SB2647 Summary

• Amends School Code Section 19-1 to modify debt limitations for school districts, adding several new subsections (p-45 through p-60) that allow specific school districts to issue bonds exempt from statutory debt limitations upon voter approval and meeting specified conditions.

• Allows Oswego Community Unit School District 308 to issue up to $450,000,000 in bonds (by November 7, 2011) for construction projects approved by voters at the November 7, 2006 election, with debt exempted from statutory limitations.

• Allows Lincoln-Way Community High School District 210 to issue up to $225,000,000 in bonds (by March 21, 2011) and allows Rochester Community Unit School District 3A, Prairie Grove Consolidated School District 46, Prairie Hill Community Consolidated School District 133, and Mascoutah Community Unit District 19 to issue specified amounts of bonds for school construction projects with exemptions from debt limitations.

• Modifies School Construction Law to clarify that school districts organized prior to 1860 and located in cities incorporated prior to 1840 may use construction grants to pay debt service and lease payments to public building commissions, and establishes that Type 40 area vocational centers applying after August 25, 2009 must be placed last on priority listings.

• Requires school districts to notify the State Board of Education before issuing debt that would result in outstanding debt exceeding 75% of applicable debt limits.