Sec. 21. Bond issues of school districts; hearings; disclosure.

308 words·~1 min read·/il/chapter-30/act-352/21

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)After January 1, 2018, before issuing bonds under Sections 19-2 through 19-7 of the School Code, a school district relying on an exception to the debt limitations in Section 19-1 of the School Code shall hold a hearing as required under this Act. In addition to any other publication or posting requirements, the school district shall post notice of the hearing on its website at least 10 days before the hearing.

(b)In addition to the information set forth in Section 15 of this Act, the notice required by this Section shall include the following information:

(1)a description of the project for which the bonds will be issued;

(2)an estimate of the number of years during which the bonds will be outstanding;

(3)an estimate of the total debt service to be paid on the bonds, including principal,

interest, and costs of issuing the bonds; and

(4)an estimate of the average annual property tax needed to pay the principal of and

interest on the bonds extendable against property containing a single family residence and having a fair market value of $100,000.

The notice shall state that the actual number of years during which the bonds will be outstanding, the actual total debt service to be paid on the bonds, and the actual average annual property tax to pay the principal of and interest on the bonds extendable against property containing a single family residence and having a fair market value of $100,000 are subject to change based on many factors, including market conditions at the time the bonds are sold. Any differences between the information set forth in the notice and the actual results at the time the bonds are sold shall not invalidate the hearing or the results of the referendum for the bonds.