IL HB0760

After January 1, 2018, school districts relying on debt limitation exceptions to issue bonds under Sections 19-2 through 19-7 of the School Code must hold a public hearing and post notice on their website at least 10 days before the hearing.

Bond hearing notices must include: project description, estimated years bonds will be outstanding, estimated total debt service (principal, interest, and issuance costs), and estimated average annual property tax on a $100,000 single-family home.

Notice must state that actual debt service costs and property tax amounts are subject to change based on market conditions, and any differences from estimates do not invalidate the hearing or referendum results.

School districts must comply with Section 21 of the Bond Issue Notification Act and obtain voter approval by referendum before issuing bonds that exceed debt limitations.

Adds specific bonding authority for East Prairie School District 73 to issue up to $47,353,147 in bonds approved at the November 8, 2016 election, exempt from statutory debt limitations and maturing within 25 years.