HB 4582 Summary

• Increases General Obligation Bond authorization from $79.4 billion to $81.8 billion for capital projects across state facilities, universities, correctional facilities, and environmental conservation.

• Increases Build Illinois Bond authorization from $10.0 billion to $11.4 billion for public infrastructure, economic development, and community improvement projects.

• Increases Illinois Housing Development Authority bond authority from $7.2 billion to $11.5 billion for affordable housing and related programs.

• Allows school districts to issue bonds during fiscal year 2025 with unequal principal amortization amounts and permits new pre-kindergarten/kindergarten classroom construction without referendum approval beginning September 1, 2024.

• Extends bond maturity periods for certain school districts and establishes new debt limit exemptions for specific school districts to issue bonds for facility improvements without counting against statutory debt limitations.