HB4688 Summary

• Amends Section 19-1 of the School Code regarding school district debt limitations by adding five new subsections (p-190 through p-215) that authorize specific school districts to issue bonds exempt from statutory debt limitations.

• Mahomet-Seymour Community Unit School District 3 may issue up to $97,900,000 in bonds for constructing a new junior high school, transportation building, and additions/renovations to elementary and high school buildings, with voter approval on or after June 28, 2022.

• New Berlin, Highland, Sullivan Community Unit, Manhattan School District 114, and Golf Elementary School District 67 receive similar bond authorization for school facility improvements ranging from $23.5 million to $85 million, each requiring voter approval and limiting bond maturity to 25-30 years.

• All bonds issued under these provisions are exempt from the district's statutory debt limitations and may only be used for voter-approved projects related to aging school buildings and facility needs.

• Requires school districts to notify the State Board of Education before issuing long-term or short-term debt that will result in outstanding debt exceeding 75% of the applicable debt limit.