SCH CD-DEBT LIMIT EXCEPTION

Amends the School Code. In a Section concerning the debt limitations of school districts, provides that, in addition to all other authority to issue bonds, Sandoval Community Unit School District 501 may issue bonds with an aggregate principal amount not to exceed $2,000,000 if certain conditions are met, including (i) that the voters of the district approved a proposition for the bond issuance at an election held on March 20, 2012 and (ii) that, prior to the issuance of the bonds, the school board determines, by resolution, that the building and equipping of a new school building is required because of the age and current condition of the Sandoval Elementary School building. Provides that the debt incurred on the bonds shall not be considered indebtedness for purposes of any statutory debt limitation. Effective immediately.