HB4472 Summary

• Amends the School Code to allow Bureau Valley Community Unit School District 340 to issue bonds up to $25,000,000 without counting toward the district's statutory debt limitation.

• Requires voter approval of a proposition for bond issuance at an election held on or after March 15, 2016 before bonds can be issued.

• Mandates that prior to bond issuance, the school board must determine by resolution that renovating and equipping existing buildings, building new buildings, and demolishing some existing buildings are necessary due to age and condition of current facilities.

• Bonds must be issued in one or more issuances on or before July 1, 2021, and must mature within 30 years from their date.

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