HB5822 Summary

• Amends the School Code to authorize Alden-Hebron School District 19 to issue bonds with an aggregate principal amount not exceeding $15,930,000, outside normal debt limitations.

• Requires voter approval at an election held on or after November 8, 2022, and school board resolution confirming projects are necessary due to age and condition of existing school buildings.

• Bonds must be issued within 5 years of referendum approval and mature within 25 years from issuance date, notwithstanding other state law.

• Debt incurred on these bonds shall not be considered indebtedness for purposes of any statutory debt limitation.

• Takes effect immediately upon becoming law.