HB3500 Summary

• Amends the School Code Section 19-1 to add subsection (p-220) authorizing Joliet Public Schools District 86 to issue bonds up to $99,500,000 for school building improvements.

• Bonds are exempt from statutory debt limitations if voters approve the proposition at an election held on or after April 4, 2023.

• School board must determine by resolution that the projects are required due to the age and condition of existing school buildings.

• Bonds must be issued within 5 years of voter referendum approval and may mature up to 25 years from issuance date.

• Proceeds must be used only for projects approved by voters at the election held on or after April 4, 2023.