SB2469 Summary

• Amends the Illinois Local Library Act to allow public libraries to issue up to $11,000,000 in bonds without counting them toward statutory debt limits, provided voters approve and the board determines the project is needed.

• Bonds issued under this provision must be sold before November 1, 2020 and are exempt from indebtedness calculations under the Illinois Municipal Code Section 8-5-1.

• Amends the School Code to allow qualified school construction bonds to mature up to 25 years instead of the standard 20-year maximum.

• Adds new subsections (p-115) through (p-125) creating special bonding authority for Bureau Valley, Paxton-Buckley-Loda, and Hillsboro school districts, each with specific principal amount limits ranging from $25 million to $34.5 million and voter-approved project restrictions.

• Requires school districts to notify the State Board of Education before issuing debt that will result in outstanding obligations exceeding 75% of the statutory debt limit.