HB1002 Summary

• Amends Section 19-1 of the Illinois School Code regarding school district debt limitations and bonding authority.

• Adds new subsection (p-90) allowing Lebanon Community Unit School District 9 to issue bonds up to $7,500,000 for building and equipping a new elementary school building, with voter approval at the February 2, 2010 election.

• Bonds issued under the new provision shall not be considered indebtedness for purposes of statutory debt limitations.

• Requires school districts to notify the State Board of Education before issuing long-term or short-term debt that exceeds 75% of the applicable debt limit.