IL SB2371

Amends the School Construction Law to replace the grant entitlement system with a conditional grant award process, where the Capital Development Board issues conditional awards to eligible school districts based on proof of available local match funds.

Redefines key terms including "conditional grant award," "grant award amount," "grant award percentage," "recognized project cost," "required local match," and "required local match percentage" based on each district's Local Capacity Percentage.

Changes the State Board of Education's role to opening application cycles (after June 30, 2021), approving applications, determining required local match percentages, establishing priority order, and notifying applicants of eligibility, rather than issuing grant entitlements.

Removes debt service grant provisions for most districts and eliminates references to "debt service grants" while maintaining limited debt service eligibility for school districts with populations over 500,000 and certain historical districts.

Repeals Sections 5-37, 5-38, 5-45, and 5-57 of the School Construction Law concerning carry-over projects, fiscal year 2002 escalation, and school capital needs assessment; makes conforming changes to the State Finance Act and Local Government Debt Reform Act.