SB 3367 — SCH CD-PAXTON-BUCKLEY-LODA

*SRS09900021NLB20022b* SB3367 99THEngrossed GENERALSRS099 ASSEMBLY00021 StateNLB of20022 Illinoisb andAN 2016ACT SB3367concerning Introducededucation. 2/19/2016, by Sen.

Jason A.

Barickman SYNOPSIS AS INTRODUCED:

ILCS 5/19-1 Amends the School Code with respect to the debt limitations of school districts.

Allows Paxton-Buckley-Loda Community Unit School District 10 to issue bonds with an aggregate principal amount not to exceed $28,500,000 if, among other conditions, (i) the voters of the district approve a proposition for the bond issuance at an election held on or after November 8, 2016;

(ii) prior to the issuance of the bonds, the school board determines that the projects as described in said proposition, relating to the building and equipping of one or more school buildings or additions to District's existing buildings;

and (iii) the bonds are issued, in one orhe more issuances, not later than 5 years after the date of the referendum approving the issuance of the bonds.

Provides that the debt incurred on the bonds and any refunding bonds shall not be considered indebtedness for purposes of any statutory debt limitation and such bonds must mature within not to exceed 25 years from their date.

Effective immediately.

SRS099 00021 NLB 20022 b A BILL FOR SB3367 SRS099 00021 NLB 20022 b AN ACT concerning education.

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 SB3367 Engrossed - 2 - SRS099 00021 NLB 20022 b indebtedness.

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 SB3367 Engrossed - 3 - SRS099 00021 NLB 20022 b 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.

(1) Whenever the enrollment of students for the next SB3367 Engrossed - 4 - SRS099 00021 NLB 20022 b 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;

or SB3367 Engrossed - 5 - SRS099 00021 NLB 20022 b (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;

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 SB3367 Engrossed - 6 - SRS099 00021 NLB 20022 b 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.

(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 SB3367 Engrossed - 7 - SRS099 00021 NLB 20022 b subsection (d), causes the aggregate indebtedness of the district to exceed the debt limitation otherwise applicable to that district under subsection (a):

SB3367 Engrossed - 8 - SRS099 00021 NLB 20022 b (e) (Blank).

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 SB3367 Engrossed - 9 - SRS099 00021 NLB 20022 b 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.

SB3367 Engrossed - 10 - SRS099 00021 NLB 20022 b (iii) The sale of the bonds occurs before July 1, 1997.

(i) Notwithstanding any other provisions of this Section or the provisions of any other law, until January 1, 1998, a SB3367 Engrossed - 11 - SRS099 00021 NLB 20022 b 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 SB3367 Engrossed - 12 - SRS099 00021 NLB 20022 b and a best 3 months average daily attendance for the 1995-96 school year of at least 2,800;

(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 SB3367 Engrossed - 13 - SRS099 00021 NLB 20022 b aggregate indebtedness of the district already exceeds the debt limitation otherwise applicable to that school district under subsection (a):

SB3367 Engrossed - 14 - SRS099 00021 NLB 20022 b (i) the district has an equalized assessed valuation for calendar year 1996 of less than $10,000,000;

(iii) The bonds are issued for the construction of a new elementary school building to replace an existing SB3367 Engrossed - 15 - SRS099 00021 NLB 20022 b 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;

(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 SB3367 Engrossed - 16 - SRS099 00021 NLB 20022 b application pursuant to Section 5-20 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 SB3367 Engrossed - 17 - SRS099 00021 NLB 20022 b subsection (n) are met.

and SB3367 Engrossed - 18 - SRS099 00021 NLB 20022 b (v) 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 SB3367 Engrossed - 19 - SRS099 00021 NLB 20022 b 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:

(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 SB3367 Engrossed - 20 - SRS099 00021 NLB 20022 b 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:

(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 SB3367 Engrossed - 21 - SRS099 00021 NLB 20022 b met:

(v) The proceeds of the bonds are used only to accomplish those projects approved by the voters at the SB3367 Engrossed - 22 - SRS099 00021 NLB 20022 b general election held on November 7, 2006.

SB3367 Engrossed - 23 - SRS099 00021 NLB 20022 b (iv) The bonds are issued in accordance with this Article 19.

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 SB3367 Engrossed - 24 - SRS099 00021 NLB 20022 b statutory debt limitation.

(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 SB3367 Engrossed - 25 - SRS099 00021 NLB 20022 b of the existing school buildings.

(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 SB3367 Engrossed - 26 - SRS099 00021 NLB 20022 b repairing and equipping of the Prairie Hill Elementary School building is required because of the age of that school building.

(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 SB3367 Engrossed - 27 - SRS099 00021 NLB 20022 b 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.

SB3367 Engrossed - 28 - SRS099 00021 NLB 20022 b (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.

(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 SB3367 Engrossed - 29 - SRS099 00021 NLB 20022 b must not exceed $47,500,000.

(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 SB3367 Engrossed - 30 - SRS099 00021 NLB 20022 b limitation.

(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 SB3367 Engrossed - 31 - SRS099 00021 NLB 20022 b school building;