HB3159 Summary

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

• Adds subsection (p-105) authorizing North Shore School District 112 to issue bonds up to $150,000,000 for building new facilities and improving/renovating existing buildings if voters approve and bonds are issued within 5 years of referendum approval.

• Adds subsection (p-110) authorizing Sandoval Community Unit School District 501 to issue bonds up to $2,000,000 for constructing a new elementary school building if voters approved the measure on March 20, 2012 and bonds are issued by March 19, 2017.

• Debt incurred on bonds issued under these new provisions shall not be considered indebtedness for purposes of statutory debt limitations.

• Requires school districts to notify the State Board of Education before issuing any long-term or short-term debt that will result in outstanding debt exceeding 75% of the debt limit.