HB1265 Summary

• Amends Section 19-1 of the School Code to modify debt limitations for school districts issuing bonds under Sections 19-2 through 19-7.

• Requires school districts after January 1, 2018 to comply with the Bond Issue Notification Act Section 21 requirements and obtain voter approval by referendum before issuing bonds under debt limitation exceptions.

• Adds subsection (p-133) creating a specific debt exemption 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.

• Adds subsection (p-140) authorizing Wolf Branch School District 113 to issue up to $17,500,000 in bonds for repairing or replacing buildings damaged by mine subsidence, exempt from statutory debt limitations, with maximum reduced by any state grants received for the same purpose.

• Takes effect upon becoming law.