SB2274 Summary

• Amends the School Code to allow Hillsboro Community Unit School District 3 to issue bonds up to $34,500,000 without counting against statutory debt limitations.

• Requires voter approval of bond proposition at an election held on or after March 15, 2016.

• Allows bonds to be used for altering and repairing the high school agricultural/vocational building, demolishing high school main/cafeteria/gym buildings, constructing new school buildings, and improving school sites.

• Bonds must be issued within 5 years of referendum approval and mature within 25 years maximum.

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