Bill Text: IL HB4582 | 2023-2024 | 103rd General Assembly | Chaptered

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Bill Title: Amends the State Finance Act. Provides that, if and when the State of Illinois incurs any bonded indebtedness using the general obligation bond authorizations for capital projects enacted in the amendatory Act (and in other Acts), moneys in the Capital Projects Fund shall be set aside and used for the purpose of paying and discharging annually the principal and interest on that (and other) bonded indebtedness. Provides that, upon each delivery of general obligation bonds for capital projects using bond authorizations enacted in the amendatory Act (and other Acts), the 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. Amends the General Obligation Bond Act. Increases the State's total general obligation bond authorization from $79,440,839,969 to $81,789,839,969. Increases the amount of bond funds that may be used for various purposes. Specifies that bonds issued under the Act during fiscal year 2025 may be issued with principal or mandatory redemption amounts in unequal amounts. Amends the Build Illinois Bond Act. Increases the bond authorization under the Act from $10,019,681,100 to $10,758,681,100. Authorizes the use of bond proceeds for fostering the advancement of quantum information science and technology. Increases the amount of bond proceeds that may be used for various purposes under the Act. Specifies that bonds issued under the Act during fiscal year 2025 may be issued with principal or mandatory redemption amounts in unequal amounts. Amends the Illinois Housing Development Act. Increases the maximum bond authorization from $7,200,000,000 to $11,500,000,000. Amends the Local Government Debt Reform Act. Provides that certain bonds issued by school districts shall become due within 30 years (currently, 25 years) after they are issued. Provides that the county clerk shall accept certificates abating property taxes levied for the payment of principal and interest on general obligation bonds electronically. Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that extensions made for the payment of principal and interest on certain school construction bonds are not included in the district's aggregate extension. Amends the School Code. Provides that, 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. Provides that certain bonds issued by school districts 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 and must mature within 30 years from their date. Makes other changes concerning the issuance of bonds. Effective July 1, 2024.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2024-06-07 - Public Act . . . . . . . . . 103-0591 [HB4582 Detail]

Download: Illinois-2023-HB4582-Chaptered.html

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Public Act 103-0591
HB4582 Enrolled LRB103 35517 HLH 65589 b
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:
Fiscal Year Amount
1986 $15,000,000
1987 $25,000,000
1988 $40,000,000
1989 $54,000,000
1990 $85,400,000
1991 $133,600,000
1992 $164,400,000

1993 $188,900,000
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.