd General Assembly , the State Comptroller shall | ||
compute and certify to the State Treasurer the total amount of | ||
principal of, interest on, and premium, if any, on such bonds | ||
during the then current and each succeeding fiscal year. With | ||
respect to the interest payable on variable rate bonds, such | ||
certifications shall be calculated at the maximum rate of | ||
interest that may be payable during the fiscal year, after | ||
taking into account any credits permitted in the related | ||
indenture or other instrument against the amount of such | ||
interest required to be appropriated for the period. | ||
(a) Except as provided for in subsection (b), on or before | ||
the last day of each month, the State Treasurer and State | ||
Comptroller shall transfer from the Capital Projects Fund to |
the General Obligation Bond Retirement and Interest Fund an | ||
amount sufficient to pay the aggregate of the principal of, | ||
interest on, and premium, if any, on the bonds payable on their | ||
next payment date, divided by the number of monthly transfers | ||
occurring between the last previous payment date (or the | ||
delivery date if no payment date has yet occurred) and the next | ||
succeeding payment date. Interest payable on variable rate | ||
bonds shall be calculated at the maximum rate of interest that | ||
may be payable for the relevant period, after taking into | ||
account any credits permitted in the related indenture or | ||
other instrument against the amount of such interest required | ||
to be appropriated for that period. Interest for which moneys | ||
have already been deposited into the capitalized interest | ||
account within the General Obligation Bond Retirement and | ||
Interest Fund shall not be included in the calculation of the | ||
amounts to be transferred under this subsection. | ||
(b) On or before the last day of each month, the State | ||
Treasurer and State Comptroller shall transfer from the | ||
Capital Projects Fund to the General Obligation Bond | ||
Retirement and Interest Fund an amount sufficient to pay the | ||
aggregate of the principal of, interest on, and premium, if | ||
any, on the bonds issued prior to January 1, 2012 pursuant to | ||
Section 4(d) of the General Obligation Bond Act payable on | ||
their next payment date, divided by the number of monthly | ||
transfers occurring between the last previous payment date (or | ||
the delivery date if no payment date has yet occurred) and the |
next succeeding payment date. If the available balance in the | ||
Capital Projects Fund is not sufficient for the transfer | ||
required in this subsection, the State Treasurer and State | ||
Comptroller shall transfer the difference from the Road Fund | ||
to the General Obligation Bond Retirement and Interest Fund; | ||
except that such Road Fund transfers shall constitute a debt | ||
of the Capital Projects Fund which shall be repaid according | ||
to subsection (c). Interest payable on variable rate bonds | ||
shall be calculated at the maximum rate of interest that may be | ||
payable for the relevant period, after taking into account any | ||
credits permitted in the related indenture or other instrument | ||
against the amount of such interest required to be | ||
appropriated for that period. Interest for which moneys have | ||
already been deposited into the capitalized interest account | ||
within the General Obligation Bond Retirement and Interest | ||
Fund shall not be included in the calculation of the amounts to | ||
be transferred under this subsection. | ||
(c) On the first day of any month when the Capital Projects | ||
Fund is carrying a debt to the Road Fund due to the provisions | ||
of subsection (b), the State Treasurer and State Comptroller | ||
shall transfer from the Capital Projects Fund to the Road Fund | ||
an amount sufficient to discharge that debt. These transfers | ||
to the Road Fund shall continue until the Capital Projects | ||
Fund has repaid to the Road Fund all transfers made from the | ||
Road Fund pursuant to subsection (b). Notwithstanding any | ||
other law to the contrary, transfers to the Road Fund from the |
Capital Projects Fund shall be made prior to any other | ||
expenditures or transfers out of the Capital Projects Fund. | ||
(Source: P.A. 103-7, eff. 7-1-23.) | ||
Article 10. | ||
Section 10-5. The General Obligation Bond Act is amended | ||
by changing Sections 2, 3, and 9 as follows: | ||
(30 ILCS 330/2) (from Ch. 127, par. 652) | ||
Sec. 2. Authorization for Bonds. The State of Illinois is | ||
authorized to issue, sell and provide for the retirement of | ||
General Obligation Bonds of the State of Illinois for the | ||
categories and specific purposes expressed in Sections 2 | ||
through 8 of this Act, in the total amount of $81,789,839,969 | ||
$79,440,839,969 . | ||
The bonds authorized in this Section 2 and in Section 16 of | ||
this Act are herein called "Bonds". | ||
Of the total amount of Bonds authorized in this Act, up to | ||
$2,200,000,000 in aggregate original principal amount may be | ||
issued and sold in accordance with the Baccalaureate Savings | ||
Act in the form of General Obligation College Savings Bonds. | ||
Of the total amount of Bonds authorized in this Act, up to | ||
$300,000,000 in aggregate original principal amount may be | ||
issued and sold in accordance with the Retirement Savings Act | ||
in the form of General Obligation Retirement Savings Bonds. |
Of the total amount of Bonds authorized in this Act, the | ||
additional $10,000,000,000 authorized by Public Act 93-2, the | ||
$3,466,000,000 authorized by Public Act 96-43, and the | ||
$4,096,348,300 authorized by Public Act 96-1497 shall be used | ||
solely as provided in Section 7.2. | ||
Of the total amount of Bonds authorized in this Act, the | ||
additional $6,000,000,000 authorized by Public Act 100-23 | ||
shall be used solely as provided in Section 7.6 and shall be | ||
issued by December 31, 2017. | ||
Of the total amount of Bonds authorized in this Act, | ||
$2,000,000,000 of the additional amount authorized by Public | ||
Act 100-587 and by Public Act 102-718 shall be used solely as | ||
provided in Section 7.7. | ||
The issuance and sale of Bonds pursuant to the General | ||
Obligation Bond Act is an economical and efficient method of | ||
financing the long-term capital needs of the State. This Act | ||
will permit the issuance of a multi-purpose General Obligation | ||
Bond with uniform terms and features. This will not only lower | ||
the cost of registration but also reduce the overall cost of | ||
issuing debt by improving the marketability of Illinois | ||
General Obligation Bonds. | ||
(Source: P.A. 102-718, eff. 5-5-22; 103-7, eff. 7-1-23.) | ||
(30 ILCS 330/3) (from Ch. 127, par. 653) | ||
Sec. 3. Capital facilities. The amount of $21,094,011,269 | ||
$18,745,011,269 is authorized to be used for the acquisition, |
development, construction, reconstruction, improvement, | ||
demolition, financing, architectural planning and installation | ||
of capital facilities within the State, consisting of | ||
buildings, structures, durable equipment, land, interests in | ||
land, and the costs associated with the purchase and | ||
implementation of information technology, including but not | ||
limited to the purchase of hardware and software, for the | ||
following specific purposes: | ||
(a) $6,908,676,500 $6,333,676,500 for educational | ||
purposes by State universities and public community | ||
colleges, the Illinois Community College Board created by | ||
the Public Community College Act and for grants to public | ||
community colleges as authorized by Sections 5-11 and 5-12 | ||
of the Public Community College Act; | ||
(b) $2,590,506,300 $1,690,506,300 for correctional | ||
purposes at State prison and correctional centers; | ||
(c) $691,492,300 $688,492,300 for open spaces, | ||
recreational and conservation purposes and the protection | ||
of land, including expenditures and grants for the | ||
Illinois Conservation Reserve Enhancement Program and for | ||
ecosystem restoration and for plugging of abandoned wells; | ||
(d) $1,078,503,900 for State child care facilities, | ||
mental and public health facilities, and facilities for | ||
the care of veterans with disabilities and their spouses, | ||
and for grants to public and private community health | ||
centers, hospitals, and other health care providers for |
capital facilities; | ||
(e) $8,439,753,300 $7,568,753,300 for use by the | ||
State, its departments, authorities, public corporations, | ||
commissions and agencies, including renewable energy | ||
upgrades at State facilities; | ||
(f) $818,100 for cargo handling facilities at port | ||
districts and for breakwaters, including harbor entrances, | ||
at port districts in conjunction with facilities for small | ||
boats and pleasure crafts; | ||
(g) $425,457,000 for water resource management | ||
projects, including flood mitigation and State dam and | ||
waterway projects; | ||
(h) $16,940,269 for the provision of facilities for | ||
food production research and related instructional and | ||
public service activities at the State universities and | ||
public community colleges; | ||
(i) $75,134,700 for grants by the Secretary of State, | ||
as State Librarian, for central library facilities | ||
authorized by Section 8 of the Illinois Library System Act | ||
and for grants by the Capital Development Board to units | ||
of local government for public library facilities; | ||
(j) $25,000,000 for the acquisition, development, | ||
construction, reconstruction, improvement, financing, | ||
architectural planning and installation of capital | ||
facilities consisting of buildings, structures, durable | ||
equipment and land for grants to counties, municipalities |
or public building commissions with correctional | ||
facilities that do not comply with the minimum standards | ||
of the Department of Corrections under Section 3-15-2 of | ||
the Unified Code of Corrections; | ||
(k) $5,011,600 for grants by the Department of | ||
Conservation for improvement or expansion of aquarium | ||
facilities located on property owned by a park district; | ||
(l) $599,590,000 to State agencies for grants to local | ||
governments for the acquisition, financing, architectural | ||
planning, development, alteration, installation, and | ||
construction of capital facilities consisting of | ||
buildings, structures, durable equipment, and land; and | ||
(m) $237,127,300 for the Illinois Open Land Trust | ||
Program as defined by the Illinois Open Land Trust Act. | ||
The amounts authorized above for capital facilities may be | ||
used for the acquisition, installation, alteration, | ||
construction, or reconstruction of capital facilities and for | ||
the purchase of equipment for the purpose of major capital | ||
improvements which will reduce energy consumption in State | ||
buildings or facilities. | ||
(Source: P.A. 103-7, eff. 7-1-23.) | ||
(30 ILCS 330/9) (from Ch. 127, par. 659) | ||
Sec. 9. Conditions for issuance and sale of Bonds; | ||
requirements for Bonds. | ||
(a) Except as otherwise provided in this subsection, |
subsection (h), and subsection (i), Bonds shall be issued and | ||
sold from time to time, in one or more series, in such amounts | ||
and at such prices as may be directed by the Governor, upon | ||
recommendation by the Director of the Governor's Office of | ||
Management and Budget. Bonds shall be in such form (either | ||
coupon, registered or book entry), in such denominations, | ||
payable within 25 years from their date, subject to such terms | ||
of redemption with or without premium, bear interest payable | ||
at such times and at such fixed or variable rate or rates, and | ||
be dated as shall be fixed and determined by the Director of | ||
the Governor's Office of Management and Budget in the order | ||
authorizing the issuance and sale of any series of Bonds, | ||
which order shall be approved by the Governor and is herein | ||
called a "Bond Sale Order"; provided however, that interest | ||
payable at fixed or variable rates shall not exceed that | ||
permitted in the Bond Authorization Act, as now or hereafter | ||
amended. Bonds shall be payable at such place or places, | ||
within or without the State of Illinois, and may be made | ||
registrable as to either principal or as to both principal and | ||
interest, as shall be specified in the Bond Sale Order. Bonds | ||
may be callable or subject to purchase and retirement or | ||
tender and remarketing as fixed and determined in the Bond | ||
Sale Order. Bonds, other than Bonds issued under Section 3 of | ||
this Act for the costs associated with the purchase and | ||
implementation of information technology, (i) except for | ||
refunding Bonds satisfying the requirements of Section 16 of |
this Act must be issued with principal or mandatory redemption | ||
amounts in equal amounts, with the first maturity issued | ||
occurring within the fiscal year in which the Bonds are issued | ||
or within the next succeeding fiscal year , except that Bonds | ||
issued during fiscal year 2025 may be issued with principal or | ||
mandatory redemption amounts in unequal amounts, and (ii) must | ||
mature or be subject to mandatory redemption each fiscal year | ||
thereafter up to 25 years, except for refunding Bonds | ||
satisfying the requirements of Section 16 of this Act and sold | ||
during fiscal year 2009, 2010, or 2011 which must mature or be | ||
subject to mandatory redemption each fiscal year thereafter up | ||
to 16 years. Bonds issued under Section 3 of this Act for the | ||
costs associated with the purchase and implementation of | ||
information technology must be issued with principal or | ||
mandatory redemption amounts in equal amounts, with the first | ||
maturity issued occurring with the fiscal year in which the | ||
respective bonds are issued or with the next succeeding fiscal | ||
year, with the respective bonds issued maturing or subject to | ||
mandatory redemption each fiscal year thereafter up to 10 | ||
years , except that Bonds issued during fiscal year 2025 may be | ||
issued with principal or mandatory redemption amounts in | ||
unequal amounts . Notwithstanding any provision of this Act to | ||
the contrary, the Bonds authorized by Public Act 96-43 shall | ||
be payable within 5 years from their date and must be issued | ||
with principal or mandatory redemption amounts in equal | ||
amounts, with payment of principal or mandatory redemption |
beginning in the first fiscal year following the fiscal year | ||
in which the Bonds are issued. | ||
Notwithstanding any provision of this Act to the contrary, | ||
the Bonds authorized by Public Act 96-1497 shall be payable | ||
within 8 years from their date and shall be issued with payment | ||
of maturing principal or scheduled mandatory redemptions in | ||
accordance with the following schedule, except the following | ||
amounts shall be prorated if less than the total additional | ||
amount of Bonds authorized by Public Act 96-1497 are issued: | ||
Fiscal Year After Issuance Amount | ||
1-2 $0 | ||
3 $110,712,120 | ||
4 $332,136,360 | ||
5 $664,272,720 | ||
6-8 $996,409,080 | ||
Notwithstanding any provision of this Act to the contrary, | ||
Income Tax Proceed Bonds issued under Section 7.6 shall be | ||
payable 12 years from the date of sale and shall be issued with | ||
payment of principal or mandatory redemption. | ||
In the case of any series of Bonds bearing interest at a | ||
variable interest rate ("Variable Rate Bonds"), in lieu of | ||
determining the rate or rates at which such series of Variable | ||
Rate Bonds shall bear interest and the price or prices at which | ||
such Variable Rate Bonds shall be initially sold or remarketed | ||
(in the event of purchase and subsequent resale), the Bond | ||
Sale Order may provide that such interest rates and prices may |
vary from time to time depending on criteria established in | ||
such Bond Sale Order, which criteria may include, without | ||
limitation, references to indices or variations in interest | ||
rates as may, in the judgment of a remarketing agent, be | ||
necessary to cause Variable Rate Bonds of such series to be | ||
remarketable from time to time at a price equal to their | ||
principal amount, and may provide for appointment of a bank, | ||
trust company, investment bank, or other financial institution | ||
to serve as remarketing agent in that connection. The Bond | ||
Sale Order may provide that alternative interest rates or | ||
provisions for establishing alternative interest rates, | ||
different security or claim priorities, or different call or | ||
amortization provisions will apply during such times as | ||
Variable Rate Bonds of any series are held by a person | ||
providing credit or liquidity enhancement arrangements for | ||
such Bonds as authorized in subsection (b) of this Section. | ||
The Bond Sale Order may also provide for such variable | ||
interest rates to be established pursuant to a process | ||
generally known as an auction rate process and may provide for | ||
appointment of one or more financial institutions to serve as | ||
auction agents and broker-dealers in connection with the | ||
establishment of such interest rates and the sale and | ||
remarketing of such Bonds. | ||
(b) In connection with the issuance of any series of | ||
Bonds, the State may enter into arrangements to provide | ||
additional security and liquidity for such Bonds, including, |
without limitation, bond or interest rate insurance or letters | ||
of credit, lines of credit, bond purchase contracts, or other | ||
arrangements whereby funds are made available to retire or | ||
purchase Bonds, thereby assuring the ability of owners of the | ||
Bonds to sell or redeem their Bonds. The State may enter into | ||
contracts and may agree to pay fees to persons providing such | ||
arrangements, but only under circumstances where the Director | ||
of the Governor's Office of Management and Budget certifies | ||
that he or she reasonably expects the total interest paid or to | ||
be paid on the Bonds, together with the fees for the | ||
arrangements (being treated as if interest), would not, taken | ||
together, cause the Bonds to bear interest, calculated to | ||
their stated maturity, at a rate in excess of the rate that the | ||
Bonds would bear in the absence of such arrangements. | ||
The State may, with respect to Bonds issued or anticipated | ||
to be issued, participate in and enter into arrangements with | ||
respect to interest rate protection or exchange agreements, | ||
guarantees, or financial futures contracts for the purpose of | ||
limiting, reducing, or managing interest rate exposure. The | ||
authority granted under this paragraph, however, shall not | ||
increase the principal amount of Bonds authorized to be issued | ||
by law. The arrangements may be executed and delivered by the | ||
Director of the Governor's Office of Management and Budget on | ||
behalf of the State. Net payments for such arrangements shall | ||
constitute interest on the Bonds and shall be paid from the | ||
General Obligation Bond Retirement and Interest Fund. The |
Director of the Governor's Office of Management and Budget | ||
shall at least annually certify to the Governor and the State | ||
Comptroller his or her estimate of the amounts of such net | ||
payments to be included in the calculation of interest | ||
required to be paid by the State. | ||
(c) Prior to the issuance of any Variable Rate Bonds | ||
pursuant to subsection (a), the Director of the Governor's | ||
Office of Management and Budget shall adopt an interest rate | ||
risk management policy providing that the amount of the | ||
State's variable rate exposure with respect to Bonds shall not | ||
exceed 20%. This policy shall remain in effect while any Bonds | ||
are outstanding and the issuance of Bonds shall be subject to | ||
the terms of such policy. The terms of this policy may be | ||
amended from time to time by the Director of the Governor's | ||
Office of Management and Budget but in no event shall any | ||
amendment cause the permitted level of the State's variable | ||
rate exposure with respect to Bonds to exceed 20%. | ||
(d) "Build America Bonds" in this Section means Bonds | ||
authorized by Section 54AA of the Internal Revenue Code of | ||
1986, as amended ("Internal Revenue Code"), and bonds issued | ||
from time to time to refund or continue to refund "Build | ||
America Bonds". | ||
(e) Notwithstanding any other provision of this Section, | ||
Qualified School Construction Bonds shall be issued and sold | ||
from time to time, in one or more series, in such amounts and | ||
at such prices as may be directed by the Governor, upon |
recommendation by the Director of the Governor's Office of | ||
Management and Budget. Qualified School Construction Bonds | ||
shall be in such form (either coupon, registered or book | ||
entry), in such denominations, payable within 25 years from | ||
their date, subject to such terms of redemption with or | ||
without premium, and if the Qualified School Construction | ||
Bonds are issued with a supplemental coupon, bear interest | ||
payable at such times and at such fixed or variable rate or | ||
rates, and be dated as shall be fixed and determined by the | ||
Director of the Governor's Office of Management and Budget in | ||
the order authorizing the issuance and sale of any series of | ||
Qualified School Construction Bonds, which order shall be | ||
approved by the Governor and is herein called a "Bond Sale | ||
Order"; except that interest payable at fixed or variable | ||
rates, if any, shall not exceed that permitted in the Bond | ||
Authorization Act, as now or hereafter amended. Qualified | ||
School Construction Bonds shall be payable at such place or | ||
places, within or without the State of Illinois, and may be | ||
made registrable as to either principal or as to both | ||
principal and interest, as shall be specified in the Bond Sale | ||
Order. Qualified School Construction Bonds may be callable or | ||
subject to purchase and retirement or tender and remarketing | ||
as fixed and determined in the Bond Sale Order. Qualified | ||
School Construction Bonds must be issued with principal or | ||
mandatory redemption amounts or sinking fund payments into the | ||
General Obligation Bond Retirement and Interest Fund (or |
subaccount therefor) in equal amounts, with the first maturity | ||
issued, mandatory redemption payment or sinking fund payment | ||
occurring within the fiscal year in which the Qualified School | ||
Construction Bonds are issued or within the next succeeding | ||
fiscal year, with Qualified School Construction Bonds issued | ||
maturing or subject to mandatory redemption or with sinking | ||
fund payments thereof deposited each fiscal year thereafter up | ||
to 25 years. Sinking fund payments set forth in this | ||
subsection shall be permitted only to the extent authorized in | ||
Section 54F of the Internal Revenue Code or as otherwise | ||
determined by the Director of the Governor's Office of | ||
Management and Budget. "Qualified School Construction Bonds" | ||
in this subsection means Bonds authorized by Section 54F of | ||
the Internal Revenue Code and for bonds issued from time to | ||
time to refund or continue to refund such "Qualified School | ||
Construction Bonds". | ||
(f) Beginning with the next issuance by the Governor's | ||
Office of Management and Budget of a request for | ||
qualifications for the purpose of formulating a new pool of | ||
qualified underwriters, all entities responding to such a | ||
request for qualifications for inclusion on that list shall | ||
provide a written report to the Governor's Office of | ||
Management and Budget and the Illinois Comptroller. The | ||
written report submitted to the Comptroller shall (i) be | ||
published on the Comptroller's Internet website and (ii) be | ||
used by the Governor's Office of Management and Budget for the |
purposes of scoring such a request for qualifications. The | ||
written report, at a minimum, shall: | ||
(1) disclose whether, within the past 3 months, | ||
pursuant to its credit default swap market-making | ||
activities, the firm has entered into any State of | ||
Illinois credit default swaps ("CDS"); | ||
(2) include, in the event of State of Illinois CDS | ||
activity, disclosure of the firm's cumulative notional | ||
volume of State of Illinois CDS trades and the firm's | ||
outstanding gross and net notional amount of State of | ||
Illinois CDS, as of the end of the current 3-month period; | ||
(3) indicate, pursuant to the firm's proprietary | ||
trading activities, disclosure of whether the firm, within | ||
the past 3 months, has entered into any proprietary trades | ||
for its own account in State of Illinois CDS; | ||
(4) include, in the event of State of Illinois | ||
proprietary trades, disclosure of the firm's outstanding | ||
gross and net notional amount of proprietary State of | ||
Illinois CDS and whether the net position is short or long | ||
credit protection, as of the end of the current 3-month | ||
period; | ||
(5) list all time periods during the past 3 months | ||
during which the firm held net long or net short State of | ||
Illinois CDS proprietary credit protection positions, the | ||
amount of such positions, and whether those positions were | ||
net long or net short credit protection positions; and |
(6) indicate whether, within the previous 3 months, | ||
the firm released any publicly available research or | ||
marketing reports that reference State of Illinois CDS and | ||
include those research or marketing reports as | ||
attachments. | ||
(g) All entities included on a Governor's Office of | ||
Management and Budget's pool of qualified underwriters list | ||
shall, as soon as possible after March 18, 2011 (the effective | ||
date of Public Act 96-1554), but not later than January 21, | ||
2011, and on a quarterly fiscal basis thereafter, provide a | ||
written report to the Governor's Office of Management and | ||
Budget and the Illinois Comptroller. The written reports | ||
submitted to the Comptroller shall be published on the | ||
Comptroller's Internet website. The written reports, at a | ||
minimum, shall: | ||
(1) disclose whether, within the past 3 months, | ||
pursuant to its credit default swap market-making | ||
activities, the firm has entered into any State of | ||
Illinois credit default swaps ("CDS"); | ||
(2) include, in the event of State of Illinois CDS | ||
activity, disclosure of the firm's cumulative notional | ||
volume of State of Illinois CDS trades and the firm's | ||
outstanding gross and net notional amount of State of | ||
Illinois CDS, as of the end of the current 3-month period; | ||
(3) indicate, pursuant to the firm's proprietary | ||
trading activities, disclosure of whether the firm, within |
the past 3 months, has entered into any proprietary trades | ||
for its own account in State of Illinois CDS; | ||
(4) include, in the event of State of Illinois | ||
proprietary trades, disclosure of the firm's outstanding | ||
gross and net notional amount of proprietary State of | ||
Illinois CDS and whether the net position is short or long | ||
credit protection, as of the end of the current 3-month | ||
period; | ||
(5) list all time periods during the past 3 months | ||
during which the firm held net long or net short State of | ||
Illinois CDS proprietary credit protection positions, the | ||
amount of such positions, and whether those positions were | ||
net long or net short credit protection positions; and | ||
(6) indicate whether, within the previous 3 months, | ||
the firm released any publicly available research or | ||
marketing reports that reference State of Illinois CDS and | ||
include those research or marketing reports as | ||
attachments. | ||
(h) Notwithstanding any other provision of this Section, | ||
for purposes of maximizing market efficiencies and cost | ||
savings, Income Tax Proceed Bonds may be issued and sold from | ||
time to time, in one or more series, in such amounts and at | ||
such prices as may be directed by the Governor, upon | ||
recommendation by the Director of the Governor's Office of | ||
Management and Budget. Income Tax Proceed Bonds shall be in | ||
such form, either coupon, registered, or book entry, in such |
denominations, shall bear interest payable at such times and | ||
at such fixed or variable rate or rates, and be dated as shall | ||
be fixed and determined by the Director of the Governor's | ||
Office of Management and Budget in the order authorizing the | ||
issuance and sale of any series of Income Tax Proceed Bonds, | ||
which order shall be approved by the Governor and is herein | ||
called a "Bond Sale Order"; provided, however, that interest | ||
payable at fixed or variable rates shall not exceed that | ||
permitted in the Bond Authorization Act. Income Tax Proceed | ||
Bonds shall be payable at such place or places, within or | ||
without the State of Illinois, and may be made registrable as | ||
to either principal or as to both principal and interest, as | ||
shall be specified in the Bond Sale Order. Income Tax Proceed | ||
Bonds may be callable or subject to purchase and retirement or | ||
tender and remarketing as fixed and determined in the Bond | ||
Sale Order. | ||
(i) Notwithstanding any other provision of this Section, | ||
for purposes of maximizing market efficiencies and cost | ||
savings, State Pension Obligation Acceleration Bonds may be | ||
issued and sold from time to time, in one or more series, in | ||
such amounts and at such prices as may be directed by the | ||
Governor, upon recommendation by the Director of the | ||
Governor's Office of Management and Budget. State Pension | ||
Obligation Acceleration Bonds shall be in such form, either | ||
coupon, registered, or book entry, in such denominations, | ||
shall bear interest payable at such times and at such fixed or |
variable rate or rates, and be dated as shall be fixed and | ||
determined by the Director of the Governor's Office of | ||
Management and Budget in the order authorizing the issuance | ||
and sale of any series of State Pension Obligation | ||
Acceleration Bonds, which order shall be approved by the | ||
Governor and is herein called a "Bond Sale Order"; provided, | ||
however, that interest payable at fixed or variable rates | ||
shall not exceed that permitted in the Bond Authorization Act. | ||
State Pension Obligation Acceleration Bonds shall be payable | ||
at such place or places, within or without the State of | ||
Illinois, and may be made registrable as to either principal | ||
or as to both principal and interest, as shall be specified in | ||
the Bond Sale Order. State Pension Obligation Acceleration | ||
Bonds may be callable or subject to purchase and retirement or | ||
tender and remarketing as fixed and determined in the Bond | ||
Sale Order. | ||
(Source: P.A. 103-7, eff. 7-1-23.) | ||
Article 15. | ||
Section 15-5. The Build Illinois Bond Act is amended by | ||
changing Sections 2, 4, 6, and 13 as follows: | ||
(30 ILCS 425/2) (from Ch. 127, par. 2802) | ||
Sec. 2. Authorization for Bonds. The State of Illinois is | ||
authorized to issue, sell and provide for the retirement of |
limited obligation bonds, notes and other evidences of | ||
indebtedness of the State of Illinois in the total principal | ||
amount of $11,358,681,100 $10,019,681,100 herein called | ||
"Bonds". Such amount of authorized Bonds shall be exclusive of | ||
any refunding Bonds issued pursuant to Section 15 of this Act | ||
and exclusive of any Bonds issued pursuant to this Section | ||
which are redeemed, purchased, advance refunded, or defeased | ||
in accordance with paragraph (f) of Section 4 of this Act. | ||
Bonds shall be issued for the categories and specific purposes | ||
expressed in Section 4 of this Act. | ||
(Source: P.A. 102-1071, eff. 6-10-22; 103-7, eff. 7-1-23.) | ||
(30 ILCS 425/4) (from Ch. 127, par. 2804) | ||
Sec. 4. Purposes of Bonds. Bonds shall be issued for the | ||
following purposes and in the approximate amounts as set forth | ||
below: | ||
(a) $4,741,094,533 $4,506,094,533 for the expenses of | ||
issuance and sale of Bonds, including bond discounts, and for | ||
planning, engineering, acquisition, construction, | ||
reconstruction, development, improvement, demolition, and | ||
extension of the public infrastructure in the State of | ||
Illinois, including: the making of loans or grants to local | ||
governments for waste disposal systems, water and sewer line | ||
extensions and water distribution and purification facilities, | ||
rail or air or water port improvements, gas and electric | ||
utility extensions, publicly owned industrial and commercial |
sites, buildings used for public administration purposes and | ||
other public infrastructure capital improvements; the making | ||
of loans or grants to units of local government for financing | ||
and construction of wastewater facilities, including grants to | ||
serve unincorporated areas; refinancing or retiring bonds | ||
issued between January 1, 1987 and January 1, 1990 by home rule | ||
municipalities, debt service on which is provided from a tax | ||
imposed by home rule municipalities prior to January 1, 1990 | ||
on the sale of food and drugs pursuant to Section 8-11-1 of the | ||
Home Rule Municipal Retailers' Occupation Tax Act or Section | ||
8-11-5 of the Home Rule Municipal Service Occupation Tax Act; | ||
the making of deposits not to exceed $70,000,000 in the | ||
aggregate into the Water Pollution Control Revolving Fund to | ||
provide assistance in accordance with the provisions of Title | ||
IV-A of the Environmental Protection Act; the planning, | ||
engineering, acquisition, construction, reconstruction, | ||
alteration, expansion, extension and improvement of highways, | ||
bridges, structures separating highways and railroads, rest | ||
areas, interchanges, access roads to and from any State or | ||
local highway and other transportation improvement projects | ||
which are related to economic development activities; the | ||
making of loans or grants for planning, engineering, | ||
rehabilitation, improvement or construction of rail and | ||
transit facilities; the planning, engineering, acquisition, | ||
construction, reconstruction and improvement of watershed, | ||
drainage, flood control, recreation and related improvements |
and facilities, including expenses related to land and | ||
easement acquisition, relocation, control structures, channel | ||
work and clearing and appurtenant work; the planning, | ||
engineering, acquisition, construction, reconstruction and | ||
improvement of State facilities and related infrastructure; | ||
the making of Park and Recreational Facilities Construction | ||
(PARC) grants; the making of grants to units of local | ||
government for community development capital projects; the | ||
making of grants for improvement and development of zoos and | ||
park district field houses and related structures; and the | ||
making of grants for improvement and development of Navy Pier | ||
and related structures. | ||
(b) $3,554,636,967 $2,474,636,967 for fostering economic | ||
development and increased employment and fostering the well | ||
being of the citizens of Illinois through community | ||
development, including: the making of grants for improvement | ||
and development of McCormick Place and related structures; the | ||
planning and construction of a microelectronics research | ||
center, including the planning, engineering, construction, | ||
improvement, renovation and acquisition of buildings, | ||
equipment and related utility support systems; the making of | ||
loans to businesses and investments in small businesses; | ||
acquiring real properties for industrial or commercial site | ||
development; acquiring, rehabilitating and reconveying | ||
industrial and commercial properties for the purpose of | ||
expanding employment and encouraging private and other public |
sector investment in the economy of Illinois; the payment of | ||
expenses associated with siting the Superconducting Super | ||
Collider Particle Accelerator in Illinois and with its | ||
acquisition, construction, maintenance, operation, promotion | ||
and support; the making of loans for the planning, | ||
engineering, acquisition, construction, improvement and | ||
conversion of facilities and equipment which will foster the | ||
use of Illinois coal; the payment of expenses associated with | ||
the promotion, establishment, acquisition and operation of | ||
small business incubator facilities and agribusiness research | ||
facilities, including the lease, purchase, renovation, | ||
planning, engineering, construction and maintenance of | ||
buildings, utility support systems and equipment designated | ||
for such purposes and the establishment and maintenance of | ||
centralized support services within such facilities; the | ||
making of grants for transportation electrification | ||
infrastructure projects that promote use of clean and | ||
renewable energy; the making of capital expenditures and | ||
grants for broadband development and for a statewide broadband | ||
deployment grant program; the making of grants to public | ||
entities and private persons and entities for community | ||
development capital projects; the making of grants to public | ||
entities and private persons and entities for capital projects | ||
in the context of grant programs focused on assisting | ||
economically depressed areas, expanding affordable housing, | ||
supporting the provision of human services, supporting |
emerging technology enterprises, fostering the advancement of | ||
quantum information science and technology, and supporting | ||
minority owned businesses; and the making of grants or loans | ||
to units of local government for Urban Development Action | ||
Grant and Housing Partnership programs. | ||
(c) $2,785,076,600 $2,761,076,600 for the development and | ||
improvement of educational, scientific, technical and | ||
vocational programs and facilities and the expansion of health | ||
and human services for all citizens of Illinois, including: | ||
the making of grants to school districts and not-for-profit | ||
organizations for early childhood construction projects | ||
pursuant to Section 5-300 of the School Construction Law; the | ||
making of grants to educational institutions for educational, | ||
scientific, technical and vocational program equipment and | ||
facilities; the making of grants to museums for equipment and | ||
facilities; the making of construction and improvement grants | ||
and loans to public libraries and library systems; the making | ||
of grants and loans for planning, engineering, acquisition and | ||
construction of a new State central library in Springfield; | ||
the planning, engineering, acquisition and construction of an | ||
animal and dairy sciences facility; the planning, engineering, | ||
acquisition and construction of a campus and all related | ||
buildings, facilities, equipment and materials for Richland | ||
Community College; the acquisition, rehabilitation and | ||
installation of equipment and materials for scientific and | ||
historical surveys; the making of grants or loans for |
distribution to eligible vocational education instructional | ||
programs for the upgrading of vocational education programs, | ||
school shops and laboratories, including the acquisition, | ||
rehabilitation and installation of technical equipment and | ||
materials; the making of grants or loans for distribution to | ||
eligible local educational agencies for the upgrading of math | ||
and science instructional programs, including the acquisition | ||
of instructional equipment and materials; miscellaneous | ||
capital improvements for universities and community colleges | ||
including the planning, engineering, construction, | ||
reconstruction, remodeling, improvement, repair and | ||
installation of capital facilities and costs of planning, | ||
supplies, equipment, materials, services, and all other | ||
required expenses; the making of grants or loans for repair, | ||
renovation and miscellaneous capital improvements for | ||
privately operated colleges and universities and community | ||
colleges, including the planning, engineering, acquisition, | ||
construction, reconstruction, remodeling, improvement, repair | ||
and installation of capital facilities and costs of planning, | ||
supplies, equipment, materials, services, and all other | ||
required expenses; and the making of grants or loans for | ||
distribution to local governments for hospital and other | ||
health care facilities including the planning, engineering, | ||
acquisition, construction, reconstruction, remodeling, | ||
improvement, repair and installation of capital facilities and | ||
costs of planning, supplies, equipment, materials, services |
and all other required expenses. | ||
(d) $277,873,000 for protection, preservation, restoration | ||
and conservation of environmental and natural resources, | ||
including: the making of grants to soil and water conservation | ||
districts for the planning and implementation of conservation | ||
practices and for funding contracts with the Soil Conservation | ||
Service for watershed planning; the making of grants to units | ||
of local government for the capital development and | ||
improvement of recreation areas, including planning and | ||
engineering costs, sewer projects, including planning and | ||
engineering costs and water projects, including planning and | ||
engineering costs, and for the acquisition of open space | ||
lands, including the acquisition of easements and other | ||
property interests of less than fee simple ownership; the | ||
making of grants to units of local government through the | ||
Illinois Green Infrastructure Grant Program to protect water | ||
quality and mitigate flooding; the acquisition and related | ||
costs and development and management of natural heritage | ||
lands, including natural areas and areas providing habitat for | ||
endangered species and nongame wildlife, and buffer area | ||
lands; the acquisition and related costs and development and | ||
management of habitat lands, including forest, wildlife | ||
habitat and wetlands; and the removal and disposition of | ||
hazardous substances, including the cost of project | ||
management, equipment, laboratory analysis, and contractual | ||
services necessary for preventative and corrective actions |
related to the preservation, restoration and conservation of | ||
the environment, including deposits not to exceed $60,000,000 | ||
in the aggregate into the Hazardous Waste Fund and the | ||
Brownfields Redevelopment Fund for improvements in accordance | ||
with the provisions of Titles V and XVII of the Environmental | ||
Protection Act. | ||
(e) The amount specified in paragraph (a) above shall | ||
include an amount necessary to pay reasonable expenses of each | ||
issuance and sale of the Bonds, as specified in the related | ||
Bond Sale Order (hereinafter defined). | ||
(f) Any unexpended proceeds from any sale of Bonds which | ||
are held in the Build Illinois Bond Fund may be used to redeem, | ||
purchase, advance refund, or defease any Bonds outstanding. | ||
(Source: P.A. 103-7, eff. 7-1-23.) | ||
(30 ILCS 425/6) (from Ch. 127, par. 2806) | ||
Sec. 6. Conditions for issuance and sale of Bonds - | ||
requirements for Bonds - master and supplemental indentures - | ||
credit and liquidity enhancement. | ||
(a) Bonds shall be issued and sold from time to time, in | ||
one or more series, in such amounts and at such prices as | ||
directed by the Governor, upon recommendation by the Director | ||
of the Governor's Office of Management and Budget. Bonds shall | ||
be payable only from the specific sources and secured in the | ||
manner provided in this Act. Bonds shall be in such form, in | ||
such denominations, mature on such dates within 25 years from |
their date of issuance, be subject to optional or mandatory | ||
redemption, bear interest payable at such times and at such | ||
rate or rates, fixed or variable, and be dated as shall be | ||
fixed and determined by the Director of the Governor's Office | ||
of Management and Budget in an order authorizing the issuance | ||
and sale of any series of Bonds, which order shall be approved | ||
by the Governor and is herein called a "Bond Sale Order"; | ||
provided, however, that interest payable at fixed rates shall | ||
not exceed that permitted in "An Act to authorize public | ||
corporations to issue bonds, other evidences of indebtedness | ||
and tax anticipation warrants subject to interest rate | ||
limitations set forth therein", approved May 26, 1970, as now | ||
or hereafter amended, and interest payable at variable rates | ||
shall not exceed the maximum rate permitted in the Bond Sale | ||
Order. Said Bonds shall be payable at such place or places, | ||
within or without the State of Illinois, and may be made | ||
registrable as to either principal only or as to both | ||
principal and interest, as shall be specified in the Bond Sale | ||
Order. Bonds may be callable or subject to purchase and | ||
retirement or remarketing as fixed and determined in the Bond | ||
Sale Order. Bonds (i) except for refunding Bonds satisfying | ||
the requirements of Section 15 of this Act must be issued with | ||
principal or mandatory redemption amounts in equal amounts, | ||
with the first maturity issued occurring within the fiscal | ||
year in which the Bonds are issued or within the next | ||
succeeding fiscal year , except that Bonds issued during fiscal |
year 2025 may be issued with principal or mandatory redemption | ||
amounts in unequal amounts, and (ii) must mature or be subject | ||
to mandatory redemption each fiscal year thereafter up to 25 | ||
years, except for refunding Bonds satisfying the requirements | ||
of Section 15 of this Act and sold during fiscal year 2009, | ||
2010, or 2011 which must mature or be subject to mandatory | ||
redemption each fiscal year thereafter up to 16 years. | ||
All Bonds authorized under this Act shall be issued | ||
pursuant to a master trust indenture ("Master Indenture") | ||
executed and delivered on behalf of the State by the Director | ||
of the Governor's Office of Management and Budget, such Master | ||
Indenture to be in substantially the form approved in the Bond | ||
Sale Order authorizing the issuance and sale of the initial | ||
series of Bonds issued under this Act. Such initial series of | ||
Bonds may, and each subsequent series of Bonds shall, also be | ||
issued pursuant to a supplemental trust indenture | ||
("Supplemental Indenture") executed and delivered on behalf of | ||
the State by the Director of the Governor's Office of | ||
Management and Budget, each such Supplemental Indenture to be | ||
in substantially the form approved in the Bond Sale Order | ||
relating to such series. The Master Indenture and any | ||
Supplemental Indenture shall be entered into with a bank or | ||
trust company in the State of Illinois having trust powers and | ||
possessing capital and surplus of not less than $100,000,000. | ||
Such indentures shall set forth the terms and conditions of | ||
the Bonds and provide for payment of and security for the |
Bonds, including the establishment and maintenance of debt | ||
service and reserve funds, and for other protections for | ||
holders of the Bonds. The term "reserve funds" as used in this | ||
Act shall include funds and accounts established under | ||
indentures to provide for the payment of principal of and | ||
premium and interest on Bonds, to provide for the purchase, | ||
retirement or defeasance of Bonds, to provide for fees of | ||
trustees, registrars, paying agents and other fiduciaries and | ||
to provide for payment of costs of and debt service payable in | ||
respect of credit or liquidity enhancement arrangements, | ||
interest rate swaps or guarantees or financial futures | ||
contracts and indexing and remarketing agents' services. | ||
In the case of any series of Bonds bearing interest at a | ||
variable interest rate ("Variable Rate Bonds"), in lieu of | ||
determining the rate or rates at which such series of Variable | ||
Rate Bonds shall bear interest and the price or prices at which | ||
such Variable Rate Bonds shall be initially sold or remarketed | ||
(in the event of purchase and subsequent resale), the Bond | ||
Sale Order may provide that such interest rates and prices may | ||
vary from time to time depending on criteria established in | ||
such Bond Sale Order, which criteria may include, without | ||
limitation, references to indices or variations in interest | ||
rates as may, in the judgment of a remarketing agent, be | ||
necessary to cause Bonds of such series to be remarketable | ||
from time to time at a price equal to their principal amount | ||
(or compound accreted value in the case of original issue |
discount Bonds), and may provide for appointment of indexing | ||
agents and a bank, trust company, investment bank or other | ||
financial institution to serve as remarketing agent in that | ||
connection. The Bond Sale Order may provide that alternative | ||
interest rates or provisions for establishing alternative | ||
interest rates, different security or claim priorities or | ||
different call or amortization provisions will apply during | ||
such times as Bonds of any series are held by a person | ||
providing credit or liquidity enhancement arrangements for | ||
such Bonds as authorized in subsection (b) of Section 6 of this | ||
Act. | ||
(b) In connection with the issuance of any series of | ||
Bonds, the State may enter into arrangements to provide | ||
additional security and liquidity for such Bonds, including, | ||
without limitation, bond or interest rate insurance or letters | ||
of credit, lines of credit, bond purchase contracts or other | ||
arrangements whereby funds are made available to retire or | ||
purchase Bonds, thereby assuring the ability of owners of the | ||
Bonds to sell or redeem their Bonds. The State may enter into | ||
contracts and may agree to pay fees to persons providing such | ||
arrangements, but only under circumstances where the Director | ||
of the Bureau of the Budget (now Governor's Office of | ||
Management and Budget) certifies that he reasonably expects | ||
the total interest paid or to be paid on the Bonds, together | ||
with the fees for the arrangements (being treated as if | ||
interest), would not, taken together, cause the Bonds to bear |
interest, calculated to their stated maturity, at a rate in | ||
excess of the rate which the Bonds would bear in the absence of | ||
such arrangements. Any bonds, notes or other evidences of | ||
indebtedness issued pursuant to any such arrangements for the | ||
purpose of retiring and discharging outstanding Bonds shall | ||
constitute refunding Bonds under Section 15 of this Act. The | ||
State may participate in and enter into arrangements with | ||
respect to interest rate swaps or guarantees or financial | ||
futures contracts for the purpose of limiting or restricting | ||
interest rate risk; provided that such arrangements shall be | ||
made with or executed through banks having capital and surplus | ||
of not less than $100,000,000 or insurance companies holding | ||
the highest policyholder rating accorded insurers by A.M. Best & | ||
Co. or any comparable rating service or government bond | ||
dealers reporting to, trading with, and recognized as primary | ||
dealers by a Federal Reserve Bank and having capital and | ||
surplus of not less than $100,000,000, or other persons whose | ||
debt securities are rated in the highest long-term categories | ||
by both Moody's Investors' Services, Inc. and Standard & | ||
Poor's Corporation. Agreements incorporating any of the | ||
foregoing arrangements may be executed and delivered by the | ||
Director of the Governor's Office of Management and Budget on | ||
behalf of the State in substantially the form approved in the | ||
Bond Sale Order relating to such Bonds. | ||
(c) "Build America Bonds" in this Section means Bonds | ||
authorized by Section 54AA of the Internal Revenue Code of |
1986, as amended ("Internal Revenue Code"), and bonds issued | ||
from time to time to refund or continue to refund "Build | ||
America Bonds". | ||
(Source: P.A. 100-23, eff. 7-6-17; 100-587, eff. 6-4-18; | ||
101-30, eff. 6-28-19.) | ||
(30 ILCS 425/13) (from Ch. 127, par. 2813) | ||
Sec. 13. Computation of principal and interest; transfer | ||
from Build Illinois Bond Account; payment from Build Illinois | ||
Bond Retirement and Interest Fund. Upon each delivery of | ||
Bonds authorized to be issued under this Act, the trustee | ||
under the Master Indenture shall compute and certify to the | ||
Director of the Governor's Office of Management and Budget, | ||
the Comptroller and the Treasurer (a) the total amount of the | ||
principal of and the interest and the premium, if any, on the | ||
Bonds then being issued and on Bonds previously issued and | ||
outstanding that will be payable in order to retire such Bonds | ||
at their stated maturities or mandatory sinking fund payment | ||
dates and (b) the amount of principal of and interest and | ||
premium, if any, on such Bonds that will be payable on each | ||
principal, interest and mandatory sinking fund payment date | ||
according to the tenor of such Bonds during the then current | ||
and each succeeding fiscal year. Such certifications shall | ||
include with respect to interest payable on Variable Rate | ||
Bonds the maximum amount of interest which may be payable for | ||
the relevant period after taking into account any credits |
permitted in the related indenture against the amount of such | ||
interest required to be appropriated for such period pursuant | ||
to subsection (c) of Section 11 of this Act. | ||
On or before June 20, 1993 and on or before each June 20 | ||
thereafter so long as Bonds remain outstanding, the trustee | ||
under the Master Indenture shall deliver to the Director of | ||
the Governor's Office of Management and Budget (formerly | ||
Bureau of the Budget), the Comptroller and the Treasurer a | ||
certificate setting forth the "Certified Annual Debt Service | ||
Requirement" (hereinafter defined) for the next succeeding | ||
fiscal year. If Bonds are issued subsequent to the delivery of | ||
any such certificate, upon the issuance of such Bonds the | ||
trustee under the Master Indenture shall deliver a | ||
supplemental certificate setting forth the revisions, if any, | ||
in the Certified Annual Debt Service Requirement resulting | ||
from the issuance of such Bonds. The "Certified Annual Debt | ||
Service Requirement" for any fiscal year shall be an amount | ||
equal to (a) the aggregate amount of principal, interest and | ||
premium, if any, payable on outstanding Bonds during such | ||
fiscal year plus (b) the amount required to be deposited into | ||
any reserve fund securing such Bonds or for the purpose of | ||
retiring or defeasing such Bonds plus (c) the amount of any | ||
deficiencies in required transfers of amounts described in | ||
clauses (a) and (b) for any prior fiscal year, minus (d) the | ||
amount, if any, of such interest to be paid from Bond proceeds | ||
on deposit under any indenture; provided, however, that |
interest payable on Variable Rate Bonds shall be calculated at | ||||||||||||||||||
the maximum rate of interest which may be payable during such | ||||||||||||||||||
fiscal year after taking into account any credits permitted in | ||||||||||||||||||
the related indenture against the amount of such interest | ||||||||||||||||||
required to be appropriated for such period pursuant to | ||||||||||||||||||
subsection (c) of Section 11 of this Act. | ||||||||||||||||||
In each month during fiscal years 1986 through 1993, the | ||||||||||||||||||
State Treasurer and Comptroller shall transfer, on the last | ||||||||||||||||||
day of such month, from the Build Illinois Bond Account to the | ||||||||||||||||||
Build Illinois Bond Retirement and Interest Fund and shall | ||||||||||||||||||
make payment from the Build Illinois Bond Retirement and | ||||||||||||||||||
Interest Fund to the trustee under the Master Indenture of an | ||||||||||||||||||
amount equal to 1/12 of 150% of the amount set forth below for | ||||||||||||||||||
each such fiscal year, plus any cumulative deficiency in such | ||||||||||||||||||
transfers and payments for prior months; provided that such | ||||||||||||||||||
transfers shall commence in October, 1985 and such amounts for | ||||||||||||||||||
fiscal year 1986 shall equal 1/9 of 150% of the amount set | ||||||||||||||||||
forth below for such fiscal year: | ||||||||||||||||||
|
| ||||
provided that payments of such amounts from the Build Illinois | ||||
Bond Retirement and Interest Fund to the trustee under the | ||||
Master Indenture shall commence on the last day of the month in | ||||
which Bonds are initially issued under this Act; and, further | ||||
provided, that the first such payment to said trustee shall | ||||
equal the entire amount then on deposit in the Build Illinois | ||||
Bond Retirement and Interest Fund; and, further provided, that | ||||
the aggregate amount of transfers and payments for any such | ||||
fiscal year shall not exceed the amount set forth above for | ||||
such fiscal year. | ||||
In each month in which Bonds are outstanding during fiscal | ||||
year 1994 and each fiscal year thereafter, the State Treasurer | ||||
and Comptroller shall transfer, on the last day of such month, | ||||
(i) with respect to Bonds constituting bonds issued pursuant | ||||
to the bond authorization under this Act enacted pursuant to | ||||
Public Act 96-36 and this amendatory Act of the 103rd General | ||||
Assembly this amendatory Act of the 96th General Assembly (and | ||||
any refunding Bonds issued to refund such Bonds), first from | ||||
the Capital Projects Fund and second, if needed, from the | ||||
Build Illinois Bond Account and (ii) with respect to all other | ||||
Bonds not described in clause (i), from the Build Illinois | ||||
Bond Account, in each case, to the Build Illinois Bond | ||||
Retirement and Interest Fund and shall make payment from the | ||||
Build Illinois Bond Retirement and Interest Fund to the | ||||
trustee under the Master Indenture of an amount equal to the |
greater of (a) 1/12th of 150% of the Certified Annual Debt | ||
Service Requirement or (b) the Tax Act Amount (as defined in | ||
Section 3 of the "Retailers' Occupation Tax Act", as amended) | ||
deposited in the Build Illinois Bond Account during such | ||
month, plus any cumulative deficiency in such transfers and | ||
payments for prior months; provided that such transfers and | ||
payments for any such fiscal year shall not exceed the greater | ||
of (a) the Certified Annual Debt Service Requirement or (b) | ||
the Tax Act Amount. | ||
(Source: P.A. 96-36, eff. 7-13-09 .) | ||
Article 20. | ||
Section 20-5. The Illinois Housing Development Act is | ||
amended by changing Section 22 as follows: | ||
(20 ILCS 3805/22) (from Ch. 67 1/2, par. 322) | ||
Sec. 22. (a) The Authority shall not have outstanding at | ||
any one time bonds and notes for any of its corporate purposes | ||
in an aggregate principal amount exceeding $11,500,000,000 | ||
$7,200,000,000 , excluding bonds and notes issued to refund | ||
outstanding bonds and notes. | ||
(b) Of the authorized aggregate principal amount of | ||
$11,500,000,000 $7,200,000,000 provided for by this Section, | ||
the amount of $150,000,000 shall be used for the purposes | ||
specified in Sections 7.23 and 7.24 of this Act. |
(c) Of the $1,000,000,000 authorized by this amendatory | ||
Act of 1985, an amount not less than $100,000,000 shall be | ||
reserved for financing developments which involve the | ||
rehabilitation of dwelling accommodations, subject to the | ||
occupancy reservation of low or moderate income persons or | ||
families as provided in this Act. | ||
(Source: P.A. 102-175, eff. 7-29-21.) | ||
Article 25. | ||
Section 25-5. The Local Government Debt Reform Act is | ||
amended by changing Sections 10, 16, and 17 as follows: | ||
(30 ILCS 350/10) (from Ch. 17, par. 6910) | ||
Sec. 10. General provisions. Bonds authorized by | ||
applicable law may be issued in one or more series, bear such | ||
date or dates, become due at such time or times within 40 | ||
years, except as expressly limited by applicable law, provided | ||
that notwithstanding any such express limitation bonds issued | ||
by any school district, Lockport High School, Township High | ||
School District 113, South Suburban Community College District | ||
No. 510, Elgin Community College District No. 509, or | ||
Kishwaukee Community College District No. 523 for the purpose | ||
of purchasing, constructing, or improving real or personal | ||
property , including bonds issued pursuant to Sections 17-2.11 | ||
of the School Code, bonds issued to increase the working cash |
fund of the district, and bonds issued to pay or paying claims | ||
against the any such district incurred for the purpose of | ||
purchasing, constructing, or improving real or personal | ||
property , and any bonds issued to refund or continue to refund | ||
those bonds, may become due within 30 25 years, bear interest | ||
payable at such intervals and at such rate or rates as | ||
authorized under applicable law, which rates may be fixed or | ||
variable, be in such denominations, be in such form, either | ||
coupon, registered or book-entry, carry such conversion, | ||
registration, and exchange privileges, be subject to | ||
defeasance upon such terms, have such rank or priority, be | ||
executed in such manner, be payable in such medium of payment | ||
at such place or places within or without the State of | ||
Illinois, make provision for a corporate trustee within or | ||
without the State with respect to such bonds, prescribe the | ||
rights, powers and duties thereof to be exercised for the | ||
benefit of the governmental unit and the protection of the | ||
bondholders, provide for the holding in trust, investment and | ||
use of moneys, funds and accounts held under an ordinance, | ||
provide for assignment of and direct payment of the moneys to | ||
pay such bonds or to be deposited into such funds or accounts | ||
directly to such trustee, be subject to such terms of | ||
redemption with or without premium, and be sold in such manner | ||
at private or public sale and at such price, all as the | ||
governing body shall determine. Whenever such bonds are sold | ||
at price less than par, they shall be sold at such price and |
bear interest at such rate or rates such that either the true | ||
interest cost (yield) or the net interest rate, as may be | ||
selected by the governing body, received upon the sale of such | ||
bonds does not exceed the maximum rate otherwise authorized by | ||
applicable law. Except for an ordinance required to be | ||
published by applicable law in connection with a backdoor | ||
referendum, any bond ordinance adopted by a governing body | ||
under applicable law shall, in all instances, become effective | ||
immediately without publication or posting or any further act | ||
or requirement. | ||
(Source: P.A. 97-615, eff. 8-26-11; 98-36, eff. 6-28-13.) | ||
(30 ILCS 350/16) (from Ch. 17, par. 6916) | ||
Sec. 16. Levy for bonds. | ||
(a) A governmental unit may levy a tax for the payment of | ||
principal of and interest on general obligation bonds or | ||
limited bonds at any time prior to March 1 of the calendar year | ||
during which the tax will be collected. The county clerk shall | ||
accept the filing of the ordinance levying such tax | ||
notwithstanding that such time is subsequent to the end of the | ||
calendar year next preceding the calendar year during which | ||
such tax will be collected. | ||
(b) The county clerk shall accept the electronic filing of | ||
any ordinance under subsection (a) and any certificate abating | ||
taxes levied by an ordinance under subsection (a) . If a | ||
governmental unit electronically files an ordinance under |
subsection (a) or a certificate abating taxes levied by an | ||
ordinance under subsection (a) electronically , then the | ||
governmental unit shall maintain an original signed copy of | ||
the ordinance as long as the general obligation bonds or | ||
limited bonds remain outstanding. | ||
(c) In extending taxes for general obligation bonds, the | ||
county clerk shall add to the levy for debt service on such | ||
bonds an amount sufficient, in view of all losses and | ||
delinquencies in tax collection, to produce tax receipts | ||
adequate for the prompt payment of such debt service. | ||
(Source: P.A. 103-137, eff. 6-30-23.) | ||
(30 ILCS 350/17) (from Ch. 17, par. 6917) | ||
Sec. 17. Leases and installment contracts. | ||
(a) Interest not debt; debt on leases and installment | ||
contracts. Interest on bonds shall not be included in any | ||
computation of indebtedness of a governmental unit for the | ||
purpose of any statutory provision or limitation. For bonds | ||
consisting of leases and installment or financing contracts, | ||
(1) that portion of payments made by a governmental unit under | ||
the terms of a bond designated as interest in the bond or the | ||
ordinance authorizing such bond shall be treated as interest | ||
for purposes of this Section (2) where portions of payments | ||
due under the terms of a bond have not been designated as | ||
interest in the bond or the ordinance authorizing such bond, | ||
and all or a portion of such payments is to be used for the |
payment of principal of and interest on other bonds of the | ||
governmental unit or bonds issued by another unit of local | ||
government, such as a public building commission, the payments | ||
equal to interest due on such corresponding bonds shall be | ||
treated as interest for purposes of this Section and (3) where | ||
portions of payments due under the terms of a bond have not | ||
been designated as interest in the bond or ordinance | ||
authorizing such bond and no portion of any such payment is to | ||
be used for the payment of principal of and interest on other | ||
bonds of the governmental unit or another unit of local | ||
government, a portion of each payment due under the terms of | ||
such bond shall be treated as interest for purposes of this | ||
Section; such portion shall be equal in amount to the interest | ||
that would have been paid on a notional obligation of the | ||
governmental unit (bearing interest at the highest rate | ||
permitted by law for bonds of the governmental unit at the time | ||
the bond was issued or, if no such limit existed, 12%) on which | ||
the payments of principal and interest were due at the same | ||
times and in the same amounts as payments are due under the | ||
terms of the bonds. The rule set forth in this Section shall be | ||
applicable to all interest no matter when earned or accrued or | ||
at what interval paid, and whether or not a bond bears interest | ||
which compounds at certain intervals. For purposes of bonds | ||
sold at amounts less than 95% of their stated value at | ||
maturity, interest for purposes of this Section includes the | ||
difference between the amount set forth on the face of the bond |
as the original principal amount and the bond's stated value | ||
at maturity. | ||
This subsection may be made applicable to bonds issued | ||
prior to the effective date of this Act by passage of an | ||
ordinance to such effect by the governing body of a | ||
governmental unit. | ||
(b) Purchase or lease of property. The governing body of | ||
each governmental unit may purchase or lease either real or | ||
personal property, including investments, investment | ||
agreements, or investment services, through agreements that | ||
provide that the consideration for the purchase or lease may | ||
be paid through installments made at stated intervals for a | ||
period of no more than 20 years or another period of time | ||
authorized by law, whichever is greater; provided, however, | ||
that investments, investment agreements, or investment | ||
services purchased in connection with a bond issue may be paid | ||
through installments made at stated intervals for a period of | ||
time not in excess of the maximum term of such bond issue. Each | ||
governmental unit may issue certificates evidencing the | ||
indebtedness incurred under the lease or agreement. The | ||
governing body may provide for the treasurer, comptroller, | ||
finance officer, or other officer of the governing body | ||
charged with financial administration to act as counter-party | ||
to any such lease or agreement, as nominee lessor or seller. | ||
When the lease or agreement is executed by the officer of the | ||
governmental unit authorized by the governing body to bind the |
governmental unit thereon by the execution thereof and is | ||
filed with and executed by the nominee lessor or seller, the | ||
lease or agreement shall be sufficiently executed so as to | ||
permit the governmental unit to issue certificates evidencing | ||
the indebtedness incurred under the lease or agreement. The | ||
certificates shall be valid whether or not an appropriation | ||
with respect thereto is included in any annual or supplemental | ||
budget adopted by the governmental unit. From time to time, as | ||
the governing body executes contracts for the purpose of | ||
acquiring and constructing the services or real or personal | ||
property that is a part of the subject of the lease or | ||
agreement, including financial, legal, architectural, and | ||
engineering services related to the lease or agreement, the | ||
governing body shall order the contracts shall be filed with | ||
the its nominee officer, and that officer shall identify the | ||
contracts to the lease or agreement; that identification shall | ||
permit the payment of the contract from the proceeds of the | ||
certificates; and the nominee officer shall duly apply or | ||
cause to be applied proceeds of the certificates to the | ||
payment of the contracts. The governing body of each | ||
governmental unit may sell, lease, convey, and reacquire | ||
either real or personal property, or any interest in real or | ||
personal property, upon any terms and conditions and in any | ||
manner, as the governing body shall determine, if the | ||
governmental unit will lease, acquire by purchase agreement, | ||
or otherwise reacquire the property, as authorized by this |
subsection or any other applicable law. | ||
All indebtedness incurred under this subsection, when | ||
aggregated with the existing indebtedness of the governmental | ||
unit, may not exceed the debt limits provided by applicable | ||
law. | ||
(Source: P.A. 91-493, eff. 8-13-99; 91-868, eff. 6-22-00; | ||
92-879, eff. 1-13-03.) | ||
Section 25-10. The Property Tax Code is amended by | ||
changing Section 18-185 as follows: | ||
(35 ILCS 200/18-185) | ||
Sec. 18-185. Short title; definitions. This Division 5 | ||
may be cited as the Property Tax Extension Limitation Law. As | ||
used in this Division 5: | ||
"Consumer Price Index" means the Consumer Price Index for | ||
All Urban Consumers for all items published by the United | ||
States Department of Labor. | ||
"Extension limitation" means (a) the lesser of 5% or the | ||
percentage increase in the Consumer Price Index during the | ||
12-month calendar year preceding the levy year or (b) the rate | ||
of increase approved by voters under Section 18-205. | ||
"Affected county" means a county of 3,000,000 or more | ||
inhabitants or a county contiguous to a county of 3,000,000 or | ||
more inhabitants. | ||
"Taxing district" has the same meaning provided in Section |
1-150, except as otherwise provided in this Section. For the | ||
1991 through 1994 levy years only, "taxing district" includes | ||
only each non-home rule taxing district having the majority of | ||
its 1990 equalized assessed value within any county or | ||
counties contiguous to a county with 3,000,000 or more | ||
inhabitants. Beginning with the 1995 levy year, "taxing | ||
district" includes only each non-home rule taxing district | ||
subject to this Law before the 1995 levy year and each non-home | ||
rule taxing district not subject to this Law before the 1995 | ||
levy year having the majority of its 1994 equalized assessed | ||
value in an affected county or counties. Beginning with the | ||
levy year in which this Law becomes applicable to a taxing | ||
district as provided in Section 18-213, "taxing district" also | ||
includes those taxing districts made subject to this Law as | ||
provided in Section 18-213. | ||
"Aggregate extension" for taxing districts to which this | ||
Law applied before the 1995 levy year means the annual | ||
corporate extension for the taxing district and those special | ||
purpose extensions that are made annually for the taxing | ||
district, excluding special purpose extensions: (a) made for | ||
the taxing district to pay interest or principal on general | ||
obligation bonds that were approved by referendum; (b) made | ||
for any taxing district to pay interest or principal on | ||
general obligation bonds issued before October 1, 1991; (c) | ||
made for any taxing district to pay interest or principal on | ||
bonds issued to refund or continue to refund those bonds |
issued before October 1, 1991; (d) made for any taxing | ||
district to pay interest or principal on bonds issued to | ||
refund or continue to refund bonds issued after October 1, | ||
1991 that were approved by referendum; (e) made for any taxing | ||
district to pay interest or principal on revenue bonds issued | ||
before October 1, 1991 for payment of which a property tax levy | ||
or the full faith and credit of the unit of local government is | ||
pledged; however, a tax for the payment of interest or | ||
principal on those bonds shall be made only after the | ||
governing body of the unit of local government finds that all | ||
other sources for payment are insufficient to make those | ||
payments; (f) made for payments under a building commission | ||
lease when the lease payments are for the retirement of bonds | ||
issued by the commission before October 1, 1991, to pay for the | ||
building project; (g) made for payments due under installment | ||
contracts entered into before October 1, 1991; (h) made for | ||
payments of principal and interest on bonds issued under the | ||
Metropolitan Water Reclamation District Act to finance | ||
construction projects initiated before October 1, 1991; (i) | ||
made for payments of principal and interest on limited bonds, | ||
as defined in Section 3 of the Local Government Debt Reform | ||
Act, in an amount not to exceed the debt service extension base | ||
less the amount in items (b), (c), (e), and (h) of this | ||
definition for non-referendum obligations, except obligations | ||
initially issued pursuant to referendum; (j) made for payments | ||
of principal and interest on bonds issued under Section 15 of |
the Local Government Debt Reform Act; (k) made by a school | ||
district that participates in the Special Education District | ||
of Lake County, created by special education joint agreement | ||
under Section 10-22.31 of the School Code, for payment of the | ||
school district's share of the amounts required to be | ||
contributed by the Special Education District of Lake County | ||
to the Illinois Municipal Retirement Fund under Article 7 of | ||
the Illinois Pension Code; the amount of any extension under | ||
this item (k) shall be certified by the school district to the | ||
county clerk; (l) made to fund expenses of providing joint | ||
recreational programs for persons with disabilities under | ||
Section 5-8 of the Park District Code or Section 11-95-14 of | ||
the Illinois Municipal Code; (m) made for temporary relocation | ||
loan repayment purposes pursuant to Sections 2-3.77 and | ||
17-2.2d of the School Code; (n) made for payment of principal | ||
and interest on any bonds issued under the authority of | ||
Section 17-2.2d of the School Code; (o) made for contributions | ||
to a firefighter's pension fund created under Article 4 of the | ||
Illinois Pension Code, to the extent of the amount certified | ||
under item (5) of Section 4-134 of the Illinois Pension Code; | ||
and (p) made for road purposes in the first year after a | ||
township assumes the rights, powers, duties, assets, property, | ||
liabilities, obligations, and responsibilities of a road | ||
district abolished under the provisions of Section 6-133 of | ||
the Illinois Highway Code ; and (q) made for the payment of | ||
principal and interest on any bonds issued under the authority |
of Section 17-2.11 of the School Code or to refund or continue | ||
to refund those bonds . | ||
"Aggregate extension" for the taxing districts to which | ||
this Law did not apply before the 1995 levy year (except taxing | ||
districts subject to this Law in accordance with Section | ||
18-213) means the annual corporate extension for the taxing | ||
district and those special purpose extensions that are made | ||
annually for the taxing district, excluding special purpose | ||
extensions: (a) made for the taxing district to pay interest | ||
or principal on general obligation bonds that were approved by | ||
referendum; (b) made for any taxing district to pay interest | ||
or principal on general obligation bonds issued before March | ||
1, 1995; (c) made for any taxing district to pay interest or | ||
principal on bonds issued to refund or continue to refund | ||
those bonds issued before March 1, 1995; (d) made for any | ||
taxing district to pay interest or principal on bonds issued | ||
to refund or continue to refund bonds issued after March 1, | ||
1995 that were approved by referendum; (e) made for any taxing | ||
district to pay interest or principal on revenue bonds issued | ||
before March 1, 1995 for payment of which a property tax levy | ||
or the full faith and credit of the unit of local government is | ||
pledged; however, a tax for the payment of interest or | ||
principal on those bonds shall be made only after the | ||
governing body of the unit of local government finds that all | ||
other sources for payment are insufficient to make those | ||
payments; (f) made for payments under a building commission |
lease when the lease payments are for the retirement of bonds | ||
issued by the commission before March 1, 1995 to pay for the | ||
building project; (g) made for payments due under installment | ||
contracts entered into before March 1, 1995; (h) made for | ||
payments of principal and interest on bonds issued under the | ||
Metropolitan Water Reclamation District Act to finance | ||
construction projects initiated before October 1, 1991; (h-4) | ||
made for stormwater management purposes by the Metropolitan | ||
Water Reclamation District of Greater Chicago under Section 12 | ||
of the Metropolitan Water Reclamation District Act; (h-8) made | ||
for payments of principal and interest on bonds issued under | ||
Section 9.6a of the Metropolitan Water Reclamation District | ||
Act to make contributions to the pension fund established | ||
under Article 13 of the Illinois Pension Code; (i) made for | ||
payments of principal and interest on limited bonds, as | ||
defined in Section 3 of the Local Government Debt Reform Act, | ||
in an amount not to exceed the debt service extension base less | ||
the amount in items (b), (c), and (e) of this definition for | ||
non-referendum obligations, except obligations initially | ||
issued pursuant to referendum and bonds described in | ||
subsections (h) and (h-8) of this definition; (j) made for | ||
payments of principal and interest on bonds issued under | ||
Section 15 of the Local Government Debt Reform Act; (k) made | ||
for payments of principal and interest on bonds authorized by | ||
Public Act 88-503 and issued under Section 20a of the Chicago | ||
Park District Act for aquarium or museum projects and bonds |
issued under Section 20a of the Chicago Park District Act for | ||
the purpose of making contributions to the pension fund | ||
established under Article 12 of the Illinois Pension Code; (l) | ||
made for payments of principal and interest on bonds | ||
authorized by Public Act 87-1191 or 93-601 and (i) issued | ||
pursuant to Section 21.2 of the Cook County Forest Preserve | ||
District Act, (ii) issued under Section 42 of the Cook County | ||
Forest Preserve District Act for zoological park projects, or | ||
(iii) issued under Section 44.1 of the Cook County Forest | ||
Preserve District Act for botanical gardens projects; (m) made | ||
pursuant to Section 34-53.5 of the School Code, whether levied | ||
annually or not; (n) made to fund expenses of providing joint | ||
recreational programs for persons with disabilities under | ||
Section 5-8 of the Park District Code or Section 11-95-14 of | ||
the Illinois Municipal Code; (o) made by the Chicago Park | ||
District for recreational programs for persons with | ||
disabilities under subsection (c) of Section 7.06 of the | ||
Chicago Park District Act; (p) made for contributions to a | ||
firefighter's pension fund created under Article 4 of the | ||
Illinois Pension Code, to the extent of the amount certified | ||
under item (5) of Section 4-134 of the Illinois Pension Code; | ||
(q) made by Ford Heights School District 169 under Section | ||
17-9.02 of the School Code; and (r) made for the purpose of | ||
making employer contributions to the Public School Teachers' | ||
Pension and Retirement Fund of Chicago under Section 34-53 of | ||
the School Code ; and (s) made for the payment of principal and |
interest on any bonds issued under the authority of Section | ||
17-2.11 of the School Code or to refund or continue to refund | ||
those bonds . | ||
"Aggregate extension" for all taxing districts to which | ||
this Law applies in accordance with Section 18-213, except for | ||
those taxing districts subject to paragraph (2) of subsection | ||
(e) of Section 18-213, means the annual corporate extension | ||
for the taxing district and those special purpose extensions | ||
that are made annually for the taxing district, excluding | ||
special purpose extensions: (a) made for the taxing district | ||
to pay interest or principal on general obligation bonds that | ||
were approved by referendum; (b) made for any taxing district | ||
to pay interest or principal on general obligation bonds | ||
issued before the date on which the referendum making this Law | ||
applicable to the taxing district is held; (c) made for any | ||
taxing district to pay interest or principal on bonds issued | ||
to refund or continue to refund those bonds issued before the | ||
date on which the referendum making this Law applicable to the | ||
taxing district is held; (d) made for any taxing district to | ||
pay interest or principal on bonds issued to refund or | ||
continue to refund bonds issued after the date on which the | ||
referendum making this Law applicable to the taxing district | ||
is held if the bonds were approved by referendum after the date | ||
on which the referendum making this Law applicable to the | ||
taxing district is held; (e) made for any taxing district to | ||
pay interest or principal on revenue bonds issued before the |
date on which the referendum making this Law applicable to the | ||
taxing district is held for payment of which a property tax | ||
levy or the full faith and credit of the unit of local | ||
government is pledged; however, a tax for the payment of | ||
interest or principal on those bonds shall be made only after | ||
the governing body of the unit of local government finds that | ||
all other sources for payment are insufficient to make those | ||
payments; (f) made for payments under a building commission | ||
lease when the lease payments are for the retirement of bonds | ||
issued by the commission before the date on which the | ||
referendum making this Law applicable to the taxing district | ||
is held to pay for the building project; (g) made for payments | ||
due under installment contracts entered into before the date | ||
on which the referendum making this Law applicable to the | ||
taxing district is held; (h) made for payments of principal | ||
and interest on limited bonds, as defined in Section 3 of the | ||
Local Government Debt Reform Act, in an amount not to exceed | ||
the debt service extension base less the amount in items (b), | ||
(c), and (e) of this definition for non-referendum | ||
obligations, except obligations initially issued pursuant to | ||
referendum; (i) made for payments of principal and interest on | ||
bonds issued under Section 15 of the Local Government Debt | ||
Reform Act; (j) made for a qualified airport authority to pay | ||
interest or principal on general obligation bonds issued for | ||
the purpose of paying obligations due under, or financing | ||
airport facilities required to be acquired, constructed, |
installed or equipped pursuant to, contracts entered into | ||
before March 1, 1996 (but not including any amendments to such | ||
a contract taking effect on or after that date); (k) made to | ||
fund expenses of providing joint recreational programs for | ||
persons with disabilities under Section 5-8 of the Park | ||
District Code or Section 11-95-14 of the Illinois Municipal | ||
Code; (l) made for contributions to a firefighter's pension | ||
fund created under Article 4 of the Illinois Pension Code, to | ||
the extent of the amount certified under item (5) of Section | ||
4-134 of the Illinois Pension Code; and (m) made for the taxing | ||
district to pay interest or principal on general obligation | ||
bonds issued pursuant to Section 19-3.10 of the School Code ; | ||
and (n) made for the payment of principal and interest on any | ||
bonds issued under the authority of Section 17-2.11 of the | ||
School Code or to refund or continue to refund those bonds . | ||
"Aggregate extension" for all taxing districts to which | ||
this Law applies in accordance with paragraph (2) of | ||
subsection (e) of Section 18-213 means the annual corporate | ||
extension for the taxing district and those special purpose | ||
extensions that are made annually for the taxing district, | ||
excluding special purpose extensions: (a) made for the taxing | ||
district to pay interest or principal on general obligation | ||
bonds that were approved by referendum; (b) made for any | ||
taxing district to pay interest or principal on general | ||
obligation bonds issued before March 7, 1997 (the effective | ||
date of Public Act 89-718); (c) made for any taxing district to |
pay interest or principal on bonds issued to refund or | ||
continue to refund those bonds issued before March 7, 1997 | ||
(the effective date of Public Act 89-718); (d) made for any | ||
taxing district to pay interest or principal on bonds issued | ||
to refund or continue to refund bonds issued after March 7, | ||
1997 (the effective date of Public Act 89-718) if the bonds | ||
were approved by referendum after March 7, 1997 (the effective | ||
date of Public Act 89-718); (e) made for any taxing district to | ||
pay interest or principal on revenue bonds issued before March | ||
7, 1997 (the effective date of Public Act 89-718) for payment | ||
of which a property tax levy or the full faith and credit of | ||
the unit of local government is pledged; however, a tax for the | ||
payment of interest or principal on those bonds shall be made | ||
only after the governing body of the unit of local government | ||
finds that all other sources for payment are insufficient to | ||
make those payments; (f) made for payments under a building | ||
commission lease when the lease payments are for the | ||
retirement of bonds issued by the commission before March 7, | ||
1997 (the effective date of Public Act 89-718) to pay for the | ||
building project; (g) made for payments due under installment | ||
contracts entered into before March 7, 1997 (the effective | ||
date of Public Act 89-718); (h) made for payments of principal | ||
and interest on limited bonds, as defined in Section 3 of the | ||
Local Government Debt Reform Act, in an amount not to exceed | ||
the debt service extension base less the amount in items (b), | ||
(c), and (e) of this definition for non-referendum |
obligations, except obligations initially issued pursuant to | ||
referendum; (i) made for payments of principal and interest on | ||
bonds issued under Section 15 of the Local Government Debt | ||
Reform Act; (j) made for a qualified airport authority to pay | ||
interest or principal on general obligation bonds issued for | ||
the purpose of paying obligations due under, or financing | ||
airport facilities required to be acquired, constructed, | ||
installed or equipped pursuant to, contracts entered into | ||
before March 1, 1996 (but not including any amendments to such | ||
a contract taking effect on or after that date); (k) made to | ||
fund expenses of providing joint recreational programs for | ||
persons with disabilities under Section 5-8 of the Park | ||
District Code or Section 11-95-14 of the Illinois Municipal | ||
Code; and (l) made for contributions to a firefighter's | ||
pension fund created under Article 4 of the Illinois Pension | ||
Code, to the extent of the amount certified under item (5) of | ||
Section 4-134 of the Illinois Pension Code ; and (m) made for | ||
the payment of principal and interest on any bonds issued | ||
under the authority of Section 17-2.11 of the School Code or to | ||
refund or continue to refund those bonds . | ||
"Debt service extension base" means an amount equal to | ||
that portion of the extension for a taxing district for the | ||
1994 levy year, or for those taxing districts subject to this | ||
Law in accordance with Section 18-213, except for those | ||
subject to paragraph (2) of subsection (e) of Section 18-213, | ||
for the levy year in which the referendum making this Law |
applicable to the taxing district is held, or for those taxing | ||
districts subject to this Law in accordance with paragraph (2) | ||
of subsection (e) of Section 18-213 for the 1996 levy year, | ||
constituting an extension for payment of principal and | ||
interest on bonds issued by the taxing district without | ||
referendum, but not including excluded non-referendum bonds. | ||
For park districts (i) that were first subject to this Law in | ||
1991 or 1995 and (ii) whose extension for the 1994 levy year | ||
for the payment of principal and interest on bonds issued by | ||
the park district without referendum (but not including | ||
excluded non-referendum bonds) was less than 51% of the amount | ||
for the 1991 levy year constituting an extension for payment | ||
of principal and interest on bonds issued by the park district | ||
without referendum (but not including excluded non-referendum | ||
bonds), "debt service extension base" means an amount equal to | ||
that portion of the extension for the 1991 levy year | ||
constituting an extension for payment of principal and | ||
interest on bonds issued by the park district without | ||
referendum (but not including excluded non-referendum bonds). | ||
A debt service extension base established or increased at any | ||
time pursuant to any provision of this Law, except Section | ||
18-212, shall be increased each year commencing with the later | ||
of (i) the 2009 levy year or (ii) the first levy year in which | ||
this Law becomes applicable to the taxing district, by the | ||
lesser of 5% or the percentage increase in the Consumer Price | ||
Index during the 12-month calendar year preceding the levy |
year. The debt service extension base may be established or | ||
increased as provided under Section 18-212. "Excluded | ||
non-referendum bonds" means (i) bonds authorized by Public Act | ||
88-503 and issued under Section 20a of the Chicago Park | ||
District Act for aquarium and museum projects; (ii) bonds | ||
issued under Section 15 of the Local Government Debt Reform | ||
Act; or (iii) refunding obligations issued to refund or to | ||
continue to refund obligations initially issued pursuant to | ||
referendum. | ||
"Special purpose extensions" include, but are not limited | ||
to, extensions for levies made on an annual basis for | ||
unemployment and workers' compensation, self-insurance, | ||
contributions to pension plans, and extensions made pursuant | ||
to Section 6-601 of the Illinois Highway Code for a road | ||
district's permanent road fund whether levied annually or not. | ||
The extension for a special service area is not included in the | ||
aggregate extension. | ||
"Aggregate extension base" means the taxing district's | ||
last preceding aggregate extension as adjusted under Sections | ||
18-135, 18-215, 18-230, 18-206, and 18-233. Beginning with | ||
levy year 2022, for taxing districts that are specified in | ||
Section 18-190.7, the taxing district's aggregate extension | ||
base shall be calculated as provided in Section 18-190.7. An | ||
adjustment under Section 18-135 shall be made for the 2007 | ||
levy year and all subsequent levy years whenever one or more | ||
counties within which a taxing district is located (i) used |
estimated valuations or rates when extending taxes in the | ||
taxing district for the last preceding levy year that resulted | ||
in the over or under extension of taxes, or (ii) increased or | ||
decreased the tax extension for the last preceding levy year | ||
as required by Section 18-135(c). Whenever an adjustment is | ||
required under Section 18-135, the aggregate extension base of | ||
the taxing district shall be equal to the amount that the | ||
aggregate extension of the taxing district would have been for | ||
the last preceding levy year if either or both (i) actual, | ||
rather than estimated, valuations or rates had been used to | ||
calculate the extension of taxes for the last levy year, or | ||
(ii) the tax extension for the last preceding levy year had not | ||
been adjusted as required by subsection (c) of Section 18-135. | ||
Notwithstanding any other provision of law, for levy year | ||
2012, the aggregate extension base for West Northfield School | ||
District No. 31 in Cook County shall be $12,654,592. | ||
Notwithstanding any other provision of law, for levy year | ||
2022, the aggregate extension base of a home equity assurance | ||
program that levied at least $1,000,000 in property taxes in | ||
levy year 2019 or 2020 under the Home Equity Assurance Act | ||
shall be the amount that the program's aggregate extension | ||
base for levy year 2021 would have been if the program had | ||
levied a property tax for levy year 2021. | ||
"Levy year" has the same meaning as "year" under Section | ||
1-155. | ||
"New property" means (i) the assessed value, after final |
board of review or board of appeals action, of new | ||
improvements or additions to existing improvements on any | ||
parcel of real property that increase the assessed value of | ||
that real property during the levy year multiplied by the | ||
equalization factor issued by the Department under Section | ||
17-30, (ii) the assessed value, after final board of review or | ||
board of appeals action, of real property not exempt from real | ||
estate taxation, which real property was exempt from real | ||
estate taxation for any portion of the immediately preceding | ||
levy year, multiplied by the equalization factor issued by the | ||
Department under Section 17-30, including the assessed value, | ||
upon final stabilization of occupancy after new construction | ||
is complete, of any real property located within the | ||
boundaries of an otherwise or previously exempt military | ||
reservation that is intended for residential use and owned by | ||
or leased to a private corporation or other entity, (iii) in | ||
counties that classify in accordance with Section 4 of Article | ||
IX of the Illinois Constitution, an incentive property's | ||
additional assessed value resulting from a scheduled increase | ||
in the level of assessment as applied to the first year final | ||
board of review market value, and (iv) any increase in | ||
assessed value due to oil or gas production from an oil or gas | ||
well required to be permitted under the Hydraulic Fracturing | ||
Regulatory Act that was not produced in or accounted for | ||
during the previous levy year. In addition, the county clerk | ||
in a county containing a population of 3,000,000 or more shall |
include in the 1997 recovered tax increment value for any | ||
school district, any recovered tax increment value that was | ||
applicable to the 1995 tax year calculations. | ||
"Qualified airport authority" means an airport authority | ||
organized under the Airport Authorities Act and located in a | ||
county bordering on the State of Wisconsin and having a | ||
population in excess of 200,000 and not greater than 500,000. | ||
"Recovered tax increment value" means, except as otherwise | ||
provided in this paragraph, the amount of the current year's | ||
equalized assessed value, in the first year after a | ||
municipality terminates the designation of an area as a | ||
redevelopment project area previously established under the | ||
Tax Increment Allocation Redevelopment Act in the Illinois | ||
Municipal Code, previously established under the Industrial | ||
Jobs Recovery Law in the Illinois Municipal Code, previously | ||
established under the Economic Development Project Area Tax | ||
Increment Act of 1995, or previously established under the | ||
Economic Development Area Tax Increment Allocation Act, of | ||
each taxable lot, block, tract, or parcel of real property in | ||
the redevelopment project area over and above the initial | ||
equalized assessed value of each property in the redevelopment | ||
project area. For the taxes which are extended for the 1997 | ||
levy year, the recovered tax increment value for a non-home | ||
rule taxing district that first became subject to this Law for | ||
the 1995 levy year because a majority of its 1994 equalized | ||
assessed value was in an affected county or counties shall be |
increased if a municipality terminated the designation of an | ||
area in 1993 as a redevelopment project area previously | ||
established under the Tax Increment Allocation Redevelopment | ||
Act in the Illinois Municipal Code, previously established | ||
under the Industrial Jobs Recovery Law in the Illinois | ||
Municipal Code, or previously established under the Economic | ||
Development Area Tax Increment Allocation Act, by an amount | ||
equal to the 1994 equalized assessed value of each taxable | ||
lot, block, tract, or parcel of real property in the | ||
redevelopment project area over and above the initial | ||
equalized assessed value of each property in the redevelopment | ||
project area. In the first year after a municipality removes a | ||
taxable lot, block, tract, or parcel of real property from a | ||
redevelopment project area established under the Tax Increment | ||
Allocation Redevelopment Act in the Illinois Municipal Code, | ||
the Industrial Jobs Recovery Law in the Illinois Municipal | ||
Code, or the Economic Development Area Tax Increment | ||
Allocation Act, "recovered tax increment value" means the | ||
amount of the current year's equalized assessed value of each | ||
taxable lot, block, tract, or parcel of real property removed | ||
from the redevelopment project area over and above the initial | ||
equalized assessed value of that real property before removal | ||
from the redevelopment project area. | ||
Except as otherwise provided in this Section, "limiting | ||
rate" means a fraction the numerator of which is the last | ||
preceding aggregate extension base times an amount equal to |
one plus the extension limitation defined in this Section and | ||
the denominator of which is the current year's equalized | ||
assessed value of all real property in the territory under the | ||
jurisdiction of the taxing district during the prior levy | ||
year. For those taxing districts that reduced their aggregate | ||
extension for the last preceding levy year, except for school | ||
districts that reduced their extension for educational | ||
purposes pursuant to Section 18-206, the highest aggregate | ||
extension in any of the last 3 preceding levy years shall be | ||
used for the purpose of computing the limiting rate. The | ||
denominator shall not include new property or the recovered | ||
tax increment value. If a new rate, a rate decrease, or a | ||
limiting rate increase has been approved at an election held | ||
after March 21, 2006, then (i) the otherwise applicable | ||
limiting rate shall be increased by the amount of the new rate | ||
or shall be reduced by the amount of the rate decrease, as the | ||
case may be, or (ii) in the case of a limiting rate increase, | ||
the limiting rate shall be equal to the rate set forth in the | ||
proposition approved by the voters for each of the years | ||
specified in the proposition, after which the limiting rate of | ||
the taxing district shall be calculated as otherwise provided. | ||
In the case of a taxing district that obtained referendum | ||
approval for an increased limiting rate on March 20, 2012, the | ||
limiting rate for tax year 2012 shall be the rate that | ||
generates the approximate total amount of taxes extendable for | ||
that tax year, as set forth in the proposition approved by the |
voters; this rate shall be the final rate applied by the county | ||
clerk for the aggregate of all capped funds of the district for | ||
tax year 2012. | ||
(Source: P.A. 102-263, eff. 8-6-21; 102-311, eff. 8-6-21; | ||
102-519, eff. 8-20-21; 102-558, eff. 8-20-21; 102-707, eff. | ||
4-22-22; 102-813, eff. 5-13-22; 102-895, eff. 5-23-22; | ||
103-154, eff. 6-30-23.) | ||
Section 25-15. The School Code is amended by changing | ||
Sections 10-22.36, 17-2.11, 19-1, and 20-2 as follows: | ||
(105 ILCS 5/10-22.36) (from Ch. 122, par. 10-22.36) | ||
Sec. 10-22.36. Buildings for school purposes. | ||
(a) To build or purchase a building for school classroom | ||
or instructional purposes upon the approval of a majority of | ||
the voters upon the proposition at a referendum held for such | ||
purpose or in accordance with Section 17-2.11, 19-3.5, or | ||
19-3.10. The board may initiate such referendum by resolution. | ||
The board shall certify the resolution and proposition to the | ||
proper election authority for submission in accordance with | ||
the general election law. | ||
The questions of building one or more new buildings for | ||
school purposes or office facilities, and issuing bonds for | ||
the purpose of borrowing money to purchase one or more | ||
buildings or sites for such buildings or office sites, to | ||
build one or more new buildings for school purposes or office |
facilities or to make additions and improvements to existing | ||
school buildings, may be combined into one or more | ||
propositions on the ballot. | ||
Before erecting, or purchasing or remodeling such a | ||
building the board shall submit the plans and specifications | ||
respecting heating, ventilating, lighting, seating, water | ||
supply, toilets and safety against fire to the regional | ||
superintendent of schools having supervision and control over | ||
the district, for approval in accordance with Section 2-3.12. | ||
Notwithstanding any of the foregoing, no referendum shall | ||
be required if the purchase, construction, or building of any | ||
such building (1) occurs while the building is being leased by | ||
the school district or (2) is paid with (A) funds derived from | ||
the sale or disposition of other buildings, land, or | ||
structures of the school district or (B) funds received (i) as | ||
a grant under the School Construction Law or (ii) as gifts or | ||
donations, provided that no funds to purchase, construct, or | ||
build such building, other than lease payments, are derived | ||
from the district's bonded indebtedness or the tax levy of the | ||
district. | ||
Notwithstanding any of the foregoing, no referendum shall | ||
be required if the purchase, construction, or building of any | ||
such building is paid with funds received from the County | ||
School Facility and Resources Occupation Tax Law under Section | ||
5-1006.7 of the Counties Code or from the proceeds of bonds or | ||
other debt obligations secured by revenues obtained from that |
Law. | ||
Notwithstanding any of the foregoing, for Decatur School | ||
District Number 61, no referendum shall be required if at | ||
least 50% of the cost of the purchase, construction, or | ||
building of any such building is paid, or will be paid, with | ||
funds received or expected to be received as part of, or | ||
otherwise derived from, any COVID-19 pandemic relief program | ||
or funding source, including, but not limited to, Elementary | ||
and Secondary School Emergency Relief Fund grant proceeds. | ||
(b) Notwithstanding the provisions of subsection (a), for | ||
any school district: (i) that is a tier 1 school, (ii) that has | ||
a population of less than 50,000 inhabitants, (iii) whose | ||
student population is between 5,800 and 6,300, (iv) in which | ||
57% to 62% of students are low-income, and (v) whose average | ||
district spending is between $10,000 to $12,000 per pupil, | ||
until July 1, 2025, no referendum shall be required if at least | ||
50% of the cost of the purchase, construction, or building of | ||
any such building is paid, or will be paid, with funds received | ||
or expected to be received as part of, or otherwise derived | ||
from, the federal Consolidated Appropriations Act and the | ||
federal American Rescue Plan Act of 2021. | ||
For this subsection (b), the school board must hold at | ||
least 2 public hearings, the sole purpose of which shall be to | ||
discuss the decision to construct a school building and to | ||
receive input from the community. The notice of each public | ||
hearing that sets forth the time, date, place, and name or |
description of the school building that the school board is | ||
considering constructing must be provided at least 10 days | ||
prior to the hearing by publication on the school board's | ||
Internet website. | ||
(c) Notwithstanding the provisions of subsections | ||
subsection (a) and (b), for Cahokia Community Unit School | ||
District 187, no referendum shall be required for the lease of | ||
any building for school or educational purposes if the cost is | ||
paid or will be paid with funds available at the time of the | ||
lease in the district's existing fund balances to fund the | ||
lease of a building during the 2023-2024 or 2024-2025 school | ||
year. | ||
For the purposes of this subsection (c), the school board | ||
must hold at least 2 public hearings, the sole purpose of which | ||
shall be to discuss the decision to lease a school building and | ||
to receive input from the community. The notice of each public | ||
hearing that sets forth the time, date, place, and name or | ||
description of the school building that the school board is | ||
considering leasing must be provided at least 10 days prior to | ||
the hearing by publication on the school district's website. | ||
(d) (c) Notwithstanding the provisions of subsections | ||
subsection (a) and (b), for Bloomington School District 87, no | ||
referendum shall be required for the purchase, construction, | ||
or building of any building for school or education purposes | ||
if such cost is paid , or will be paid with funds available at | ||
the time of contract, purchase, construction, or building in |
Bloomington School District Number 87's existing fund balances | ||
to fund the procurement or requisition of a building or site | ||
during the 2022-2023, 2023-2024, or 2024-2025 school year | ||
years . | ||
For this subsection (d) (c) , the school board must hold at | ||
least 2 public hearings, the sole purpose of which shall be to | ||
discuss the decision to construct a school building and to | ||
receive input from the community. The notice of each public | ||
hearing that sets forth the time, date, place, and name or | ||
description of the school building that the school board is | ||
considering constructing must be provided at least 10 days | ||
prior to the hearing by publication on the school board's | ||
website. | ||
(e) Notwithstanding the provisions of subsection (a) and | ||
(b), beginning September 1, 2024, no referendum shall be | ||
required to build or purchase a building for school classroom | ||
or instructional purposes if, prior to the building or | ||
purchase of the building, the board determines, by resolution, | ||
that the building or purchase will result in an increase in | ||
pre-kindergarten or kindergarten classroom space in the | ||
district. | ||
(Source: P.A. 102-16, eff. 6-17-21; 102-699, eff. 7-1-22; | ||
103-8, eff. 6-7-23; 103-509, eff. 8-4-23; revised 8-31-23.) | ||
(105 ILCS 5/17-2.11) (from Ch. 122, par. 17-2.11) | ||
Sec. 17-2.11. School board power to levy a tax or to borrow |
money and issue bonds for fire prevention, safety, energy | ||
conservation, accessibility, school security, and specified | ||
repair purposes. | ||
(a) Whenever, as a result of any lawful order of any | ||
agency, other than a school board, having authority to enforce | ||
any school building code applicable to any facility that | ||
houses students, or any law or regulation for the protection | ||
and safety of the environment, pursuant to the Environmental | ||
Protection Act, any school district having a population of | ||
less than 500,000 inhabitants is required to alter or | ||
reconstruct any school building or permanent, fixed equipment; | ||
the district may, by proper resolution, levy a tax for the | ||
purpose of making such alteration or reconstruction, based on | ||
a survey report by an architect or engineer licensed in this | ||
State, upon all of the taxable property of the district at the | ||
value as assessed by the Department of Revenue and at a rate | ||
not to exceed 0.05% per year for a period sufficient to finance | ||
such alteration or reconstruction, upon the following | ||
conditions: | ||
(1) When there are not sufficient funds available in | ||
the operations and maintenance fund of the school | ||
district, the school facility occupation tax fund of the | ||
district, or the fire prevention and safety fund of the | ||
district, as determined by the district on the basis of | ||
rules adopted by the State Board of Education, to make | ||
such alteration or reconstruction or to purchase and |
install such permanent, fixed equipment so ordered or | ||
determined as necessary. Appropriate school district | ||
records must be made available to the State Superintendent | ||
of Education, upon request, to confirm this insufficiency. | ||
(2) When a certified estimate of an architect or | ||
engineer licensed in this State stating the estimated | ||
amount necessary to make the alteration or reconstruction | ||
or to purchase and install the equipment so ordered has | ||
been secured by the school district, and the estimate has | ||
been approved by the regional superintendent of schools | ||
having jurisdiction over the district and the State | ||
Superintendent of Education. Approval must not be granted | ||
for any work that has already started without the prior | ||
express authorization of the State Superintendent of | ||
Education. If the estimate is not approved or is denied | ||
approval by the regional superintendent of schools within | ||
3 months after the date on which it is submitted to him or | ||
her, the school board of the district may submit the | ||
estimate directly to the State Superintendent of Education | ||
for approval or denial. | ||
In the case of an emergency situation, where the estimated | ||
cost to effectuate emergency repairs is less than the amount | ||
specified in Section 10-20.21 of this Code, the school | ||
district may proceed with such repairs prior to approval by | ||
the State Superintendent of Education, but shall comply with | ||
the provisions of subdivision (2) of this subsection (a) as |
soon thereafter as may be as well as Section 10-20.21 of this | ||
Code. If the estimated cost to effectuate emergency repairs is | ||
greater than the amount specified in Section 10-20.21 of this | ||
Code, then the school district shall proceed in conformity | ||
with Section 10-20.21 of this Code and with rules established | ||
by the State Board of Education to address such situations. | ||
The rules adopted by the State Board of Education to deal with | ||
these situations shall stipulate that emergency situations | ||
must be expedited and given priority consideration. For | ||
purposes of this paragraph, an emergency is a situation that | ||
presents an imminent and continuing threat to the health and | ||
safety of students or other occupants of a facility, requires | ||
complete or partial evacuation of a building or part of a | ||
building, or consumes one or more of the 5 emergency days built | ||
into the adopted calendar of the school or schools or would | ||
otherwise be expected to cause such school or schools to fall | ||
short of the minimum school calendar requirements. | ||
(b) Whenever any such district determines that it is | ||
necessary for energy conservation purposes that any school | ||
building or permanent, fixed equipment should be altered or | ||
reconstructed and that such alterations or reconstruction will | ||
be made with funds not necessary for the completion of | ||
approved and recommended projects contained in any safety | ||
survey report or amendments thereto authorized by Section | ||
2-3.12 of this Act; the district may levy a tax or issue bonds | ||
as provided in subsection (a) of this Section. |
(c) Whenever any such district determines that it is | ||
necessary for accessibility purposes and to comply with the | ||
school building code that any school building or equipment | ||
should be altered or reconstructed and that such alterations | ||
or reconstruction will be made with funds not necessary for | ||
the completion of approved and recommended projects contained | ||
in any safety survey report or amendments thereto authorized | ||
under Section 2-3.12 of this Act, the district may levy a tax | ||
or issue bonds as provided in subsection (a) of this Section. | ||
(d) Whenever any such district determines that it is | ||
necessary for school security purposes and the related | ||
protection and safety of pupils and school personnel that any | ||
school building or property should be altered or reconstructed | ||
or that security systems and equipment (including but not | ||
limited to intercom, early detection and warning, access | ||
control and television monitoring systems) should be purchased | ||
and installed, and that such alterations, reconstruction or | ||
purchase and installation of equipment will be made with funds | ||
not necessary for the completion of approved and recommended | ||
projects contained in any safety survey report or amendment | ||
thereto authorized by Section 2-3.12 of this Act and will | ||
deter and prevent unauthorized entry or activities upon school | ||
property by unknown or dangerous persons, assure early | ||
detection and advance warning of any such actual or attempted | ||
unauthorized entry or activities and help assure the continued | ||
safety of pupils and school staff if any such unauthorized |
entry or activity is attempted or occurs; the district may | ||
levy a tax or issue bonds as provided in subsection (a) of this | ||
Section. | ||
If such a school district determines that it is necessary | ||
for school security purposes and the related protection and | ||
safety of pupils and school staff to hire a school resource | ||
officer or that personnel costs for school counselors, mental | ||
health experts, or school resource officers are necessary and | ||
the district determines that it does not need funds for any of | ||
the other purposes set forth in this Section, then the | ||
district may levy a tax or issue bonds as provided in | ||
subsection (a). | ||
(e) If a school district does not need funds for other fire | ||
prevention and safety projects, including the completion of | ||
approved and recommended projects contained in any safety | ||
survey report or amendments thereto authorized by Section | ||
2-3.12 of this Act, and it is determined after a public hearing | ||
(which is preceded by at least one published notice (i) | ||
occurring at least 7 days prior to the hearing in a newspaper | ||
of general circulation within the school district and (ii) | ||
setting forth the time, date, place, and general subject | ||
matter of the hearing) that there is a substantial, immediate, | ||
and otherwise unavoidable threat to the health, safety, or | ||
welfare of pupils due to disrepair of school sidewalks, | ||
playgrounds, parking lots, or school bus turnarounds and | ||
repairs must be made; then the district may levy a tax or issue |
bonds as provided in subsection (a) of this Section. | ||
(f) For purposes of this Section a school district may | ||
replace a school building or build additions to replace | ||
portions of a building when it is determined that the | ||
effectuation of the recommendations for the existing building | ||
will cost more than the replacement costs. Such determination | ||
shall be based on a comparison of estimated costs made by an | ||
architect or engineer licensed in the State of Illinois. The | ||
new building or addition shall be equivalent in area (square | ||
feet) and comparable in purpose and grades served and may be on | ||
the same site or another site. Such replacement may only be | ||
done upon order of the regional superintendent of schools and | ||
the approval of the State Superintendent of Education. | ||
(g) The filing of a certified copy of the resolution | ||
levying the tax when accompanied by the certificates of the | ||
regional superintendent of schools and State Superintendent of | ||
Education shall be the authority of the county clerk to extend | ||
such tax. | ||
(h) The county clerk of the county in which any school | ||
district levying a tax under the authority of this Section is | ||
located, in reducing raised levies, shall not consider any | ||
such tax as a part of the general levy for school purposes and | ||
shall not include the same in the limitation of any other tax | ||
rate which may be extended. | ||
Such tax shall be levied and collected in like manner as | ||
all other taxes of school districts, subject to the provisions |
contained in this Section. | ||
(i) The tax rate limit specified in this Section may be | ||
increased to .10% upon the approval of a proposition to effect | ||
such increase by a majority of the electors voting on that | ||
proposition at a regular scheduled election. Such proposition | ||
may be initiated by resolution of the school board and shall be | ||
certified by the secretary to the proper election authorities | ||
for submission in accordance with the general election law. | ||
(j) When taxes are levied by any school district for fire | ||
prevention, safety, energy conservation, and school security | ||
purposes as specified in this Section, and the purposes for | ||
which the taxes have been levied are accomplished and paid in | ||
full, and there remain funds on hand in the Fire Prevention and | ||
Safety Fund from the proceeds of the taxes levied, including | ||
interest earnings thereon, the school board by resolution | ||
shall use such excess and other board restricted funds, | ||
excluding bond proceeds and earnings from such proceeds, as | ||
follows: | ||
(1) for other authorized fire prevention, safety, | ||
energy conservation, required safety inspections, school | ||
security purposes, sampling for lead in drinking water in | ||
schools, and for repair and mitigation due to lead levels | ||
in the drinking water supply; or | ||
(2) for transfer to the Operations and Maintenance | ||
Fund for the purpose of abating an equal amount of | ||
operations and maintenance purposes taxes. |
Notwithstanding subdivision (2) of this subsection (j) and | ||
subsection (k) of this Section, through June 30, 2021, the | ||
school board may, by proper resolution following a public | ||
hearing set by the school board or the president of the school | ||
board (that is preceded (i) by at least one published notice | ||
over the name of the clerk or secretary of the board, occurring | ||
at least 7 days and not more than 30 days prior to the hearing, | ||
in a newspaper of general circulation within the school | ||
district and (ii) by posted notice over the name of the clerk | ||
or secretary of the board, at least 48 hours before the | ||
hearing, at the principal office of the school board or at the | ||
building where the hearing is to be held if a principal office | ||
does not exist, with both notices setting forth the time, | ||
date, place, and subject matter of the hearing), transfer | ||
surplus life safety taxes and interest earnings thereon to the | ||
Operations and Maintenance Fund for building repair work. | ||
(k) If any transfer is made to the Operation and | ||
Maintenance Fund, the secretary of the school board shall | ||
within 30 days notify the county clerk of the amount of that | ||
transfer and direct the clerk to abate the taxes to be extended | ||
for the purposes of operations and maintenance authorized | ||
under Section 17-2 of this Act by an amount equal to such | ||
transfer. | ||
(l) If the proceeds from the tax levy authorized by this | ||
Section are insufficient to complete the work approved under | ||
this Section, the school board is authorized to sell bonds |
without referendum under the provisions of this Section in an | ||
amount that, when added to the proceeds of the tax levy | ||
authorized by this Section, will allow completion of the | ||
approved work. | ||
(m) Any bonds issued pursuant to this Section shall bear | ||
interest at a rate not to exceed the maximum rate authorized by | ||
law at the time of the making of the contract, shall mature | ||
within 20 years from date, and shall be signed by the president | ||
of the school board and the treasurer of the school district. | ||
The authorized amount of bonds issued pursuant to this Section | ||
may be increased by an amount not to exceed 3% of that | ||
authorized amount to provide for expenses of issuing the | ||
bonds, including underwriter's compensation and costs of bond | ||
insurance or other credit enhancement, and also an amount to | ||
pay capitalized interest as otherwise permitted by law. | ||
(n) In order to authorize and issue such bonds, the school | ||
board shall adopt a resolution fixing the amount of bonds, the | ||
date thereof, the maturities thereof, rates of interest | ||
thereof, place of payment and denomination, which shall be in | ||
denominations of not less than $100 and not more than $5,000, | ||
and provide for the levy and collection of a direct annual tax | ||
upon all the taxable property in the school district | ||
sufficient to pay the principal and interest on such bonds to | ||
maturity. Upon the filing in the office of the county clerk of | ||
the county in which the school district is located of a | ||
certified copy of the resolution, it is the duty of the county |
clerk to extend the tax therefor in addition to and in excess | ||
of all other taxes heretofore or hereafter authorized to be | ||
levied by such school district. | ||
(o) After the time such bonds are issued as provided for by | ||
this Section, if additional alterations or reconstructions are | ||
required to be made because of surveys conducted by an | ||
architect or engineer licensed in the State of Illinois, the | ||
district may levy a tax at a rate not to exceed .05% per year | ||
upon all the taxable property of the district or issue | ||
additional bonds, whichever action shall be the most feasible. | ||
(p) This Section is cumulative and constitutes complete | ||
authority for the issuance of bonds as provided in this | ||
Section notwithstanding any other statute or law to the | ||
contrary. | ||
(q) With respect to instruments for the payment of money | ||
issued under this Section either before, on, or after the | ||
effective date of Public Act 86-004 (June 6, 1989), it is, and | ||
always has been, the intention of the General Assembly (i) | ||
that the Omnibus Bond Acts are, and always have been, | ||
supplementary grants of power to issue instruments in | ||
accordance with the Omnibus Bond Acts, regardless of any | ||
provision of this Act that may appear to be or to have been | ||
more restrictive than those Acts, (ii) that the provisions of | ||
this Section are not a limitation on the supplementary | ||
authority granted by the Omnibus Bond Acts, and (iii) that | ||
instruments issued under this Section within the supplementary |
authority granted by the Omnibus Bond Acts are not invalid | ||
because of any provision of this Act that may appear to be or | ||
to have been more restrictive than those Acts. | ||
(r) When the purposes for which the bonds are issued have | ||
been accomplished and paid for in full and there remain funds | ||
on hand from the proceeds of the bond sale and interest | ||
earnings therefrom, the board shall, by resolution, use such | ||
excess funds in accordance with the provisions of Section | ||
10-22.14 of this Act. | ||
(s) Whenever any tax is levied or bonds issued for fire | ||
prevention, safety, energy conservation, and school security | ||
purposes, such proceeds shall be deposited and accounted for | ||
separately within the Fire Prevention and Safety Fund. | ||
(Source: P.A. 100-465, eff. 8-31-17; 101-455, eff. 8-23-19; | ||
101-643, eff. 6-18-20.) | ||
(105 ILCS 5/19-1) | ||
Sec. 19-1. Debt limitations of school districts. | ||
(a) School districts shall not be subject to the | ||
provisions limiting their indebtedness prescribed in the Local | ||
Government Debt Limitation Act. | ||
No school districts maintaining grades K through 8 or 9 | ||
through 12 shall become indebted in any manner or for any | ||
purpose to an amount, including existing indebtedness, in the | ||
aggregate exceeding 6.9% on the value of the taxable property | ||
therein to be ascertained by the last assessment for State and |
county taxes or, until January 1, 1983, if greater, the sum | ||
that is produced by multiplying the school district's 1978 | ||
equalized assessed valuation by the debt limitation percentage | ||
in effect on January 1, 1979, previous to the incurring of such | ||
indebtedness. | ||
No school districts maintaining grades K through 12 shall | ||
become indebted in any manner or for any purpose to an amount, | ||
including existing indebtedness, in the aggregate exceeding | ||
13.8% on the value of the taxable property therein to be | ||
ascertained by the last assessment for State and county taxes | ||
or, until January 1, 1983, if greater, the sum that is produced | ||
by multiplying the school district's 1978 equalized assessed | ||
valuation by the debt limitation percentage in effect on | ||
January 1, 1979, previous to the incurring of such | ||
indebtedness. | ||
No partial elementary unit district, as defined in Article | ||
11E of this Code, shall become indebted in any manner or for | ||
any purpose in an amount, including existing indebtedness, in | ||
the aggregate exceeding 6.9% of the value of the taxable | ||
property of the entire district, to be ascertained by the last | ||
assessment for State and county taxes, plus an amount, | ||
including existing indebtedness, in the aggregate exceeding | ||
6.9% of the value of the taxable property of that portion of | ||
the district included in the elementary and high school | ||
classification, to be ascertained by the last assessment for | ||
State and county taxes. Moreover, no partial elementary unit |
district, as defined in Article 11E of this Code, shall become | ||
indebted on account of bonds issued by the district for high | ||
school purposes in the aggregate exceeding 6.9% of the value | ||
of the taxable property of the entire district, to be | ||
ascertained by the last assessment for State and county taxes, | ||
nor shall the district become indebted on account of bonds | ||
issued by the district for elementary purposes in the | ||
aggregate exceeding 6.9% of the value of the taxable property | ||
for that portion of the district included in the elementary | ||
and high school classification, to be ascertained by the last | ||
assessment for State and county taxes. | ||
Notwithstanding the provisions of any other law to the | ||
contrary, in any case in which the voters of a school district | ||
have approved a proposition for the issuance of bonds of such | ||
school district at an election held prior to January 1, 1979, | ||
and all of the bonds approved at such election have not been | ||
issued, the debt limitation applicable to such school district | ||
during the calendar year 1979 shall be computed by multiplying | ||
the value of taxable property therein, including personal | ||
property, as ascertained by the last assessment for State and | ||
county taxes, previous to the incurring of such indebtedness, | ||
by the percentage limitation applicable to such school | ||
district under the provisions of this subsection (a). | ||
(a-5) After January 1, 2018, no school district may issue | ||
bonds under Sections 19-2 through 19-7 of this Code and rely on | ||
an exception to the debt limitations in this Section unless it |
has complied with the requirements of Section 21 of the Bond | ||
Issue Notification Act and the bonds have been approved by | ||
referendum. | ||
(b) Notwithstanding the debt limitation prescribed in | ||
subsection (a) of this Section, additional indebtedness may be | ||
incurred in an amount not to exceed the estimated cost of | ||
acquiring or improving school sites or constructing and | ||
equipping additional building facilities under the following | ||
conditions: | ||
(1) Whenever the enrollment of students for the next | ||
school year is estimated by the board of education to | ||
increase over the actual present enrollment by not less | ||
than 35% or by not less than 200 students or the actual | ||
present enrollment of students has increased over the | ||
previous school year by not less than 35% or by not less | ||
than 200 students and the board of education determines | ||
that additional school sites or building facilities are | ||
required as a result of such increase in enrollment; and | ||
(2) When the Regional Superintendent of Schools having | ||
jurisdiction over the school district and the State | ||
Superintendent of Education concur in such enrollment | ||
projection or increase and approve the need for such | ||
additional school sites or building facilities and the | ||
estimated cost thereof; and | ||
(3) When the voters in the school district approve a | ||
proposition for the issuance of bonds for the purpose of |
acquiring or improving such needed school sites or | ||
constructing and equipping such needed additional building | ||
facilities at an election called and held for that | ||
purpose. Notice of such an election shall state that the | ||
amount of indebtedness proposed to be incurred would | ||
exceed the debt limitation otherwise applicable to the | ||
school district. The ballot for such proposition shall | ||
state what percentage of the equalized assessed valuation | ||
will be outstanding in bonds if the proposed issuance of | ||
bonds is approved by the voters; or | ||
(4) Notwithstanding the provisions of paragraphs (1) | ||
through (3) of this subsection (b), if the school board | ||
determines that additional facilities are needed to | ||
provide a quality educational program and not less than | ||
2/3 of those voting in an election called by the school | ||
board on the question approve the issuance of bonds for | ||
the construction of such facilities, the school district | ||
may issue bonds for this purpose; or | ||
(5) Notwithstanding the provisions of paragraphs (1) | ||
through (3) of this subsection (b), if (i) the school | ||
district has previously availed itself of the provisions | ||
of paragraph (4) of this subsection (b) to enable it to | ||
issue bonds, (ii) the voters of the school district have | ||
not defeated a proposition for the issuance of bonds since | ||
the referendum described in paragraph (4) of this | ||
subsection (b) was held, (iii) the school board determines |
that additional facilities are needed to provide a quality | ||
educational program, and (iv) a majority of those voting | ||
in an election called by the school board on the question | ||
approve the issuance of bonds for the construction of such | ||
facilities, the school district may issue bonds for this | ||
purpose. | ||
In no event shall the indebtedness incurred pursuant to | ||
this subsection (b) and the existing indebtedness of the | ||
school district exceed 15% of the value of the taxable | ||
property therein to be ascertained by the last assessment for | ||
State and county taxes, previous to the incurring of such | ||
indebtedness or, until January 1, 1983, if greater, the sum | ||
that is produced by multiplying the school district's 1978 | ||
equalized assessed valuation by the debt limitation percentage | ||
in effect on January 1, 1979. | ||
The indebtedness provided for by this subsection (b) shall | ||
be in addition to and in excess of any other debt limitation. | ||
(c) Notwithstanding the debt limitation prescribed in | ||
subsection (a) of this Section, in any case in which a public | ||
question for the issuance of bonds of a proposed school | ||
district maintaining grades kindergarten through 12 received | ||
at least 60% of the valid ballots cast on the question at an | ||
election held on or prior to November 8, 1994, and in which the | ||
bonds approved at such election have not been issued, the | ||
school district pursuant to the requirements of Section 11A-10 | ||
(now repealed) may issue the total amount of bonds approved at |
such election for the purpose stated in the question. | ||
(d) Notwithstanding the debt limitation prescribed in | ||
subsection (a) of this Section, a school district that meets | ||
all the criteria set forth in paragraphs (1) and (2) of this | ||
subsection (d) may incur an additional indebtedness in an | ||
amount not to exceed $4,500,000, even though the amount of the | ||
additional indebtedness authorized by this subsection (d), | ||
when incurred and added to the aggregate amount of | ||
indebtedness of the district existing immediately prior to the | ||
district incurring the additional indebtedness authorized by | ||
this subsection (d), causes the aggregate indebtedness of the | ||
district to exceed the debt limitation otherwise applicable to | ||
that district under subsection (a): | ||
(1) The additional indebtedness authorized by this | ||
subsection (d) is incurred by the school district through | ||
the issuance of bonds under and in accordance with Section | ||
17-2.11a for the purpose of replacing a school building | ||
which, because of mine subsidence damage, has been closed | ||
as provided in paragraph (2) of this subsection (d) or | ||
through the issuance of bonds under and in accordance with | ||
Section 19-3 for the purpose of increasing the size of, or | ||
providing for additional functions in, such replacement | ||
school buildings, or both such purposes. | ||
(2) The bonds issued by the school district as | ||
provided in paragraph (1) above are issued for the | ||
purposes of construction by the school district of a new |
school building pursuant to Section 17-2.11, to replace an | ||
existing school building that, because of mine subsidence | ||
damage, is closed as of the end of the 1992-93 school year | ||
pursuant to action of the regional superintendent of | ||
schools of the educational service region in which the | ||
district is located under Section 3-14.22 or are issued | ||
for the purpose of increasing the size of, or providing | ||
for additional functions in, the new school building being | ||
constructed to replace a school building closed as the | ||
result of mine subsidence damage, or both such purposes. | ||
(e) (Blank). | ||
(f) Notwithstanding the provisions of subsection (a) of | ||
this Section or of any other law, bonds in not to exceed the | ||
aggregate amount of $5,500,000 and issued by a school district | ||
meeting the following criteria shall not be considered | ||
indebtedness for purposes of any statutory limitation and may | ||
be issued in an amount or amounts, including existing | ||
indebtedness, in excess of any heretofore or hereafter imposed | ||
statutory limitation as to indebtedness: | ||
(1) At the time of the sale of such bonds, the board of | ||
education of the district shall have determined by | ||
resolution that the enrollment of students in the district | ||
is projected to increase by not less than 7% during each of | ||
the next succeeding 2 school years. | ||
(2) The board of education shall also determine by | ||
resolution that the improvements to be financed with the |
proceeds of the bonds are needed because of the projected | ||
enrollment increases. | ||
(3) The board of education shall also determine by | ||
resolution that the projected increases in enrollment are | ||
the result of improvements made or expected to be made to | ||
passenger rail facilities located in the school district. | ||
Notwithstanding the provisions of subsection (a) of this | ||
Section or of any other law, a school district that has availed | ||
itself of the provisions of this subsection (f) prior to July | ||
22, 2004 (the effective date of Public Act 93-799) may also | ||
issue bonds approved by referendum up to an amount, including | ||
existing indebtedness, not exceeding 25% of the equalized | ||
assessed value of the taxable property in the district if all | ||
of the conditions set forth in items (1), (2), and (3) of this | ||
subsection (f) are met. | ||
(g) Notwithstanding the provisions of subsection (a) of | ||
this Section or any other law, bonds in not to exceed an | ||
aggregate amount of 25% of the equalized assessed value of the | ||
taxable property of a school district and issued by a school | ||
district meeting the criteria in paragraphs (i) through (iv) | ||
of this subsection shall not be considered indebtedness for | ||
purposes of any statutory limitation and may be issued | ||
pursuant to resolution of the school board in an amount or | ||
amounts, including existing indebtedness, in excess of any | ||
statutory limitation of indebtedness heretofore or hereafter | ||
imposed: |
(i) The bonds are issued for the purpose of | ||
constructing a new high school building to replace two | ||
adjacent existing buildings which together house a single | ||
high school, each of which is more than 65 years old, and | ||
which together are located on more than 10 acres and less | ||
than 11 acres of property. | ||
(ii) At the time the resolution authorizing the | ||
issuance of the bonds is adopted, the cost of constructing | ||
a new school building to replace the existing school | ||
building is less than 60% of the cost of repairing the | ||
existing school building. | ||
(iii) The sale of the bonds occurs before July 1, | ||
1997. | ||
(iv) The school district issuing the bonds is a unit | ||
school district located in a county of less than 70,000 | ||
and more than 50,000 inhabitants, which has an average | ||
daily attendance of less than 1,500 and an equalized | ||
assessed valuation of less than $29,000,000. | ||
(h) Notwithstanding any other provisions of this Section | ||
or the provisions of any other law, until January 1, 1998, a | ||
community unit school district maintaining grades K through 12 | ||
may issue bonds up to an amount, including existing | ||
indebtedness, not exceeding 27.6% of the equalized assessed | ||
value of the taxable property in the district, if all of the | ||
following conditions are met: | ||
(i) The school district has an equalized assessed |
valuation for calendar year 1995 of less than $24,000,000; | ||
(ii) The bonds are issued for the capital improvement, | ||
renovation, rehabilitation, or replacement of existing | ||
school buildings of the district, all of which buildings | ||
were originally constructed not less than 40 years ago; | ||
(iii) The voters of the district approve a proposition | ||
for the issuance of the bonds at a referendum held after | ||
March 19, 1996; and | ||
(iv) The bonds are issued pursuant to Sections 19-2 | ||
through 19-7 of this Code. | ||
(i) Notwithstanding any other provisions of this Section | ||
or the provisions of any other law, until January 1, 1998, a | ||
community unit school district maintaining grades K through 12 | ||
may issue bonds up to an amount, including existing | ||
indebtedness, not exceeding 27% of the equalized assessed | ||
value of the taxable property in the district, if all of the | ||
following conditions are met: | ||
(i) The school district has an equalized assessed | ||
valuation for calendar year 1995 of less than $44,600,000; | ||
(ii) The bonds are issued for the capital improvement, | ||
renovation, rehabilitation, or replacement of existing | ||
school buildings of the district, all of which existing | ||
buildings were originally constructed not less than 80 | ||
years ago; | ||
(iii) The voters of the district approve a proposition | ||
for the issuance of the bonds at a referendum held after |
December 31, 1996; and | ||
(iv) The bonds are issued pursuant to Sections 19-2 | ||
through 19-7 of this Code. | ||
(j) Notwithstanding any other provisions of this Section | ||
or the provisions of any other law, until January 1, 1999, a | ||
community unit school district maintaining grades K through 12 | ||
may issue bonds up to an amount, including existing | ||
indebtedness, not exceeding 27% of the equalized assessed | ||
value of the taxable property in the district if all of the | ||
following conditions are met: | ||
(i) The school district has an equalized assessed | ||
valuation for calendar year 1995 of less than $140,000,000 | ||
and a best 3 months average daily attendance for the | ||
1995-96 school year of at least 2,800; | ||
(ii) The bonds are issued to purchase a site and build | ||
and equip a new high school, and the school district's | ||
existing high school was originally constructed not less | ||
than 35 years prior to the sale of the bonds; | ||
(iii) At the time of the sale of the bonds, the board | ||
of education determines by resolution that a new high | ||
school is needed because of projected enrollment | ||
increases; | ||
(iv) At least 60% of those voting in an election held | ||
after December 31, 1996 approve a proposition for the | ||
issuance of the bonds; and | ||
(v) The bonds are issued pursuant to Sections 19-2 |
through 19-7 of this Code. | ||
(k) Notwithstanding the debt limitation prescribed in | ||
subsection (a) of this Section, a school district that meets | ||
all the criteria set forth in paragraphs (1) through (4) of | ||
this subsection (k) may issue bonds to incur an additional | ||
indebtedness in an amount not to exceed $4,000,000 even though | ||
the amount of the additional indebtedness authorized by this | ||
subsection (k), when incurred and added to the aggregate | ||
amount of indebtedness of the school district existing | ||
immediately prior to the school district incurring such | ||
additional indebtedness, causes the aggregate indebtedness of | ||
the school district to exceed or increases the amount by which | ||
the aggregate indebtedness of the district already exceeds the | ||
debt limitation otherwise applicable to that school district | ||
under subsection (a): | ||
(1) the school district is located in 2 counties, and | ||
a referendum to authorize the additional indebtedness was | ||
approved by a majority of the voters of the school | ||
district voting on the proposition to authorize that | ||
indebtedness; | ||
(2) the additional indebtedness is for the purpose of | ||
financing a multi-purpose room addition to the existing | ||
high school; | ||
(3) the additional indebtedness, together with the | ||
existing indebtedness of the school district, shall not | ||
exceed 17.4% of the value of the taxable property in the |
school district, to be ascertained by the last assessment | ||
for State and county taxes; and | ||
(4) the bonds evidencing the additional indebtedness | ||
are issued, if at all, within 120 days of August 14, 1998 | ||
(the effective date of Public Act 90-757). | ||
(l) Notwithstanding any other provisions of this Section | ||
or the provisions of any other law, until January 1, 2000, a | ||
school district maintaining grades kindergarten through 8 may | ||
issue bonds up to an amount, including existing indebtedness, | ||
not exceeding 15% of the equalized assessed value of the | ||
taxable property in the district if all of the following | ||
conditions are met: | ||
(i) the district has an equalized assessed valuation | ||
for calendar year 1996 of less than $10,000,000; | ||
(ii) the bonds are issued for capital improvement, | ||
renovation, rehabilitation, or replacement of one or more | ||
school buildings of the district, which buildings were | ||
originally constructed not less than 70 years ago; | ||
(iii) the voters of the district approve a proposition | ||
for the issuance of the bonds at a referendum held on or | ||
after March 17, 1998; and | ||
(iv) the bonds are issued pursuant to Sections 19-2 | ||
through 19-7 of this Code. | ||
(m) Notwithstanding any other provisions of this Section | ||
or the provisions of any other law, until January 1, 1999, an | ||
elementary school district maintaining grades K through 8 may |
issue bonds up to an amount, excluding existing indebtedness, | ||
not exceeding 18% of the equalized assessed value of the | ||
taxable property in the district, if all of the following | ||
conditions are met: | ||
(i) The school district has an equalized assessed | ||
valuation for calendar year 1995 or less than $7,700,000; | ||
(ii) The school district operates 2 elementary | ||
attendance centers that until 1976 were operated as the | ||
attendance centers of 2 separate and distinct school | ||
districts; | ||
(iii) The bonds are issued for the construction of a | ||
new elementary school building to replace an existing | ||
multi-level elementary school building of the school | ||
district that is not accessible at all levels and parts of | ||
which were constructed more than 75 years ago; | ||
(iv) The voters of the school district approve a | ||
proposition for the issuance of the bonds at a referendum | ||
held after July 1, 1998; and | ||
(v) The bonds are issued pursuant to Sections 19-2 | ||
through 19-7 of this Code. | ||
(n) Notwithstanding the debt limitation prescribed in | ||
subsection (a) of this Section or any other provisions of this | ||
Section or of any other law, a school district that meets all | ||
of the criteria set forth in paragraphs (i) through (vi) of | ||
this subsection (n) may incur additional indebtedness by the | ||
issuance of bonds in an amount not exceeding the amount |
certified by the Capital Development Board to the school | ||
district as provided in paragraph (iii) of this subsection | ||
(n), even though the amount of the additional indebtedness so | ||
authorized, when incurred and added to the aggregate amount of | ||
indebtedness of the district existing immediately prior to the | ||
district incurring the additional indebtedness authorized by | ||
this subsection (n), causes the aggregate indebtedness of the | ||
district to exceed the debt limitation otherwise applicable by | ||
law to that district: | ||
(i) The school district applies to the State Board of | ||
Education for a school construction project grant and | ||
submits a district facilities plan in support of its | ||
application pursuant to Section 5-20 of the School | ||
Construction Law. | ||
(ii) The school district's application and facilities | ||
plan are approved by, and the district receives a grant | ||
entitlement for a school construction project issued by, | ||
the State Board of Education under the School Construction | ||
Law. | ||
(iii) The school district has exhausted its bonding | ||
capacity or the unused bonding capacity of the district is | ||
less than the amount certified by the Capital Development | ||
Board to the district under Section 5-15 of the School | ||
Construction Law as the dollar amount of the school | ||
construction project's cost that the district will be | ||
required to finance with non-grant funds in order to |
receive a school construction project grant under the | ||
School Construction Law. | ||
(iv) The bonds are issued for a "school construction | ||
project", as that term is defined in Section 5-5 of the | ||
School Construction Law, in an amount that does not exceed | ||
the dollar amount certified, as provided in paragraph | ||
(iii) of this subsection (n), by the Capital Development | ||
Board to the school district under Section 5-15 of the | ||
School Construction Law. | ||
(v) The voters of the district approve a proposition | ||
for the issuance of the bonds at a referendum held after | ||
the criteria specified in paragraphs (i) and (iii) of this | ||
subsection (n) are met. | ||
(vi) The bonds are issued pursuant to Sections 19-2 | ||
through 19-7 of the School Code. | ||
(o) Notwithstanding any other provisions of this Section | ||
or the provisions of any other law, until November 1, 2007, a | ||
community unit school district maintaining grades K through 12 | ||
may issue bonds up to an amount, including existing | ||
indebtedness, not exceeding 20% of the equalized assessed | ||
value of the taxable property in the district if all of the | ||
following conditions are met: | ||
(i) the school district has an equalized assessed | ||
valuation for calendar year 2001 of at least $737,000,000 | ||
and an enrollment for the 2002-2003 school year of at | ||
least 8,500; |
(ii) the bonds are issued to purchase school sites, | ||
build and equip a new high school, build and equip a new | ||
junior high school, build and equip 5 new elementary | ||
schools, and make technology and other improvements and | ||
additions to existing schools; | ||
(iii) at the time of the sale of the bonds, the board | ||
of education determines by resolution that the sites and | ||
new or improved facilities are needed because of projected | ||
enrollment increases; | ||
(iv) at least 57% of those voting in a general | ||
election held prior to January 1, 2003 approved a | ||
proposition for the issuance of the bonds; and | ||
(v) the bonds are issued pursuant to Sections 19-2 | ||
through 19-7 of this Code. | ||
(p) Notwithstanding any other provisions of this Section | ||
or the provisions of any other law, a community unit school | ||
district maintaining grades K through 12 may issue bonds up to | ||
an amount, including indebtedness, not exceeding 27% of the | ||
equalized assessed value of the taxable property in the | ||
district if all of the following conditions are met: | ||
(i) The school district has an equalized assessed | ||
valuation for calendar year 2001 of at least $295,741,187 | ||
and a best 3 months' average daily attendance for the | ||
2002-2003 school year of at least 2,394. | ||
(ii) The bonds are issued to build and equip 3 | ||
elementary school buildings; build and equip one middle |
school building; and alter, repair, improve, and equip all | ||
existing school buildings in the district. | ||
(iii) At the time of the sale of the bonds, the board | ||
of education determines by resolution that the project is | ||
needed because of expanding growth in the school district | ||
and a projected enrollment increase. | ||
(iv) The bonds are issued pursuant to Sections 19-2 | ||
through 19-7 of this Code. | ||
(p-5) Notwithstanding any other provisions of this Section | ||
or the provisions of any other law, bonds issued by a community | ||
unit school district maintaining grades K through 12 shall not | ||
be considered indebtedness for purposes of any statutory | ||
limitation and may be issued in an amount or amounts, | ||
including existing indebtedness, in excess of any heretofore | ||
or hereafter imposed statutory limitation as to indebtedness, | ||
if all of the following conditions are met: | ||
(i) For each of the 4 most recent years, residential | ||
property comprises more than 80% of the equalized assessed | ||
valuation of the district. | ||
(ii) At least 2 school buildings that were constructed | ||
40 or more years prior to the issuance of the bonds will be | ||
demolished and will be replaced by new buildings or | ||
additions to one or more existing buildings. | ||
(iii) Voters of the district approve a proposition for | ||
the issuance of the bonds at a regularly scheduled | ||
election. |
(iv) At the time of the sale of the bonds, the school | ||
board determines by resolution that the new buildings or | ||
building additions are needed because of an increase in | ||
enrollment projected by the school board. | ||
(v) The principal amount of the bonds, including | ||
existing indebtedness, does not exceed 25% of the | ||
equalized assessed value of the taxable property in the | ||
district. | ||
(vi) The bonds are issued prior to January 1, 2007, | ||
pursuant to Sections 19-2 through 19-7 of this Code. | ||
(p-10) Notwithstanding any other provisions of this | ||
Section or the provisions of any other law, bonds issued by a | ||
community consolidated school district maintaining grades K | ||
through 8 shall not be considered indebtedness for purposes of | ||
any statutory limitation and may be issued in an amount or | ||
amounts, including existing indebtedness, in excess of any | ||
heretofore or hereafter imposed statutory limitation as to | ||
indebtedness, if all of the following conditions are met: | ||
(i) For each of the 4 most recent years, residential | ||
and farm property comprises more than 80% of the equalized | ||
assessed valuation of the district. | ||
(ii) The bond proceeds are to be used to acquire and | ||
improve school sites and build and equip a school | ||
building. | ||
(iii) Voters of the district approve a proposition for | ||
the issuance of the bonds at a regularly scheduled |
election. | ||
(iv) At the time of the sale of the bonds, the school | ||
board determines by resolution that the school sites and | ||
building additions are needed because of an increase in | ||
enrollment projected by the school board. | ||
(v) The principal amount of the bonds, including | ||
existing indebtedness, does not exceed 20% of the | ||
equalized assessed value of the taxable property in the | ||
district. | ||
(vi) The bonds are issued prior to January 1, 2007, | ||
pursuant to Sections 19-2 through 19-7 of this Code. | ||
(p-15) In addition to all other authority to issue bonds, | ||
the Oswego Community Unit School District Number 308 may issue | ||
bonds with an aggregate principal amount not to exceed | ||
$450,000,000, but only if all of the following conditions are | ||
met: | ||
(i) The voters of the district have approved a | ||
proposition for the bond issue at the general election | ||
held on November 7, 2006. | ||
(ii) At the time of the sale of the bonds, the school | ||
board determines, by resolution, that: (A) the building | ||
and equipping of the new high school building, new junior | ||
high school buildings, new elementary school buildings, | ||
early childhood building, maintenance building, | ||
transportation facility, and additions to existing school | ||
buildings, the altering, repairing, equipping, and |
provision of technology improvements to existing school | ||
buildings, and the acquisition and improvement of school | ||
sites, as the case may be, are required as a result of a | ||
projected increase in the enrollment of students in the | ||
district; and (B) the sale of bonds for these purposes 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 | ||
issues, on or before November 7, 2011, but the aggregate | ||
principal amount issued in all such bond issues combined | ||
must not exceed $450,000,000. | ||
(iv) The bonds are issued in accordance with this | ||
Article 19. | ||
(v) The proceeds of the bonds are used only to | ||
accomplish those projects approved by the voters at the | ||
general election held on November 7, 2006. | ||
The debt incurred on any bonds issued under this subsection | ||
(p-15) shall not be considered indebtedness for purposes of | ||
any statutory debt limitation. | ||
(p-20) In addition to all other authority to issue bonds, | ||
the Lincoln-Way Community High School District Number 210 may | ||
issue bonds with an aggregate principal amount not to exceed | ||
$225,000,000, but only if all of the following conditions are | ||
met: | ||
(i) The voters of the district have approved a |
proposition for the bond issue at the general primary | ||
election held on March 21, 2006. | ||
(ii) At the time of the sale of the bonds, the school | ||
board determines, by resolution, that: (A) the building | ||
and equipping of the new high school buildings, the | ||
altering, repairing, and equipping of existing school | ||
buildings, and the improvement of school sites, as the | ||
case may be, are required as a result of a projected | ||
increase in the enrollment of students in the district; | ||
and (B) the sale of bonds for these purposes 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 | ||
issues, on or before March 21, 2011, but the aggregate | ||
principal amount issued in all such bond issues combined | ||
must not exceed $225,000,000. | ||
(iv) The bonds are issued in accordance with this | ||
Article 19. | ||
(v) The proceeds of the bonds are used only to | ||
accomplish those projects approved by the voters at the | ||
primary election held on March 21, 2006. | ||
The debt incurred on any bonds issued under this subsection | ||
(p-20) shall not be considered indebtedness for purposes of | ||
any statutory debt limitation. | ||
(p-25) In addition to all other authority to issue bonds, | ||
Rochester Community Unit School District 3A may issue bonds |
with an aggregate principal amount not to exceed $18,500,000, | ||
but only if all of the following conditions are met: | ||
(i) The voters of the district approve a proposition | ||
for the bond issuance at the general primary election held | ||
in 2008. | ||
(ii) At the time of the sale of the bonds, the school | ||
board determines, by resolution, that: (A) the building | ||
and equipping of a new high school building; the addition | ||
of classrooms and support facilities at the high school, | ||
middle school, and elementary school; the altering, | ||
repairing, and equipping of existing school buildings; and | ||
the improvement of school sites, as the case may be, are | ||
required as a result of a projected increase in the | ||
enrollment of students in the district; and (B) the sale | ||
of bonds for these purposes is authorized by a law 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 | ||
issues, on or before December 31, 2012, but the aggregate | ||
principal amount issued in all such bond issues combined | ||
must not exceed $18,500,000. | ||
(iv) The bonds are issued in accordance with this | ||
Article 19. | ||
(v) The proceeds of the bonds are used to accomplish | ||
only those projects approved by the voters at the primary | ||
election held in 2008. |
The debt incurred on any bonds issued under this subsection | ||
(p-25) shall not be considered indebtedness for purposes of | ||
any statutory debt limitation. | ||
(p-30) In addition to all other authority to issue bonds, | ||
Prairie Grove Consolidated School District 46 may issue bonds | ||
with an aggregate principal amount not to exceed $30,000,000, | ||
but only if all of the following conditions are met: | ||
(i) The voters of the district approve a proposition | ||
for the bond issuance at an election held in 2008. | ||
(ii) At the time of the sale of the bonds, the school | ||
board determines, by resolution, that (A) the building and | ||
equipping of a new school building and additions to | ||
existing school buildings are required as a result of a | ||
projected increase in the enrollment of students in the | ||
district and (B) the altering, repairing, and equipping of | ||
existing school buildings are required because of the age | ||
of the existing school buildings. | ||
(iii) The bonds are issued, in one or more bond | ||
issuances, on or before December 31, 2012; however, the | ||
aggregate principal amount issued in all such bond | ||
issuances combined must not exceed $30,000,000. | ||
(iv) The bonds are issued in accordance with this | ||
Article. | ||
(v) The proceeds of the bonds are used to accomplish | ||
only those projects approved by the voters at an election | ||
held in 2008. |
The debt incurred on any bonds issued under this subsection | ||
(p-30) shall not be considered indebtedness for purposes of | ||
any statutory debt limitation. | ||
(p-35) In addition to all other authority to issue bonds, | ||
Prairie Hill Community Consolidated School District 133 may | ||
issue bonds with an aggregate principal amount not to exceed | ||
$13,900,000, but only if all of the following conditions are | ||
met: | ||
(i) The voters of the district approved a proposition | ||
for the bond issuance at an election held on April 17, | ||
2007. | ||
(ii) At the time of the sale of the bonds, the school | ||
board determines, by resolution, that (A) the improvement | ||
of the site of and the building and equipping of a school | ||
building are required as a result of a projected increase | ||
in the enrollment of students in the district and (B) the | ||
repairing and equipping of the Prairie Hill Elementary | ||
School building is required because of the age of that | ||
school building. | ||
(iii) The bonds are issued, in one or more bond | ||
issuances, on or before December 31, 2011, but the | ||
aggregate principal amount issued in all such bond | ||
issuances combined must not exceed $13,900,000. | ||
(iv) The bonds are issued in accordance with this | ||
Article. | ||
(v) The proceeds of the bonds are used to accomplish |
only those projects approved by the voters at an election | ||
held on April 17, 2007. | ||
The debt incurred on any bonds issued under this subsection | ||
(p-35) shall not be considered indebtedness for purposes of | ||
any statutory debt limitation. | ||
(p-40) In addition to all other authority to issue bonds, | ||
Mascoutah Community Unit District 19 may issue bonds with an | ||
aggregate principal amount not to exceed $55,000,000, but only | ||
if all of the following conditions are met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at a regular election held on or | ||
after November 4, 2008. | ||
(2) At the time of the sale of the bonds, the school | ||
board determines, by resolution, that (i) the building and | ||
equipping of a new high school building is required as a | ||
result of a projected increase in the enrollment of | ||
students in the district and the age and condition of the | ||
existing high school building, (ii) the existing high | ||
school building will be demolished, and (iii) the sale of | ||
bonds is authorized by statute that exempts the debt | ||
incurred on the bonds from the district's statutory debt | ||
limitation. | ||
(3) The bonds are issued, in one or more bond | ||
issuances, on or before December 31, 2011, but the | ||
aggregate principal amount issued in all such bond | ||
issuances combined must not exceed $55,000,000. |
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only those projects approved by the voters at a regular | ||
election held on or after November 4, 2008. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-40) shall not be considered indebtedness for | ||
purposes of any statutory debt limitation. | ||
(p-45) Notwithstanding the provisions of subsection (a) of | ||
this Section or of any other law, bonds issued pursuant to | ||
Section 19-3.5 of this Code shall not be considered | ||
indebtedness for purposes of any statutory limitation if the | ||
bonds are issued in an amount or amounts, including existing | ||
indebtedness of the school district, not in excess of 18.5% of | ||
the value of the taxable property in the district to be | ||
ascertained by the last assessment for State and county taxes. | ||
(p-50) Notwithstanding the provisions of subsection (a) of | ||
this Section or of any other law, bonds issued pursuant to | ||
Section 19-3.10 of this Code shall not be considered | ||
indebtedness for purposes of any statutory limitation if the | ||
bonds are issued in an amount or amounts, including existing | ||
indebtedness of the school district, not in excess of 43% of | ||
the value of the taxable property in the district to be | ||
ascertained by the last assessment for State and county taxes. | ||
(p-55) In addition to all other authority to issue bonds, | ||
Belle Valley School District 119 may issue bonds with an |
aggregate principal amount not to exceed $47,500,000, but only | ||
if all of the following conditions are met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at an election held on or after April | ||
7, 2009. | ||
(2) Prior to the issuance of the bonds, the school | ||
board determines, by resolution, that (i) the building and | ||
equipping of a new school building is required as a result | ||
of mine subsidence in an existing school building and | ||
because of the age and condition of another existing | ||
school building and (ii) the issuance of bonds is | ||
authorized by statute that exempts the debt incurred on | ||
the bonds from the district's statutory debt limitation. | ||
(3) The bonds are issued, in one or more bond | ||
issuances, on or before March 31, 2014, but the aggregate | ||
principal amount issued in all such bond issuances | ||
combined must not exceed $47,500,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only those projects approved by the voters at an election | ||
held on or after April 7, 2009. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-55) shall not be considered indebtedness for | ||
purposes of any statutory debt limitation. Bonds issued under | ||
this subsection (p-55) must mature within not to exceed 30 |
years from their date, notwithstanding any other law to the | ||
contrary. | ||
(p-60) In addition to all other authority to issue bonds, | ||
Wilmington Community Unit School District Number 209-U may | ||
issue bonds with an aggregate principal amount not to exceed | ||
$2,285,000, but only if all of the following conditions are | ||
met: | ||
(1) 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. | ||
(2) Prior to the issuance of the bonds, the school | ||
board determines, by resolution, that (i) 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 (ii) the issuance of the | ||
bonds is authorized by legislation that exempts the debt | ||
incurred on the bonds from the district's statutory debt | ||
limitation. | ||
(3) 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. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-60) shall not be considered indebtedness for |
purposes of any statutory debt limitation. | ||
(p-65) In addition to all other authority to issue bonds, | ||
West Washington County Community Unit School District 10 may | ||
issue bonds with an aggregate principal amount not to exceed | ||
$32,200,000 and maturing over a period not exceeding 25 years, | ||
but only if all of the following conditions are met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at an election held on or after | ||
February 2, 2010. | ||
(2) Prior to the issuance of the bonds, the school | ||
board determines, by resolution, that (A) all or a portion | ||
of the existing Okawville Junior/Senior High School | ||
Building will be demolished; (B) the building and | ||
equipping of a new school building to be attached to and | ||
the alteration, repair, and equipping of the remaining | ||
portion of the Okawville Junior/Senior High School | ||
Building is required because of the age and current | ||
condition of that school building; and (C) the issuance of | ||
bonds is authorized by a statute that exempts the debt | ||
incurred on the bonds from the district's statutory debt | ||
limitation. | ||
(3) The bonds are issued, in one or more bond | ||
issuances, on or before March 31, 2014, but the aggregate | ||
principal amount issued in all such bond issuances | ||
combined must not exceed $32,200,000. | ||
(4) The bonds are issued in accordance with this |
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only those projects approved by the voters at an election | ||
held on or after February 2, 2010. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-65) shall not be considered indebtedness for | ||
purposes of any statutory debt limitation. | ||
(p-70) In addition to all other authority to issue bonds, | ||
Cahokia Community Unit School District 187 may issue bonds | ||
with an aggregate principal amount not to exceed $50,000,000, | ||
but only if all the following conditions are met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at an election held on or after | ||
November 2, 2010. | ||
(2) Prior to the issuance of the bonds, the school | ||
board determines, by resolution, that (i) 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 (ii) the issuance of bonds is authorized by a statute | ||
that exempts the debt incurred on the bonds from the | ||
district's statutory debt limitation. | ||
(3) The bonds are issued, in one or more issuances, on | ||
or before July 1, 2016, but the aggregate principal amount | ||
issued in all such bond issuances combined must not exceed | ||
$50,000,000. | ||
(4) The bonds are issued in accordance with this |
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only those projects approved by the voters at an election | ||
held on or after November 2, 2010. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-70) shall not be considered indebtedness for | ||
purposes of any statutory debt limitation. Bonds issued under | ||
this subsection (p-70) must mature within not to exceed 25 | ||
years from their date, notwithstanding any other law, | ||
including Section 19-3 of this Code, to the contrary. | ||
(p-75) Notwithstanding the debt limitation prescribed in | ||
subsection (a) of this Section or any other provisions of this | ||
Section or of any other law, the execution of leases on or | ||
after January 1, 2007 and before July 1, 2011 by the Board of | ||
Education of Peoria School District 150 with a public building | ||
commission for leases entered into pursuant to the Public | ||
Building Commission Act shall not be considered indebtedness | ||
for purposes of any statutory debt limitation. | ||
This subsection (p-75) applies only if the State Board of | ||
Education or the Capital Development Board makes one or more | ||
grants to Peoria School District 150 pursuant to the School | ||
Construction Law. The amount exempted from the debt limitation | ||
as prescribed in this subsection (p-75) shall be no greater | ||
than the amount of one or more grants awarded to Peoria School | ||
District 150 by the State Board of Education or the Capital | ||
Development Board. |
(p-80) In addition to all other authority to issue bonds, | ||
Ridgeland School District 122 may issue bonds with an | ||
aggregate principal amount not to exceed $50,000,000 for the | ||
purpose of refunding or continuing to refund bonds originally | ||
issued pursuant to voter approval at the general election held | ||
on November 7, 2000, and the debt incurred on any bonds issued | ||
under this subsection (p-80) shall not be considered | ||
indebtedness for purposes of any statutory debt limitation. | ||
Bonds issued under this subsection (p-80) may be issued in one | ||
or more issuances and must mature within not to exceed 25 years | ||
from their date, notwithstanding any other law, including | ||
Section 19-3 of this Code, to the contrary. | ||
(p-85) In addition to all other authority to issue bonds, | ||
Hall High School District 502 may issue bonds with an | ||
aggregate principal amount not to exceed $32,000,000, but only | ||
if all the following conditions are met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at an election held on or after April | ||
9, 2013. | ||
(2) Prior to the issuance of the bonds, the school | ||
board determines, by resolution, that (i) the building and | ||
equipping of a new school building is required as a result | ||
of the age and condition of an existing school building, | ||
(ii) the existing school building should be demolished in | ||
its entirety or the existing school building should be | ||
demolished except for the 1914 west wing of the building, |
and (iii) the issuance of bonds is authorized by a statute | ||
that exempts the debt incurred on the bonds from the | ||
district's statutory debt limitation. | ||
(3) The bonds are issued, in one or more issuances, | ||
not later than 5 years after the date of the referendum | ||
approving the issuance of the bonds, but the aggregate | ||
principal amount issued in all such bond issuances | ||
combined must not exceed $32,000,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only those projects approved by the voters at an election | ||
held on or after April 9, 2013. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-85) shall not be considered indebtedness for | ||
purposes of any statutory debt limitation. Bonds issued under | ||
this subsection (p-85) must mature within not to exceed 30 | ||
years from their date, notwithstanding any other law, | ||
including Section 19-3 of this Code, to the contrary. | ||
(p-90) In addition to all other authority to issue bonds, | ||
Lebanon Community Unit School District 9 may issue bonds with | ||
an aggregate principal amount not to exceed $7,500,000, but | ||
only if all of the following conditions are met: | ||
(1) The voters of the district approved a proposition | ||
for the bond issuance at the general primary election on | ||
February 2, 2010. |
(2) At or prior to the time of the sale of the bonds, | ||
the school board determines, by resolution, that (i) the | ||
building and equipping of a new elementary school building | ||
is required as a result of a projected increase in the | ||
enrollment of students in the district and the age and | ||
condition of the existing Lebanon Elementary School | ||
building, (ii) a portion of the existing Lebanon | ||
Elementary School building will be demolished and the | ||
remaining portion will be altered, repaired, and equipped, | ||
and (iii) the sale of bonds is authorized by a statute that | ||
exempts the debt incurred on the bonds from the district's | ||
statutory debt limitation. | ||
(3) The bonds are issued, in one or more bond | ||
issuances, on or before April 1, 2014, but the aggregate | ||
principal amount issued in all such bond issuances | ||
combined must not exceed $7,500,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only those projects approved by the voters at the general | ||
primary election held on February 2, 2010. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-90) shall not be considered indebtedness for | ||
purposes of any statutory debt limitation. | ||
(p-95) In addition to all other authority to issue bonds, | ||
Monticello Community Unit School District 25 may issue bonds |
with an aggregate principal amount not to exceed $35,000,000, | ||
but only if all of the following conditions are met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at an election held on or after | ||
November 4, 2014. | ||
(2) Prior to the issuance of the bonds, the school | ||
board determines, by resolution, that (i) 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 (ii) the issuance of bonds is authorized by a statute | ||
that exempts the debt incurred on the bonds from the | ||
district's statutory debt limitation. | ||
(3) The bonds are issued, in one or more issuances, on | ||
or before July 1, 2020, but the aggregate principal amount | ||
issued in all such bond issuances combined must not exceed | ||
$35,000,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only those projects approved by the voters at an election | ||
held on or after November 4, 2014. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-95) shall not be considered indebtedness for | ||
purposes of any statutory debt limitation. Bonds issued under | ||
this subsection (p-95) must mature within not to exceed 25 | ||
years from their date, notwithstanding any other law, |
including Section 19-3 of this Code, to the contrary. | ||
(p-100) In addition to all other authority to issue bonds, | ||
the community unit school district created in the territory | ||
comprising Milford Community Consolidated School District 280 | ||
and Milford Township High School District 233, as approved at | ||
the general primary election held on March 18, 2014, may issue | ||
bonds with an aggregate principal amount not to exceed | ||
$17,500,000, but only if all the following conditions are met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at an election held on or after | ||
November 4, 2014. | ||
(2) Prior to the issuance of the bonds, the school | ||
board determines, by resolution, that (i) 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 (ii) the issuance of bonds is authorized by a statute | ||
that exempts the debt incurred on the bonds from the | ||
district's statutory debt limitation. | ||
(3) The bonds are issued, in one or more issuances, on | ||
or before July 1, 2020, but the aggregate principal amount | ||
issued in all such bond issuances combined must not exceed | ||
$17,500,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only those projects approved by the voters at an election |
held on or after November 4, 2014. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-100) shall not be considered indebtedness for | ||
purposes of any statutory debt limitation. Bonds issued under | ||
this subsection (p-100) must mature within not to exceed 25 | ||
years from their date, notwithstanding any other law, | ||
including Section 19-3 of this Code, to the contrary. | ||
(p-105) In addition to all other authority to issue bonds, | ||
North Shore School District 112 may issue bonds with an | ||
aggregate principal amount not to exceed $150,000,000, but | ||
only if all of the following conditions are met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at an election held on or after March | ||
15, 2016. | ||
(2) Prior to the issuance of the bonds, the school | ||
board determines, by resolution, that (i) the building and | ||
equipping of new buildings and improving the sites thereof | ||
and the building and equipping of additions to, altering, | ||
repairing, equipping, and renovating existing buildings | ||
and improving the sites thereof are required as a result | ||
of the age and condition of the district's existing | ||
buildings and (ii) the issuance of bonds is authorized by | ||
a statute that exempts the debt incurred on the bonds from | ||
the district's statutory debt limitation. | ||
(3) The bonds are issued, in one or more issuances, | ||
not later than 5 years after the date of the referendum |
approving the issuance of the bonds, but the aggregate | ||
principal amount issued in all such bond issuances | ||
combined must not exceed $150,000,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only those projects approved by the voters at an election | ||
held on or after March 15, 2016. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-105) 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. | ||
Bonds issued under this subsection (p-105) and any bonds | ||
issued to refund or continue to refund such bonds must mature | ||
within not to exceed 30 years from their date, notwithstanding | ||
any other law, including Section 19-3 of this Code, to the | ||
contrary. | ||
(p-110) In addition to all other authority to issue bonds, | ||
Sandoval Community Unit School District 501 may issue bonds | ||
with an aggregate principal amount not to exceed $2,000,000, | ||
but only if all of the following conditions are met: | ||
(1) The voters of the district approved a proposition | ||
for the bond issuance at an election held on March 20, | ||
2012. | ||
(2) Prior to the issuance of the bonds, the school | ||
board determines, by resolution, that (i) the building and |
equipping of a new school building is required because of | ||
the age and current condition of the Sandoval Elementary | ||
School building and (ii) the issuance of bonds is | ||
authorized by a statute that exempts the debt incurred on | ||
the bonds from the district's statutory debt limitation. | ||
(3) The bonds are issued, in one or more bond | ||
issuances, on or before March 19, 2022, but the aggregate | ||
principal amount issued in all such bond issuances | ||
combined must not exceed $2,000,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only those projects approved by the voters at the election | ||
held on March 20, 2012. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-110) and on any bonds issued to refund or | ||
continue to refund the bonds shall not be considered | ||
indebtedness for purposes of any statutory debt limitation. | ||
(p-115) In addition to all other authority to issue bonds, | ||
Bureau Valley Community Unit School District 340 may issue | ||
bonds with an aggregate principal amount not to exceed | ||
$25,000,000, but only if all of the following conditions are | ||
met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at an election held on or after March | ||
15, 2016. |
(2) Prior to the issuances of the bonds, the school | ||
board determines, by resolution, that (i) the renovating | ||
and equipping of some existing school buildings, the | ||
building and equipping of new school buildings, and the | ||
demolishing of some existing school buildings are required | ||
as a result of the age and condition of existing school | ||
buildings and (ii) the issuance of bonds is authorized by | ||
a statute that exempts the debt incurred on the bonds from | ||
the district's statutory debt limitation. | ||
(3) The bonds are issued, in one or more issuances, on | ||
or before July 1, 2021, but the aggregate principal amount | ||
issued in all such bond issuances combined must not exceed | ||
$25,000,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only those projects approved by the voters at an election | ||
held on or after March 15, 2016. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-115) shall not be considered indebtedness for | ||
purposes of any statutory debt limitation. Bonds issued under | ||
this subsection (p-115) must mature within not to exceed 30 | ||
years from their date, notwithstanding any other law, | ||
including Section 19-3 of this Code, to the contrary. | ||
(p-120) In addition to all other authority to issue bonds, | ||
Paxton-Buckley-Loda Community Unit School District 10 may |
issue bonds with an aggregate principal amount not to exceed | ||
$28,500,000, but only if all the following conditions are met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at an election held on or after | ||
November 8, 2016. | ||
(2) Prior to the issuance of the bonds, the school | ||
board determines, by resolution, that (i) the projects as | ||
described in said proposition, relating to the building | ||
and equipping of one or more school buildings or additions | ||
to existing school buildings, are required as a result of | ||
the age and condition of the District's existing buildings | ||
and (ii) the issuance of bonds is authorized by a statute | ||
that exempts the debt incurred on the bonds from the | ||
district's statutory debt limitation. | ||
(3) The bonds are issued, in one or more issuances, | ||
not later than 5 years after the date of the referendum | ||
approving the issuance of the bonds, but the aggregate | ||
principal amount issued in all such bond issuances | ||
combined must not exceed $28,500,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only those projects approved by the voters at an election | ||
held on or after November 8, 2016. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-120) 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. | ||
Bonds issued under this subsection (p-120) and any bonds | ||
issued to refund or continue to refund such bonds must mature | ||
within not to exceed 25 years from their date, notwithstanding | ||
any other law, including Section 19-3 of this Code, to the | ||
contrary. | ||
(p-125) In addition to all other authority to issue bonds, | ||
Hillsboro Community Unit School District 3 may issue bonds | ||
with an aggregate principal amount not to exceed $34,500,000, | ||
but only if all the following conditions are met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at an election held on or after March | ||
15, 2016. | ||
(2) Prior to the issuance of the bonds, the school | ||
board determines, by resolution, that (i) altering, | ||
repairing, and equipping the high school | ||
agricultural/vocational building, demolishing the high | ||
school main, cafeteria, and gym buildings, building and | ||
equipping a school building, and improving sites are | ||
required as a result of the age and condition of the | ||
district's existing buildings and (ii) the issuance of | ||
bonds is authorized by a statute that exempts the debt | ||
incurred on the bonds from the district's statutory debt | ||
limitation. | ||
(3) The bonds are issued, in one or more issuances, |
not later than 5 years after the date of the referendum | ||
approving the issuance of the bonds, but the aggregate | ||
principal amount issued in all such bond issuances | ||
combined must not exceed $34,500,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only those projects approved by the voters at an election | ||
held on or after March 15, 2016. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-125) 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. | ||
Bonds issued under this subsection (p-125) and any bonds | ||
issued to refund or continue to refund such bonds must mature | ||
within not to exceed 25 years from their date, notwithstanding | ||
any other law, including Section 19-3 of this Code, to the | ||
contrary. | ||
(p-130) In addition to all other authority to issue bonds, | ||
Waltham Community Consolidated School District 185 may incur | ||
indebtedness in an aggregate principal amount not to exceed | ||
$9,500,000 to build and equip a new school building and | ||
improve the site thereof, but only if all the following | ||
conditions are met: | ||
(1) A majority of the voters of the district voting on | ||
an advisory question voted in favor of the question |
regarding the use of funding sources to build a new school | ||
building without increasing property tax rates at the | ||
general election held on November 8, 2016. | ||
(2) Prior to incurring the debt, the school board | ||
enters into intergovernmental agreements with the City of | ||
LaSalle to pledge moneys in a special tax allocation fund | ||
associated with tax increment financing districts LaSalle | ||
I and LaSalle III and with the Village of Utica to pledge | ||
moneys in a special tax allocation fund associated with | ||
tax increment financing district Utica I for the purposes | ||
of repaying the debt issued pursuant to this subsection | ||
(p-130). Notwithstanding any other provision of law to the | ||
contrary, the intergovernmental agreement may extend these | ||
tax increment financing districts as necessary to ensure | ||
repayment of the debt. | ||
(3) Prior to incurring the debt, the school board | ||
determines, by resolution, that (i) the building and | ||
equipping of a new school building is required as a result | ||
of the age and condition of the district's existing | ||
buildings and (ii) the debt is authorized by a statute | ||
that exempts the debt from the district's statutory debt | ||
limitation. | ||
(4) The debt is incurred, in one or more issuances, | ||
not later than January 1, 2021, and the aggregate | ||
principal amount of debt issued in all such issuances | ||
combined must not exceed $9,500,000. |
The debt incurred under this subsection (p-130) and on any | ||
bonds issued to pay, refund, or continue to refund such debt | ||
shall not be considered indebtedness for purposes of any | ||
statutory debt limitation. Debt issued under this subsection | ||
(p-130) and any bonds issued to pay, refund, or continue to | ||
refund such debt must mature within not to exceed 25 years from | ||
their date, notwithstanding any other law, including Section | ||
19-11 of this Code and subsection (b) of Section 17 of the | ||
Local Government Debt Reform Act, to the contrary. | ||
(p-133) Notwithstanding the provisions of subsection (a) | ||
of this Section or of any other law, bonds heretofore or | ||
hereafter issued by East Prairie School District 73 with an | ||
aggregate principal amount not to exceed $47,353,147 and | ||
approved by the voters of the district at the general election | ||
held on November 8, 2016, and any bonds issued to refund or | ||
continue to refund the bonds, shall not be considered | ||
indebtedness for the purposes of any statutory debt limitation | ||
and may mature within not to exceed 25 years from their date, | ||
notwithstanding any other law, including Section 19-3 of this | ||
Code, to the contrary. | ||
(p-135) In addition to all other authority to issue bonds, | ||
Brookfield LaGrange Park School District Number 95 may issue | ||
bonds with an aggregate principal amount not to exceed | ||
$20,000,000, but only if all the following conditions are met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at an election held on or after April |
4, 2017. | ||
(2) Prior to the issuance of the bonds, the school | ||
board determines, by resolution, that (i) the additions | ||
and renovations to the Brook Park Elementary and S. E. | ||
Gross Middle School buildings are required to accommodate | ||
enrollment growth, replace outdated facilities, and create | ||
spaces consistent with 21st century learning and (ii) the | ||
issuance of the bonds is authorized by a statute that | ||
exempts the debt incurred on the bonds from the district's | ||
statutory debt limitation. | ||
(3) The bonds are issued, in one or more issuances, | ||
not later than 5 years after the date of the referendum | ||
approving the issuance of the bonds, but the aggregate | ||
principal amount issued in all such bond issuances | ||
combined must not exceed $20,000,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only those projects approved by the voters at an election | ||
held on or after April 4, 2017. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-135) 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. | ||
(p-140) The debt incurred on any bonds issued by Wolf | ||
Branch School District 113 under Section 17-2.11 of this Code |
for the purpose of repairing or replacing all or a portion of a | ||
school building that has been damaged by mine subsidence in an | ||
aggregate principal amount not to exceed $17,500,000 and on | ||
any bonds issued to refund or continue to refund those bonds | ||
shall not be considered indebtedness for purposes of any | ||
statutory debt limitation and must mature no later than 25 | ||
years from the date of issuance, notwithstanding any other | ||
provision of law to the contrary, including Section 19-3 of | ||
this Code. The maximum allowable amount of debt exempt from | ||
statutory debt limitations under this subsection (p-140) shall | ||
be reduced by an amount equal to any grants awarded by the | ||
State Board of Education or Capital Development Board for the | ||
explicit purpose of repairing or reconstructing a school | ||
building damaged by mine subsidence. | ||
(p-145) In addition to all other authority to issue bonds, | ||
Greenview Community Unit School District 200 may issue bonds | ||
with an aggregate principal amount not to exceed $3,500,000, | ||
but only if all of the following conditions are met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at an election held on March 17, | ||
2020. | ||
(2) Prior to the issuance of the bonds, the school | ||
board determines, by resolution, that the bonding is | ||
necessary for construction and expansion of the district's | ||
kindergarten through grade 12 facility. | ||
(3) The bonds are issued, in one or more issuances, |
not later than 5 years after the date of the referendum | ||
approving the issuance of the bonds, but the aggregate | ||
principal amount issued in all such bond issuances | ||
combined must not exceed $3,500,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only the projects approved by the voters at an election | ||
held on March 17, 2020. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-145) 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. | ||
Bonds issued under this subsection (p-145) and any bonds | ||
issued to refund or continue to refund such bonds must mature | ||
within not to exceed 25 years from their date, notwithstanding | ||
any other law, including Section 19-3 of this Code, to the | ||
contrary. | ||
(p-150) In addition to all other authority to issue bonds, | ||
Komarek School District 94 may issue bonds with an aggregate | ||
principal amount not to exceed $20,800,000, but only if all of | ||
the following conditions are met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at an election held on or after March | ||
17, 2020. | ||
(2) Prior to the issuance of the bonds, the school |
board determines, by resolution, that (i) building and | ||
equipping additions to, altering, repairing, equipping, or | ||
demolishing a portion of, or improving the site of the | ||
district's existing school building is required as a | ||
result of the age and condition of the existing building | ||
and (ii) the issuance of the bonds is authorized by a | ||
statute that exempts the debt incurred on the bonds from | ||
the district's statutory debt limitation. | ||
(3) The bonds are issued, in one or more issuances, no | ||
later than 5 years after the date of the referendum | ||
approving the issuance of the bonds, but the aggregate | ||
principal amount issued in all of the bond issuances | ||
combined may not exceed $20,800,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only those projects approved by the voters at an election | ||
held on or after March 17, 2020. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-150) and on any bonds issued to refund or | ||
continue to refund those bonds may not be considered | ||
indebtedness for purposes of any statutory debt limitation. | ||
Notwithstanding any other law to the contrary, including | ||
Section 19-3, bonds issued under this subsection (p-150) and | ||
any bonds issued to refund or continue to refund those bonds | ||
must mature within 30 years from their date of issuance. |
(p-155) In addition to all other authority to issue bonds, | ||
Williamsville Community Unit School District 15 may issue | ||
bonds with an aggregate principal amount not to exceed | ||
$40,000,000, but only if all of the following conditions are | ||
met: | ||
(1) The voters of the school district approve a | ||
proposition for the bond issuance at an election held on | ||
March 17, 2020. | ||
(2) 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. | ||
(3) The bonds are issued, in one or more issuances, | ||
not later than 5 years after the date of the referendum | ||
approving the issuance of the bonds, but the aggregate | ||
principal amount issued in all such bond issuances | ||
combined must not exceed $40,000,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only the projects approved by the voters at an election | ||
held on March 17, 2020. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-155) 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. | ||
Bonds issued under this subsection (p-155) and any bonds | ||
issued to refund or continue to refund such bonds must mature | ||
within not to exceed 25 years from their date, notwithstanding | ||
any other law, including Section 19-3 of this Code, to the | ||
contrary. | ||
(p-160) In addition to all other authority to issue bonds, | ||
Berkeley School District 87 may issue bonds with an aggregate | ||
principal amount not to exceed $105,000,000, but only if all | ||
of the following conditions are met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at the general primary election held | ||
on March 17, 2020. | ||
(2) Prior to the issuance of the bonds, the school | ||
board determines, by resolution, that (i) building and | ||
equipping a school building to replace the Sunnyside | ||
Intermediate and MacArthur Middle School buildings; | ||
building and equipping additions to and altering, | ||
repairing, and equipping the Riley Intermediate and | ||
Northlake Middle School buildings; altering, repairing, | ||
and equipping the Whittier Primary and Jefferson Primary | ||
School buildings; improving sites; renovating | ||
instructional spaces; providing STEM (science, technology, | ||
engineering, and mathematics) labs; and constructing life | ||
safety, security, and infrastructure improvements are | ||
required to replace outdated facilities and to provide |
safe spaces consistent with 21st century learning and (ii) | ||
the issuance of bonds is authorized by a statute that | ||
exempts the debt incurred on the bonds from the district's | ||
statutory debt limitation. | ||
(3) The bonds are issued, in one or more issuances, | ||
not later than 5 years after the date of the referendum | ||
approving the issuance of the bonds, but the aggregate | ||
principal amount issued in all such bond issuances | ||
combined must not exceed $105,000,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only those projects approved by the voters at the general | ||
primary election held on March 17, 2020. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-160) 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. | ||
(p-165) In addition to all other authority to issue bonds, | ||
Elmwood Park Community Unit School District 401 may issue | ||
bonds with an aggregate principal amount not to exceed | ||
$55,000,000, but only if all of the following conditions are | ||
met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at an election held on or after March | ||
17, 2020. |
(2) Prior to the issuance of the bonds, the school | ||
board determines, by resolution, that (i) the building and | ||
equipping of an addition to the John Mills Elementary | ||
School building; the renovating, altering, repairing, and | ||
equipping of the John Mills and Elmwood Elementary School | ||
buildings; the installation of safety and security | ||
improvements; and the improvement of school sites are | ||
required as a result of the age and condition of the | ||
district's existing school buildings and (ii) the issuance | ||
of bonds is authorized by a statute that exempts the debt | ||
incurred on the bonds from the district's statutory debt | ||
limitation. | ||
(3) The bonds are issued, in one or more issuances, | ||
not later than 5 years after the date of the referendum | ||
approving the issuance of the bonds, but the aggregate | ||
principal amount issued in all such bond issuances | ||
combined must not exceed $55,000,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only the projects approved by the voters at an election | ||
held on or after March 17, 2020. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-165) 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. |
Bonds issued under this subsection (p-165) and any bonds | ||
issued to refund or continue to refund such bonds must mature | ||
within not to exceed 25 years from their date, notwithstanding | ||
any other law, including Section 19-3 of this Code, to the | ||
contrary. | ||
(p-170) In addition to all other authority to issue bonds, | ||
Maroa-Forsyth Community Unit School District 2 may issue bonds | ||
with an aggregate principal amount not to exceed $33,000,000, | ||
but only if all of the following conditions are met: | ||
(1) The voters of the school district approve a | ||
proposition for the bond issuance at an election held on | ||
March 17, 2020. | ||
(2) 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. | ||
(3) The bonds are issued, in one or more issuances, | ||
not later than 5 years after the date of the referendum | ||
approving the issuance of the bonds, but the aggregate | ||
principal amount issued in all such bond issuances | ||
combined must not exceed $33,000,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only the projects approved by the voters at an election |
held on March 17, 2020. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-170) 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. | ||
Bonds issued under this subsection (p-170) and any bonds | ||
issued to refund or continue to refund such bonds must mature | ||
within not to exceed 25 years from their date, notwithstanding | ||
any other law, including Section 19-3 of this Code, to the | ||
contrary. | ||
(p-175) In addition to all other authority to issue bonds, | ||
Schiller Park School District 81 may issue bonds with an | ||
aggregate principal amount not to exceed $30,000,000, but only | ||
if all of the following conditions are met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at an election held on or after March | ||
17, 2020. | ||
(2) Prior to the issuance of the bonds, the school | ||
board determines, by resolution, that (i) building and | ||
equipping a school building to replace the Washington | ||
Elementary School building, installing fire suppression | ||
systems, security systems, and federal Americans with | ||
Disability Act of 1990 compliance measures, acquiring | ||
land, and improving the site are required to accommodate | ||
enrollment growth, replace an outdated facility, and | ||
create spaces consistent with 21st century learning and |
(ii) the issuance of bonds is authorized by a statute that | ||
exempts the debt incurred on the bonds from the district's | ||
statutory debt limitation. | ||
(3) The bonds are issued, in one or more issuances, | ||
not later than 5 years after the date of the referendum | ||
approving the issuance of the bonds, but the aggregate | ||
principal amount issued in all such bond issuances | ||
combined must not exceed $30,000,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only the projects approved by the voters at an election | ||
held on or after March 17, 2020. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-175) 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. | ||
Bonds issued under this subsection (p-175) and any bonds | ||
issued to refund or continue to refund such bonds must mature | ||
within not to exceed 27 years from their date, notwithstanding | ||
any other law, including Section 19-3 of this Code, to the | ||
contrary. | ||
(p-180) In addition to all other authority to issue bonds, | ||
Iroquois County Community Unit School District 9 may issue | ||
bonds with an aggregate principal amount not to exceed | ||
$17,125,000, but only if all of the following conditions are |
met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at an election held on or after April | ||
6, 2021. | ||
(2) Prior to the issuance of the bonds, the school | ||
board determines, by resolution, that (i) building and | ||
equipping a new school building in the City of Watseka; | ||
altering, repairing, renovating, and equipping portions of | ||
the existing facilities of the district; and making site | ||
improvements is necessary because of the age and condition | ||
of the district's existing school facilities and (ii) the | ||
issuance of bonds is authorized by a statute that exempts | ||
the debt incurred on the bonds from the district's | ||
statutory debt limitation. | ||
(3) The bonds are issued, in one or more issuances, | ||
not later than 5 years after the date of the referendum | ||
approving the issuance of the bonds, but the aggregate | ||
principal amount issued in all such bond issuances | ||
combined must not exceed $17,125,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only the projects approved by the voters at an election | ||
held on or after April 6, 2021. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-180) 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. | ||
Bonds issued under this subsection (p-180) and any bonds | ||
issued to refund or continue to refund such bonds must mature | ||
within not to exceed 25 years from their date, notwithstanding | ||
any other law, including Section 19-3 of this Code, to the | ||
contrary. | ||
(p-185) In addition to all other authority to issue bonds, | ||
Field Community Consolidated School District 3 may issue bonds | ||
with an aggregate principal amount not to exceed $2,600,000, | ||
but only if all of the following conditions are met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at an election held on or after April | ||
6, 2021. | ||
(2) Prior to the issuance of the bonds, the school | ||
board determines, by resolution, that (i) it is necessary | ||
to alter, repair, renovate, and equip the existing | ||
facilities of the district, including, but not limited to, | ||
roof replacement, lighting replacement, electrical | ||
upgrades, restroom repairs, and gym renovations, and make | ||
site improvements because of the age and condition of the | ||
district's existing school facilities and (ii) the | ||
issuance of bonds is authorized by a statute that exempts | ||
the debt incurred on the bonds from the district's | ||
statutory debt limitation. | ||
(3) The bonds are issued, in one or more issuances, |
not later than 5 years after the date of the referendum | ||
approving the issuance of the bonds, but the aggregate | ||
principal amount issued in all such bond issuances | ||
combined must not exceed $2,600,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only the projects approved by the voters at an election | ||
held on or after April 6, 2021. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-185) 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. | ||
Bonds issued under this subsection (p-185) and any bonds | ||
issued to refund or continue to refund such bonds must mature | ||
within not to exceed 25 years from their date, notwithstanding | ||
any other law, including Section 19-3 of this Code, to the | ||
contrary. | ||
(p-190) In addition to all other authority to issue bonds, | ||
Mahomet-Seymour Community Unit School District 3 may issue | ||
bonds with an aggregate principal amount not to exceed | ||
$97,900,000, but only if all the following conditions are met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at an election held on or after June | ||
28, 2022. | ||
(2) Prior to the issuance of the bonds, the school |
board determines, by resolution, that (i) it is necessary | ||
to build and equip a new junior high school building, | ||
build and equip a new transportation building, and build | ||
and equip additions to, renovate, and make site | ||
improvements at the Lincoln Trail Elementary building, | ||
Middletown Prairie Elementary building, and | ||
Mahomet-Seymour High School building and (ii) the issuance | ||
of bonds is authorized by a statute that exempts the debt | ||
incurred on the bonds from the district's statutory debt | ||
limitation. | ||
(3) The bonds are issued, in one or more issuances, | ||
not later than 5 years after the date of the referendum | ||
approving the issuance of the bonds, but the aggregate | ||
principal amount issued in all such bond issuances | ||
combined must not exceed $97,900,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only the projects approved by the voters at an election | ||
held on or after June 28, 2022. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-190) 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. | ||
Bonds issued under this subsection (p-190) and any bonds | ||
issued to refund or continue to refund such bonds must mature |
within not to exceed 25 years from their date, notwithstanding | ||
any other law, including Section 19-3 of this Code, to the | ||
contrary. | ||
(p-195) In addition to all other authority to issue bonds, | ||
New Berlin Community Unit School District 16 may issue bonds | ||
with an aggregate principal amount not to exceed $23,500,000, | ||
but only if all the following conditions are met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at an election held on or after June | ||
28, 2022. | ||
(2) Prior to the issuance of the bonds, the school | ||
board determines, by resolution, that (i) it is necessary | ||
to alter, repair, and equip the junior/senior high school | ||
building, including creating new classroom, gym, and other | ||
instructional spaces, renovating the J.V. Kirby Pretzel | ||
Dome, improving heating, cooling, and ventilation systems, | ||
installing school safety and security improvements, | ||
removing asbestos, and making site improvements, and (ii) | ||
the issuance of bonds is authorized by a statute that | ||
exempts the debt incurred on the bonds from the district's | ||
statutory debt limitation. | ||
(3) The bonds are issued, in one or more issuances, | ||
not later than 5 years after the date of the referendum | ||
approving the issuance of the bonds, but the aggregate | ||
principal amount issued in all such bond issuances | ||
combined must not exceed $23,500,000. |
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only the projects approved by the voters at an election | ||
held on or after June 28, 2022. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-195) 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. | ||
Bonds issued under this subsection (p-195) and any bonds | ||
issued to refund or continue to refund such bonds must mature | ||
within not to exceed 25 years from their date, notwithstanding | ||
any other law, including Section 19-3 of this Code, to the | ||
contrary. | ||
(p-200) In addition to all other authority to issue bonds, | ||
Highland Community Unit School District 5 may issue bonds with | ||
an aggregate principal amount not to exceed $40,000,000, but | ||
only if all the following conditions are met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at an election held on or after June | ||
28, 2022. | ||
(2) Prior to the issuance of the bonds, the school | ||
board determines, by resolution, that (i) it is necessary | ||
to improve the sites of, build, and equip a new primary | ||
school building and build and equip additions to and | ||
alter, repair, and equip existing school buildings and |
(ii) the issuance of bonds is authorized by a statute that | ||
exempts the debt incurred on the bonds from the district's | ||
statutory debt limitation. | ||
(3) The bonds are issued, in one or more issuances, | ||
not later than 5 years after the date of the referendum | ||
approving the issuance of the bonds, but the aggregate | ||
principal amount issued in all such bond issuances | ||
combined must not exceed $40,000,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only the projects approved by the voters at an election | ||
held on or after June 28, 2022. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-200) 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. | ||
Bonds issued under this subsection (p-200) and any bonds | ||
issued to refund or continue to refund such bonds must mature | ||
within not to exceed 25 years from their date, notwithstanding | ||
any other law, including Section 19-3 of this Code, to the | ||
contrary. | ||
(p-205) In addition to all other authority to issue bonds, | ||
Sullivan Community Unit School District 300 may issue bonds | ||
with an aggregate principal amount not to exceed $25,000,000, | ||
but only if all of the following conditions are met: |
(1) The voters of the district approve a proposition | ||
for the bond issuance at an election held on or after June | ||
28, 2022. | ||
(2) Prior to the issuance of the bonds, the school | ||
board determines, by resolution, that (i) the projects set | ||
forth in the proposition for the issuance of the bonds are | ||
required because of the age, condition, or capacity of the | ||
school district's existing school buildings and (ii) the | ||
issuance of bonds is authorized by a statute that exempts | ||
the debt incurred on the bonds from the district's | ||
statutory debt limitation. | ||
(3) The bonds are issued, in one or more issuances, | ||
not later than 5 years after the date of the referendum | ||
approving the issuance of the bonds, but the aggregate | ||
principal amount issued in all such bond issuances | ||
combined must not exceed $25,000,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only the projects approved by the voters at an election | ||
held on or after June 28, 2022. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-205) 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. | ||
Bonds issued under this subsection (p-205) and any bonds |
issued to refund or continue to refund such bonds must mature | ||
within not to exceed 25 years from their date, notwithstanding | ||
any other law, including Section 19-3 of this Code, to the | ||
contrary. | ||
(p-210) In addition to all other authority to issue bonds, | ||
Manhattan School District 114 may issue bonds with an | ||
aggregate principal amount not to exceed $85,000,000, but only | ||
if all the following conditions are met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at an election held on or after June | ||
28, 2022. | ||
(2) 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. | ||
(3) The bonds are issued, in one or more issuances, | ||
not later than 5 years after the date of the referendum | ||
approving the issuances of the bonds, but the aggregate | ||
principal amount issued in all such bond issuances | ||
combined must not exceed $85,000,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only the projects approved by the voters at an election | ||
held on or after June 28, 2022. |
The debt incurred on any bonds issued under this | ||
subsection (p-210) 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. | ||
Bonds issued under this subsection (p-210) and any bonds | ||
issued to refund or continue to refund such bonds must mature | ||
within not to exceed 30 years from their date, notwithstanding | ||
any other law, including Section 19-3 of this Code, to the | ||
contrary. | ||
(p-215) In addition to all other authority to issue bonds, | ||
Golf Elementary School District 67 may issue bonds with an | ||
aggregate principal amount not to exceed $56,000,000, but only | ||
if all of the following conditions are met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at an election held on or after June | ||
28, 2022. | ||
(2) Prior to the issuance of the bonds, the school | ||
board determines, by resolution, that (i) it is necessary | ||
to build and equip a new school building and improve the | ||
site thereof and (ii) the issuance of bonds is authorized | ||
by a statute that exempts the debt incurred on the bonds | ||
from the district's statutory debt limitation. | ||
(3) The bonds are issued, in one or more issuances, | ||
not later than 5 years after the date of the referendum | ||
approving the issuance of the bonds, but the aggregate | ||
principal amount issued in all such bond issuances |
combined must not exceed $56,000,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only the projects approved by the voters at an election | ||
held on or after June 28, 2022. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-215) 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. | ||
Bonds issued under this subsection (p-215) and any bonds | ||
issued to refund or continue to refund such bonds must mature | ||
within not to exceed 25 years from their date, notwithstanding | ||
any other law, including Section 19-3 of this Code, to the | ||
contrary. | ||
(p-220) 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, but only | ||
if all the following conditions are met: | ||
(1) The voters of the district approve a proposition | ||
for the bond issuance at an election held on or after April | ||
4, 2023. | ||
(2) 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. | ||
(3) The bonds are issued, in one or more issuances, | ||
not later than 5 years after the date of the referendum | ||
approving the issuance of the bonds, but the aggregate | ||
principal amount issued in all such bond issuances | ||
combined must not exceed $99,500,000. | ||
(4) The bonds are issued in accordance with this | ||
Article. | ||
(5) The proceeds of the bonds are used to accomplish | ||
only the projects approved by the voters at an election | ||
held on or after April 4, 2023. | ||
The debt incurred on any bonds issued under this | ||
subsection (p-220), 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. | ||
Bonds issued under this subsection (p-220) and any bonds | ||
issued to refund or continue to refund such bonds must mature | ||
within not to exceed 25 years from their date, notwithstanding | ||
any other law, including Section 19-3 of this Code, to the | ||
contrary. | ||
(p-225) Notwithstanding the provisions of any other law to | ||
the contrary, debt incurred on any bonds issued under Section | ||
19-3 of this Code and authorized by an election held on or | ||
after November 5, 2024, 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. |
Bonds issued under Section 19-3 of this Code and authorized by | ||
an election held on or after November 5, 2024, and any bonds | ||
issued to refund or continue to refund such bonds must mature | ||
within 30 years from their date, notwithstanding any other | ||
law, including Section 19-3 of this Code, to the contrary. | ||
(q) A school district must notify the State Board of | ||
Education prior to issuing any form of long-term or short-term | ||
debt that will result in outstanding debt that exceeds 75% of | ||
the debt limit specified in this Section or any other | ||
provision of law. | ||
(Source: P.A. 102-316, eff. 8-6-21; 102-949, eff. 5-27-22; | ||
103-449, eff. 1-1-24 .) | ||
(105 ILCS 5/20-2) (from Ch. 122, par. 20-2) | ||
Sec. 20-2. Indebtedness and bonds. For the purpose of | ||
creating, re-creating, or increasing a working cash fund, the | ||
school board of any such district may incur an indebtedness | ||
and issue bonds as evidence thereof in an amount or amounts not | ||
exceeding in the aggregate 85% of the taxes permitted to be | ||
levied for educational purposes for the then current year to | ||
be determined by multiplying the maximum educational tax rate | ||
or rates applicable to such school district by the last | ||
assessed valuation or assessed valuations as determined at the | ||
time of the issue of said bonds, plus 85% of the last known | ||
entitlement of such district to taxes as by law now or | ||
hereafter enacted or amended, imposed by the General Assembly |
of the State of Illinois to replace revenue lost by units of | ||
local government and school districts as a result of the | ||
abolition of ad valorem personal property taxes, pursuant to | ||
Article IX, Section 5, paragraph (c) of the Constitution of | ||
the State of Illinois, plus 85% of the most recent amount of | ||
funding received by the school district under Section 18-8.15. | ||
The authorized amount of bonds issued pursuant to this Section | ||
may be increased by an amount not to exceed 3% of that | ||
authorized amount to provide for expenses of issuing such | ||
bonds, including underwriter's compensation and costs of bond | ||
insurance or other credit enhancement, and also an amount to | ||
pay capitalized interest as otherwise permitted by law. The | ||
bonds shall bear interest at not more than the maximum rate | ||
authorized by law and shall mature within 20 years from the | ||
date thereof. Subject to the foregoing limitations as to | ||
amount, the bonds may be issued in an amount including | ||
existing indebtedness which will not exceed the constitutional | ||
limitation as to debt, notwithstanding any statutory debt | ||
limitation to the contrary. The school board shall before or | ||
at the time of issuing the bonds provide for the collection of | ||
a direct annual tax upon all the taxable property within the | ||
district sufficient to pay the principal thereof at maturity | ||
and to pay the interest thereon as it falls due, which tax | ||
shall be in addition to the maximum amount of all other taxes, | ||
either educational; transportation; operations and | ||
maintenance; or fire prevention and safety fund taxes, now or |
hereafter authorized and in addition to any limitations upon | ||
the levy of taxes as provided by Sections 17-2 through 17-9. | ||
With respect to instruments for the payment of money | ||
issued under this Section either before, on, or after the | ||
effective date of this amendatory Act of 1989, it is and always | ||
has been the intention of the General Assembly (i) that the | ||
Omnibus Bond Acts are and always have been supplementary | ||
grants of power to issue instruments in accordance with the | ||
Omnibus Bond Acts, regardless of any provision of this Act | ||
that may appear to be or to have been more restrictive than | ||
those Acts, (ii) that the provisions of this Section are not a | ||
limitation on the supplementary authority granted by the | ||
Omnibus Bond Acts, and (iii) that instruments issued under | ||
this Section within the supplementary authority granted by the | ||
Omnibus Bond Acts are not invalid because of any provision of | ||
this Act that may appear to be or to have been more restrictive | ||
than those Acts. | ||
(Source: P.A. 101-416, eff. 8-16-19.) | ||
Article 99. | ||
Section 99-99. Effective date. This Act takes effect July | ||
1, 2024. |