SB0994 Summary

• Amends Section 19-1 of the School Code regarding school district debt limitations to allow specific districts to issue bonds exceeding normal statutory debt limits.

• Authorizes numerous individual Illinois school districts (including Washington District 52, Mahomet-Seymour, Manhattan 114, Golf 67, and others) to issue bonds up to specified aggregate principal amounts for school construction, renovation, and facility improvements.

• Exempts authorized bonds from statutory debt limitation calculations, allowing districts to finance capital projects based on voter-approved referendums without counting against their normal debt caps.

• Requires school districts to notify the State Board of Education before issuing debt that results in outstanding debt exceeding 75% of their debt limit.

• Establishes voter approval requirements, specific eligibility criteria, and timeframes for bond issuance for each authorized district, with most bonds requiring repayment within 25-30 years.