HB4779 Summary

• Amends the School Code to authorize Avoca School District 37 to issue bonds with an aggregate principal amount not exceeding $89,800,000 for school construction and improvement projects.

• Requires voter approval of a proposition at an election held on or after March 19, 2024 before bonds can be issued.

• Requires school board to determine by resolution that projects are needed due to the age and condition of existing school buildings.

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

• Bonds must mature within not more than 25 years from their date of issuance.