SCH CD-DEBT LIMIT-NORTH SHORE

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, North Shore School District 112 may issue bonds with an aggregate principal amount not to exceed $150,000,000 if certain conditions are met, including (1) that the voters of the district approve a proposition for the bond issuance at an election held on or after March 15, 2016 and (2) that, prior to the issuance of the bonds, the school board determines, by resolution, that the building and equipping of new buildings and improving the sites thereof and the building and equipping of additions to, altering, repairing, equipping, and renovating existing buildings and improving the sites thereof are required as a result of the age and condition of the district's existing buildings. Provides that the debt incurred on the bonds and on any bonds issued to refund or continue to refund such bonds shall not be considered indebtedness for purposes of any statutory debt limitation and that the bonds and any bonds issued to refund or continue to refund such bonds must mature within not to exceed 30 years from their date, notwithstanding any other law to the contrary.