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Illinois Compiled Statutes
Information maintained by the Legislative Reference Bureau Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide. Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.
SCHOOLS (105 ILCS 5/) School Code. 105 ILCS 5/19-11
(105 ILCS 5/19-11) (from Ch. 122, par. 19-11)
Sec. 19-11. Amount of indebtedness - Interest and maturity. Any district which has complied with Section 19-9 and which is
authorized to issue bonds under Sections 19-8, 19-9 and 19-10 shall
adopt a resolution specifying the amount of indebtedness to be funded,
whether for the purpose of paying claims, or for paying teachers' orders,
or for paying liabilities or obligations imposed on any district resulting
from the division of assets as provided by Article 7 of this Act or Article
5 of this Act as it existed prior to July 1, 1952. The resolution shall set
forth the date, denomination, rate of interest and maturities of the bonds,
fix all details with respect to the issue and execution thereof, and
provide for the levy of a tax sufficient to pay both principal and interest
of the bonds as they mature. The bonds shall bear interest at a rate not to
exceed the maximum rate authorized by the Bond Authorization Act, as amended
at the time of the making of the contract, payable annually
or semi-annually,
as the governing
body may determine, and mature in not more than 20 years from the date thereof or as otherwise authorized by law.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in accordance with the
Omnibus Bond Acts, regardless of any provision of this Act that may appear
to be or to have been more restrictive than those Acts, (ii) that the
provisions of this Section are not a limitation on the supplementary
authority granted by the Omnibus Bond Acts, and (iii) that instruments
issued under this Section within the supplementary authority granted
by the Omnibus Bond Acts are not invalid because of any provision of
this Act that may appear to be or to have been more restrictive than
those Acts.
(Source: P.A. 100-531, eff. 9-22-17.)
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105 ILCS 5/19-12
(105 ILCS 5/19-12) (from Ch. 122, par. 19-12)
Sec. 19-12.
Filing copy of resolution-Extension of taxes.
A certified copy of the resolution authorizing the issue of bonds under
Sections 19-8 through 19-11 shall be filed with the county clerk of each
county in which any portion of any such district is situated and the county
clerk shall annually extend taxes against all of the taxable property
situated in the county and contained in such district in amounts sufficient
to pay maturing principal and interest of such bonds without limitation as
to rate or amount and in addition to and in excess of any taxes that may
now or hereafter be authorized to be levied by Sections 12-11 and 12-11.1
or 17-2 through 17-9.
(Source: Laws 1961, p. 31 .)
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105 ILCS 5/19-13
(105 ILCS 5/19-13) (from Ch. 122, par. 19-13)
Sec. 19-13.
Sale
or exchange of bonds.
Any bonds issued under Sections 19-8 to 19-11, inclusive, may be
exchanged par for par for claims or unpaid orders for wages of teachers, or
both, or may be sold and the proceeds received used to pay such claims or
orders.
(Source: Laws 1961, p. 31 .)
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105 ILCS 5/19-14
(105 ILCS 5/19-14) (from Ch. 122, par. 19-14)
Sec. 19-14.
Validity of indebtedness-Validity of bonds.
Purchasers of such bonds shall not be obligated to inquire into the
validity of the indebtedness funded, and bonds issued under sections
19-8 through 19-11 shall be the valid and binding obligations of the
school district, notwithstanding the fact that the bonds, together with
existing indebtedness, either in whole or in part, exceed any statutory
debt limitation in force at the time the bonds are issued.
(Source: Laws 1961, p. 31 .)
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105 ILCS 5/prec. Sec. 19-15
(105 ILCS 5/prec. Sec. 19-15 heading)
REFUNDING BONDS
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105 ILCS 5/19-15
(105 ILCS 5/19-15) (from Ch. 122, par. 19-15)
Sec. 19-15.
Authority to refund bonds.
When a school district has issued bonds or other evidence of
indebtedness for any purposes which are binding and subsisting legal
obligations and remaining outstanding, the school board of the district
may, upon the surrender of the bonds or other evidences of indebtedness,
issue in lieu thereof to the holders or owners thereof or to other persons
for money with which to pay them, new bonds or other evidences of
indebtedness, according to the subsequent provisions of this Article.
For the purposes of Sections 19-15 through 19-26 "school district"
includes any non-high school district.
(Source: Laws 1961, p. 31 .)
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105 ILCS 5/19-16
(105 ILCS 5/19-16) (from Ch. 122, par. 19-16)
Sec. 19-16.
Resolution for issuance.
The corporate authorities of any school district, without submitting the
question to the electors thereof for approval, may authorize by resolution
the issuance of refunding bonds (1) to refund its bonds prior to their
maturity; (2) to refund its unpaid matured bonds; (3) to refund matured
coupons evidencing interest upon its unpaid bonds; (4) to refund interest
at the coupon rate upon its unpaid matured bonds that has accrued since the
maturity of those bonds; (5) to refund its bonds which by their terms are
subject to redemption before maturity; and (6) to refund other valid and
subsisting evidences of indebtedness that are due and payable. The
refunding bonds and the procedure for issuing them shall comply with
Sections 19-5 through 19-7.
(Source: Laws 1961, p. 31 .)
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105 ILCS 5/19-17
(105 ILCS 5/19-17) (from Ch. 122, par. 19-17)
Sec. 19-17.
Registrability - Interest - Time and place of payment.
The refunding bonds may be made registerable as to principal and may
bear interest at a rate not to exceed the maximum rate authorized by the
Bond Authorization Act, as amended at the time of the making of the contract,
if issued
before January
1, 1972 and not to exceed the maximum rate authorized by the Bond Authorization
Act, as amended at the time of the making of the contract,
if issued after
January 1, 1972,
payable at such time and place as may be provided in the bond resolution.
They shall remain valid even though one or more of the officers executing
the bonds ceases to hold his or their offices before the bonds are
delivered.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in accordance with the
Omnibus Bond Acts, regardless of any provision of this Act that may appear
to be or to have been more restrictive than those Acts, (ii) that the
provisions of this Section are not a limitation on the supplementary
authority granted by the Omnibus Bond Acts, and (iii) that instruments
issued under this Section within the supplementary authority granted
by the Omnibus Bond Acts are not invalid because of any provision of
this Act that may appear to be or to have been more restrictive than
those Acts.
(Source: P.A. 86-4.)
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