IL HB4679

Amends the Illinois Local Library Act to create a new Section 5-2.5 establishing that bonds issued under Section 5-2 shall not be considered indebtedness for purposes of state law, including the Illinois Municipal Code debt limitations.

Allows library bonds to be issued regardless of indebtedness limitations if approved by voters at a regularly scheduled election and authorized by ordinance or resolution from both the board of trustees and corporate authorities.

Caps aggregate principal amount of bonds at $11,000,000 that can be issued under this exemption.

Requires all bonds to be issued prior to November 1, 2020.

Takes effect immediately upon enactment.