IL SB1290

Amends the Illinois Municipal Code to allow municipalities to pledge repayment of bonds issued by school districts pursuant to subsection (p-130) of Section 19-1 of the School Code as a source for securing redevelopment project obligations.

Adds subsection (p-130) to Section 19-1 of the School Code, authorizing Waltham Community Consolidated School District 185 to incur indebtedness up to $9,500,000 to build and equip a new school building and improve the site, exempt from statutory debt limitations.

Requires Waltham District 185 to enter intergovernmental agreements with the City of LaSalle and Village of Utica to pledge special tax allocation funds from tax increment financing districts to repay the debt, with provisions to extend these TIF districts as necessary.

Modifies Section 19-11 of the School Code to clarify that school bonds may mature "in not more than 20 years from the date thereof or as otherwise authorized by law," allowing flexibility for bonds authorized under specific statutory provisions.

Establishes that debt incurred under the Waltham provision and any refunding bonds shall not count toward the district's statutory debt limitation and must mature within 25 years.