SB3348 Summary

• Amends Section 19-1 of the School Code to modify debt limitations for Illinois school districts and establish exceptions for specific districts.

• Adds two new school districts (Union Ridge School District 86 and Bethel School District 82) authorized to issue bonds up to $35,000,000 and $3,975,000 respectively, exempting this debt from statutory debt limitations if voter-approved referendums are held on or after March 19, 2024.

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

• Specifies that all new bond authorizations require voter approval at referendums, school board resolution determining project necessity, and bonds must mature within 25-30 years depending on the district.