IL HB5572

School districts cannot refinance debt beyond the original repayment period when the debt was issued.

School districts cannot issue debt with a repayment period exceeding 20 years.

School districts cannot become indebted in an aggregate amount exceeding 13.8% of taxable property value for unit districts or 6.9% for elementary or high school districts, calculated using either the last assessment or the district's 2017 equalized assessed value, whichever is greater.

School districts exceeding the debt limitation cannot incur new debt until their aggregate debt falls below the limitation, except for debt authorized by a referendum passed before this Act's effective date.

The Act does not authorize school districts to issue additional debt beyond what is otherwise authorized by law.