(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) (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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(105 ILCS 5/19-18) (from Ch. 122, par. 19-18)
Sec. 19-18.
Details prescribed-Levy and collection of tax.
The resolution authorizing refunding bonds shall prescribe all details
thereof and shall provide for the levy and collection of a direct annual
tax upon all the taxable property within the school district sufficient to
pay the principal thereof and interest thereon as it matures. The tax shall
be levied and collected in like manner as the general taxes for the school
district and shall not be included within any limitation of rate for
general purposes as now or hereafter provided by law but shall be excluded
therefrom and be in addition thereto and in excess thereof.
A certified copy of the bond resolution shall be filed with the county
clerk of the county in which the school district or any portion thereof is
situated, and shall constitute the authority for the extension and
collection of refunding bond and interest taxes as required by the
constitution.
(Source: Laws 1961, p. 31.)
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(105 ILCS 5/19-19) (from Ch. 122, par. 19-19)
Sec. 19-19.
Sale
or exchange-Use of proceeds-Cancellation.
The refunding bonds may be exchanged for the bonds to be refunded on the
basis of dollar for dollar for the par value of the bonds, interest
coupons, and interest not represented by coupons, if any, or they may be
sold at not less than their par value and accrued interest. The proceeds
received from their sale shall be used to pay the bonds, interest coupons,
and interest not represented by coupons, if any, without any prior
appropriation therefor under any budget law.
Bonds and interest coupons which have been received in exchange or paid
shall be cancelled and the obligation for interest, not represented by
coupons, which has been discharged, shall be evidenced by a written
acknowledgment of the exchange or payment thereof.
(Source: Laws 1961, p. 31.)
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(105 ILCS 5/19-20) (from Ch. 122, par. 19-20)
Sec. 19-20. Execution-Maturity-Callable.
The refunding bonds shall be of such form and denomination, payable at
such place, bear such date, and be executed by such officials as may be
provided by the corporate authorities of the school district in the bond
resolution. They shall mature within not to exceed 20 years from their
date, and may be made callable on any interest payment date at par and
accrued interest after notice has been given at the time and in the manner
provided in the bond resolution; however, the limitation shall be 25 years for bonds issued by Valley View Community Unit School District 365U that refund (i) bonds authorized under Section 19-3 of this Code or (ii) bonds refunding or continuing to refund bonds authorized under Section 19-3 of this Code.
(Source: P.A. 96-1546, eff. 3-10-11.)
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(105 ILCS 5/19-21) (from Ch. 122, par. 19-21)
Sec. 19-21.
Redemption of bonds.
If there is no default in payment of the principal of or interest upon
the refunding bonds, and a sum of money equal to the amount of interest
that will accrue on the refunding bonds and a sum of money equal to the
amount of principal that will become due thereon within the next 6 months
period has been set aside, the treasurer of the school district shall use
the money available from the proceeds of taxes levied for the payment of
the refunding bonds in calling them for payment, if, by their terms, they
are subject to redemption. However, a school district may provide in the
bond resolution that whenever the school district is not in default in
payment of the principal of or interest upon the refunding bonds and has
set aside the sums of money provided in this section for interest accruing
and principal maturing within the next 6 months period, the money available
from the proceeds of taxes levied for the payment of refunding bonds shall
be used, first, in the purchase of the refunding bonds at the lowest price
obtainable, but not to exceed their par value and accrued interest, after
sealed tenders for their purchase have been advertised for as may be
directed by the corporate authorities thereof.
Refunding bonds called for payment and paid or purchased under this
section shall be marked paid and cancelled.
(Source: Laws 1963, p. 3062.)
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(105 ILCS 5/19-22) (from Ch. 122, par. 19-22)
Sec. 19-22.
Reduction of tax levy-Bonds purchased and cancelled.
Whenever refunding bonds are purchased and cancelled as provided in
Section 19-21, the taxes thereafter to be extended for payment of the
principal of and the interest on the remainder of the issue shall be
reduced in an amount equal to the principal of and the interest that would
have thereafter accrued upon the refunding bonds so cancelled. A resolution
shall be adopted by the corporate authorities of the school district
finding these facts. A certified copy of this resolution shall be filed
with the county clerk specified in Section 19-18, whereupon he shall
reduce and extend such tax levies in accordance therewith.
(Source: Laws 1961, p. 31 .)
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(105 ILCS 5/19-23) (from Ch. 122, par. 19-23)
Sec. 19-23.
Reduction of tax for payment of bonds refunded-Use of tax receipts.
Whenever refunding bonds are issued, proper reduction of taxes
theretofore levied for the payment of the bonds refunded and next to be
extended for collection shall be made by the county clerk upon receipt of a
certificate signed by the treasurer of the school district, or by the
president and clerk or other corresponding officers of the school district,
showing the bonds refunded and the tax to be abated.
Money which becomes available from taxes that were levied for prior
years for payment of bonds or interest coupons that were paid or refunded
before those taxes were collected, after payment of all warrants that may
have been issued in anticipation of these taxes, shall be placed in the
sinking fund account provided in Section 19-24. It shall be used to
purchase, call for payment, or to pay at maturity refunding bonds and
interest thereon as herein provided.
(Source: Laws 1961, p. 31 .)
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(105 ILCS 5/19-24) (from Ch. 122, par. 19-24)
Sec. 19-24.
Proceeds of taxes-Special fund-Use-Investment.
Money received from the proceeds of taxes levied for payment of the
principal of and interest upon refunding bonds shall be deposited in a
special fund of the school district, designated as the "Refunding Bond and
Interest Sinking Fund Account of ....". This fund shall be applied to the
purchase or payment of refunding bonds and the interest thereon as provided
in Sections 19-16 through 19-26.
If the money in this fund is not immediately necessary for the payment
of refunding bonds or if refunding bonds can not be purchased before
maturity, then, under the direction of the corporate authorities of the
school district, the money may be invested by the treasurer of the school
district in bonds or other interest bearing obligations of the United
States or in bonds of the State of Illinois.
The maturity date of the securities in which this money is invested
shall be prior to the due date of any issue of refunding bonds of the
investing school district. The corporate authorities may sell these
securities whenever necessary to obtain cash to meet bond and interest
payments.
(Source: Laws 1961, p. 31 .)
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(105 ILCS 5/19-25) (from Ch. 122, par. 19-25)
Sec. 19-25.
Information to owners of bonds-Refunding agreements.
The corporate authorities of a school district may take any action that
may be necessary to inform the owners of unpaid bonds regarding the
financial condition of the school district, the necessity of refunding its
unpaid bonds and readjusting the maturities thereof in order that
sufficient taxes may be collected to take care of these bonds, and thus
re-establish the credit of the school district. The corporate authorities
may enter into any agreement required to prepare and carry out any
refunding plan and, without any previous appropriation therefor under any
budget law, may incur and pay expenditures that may be necessary in order
to accomplish the refunding of the bonds of the school district.
(Source: Laws 1961, p. 31.)
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(105 ILCS 5/19-26) (from Ch. 122, par. 19-26)
Sec. 19-26.
Construction and application of provisions.
Sections 19-16 through 19-25 apply to any school district, regardless
of the population of said school district and of the law under which it is
organized and operating, and constitute complete authority for issuing
refunding bonds as therein provided without reference to other laws. Those
sections shall be construed as conferring powers in addition to, but not as
limiting powers granted under, other laws or other provisions of this Act.
(Source: Laws 1961, p. 31.)
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(105 ILCS 5/prec. Sec. 19-27 heading)
REFUNDING SURPLUS AFTER BONDS PAID
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(105 ILCS 5/19-27) (from Ch. 122, par. 19-27)
Sec. 19-27.
Payment to treasurer.
Whenever all the bonds of any school district have been paid and
cancelled upon the records of the school treasurer and there remains in the
hands of the county collector or any ex-county collector, the county
treasurer, or ex-county treasurer, any balance to the credit of the bond
fund of the school township, the county collector or ex-county collector,
county treasurer or ex-county treasurer shall pay to the school treasurer
the balance of such funds in his hands and the school treasurer shall give
his receipt therefor.
(Source: Laws 1961, p. 31.)
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(105 ILCS 5/19-28) (from Ch. 122, par. 19-28)
Sec. 19-28.
Distribution and apportionment.
At the first regular semi-annual meeting of the trustees of the township
after the receipt of the funds mentioned in Section 19-27, they shall
distribute and apportion the funds among the districts or fractions of
districts of the township whose treasurer is the township treasurer,
and among the school boards or board of incorporated
cities, towns or school districts in such township having
a treasurer other than the township treasurer, in proportion to the number of children
under 21 years of age in each. The funds thus apportioned shall be placed
on the books of the treasurer to the credit of the respective districts and
the same shall be paid out by the treasurer on the legal orders of the
school boards of the proper districts, except such part of the fund as may
be payable to the boards of education of incorporated cities, towns
or school districts having a treasurer other than the township
treasurer, which portion of the
fund shall be paid by the township treasurer to the treasurer of the board
of education.
(Source: P.A. 86-1441 .)
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(105 ILCS 5/19-29) (from Ch. 122, par. 19-29)
Sec. 19-29.
Computation of debt incurring power.
In computing the debt incurring power of any school district where
there has been included in any such school district only a part of any
former school district which at the time of such inclusion has
outstanding bonded indebtedness, a proportionate amount of such bonded
indebtedness shall be chargeable to such school district based upon the
ratio that the assessed valuation of taxable property as equalized and
determined by the Department of Revenue in that
part of the territory of such former school district that has been
included in any such school district bears to the total assessed
valuation of the former school district as equalized and determined by
the Department of Revenue for
the year in which
the change occurred, and the proportionate amount of such bonded
indebtedness shall be chargeable against such school district in
determining its debt incurring power.
(Source: P.A. 81-1509.)
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(105 ILCS 5/19-30) (from Ch. 122, par. 19-30)
Sec. 19-30.
Any school district which, pursuant to Section 10-22.31b of this Act, has
entered into a joint agreement with one or more school districts to
acquire, build, establish and maintain sites and buildings for area
vocational purposes may by proper resolution borrow money for the purpose
of acquiring sites and buildings and building, equipping, improving and
remodeling buildings and sites for vocational education purposes and as
evidence of such indebtedness issue bonds without referendum, provided that
the project which is the subject of such joint agreement has been
designated by the State Board of Vocational Education and Rehabilitation as
an Area Secondary Vocational Center, and further provided (a) that such
district has been authorized by referendum to impose the tax
under Section 17-2.4 of this Act, or (b) that such district, not having
been so authorized by such referendum, by resolution has authorized the
payment of its proportionate share of the cost of the area vocational center
under such
agreement from funds raised by building tax levies. The proceeds of the
sale of such bonds may, in the discretion of the school board of the
district issuing such bonds, be transferred to the Capital Development Board,
any other school district which is a party to such joint
agreement or the State or any of its agencies provided, however, that such
board first determines that such transfer is necessary in order to
accomplish the purposes for which such bonds are issued. The amount of the
bonds issued by any such participating school district shall not exceed the
district's estimated proportionate share of the cost of the area vocational
center as budgeted under such agreement and as certified by the State Board
of Vocational Education and Rehabilitation, and provided that (a) any such
participating district which has been authorized by referendum to impose
the tax under Section
17-2.4 of this Act, shall thereafter
reduce the maximum statutory amount which may be raised by such levy under
Section 17-2.4 to the extent of the total amount to be yielded by the
imposition of the tax authorized by this Section, and (b) any such
participating district, not having been so authorized by
such referendum, but having by
resolution authorized the payment of its proportionate share of the cost of
the area vocational center under such joint agreement from funds raised by
building tax levies, shall thereafter, annually reduce the maximum
statutory amount which may be raised by such building tax levies to the
extent of the amount to be yielded annually by the imposition of the tax
authorized by this Section. Such bonds shall bear interest at a rate of not
to exceed the maximum rate authorized by the Bond Authorization Act, as amended
at the time of the making of the contract, and shall
mature within 20 years from date.
The failure on the part of a school district to abate or reduce such
taxes as described in (a) and (b) shall not constitute a forfeiture by the
district of its right to levy the direct annual tax authorized by this
Section.
In order to authorize and issue such bonds, the school board shall adopt
a resolution fixing the amount of the bonds, the date thereof, maturities
thereof, rates of interest thereof, place of payment and denomination,
which shall be in denominations of not less than $100 and not more than
$5,000 and provide for the levy and collection of a direct annual tax upon
all the taxable property in the school district sufficient to pay the
principal of and interest on such bonds to maturity. Upon the filing in the
office of the County Clerk or Clerks of the County or Counties in which the
school district is located of a certified copy of such resolution it shall
be the duty of such County Clerk or Clerks to extend the tax therefor, in
addition to and in excess of all other taxes heretofore or hereafter
authorized to be levied by such school district.
This Section shall be cumulative and it shall constitute complete
authority for site acquisitions and building programs and for the issuance
of bonds as provided for hereunder, notwithstanding any other statute or
law to the contrary.
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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(105 ILCS 5/19-31) (from Ch. 122, par. 19-31)
Sec. 19-31.
Any school district which, pursuant to Section 10-22.31b
of this Act, or under the provisions of the "Intergovernmental
Cooperation Act", has entered into a joint agreement or contract with
one or more school districts to acquire, build, establish and maintain
sites and buildings for the education of one or more of the types of children
with disabilities as defined in Sections 14-1.02
through 14-1.07 of this
Act, may by proper resolution of the board borrow money for the purpose
of acquiring sites and buildings and building, equipping, improving and
remodeling buildings and sites for such special education purposes, and
as evidence of such indebtedness issue bonds, provided that the project
which is the subject of such joint agreement has been approved by the
State Board of Education. The proceeds of the sale of such bonds may,
in the discretion of the school board of the district issuing such
bonds, be transferred to the Capital Development Board, any other school
district which is a party to such joint agreement, or the State or any
of its agencies provided, however, that such board first determines that
such transfer is necessary in order to accomplish the purposes for which
such bonds are issued. The amount of the bonds issued by any such
participating school district shall not exceed the district's estimated
proportionate share of the cost of such special education purposes as
budgeted under such joint agreement or contract, and shall be amortized
over a period not exceeding the number of years of levy remaining
available to such participating school district under Section 17-2.2a of
this Act, and provided further that any such participating district
shall thereafter reduce the maximum statutory amount which may be raised
by the tax levy authorized under Section 17-2.2a of this Act to the
extent of the total amount to be yielded by the imposition of the tax
authorized by this Section. The failure on the part of a school
district to abate or reduce such taxes shall not however constitute a
forfeiture by the district of its right to levy the direct annual tax
authorized by this Section.
Such bonds shall bear interest at a rate of not to exceed the maximum
rate authorized by the Bond Authorization Act, as amended at the time of
the making of the contract, and shall mature within 8 years from the date
of issuance. In
order to authorize and issue such bonds, the school board shall adopt a
resolution fixing the amount of the bonds, the date thereof, maturities
thereof, rates of interest thereof, place of payment and denomination,
which shall be in denominations of not less than $100 and not more than
$5,000 and provide for the levy and collection of a direct annual tax
upon all the taxable property in the school district sufficient to pay
the principal of and interest on such bonds to maturity, but not to
exceed the levy authorized under Section 17-2.2a. Upon the filing in
the office of the County Clerk or Clerks of the County or Counties in
which the school district is located of a certified copy of such
resolution it shall be the duty of such County Clerk or Clerks to extend
the tax therefor, in addition to and in excess of all other taxes
heretofore or hereafter authorized to be levied by such school district.
This Section shall be cumulative and it shall constitute complete
authority for site acquisitions and building programs and for the
issuance of bonds as provided for hereunder, notwithstanding any other
statute or law to the contrary.
Notwithstanding the other provisions of this Section, any school district
qualifying for a special education construction grant pursuant to the Capital
Development Board Act may finance the construction project by levying the
tax authorized by Section 17-2.2a and issuing bonds in the manner provided
for in this Section 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, with a maturity
date not more than 20 years from the date of issuance.
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. 89-397, eff. 8-20-95.)
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(105 ILCS 5/Art. 19a heading) ARTICLE 19a.
REVENUE BONDS FOR EXHIBITION FACILITIES
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(105 ILCS 5/19a-1) (from Ch. 122, par. 19a-1)
Sec. 19a-1.
In this Article, "exhibition facility" means a building or
stadium constructed to be used primarily for athletic spectator sports and
not facilities built primarily for physical education instruction.
(Source: Laws 1967, p. 2778.)
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(105 ILCS 5/19a-2) (from Ch. 122, par. 19a-2)
Sec. 19a-2.
Revenue bonds for exhibition facilities.
Any school board is
authorized to:
a. Acquire by purchase, construct, enlarge, improve, equip, complete,
operate, control and manage an exhibition facility.
b. Charge for the use of such a facility.
c. Hold in its treasury all funds derived from the operation of the
facility and apply them toward the retirement of any revenue bonds issued
in connection with the facility.
d. Enter into contracts touching in any manner any matter within the
objects and purposes of this Article.
e. Pledge the revenues raised from such a facility for the payment of
any bonds issued to pay for the facility as provided in this Article.
f. Borrow money and issue and sell bonds at such price as the school
board may determine to finance and to refund or refinance any and all bonds
issued and sold by the board pursuant to this Article. No bonds issued
under this Article, however, may bear interest in excess of the maximum
rate authorized by the Bond Authorization Act, as amended at the time of
the making of the contract,
computed to the maturity of the bonds.
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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(105 ILCS 5/19a-3) (from Ch. 122, par. 19a-3)
Sec. 19a-3.
Whenever bonds are issued pursuant to this Article, the school
board must establish charges or fees for the use of the exhibition facility
to pay the principal and interest on the bonds.
(Source: Laws 1967, p. 2778.)
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(105 ILCS 5/19a-4) (from Ch. 122, par. 19a-4)
Sec. 19a-4.
If the school board determines subsequent to the original
issue of bonds under this Article that the income from the facility is
insufficient to pay the principal and interest on those bonds, the
board, after submitting the question to referendum in accordance with
the general election law, may pay the deficit
by issuing general obligation bonds in the manner prescribed by Article
19 of this Act.
(Source: P.A. 81-1489.)
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(105 ILCS 5/19a-5) (from Ch. 122, par. 19a-5)
Sec. 19a-5.
Members of a school board issuing bonds pursuant to this
Article incur no personal liability thereby.
(Source: Laws 1967, p. 2778.)
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(105 ILCS 5/Art. 19b heading) ARTICLE 19b.
SCHOOL ENERGY CONSERVATION AND SAVING MEASURES
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