HB3259 Summary: School Code - State Aid Formula

• Modifies the state aid formula for school districts by changing the threshold for general State aid eligibility from 1.75 times to 2.00 times the Foundation Level for Available Local Resources per pupil

• Updates supplemental general State aid calculation for the 2013-2014 school year and beyond, using a formula of $3,000 multiplied by the square of the Low Income Concentration Level

• Increases the debt service extension base for school districts by adding an amount equal to 25% of the district's debt service extension base for bonds issued for school security purposes without referendum

• Authorizes school districts to issue bonds for school security purposes without voter referendum, provided outstanding principal does not exceed 2% of taxable property value

• Modifies working capital fund provisions to allow school districts to borrow in anticipation of State aid under Article 18 of the School Code, in addition to property tax revenues