IL HB5283

Amends Illinois School Code Section 19-1 to allow the community unit school district created from Milford Community Consolidated School District 280 and Milford Township High School District 233 to issue bonds up to $17,500,000 without counting toward statutory debt limitations.

Bonds may only be issued if voters approve a proposition at an election held on or after November 4, 2014, and the school board determines the bonds are needed due to the age and condition of existing school buildings.

All bonds must be issued by July 1, 2020, with a maturity period not exceeding 25 years.

Debt incurred from these bonds shall not be considered indebtedness for purposes of any statutory debt limitation.

Proceeds from bonds must be used only for projects approved by voters at the election held on or after November 4, 2014.