Sen. Ira I. Silverstein
Filed: 5/22/2017
 
 

 

 

 
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1
AMENDMENT TO HOUSE BILL 760 




2    AMENDMENT NO. ______. Amend House Bill 760 on page 46, 
3immediately below line 23, by inserting the following:


4    "(p-135) In addition to all other authority to issue bonds, 
5Brookfield LaGrange Park School District Number 95 may issue 
6bonds with an aggregate principal amount not to exceed 
7$20,000,000, but only if all the following conditions are met:
8        (1) The voters of the district approve a proposition 
9    for the bond issuance at an election held on or after April 
10    4, 2017.
11        (2) Prior to the issuance of the bonds, the school 
12    board determines, by resolution, that (i) the additions and 
13    renovations to the Brook Park Elementary and S. E. Gross 
14    Middle School buildings are required to accommodate 
15    enrollment growth, replace outdated facilities, and create 
16    spaces consistent with 21st century learning and (ii) the 
17    issuance of the bonds is authorized by a statute that 
18    exempts the debt incurred on the bonds from the district's 
 
 
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1    statutory debt limitation.
2        (3) The bonds are issued, in one or more issuances, not 
3    later than 5 years after the date of the referendum 
4    approving the issuance of the bonds, but the aggregate 
5    principal amount issued in all such bond issuances combined 
6    must not exceed $20,000,000.
7        (4) The bonds are issued in accordance with this 
8    Article.
9        (5) The proceeds of the bonds are used to accomplish 
10    only those projects approved by the voters at an election 
11    held on or after April 4, 2017.
12    The debt incurred on any bonds issued under this subsection 
13(p-135) and on any bonds issued to refund or continue to refund 
14such bonds shall not be considered indebtedness for purposes of 
15any statutory debt limitation.".