SB3367 Summary

• Amends the School Code to replace references to the "An Act to limit the indebtedness of counties..." (1928 act) with "the Local Government Debt Limitation Act."

• Authorizes Paxton-Buckley-Loda Community Unit School District 10 to issue bonds up to $28,500,000 for building, equipping, or adding to school buildings if approved by voters at an election on or after November 8, 2016, with bonds to be issued within 5 years of referendum approval.

• Debt incurred on bonds issued by Paxton-Buckley-Loda CUD 10 shall not count against the district's statutory debt limitation and must mature within 25 years.

• Allows refunding or continuing to refund the authorized bonds without counting against debt limitations.

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