SB2112 Summary

• Amends the School Code to authorize Komarek School District 94 to issue bonds with an aggregate principal amount not exceeding $22,000,000.

• Bonds may only be issued if voters approve the proposition at an election held on or after April 2, 2019, and the school board determines the funds are needed for alterations, repairs, additions, demolition, or site improvements to existing school buildings due to age and condition.

• Debt incurred on bonds issued under this provision shall not be considered indebtedness for purposes of any statutory debt limitation.

• Bonds issued under this provision must mature within 30 years from their date of issuance, notwithstanding any other law.

• The effective date is immediately upon the bill becoming law.