|
|
||||
| Public Act 094-0952 |
||||
| ||||
| ||||
AN ACT concerning education.
| ||||
Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly:
| ||||
Section 5. The School Code is amended by changing Section | ||||
19-1 as follows:
| ||||
(105 ILCS 5/19-1) (from Ch. 122, par. 19-1)
| ||||
(Text of Section before amendment by P.A. 94-234)
| ||||
Sec. 19-1. Debt limitations of school districts.
| ||||
(a) School districts shall not be subject to the provisions | ||||
limiting their
indebtedness prescribed in "An Act to limit the | ||||
indebtedness of counties having
a population of less than | ||||
500,000 and townships, school districts and other
municipal | ||||
corporations having a population of less than 300,000", | ||||
approved
February 15, 1928, as amended.
| ||||
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.
| ||
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).
| ||
(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 | ||
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) 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 (5) of | ||
this subsection (e) may, without referendum,
incur an | ||
additional indebtedness in an amount not to exceed the lesser | ||
of
$5,000,000 or 1.5% of the value of the taxable property | ||
within the district
even though the amount of the additional | ||
indebtedness authorized by this
subsection (e), when incurred | ||
and added to the aggregate amount of indebtedness
of the | ||
district existing immediately prior to the district incurring | ||
that
additional indebtedness, causes the aggregate | ||
indebtedness of the district to
exceed or increases the amount | ||
by which the aggregate indebtedness of the
district already | ||
exceeds the debt limitation otherwise applicable to that
| ||
district under subsection (a):
| ||
(1) The State Board of Education certifies the school | ||
district under
Section 19-1.5 as a financially distressed | ||
district.
| ||
(2) The additional indebtedness authorized by this | ||
subsection (e) is
incurred by the financially distressed | ||
district during the school year or
school years in which | ||
the certification of the district as a financially
| ||
distressed district continues in effect through the | ||
issuance of bonds for the
lawful school purposes of the | ||
district, pursuant to resolution of the school
board and | ||
without referendum, as provided in paragraph (5) of this | ||
subsection.
| ||
(3) The aggregate amount of bonds issued by the | ||
financially distressed
district during a fiscal year in | ||
which it is authorized to issue bonds under
this subsection | ||
does not exceed the amount by which the aggregate | ||
expenditures
of the district for operational purposes | ||
during the immediately preceding
fiscal year exceeds the | ||
amount appropriated for the operational
purposes of the | ||
district in the annual school budget adopted by the school
| ||
board of the district for the fiscal year in which the | ||
bonds are issued.
| ||
(4) Throughout each fiscal year in which certification | ||
of the district as
a financially distressed district | ||
continues in effect, the district maintains
in effect a | ||
gross salary expense and gross wage expense freeze policy | ||
under
which the district expenditures for total employee | ||
salaries and wages do not
exceed such expenditures for the | ||
immediately preceding fiscal year. Nothing in
this | ||
paragraph, however, shall be deemed to impair or to require | ||
impairment of
the contractual obligations, including | ||
collective bargaining agreements, of the
district or to | ||
impair or require the impairment of the vested rights of | ||
any
employee of the district under the terms of any | ||
contract or agreement in effect
on the effective date of | ||
this amendatory Act of 1994.
| ||
(5) Bonds issued by the financially distressed | ||
district under this
subsection 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 | ||
40 years from their date of issue, and shall be signed by | ||
the president
of the school board and treasurer of the | ||
school district. In order to issue
bonds under this | ||
subsection, the school board shall adopt a resolution | ||
fixing
the amount of the bonds, the
date of the bonds, the | ||
maturities of the bonds, the rates of interest of the
| ||
bonds, and their place of payment and denomination, and | ||
shall provide
for the levy and collection of a direct | ||
annual tax upon all the taxable
property in the district | ||
sufficient to pay the principal and interest on the
bonds | ||
to maturity. Upon the filing in the office of the county | ||
clerk of the
county in which the financially
distressed | ||
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 at | ||
any time authorized to be levied by the district.
If bond | ||
proceeds from the sale of bonds include a premium or if the | ||
proceeds of
the bonds are invested as authorized by law, | ||
the school board shall determine
by resolution whether the | ||
interest earned on the investment of bond proceeds or
the | ||
premium realized on the sale of the bonds is to be used for | ||
any of the
lawful school purposes for which the bonds were | ||
issued or for the payment of
the principal indebtedness and | ||
interest on the bonds. The proceeds of the bond
sale shall | ||
be deposited in the educational purposes fund of the | ||
district and
shall be used to pay operational expenses of | ||
the district. This subsection is
cumulative and | ||
constitutes complete authority for the issuance of bonds as
| ||
provided in this subsection, notwithstanding any other law | ||
to the contrary.
| ||
(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 the effective | ||
date of this amendatory Act of 1998.
| ||
(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 handicapped 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.
| ||
(Source: P.A. 93-13, eff. 6-9-03; 93-799, eff. 7-22-04; | ||
93-1045, eff. 10-15-04; 94-721, eff. 1-6-06.)
| ||
(Text of Section after amendment by P.A. 94-234)
| ||
Sec. 19-1. Debt limitations of school districts.
| ||
(a) School districts shall not be subject to the provisions | ||
limiting their
indebtedness prescribed in "An Act to limit the | ||
indebtedness of counties having
a population of less than | ||
500,000 and townships, school districts and other
municipal | ||
corporations having a population of less than 300,000", | ||
approved
February 15, 1928, as amended.
| ||
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.
| ||
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).
| ||
(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 | ||
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 the effective | ||
date of this amendatory Act of 1998.
| ||
(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 handicapped 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.
| ||
(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. 93-13, eff. 6-9-03; 93-799, eff. 7-22-04; | ||
93-1045, eff. 10-15-04; 94-234, eff. 7-1-06; 94-721, eff. | ||
1-6-06.)
| ||
Section 95. No acceleration or delay. Where this Act makes | ||
changes in a statute that is represented in this Act by text | ||
that is not yet or no longer in effect (for example, a Section | ||
represented by multiple versions), the use of that text does | ||
not accelerate or delay the taking effect of (i) the changes | ||
made by this Act or (ii) provisions derived from any other | ||
Public Act. | ||
Section 99. Effective date. This Act takes effect upon | ||
becoming law. | ||