All information contained in the applications will be verified. Should application requests exceed the authority Illinois has been granted, a priority ranking will be calculated for each district based upon the following criteria:
- Referendum and debt capacity, districts are ready to begin their project – shovel ready
- The district has passed a referendum to construct a new school, if a new school is being built, OR
- The district has passed a referendum increasing their debt extension limitation (if required), OR
- The district has the debt capacity to issue the amount requested and the ability to start their project(s)
Note: If QSCB allocation is available after all districts that are ready to begin their projects have been allotted their requests, districts that need to pass a referendum will be prioritized. These districts will have 18 months to pass a referendum and issue the bonds.
- Highest concentration of low income as measured and reported on the latest General State Aid claim
- Lowest available local resources per pupil as reported on the latest General State Aid claim
- Highest percentage of 2013 total tax rate over the median tax rate per type of school district: unit, elementary, high school, partial elementary unit district
- Lowest building capacity per student weighted by age of facilities
- The formula establishes the actual available space per student for the district compared to the yearly published national averages for the square footage per student
- From the ISBE Facility Inventory, the age of the facility will be factored in to help establish conditions of older facilities and the need for more modern amenities (such as energy efficiency, accessibility, upgrade of electrical needs, and security)
As stated above, districts that are shovel ready and capable of issuing the requested debt will be prioritized first. Should more requests be received than authority available, the four individual ranks will be added to determine an overall score, which will be used to determine a priority ranking of all applicants and provide a prioritized list of applicants. In the event of a tie for the final recipient placeholder, the lowest available local resources per pupil will prevail.
If QSCB allocation remains after all shovel ready districts have prioritized and allotted their requested amount, districts that are not shovel ready will be prioritized in the same process as denoted above. These districts will have 18 months to pass necessary referendums and issue their bonds.
School districts will be limited to a maximum request of $50,000,000. If a district does not issue the bonds within 18 months, the authority will revert back to ISBE. If authorization remains after all eligible applicants have received their requested amount or authority is relinquished, another application cycle will be opened.
When the authority is not enough to completely fund the full request of the next district on the list, that district will be contacted and given the option to accept or decline a reduced allocation.