HB2155 Summary

• Amends the School Code to authorize Central Community Unit School District 301 to issue bonds with an aggregate principal amount not to exceed $195,000,000.

• Bonds are exempt from statutory debt limitations if conditions are met, including voter approval at an election held on or after April 4, 2023, and school board determination that projects address school capacity needs.

• Bond proceeds must be used only for projects approved by voters, and bonds must mature within not to exceed 25 years from their date of issuance.

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

• Takes effect immediately upon becoming law.