SCH CD-PAXTON-BUCKLEY-LODA

Amends the School Code with respect to the debt limitations of school districts. Allows Paxton-Buckley-Loda Community Unit School District 10 to issue bonds with an aggregate principal amount not to exceed $28,500,000 if, among other conditions, (i) the voters of the district approve a proposition for the bond issuance at an election held on or after November 8, 2016; (ii) prior to the issuance of the bonds, the school board determines that the projects as described in said proposition, relating to the building and equipping of one or more school buildings or additions to school buildings, are required as a result of the age and condition of the District's existing buildings; and (iii) the bonds are issued, in one or more issuances, not later than 5 years after the date of the referendum approving the issuance of the bonds. Provides that the debt incurred on the bonds and any refunding bonds shall not be considered indebtedness for purposes of any statutory debt limitation and such bonds must mature within not to exceed 25 years from their date. Effective immediately.