SB3297 Summary

• Amends Section 19-1 of the School Code to establish debt limitations for school districts maintaining different grade configurations (K-8, 9-12, K-12, and partial elementary unit districts).

• Sets standard debt limitation at 6.9% of taxable property value for K-8 and 9-12 districts, and 13.8% for K-12 districts.

• Allows additional indebtedness up to 15% of taxable property value when enrollment increases by at least 35% or 200 students and regional/state superintendents approve the need for new facilities.

• Provides multiple exceptions and higher debt limits for specific school districts (Oswego, Lincoln-Way, Rochester, Prairie Grove, Prairie Hill, Mascoutah, Wilmington, West Washington County, Cahokia, Ridgeland, and Hall High School District) with voter-approved bond proposals.

• Requires school districts to notify the State Board of Education before issuing debt that exceeds 75% of their applicable debt limit.