IL SB3113

Amends Section 11E-105 of the Illinois School Code regarding asset, liability, and bonded indebtedness treatment when new school districts are created

Allows school boards to issue general obligation refunding bonds to refund existing bonded indebtedness of districts organized into a new district, with county clerks required to extend taxes against the original district boundaries

Refunding bonds must comply with three restrictions: net interest rate cannot exceed the refunded bonds' rate, final maturity cannot extend beyond the refunded bonds' maturity, and annual tax levy cannot exceed what would have been required for the refunded bonds

Provisions for refunding bonds apply to districts created pursuant to a referendum held in November 2008 and become inoperative after June 30, 2016

Specifies procedures for asset and liability division when unit districts are converted to high school-unit, unit to dual, or multi-unit conversions, allowing stipulated agreements between school boards subject to regional superintendent approval