HB4779 - SCH CD-DEBT LIMIT EXCEPTION

1 Co-Sponsor

Amends the School Code. In a Section concerning the debt limitations of school districts, provides that, in addition to all other authority to issue bonds, Avoca School District 37 may issue bonds with an aggregate principal amount not to exceed $89,800,000 if specified conditions are met, including (i) that the voters of the school district approve a proposition for the bond issuance at an election held on or after March 19, 2024 and (ii) that, 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 district's existing school buildings. Provides that the debt incurred on the bonds shall not be considered indebtedness for purposes of any statutory debt limitation and must mature within not to exceed 25 years from their date, notwithstanding any other law to the contrary. Effective immediately.