HB 3933 Summary

• Amends the School Code Section 19-1 regarding debt limitations for school districts, establishing baseline debt limits of 6.9% for K-8 or 9-12 districts and 13.8% for K-12 districts based on taxable property value.

• Creates multiple exceptions allowing specific school districts to issue bonds exceeding standard debt limits for capital projects including school construction, renovation, and site acquisition, with voter approval and board resolution requirements.

• Authorizes individual school districts (Oswego District 308, Lincoln-Way District 210, Rochester District 3A, Prairie Grove District 46, and others) to issue specified amounts of bonds ranging from $2.3 million to $450 million outside standard debt limitations.

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

• Allows bonds issued for specific purposes (such as those under Sections 19-3.5 and 19-3.10) to not count against statutory debt limitations if issued within specified percentage limits of taxable property value.