SCH CD-BONDS-SCHOOL SITE, BLDG

Amends the School Code. Authorizes Martinsville Community Unit School District 3C to issue bonds in not to exceed the amount of $4,000,000 for the purpose of paying the cost of acquiring and improving a school site and building and equipping a new school building on the site to replace all or a portion of a school building closed by the regional superintendent of schools because of flood damage. Allows the replacement building to be larger than the size of and offer more functions than the school building being replaced. Provides that the bonds may be issued without referendum, shall mature not more than 30 years from the date of issuance, and shall not be considered indebtedness for purposes of any statutory limitation if the bonds are issued in an amount or amounts, including existing indebtedness of the school district, not in excess of 18.5% of the value of the taxable property in the district to be ascertained by the last assessment for State and county taxes. Effective immediately.