(105 ILCS 5/34-19) (from Ch. 122, par. 34-19) Sec. 34-19. By-laws, rules and regulations; business transacted at
regular meetings; voting; records. The board shall, subject to the limitations
in this Article, establish by-laws, rules and regulations, which shall have the
force of ordinances, for the proper maintenance of a uniform system of
discipline for both employees and pupils, and for the entire management of the
schools, and may fix the school age of pupils, the minimum of which in
kindergartens shall not be under 4 years, except that, based upon an assessment of the child's readiness, children who have attended a non-public preschool and continued their education at that school through kindergarten, were taught in kindergarten by an appropriately certified teacher, and will attain the age of 6 years on or before December 31 of the year of the 2009-2010 school term and each school term thereafter may attend first grade upon commencement of such term, and in grade schools shall not be
under 6 years. It may expel, suspend or, subject to the limitations of all
policies established or adopted under Section 10-22.6 or 14-8.05, otherwise discipline any
pupil found guilty of gross disobedience, misconduct, or other violation of the
by-laws, rules, and regulations, including gross disobedience or misconduct perpetuated by electronic means. An expelled pupil may be immediately transferred to an alternative program in the manner provided in Article 13A or 13B of this Code. A pupil must not be denied transfer because of the expulsion, except in cases in which such transfer is deemed to cause a threat to the safety of students or staff in the alternative program. A pupil who is suspended in excess of 20 school days may be immediately transferred to an alternative program in the manner provided in Article 13A or 13B of this Code. A pupil must not be denied transfer because of the suspension, except in cases in which such transfer is deemed to cause a threat to the safety of students or staff in the alternative program. The bylaws, rules and regulations of the board
shall be enacted, money shall be appropriated or expended, salaries shall be
fixed or changed, and textbooks, electronic textbooks, and courses of instruction shall be adopted or
changed only at the regular meetings of the board and by a vote of a
majority of the full membership of the board; provided that
notwithstanding any other provision of this Article or the School Code,
neither the board or any local school council may purchase any textbook for use in any public school of the
district from any textbook publisher that fails to furnish any computer
diskettes as required under Section 28-21. Funds appropriated for textbook purchases must be available for electronic textbook purchases and the technological equipment necessary to gain access to and use electronic textbooks at the local school council's discretion. The board shall be further
encouraged to provide opportunities for public hearing and testimony before
the adoption of bylaws, rules and regulations. Upon all propositions
requiring for their adoption at least a majority of all the members of the
board the yeas and nays shall be taken and reported. The by-laws, rules and
regulations of the board shall not be repealed, amended or added to, except
by a vote of 2/3 of the full membership of the board. The board shall keep
a record of all its proceedings. Such records and all
by-laws, rules and regulations, or parts thereof, may be proved by a copy
thereof certified to be such by the secretary of the board, but if they are
printed in book or pamphlet form which are purported to be published by
authority of the board they need not be otherwise published and the book or
pamphlet shall be received as evidence, without further proof, of the
records, by-laws, rules and regulations, or any part thereof, as of the
dates thereof as shown in such book or pamphlet, in all courts and places
where judicial proceedings are had. Notwithstanding any other provision in this Article or in the School
Code, the board may delegate to the general superintendent or to the
attorney the authorities granted to the board in the School Code, provided
such delegation and appropriate oversight procedures are made pursuant to
board by-laws, rules and regulations, adopted as herein provided, except that
the board may not delegate its authorities and responsibilities regarding (1)
budget approval obligations; (2) rule-making functions; (3) desegregation
obligations; (4) real estate acquisition, sale or lease in excess of 10 years
as provided in Section 34-21; (5) the levy of taxes; or (6) any mandates
imposed upon the board by "An Act in relation to school reform in cities over
500,000, amending Acts herein named", approved December 12, 1988 (P.A.
85-1418).(Source: P.A. 99-456, eff. 9-15-16.) |
(105 ILCS 5/34-21) (from Ch. 122, par. 34-21)
Sec. 34-21.
Rentals and leases - Sale of real estate - Engagement of
real estate broker - Indirect and participating ownership interest -
Conveyance, payment and disclosure.
(a) The board may:
(1) enter into leases as lessee of buildings, rooms |
| and grounds for the use of schools or for the purpose of school administration; or
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(2) enter into leases as lessor of property held by a
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| city in trust for the use and benefit of schools for a term of not longer than 99 years from the date of the granting of the lease, but it shall not make or renew any lease for a term longer than 10 years nor alter the provisions of any lease whose unexpired term may exceed 10 years without the vote of 2/3 of the full membership of the board. The board may, in the case of such a lease, receive consideration in whole or in part in the form of an ownership interest in the entity leasing the property from the board, or in its assignee, or a participating interest in the revenues, profits or gains from the development, use, sublease or assignment of such property or interest therein; provided, however, that the board shall not make any further contribution to the capital of such entity. Furthermore, there shall be no diminution thereafter in the value of the board's interest in the entity or participating interest as a result of any subsequent capital contributions by any entity or other capital changes.
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(b) The board may sell real estate, or interest therein, held by a city
in trust for the use and benefit of the schools subject to the provisions
of this Section and approval by the board ordered by a vote of not less
than 2/3 of its full membership, if the board determines (i) that such real
estate has become unnecessary, unsuitable or inconvenient for the use of
schools or for the purpose of school administration, (ii) that
such real estate has become inappropriate or
unprofitable for the purpose of deriving revenue to support the board's
authorized purposes, or (iii) that, in the reasonable judgment of the
board, a sale would constitute the best available use or disposition of
such real estate for the purpose of deriving revenue to support the board's
authorized purposes.
(1) Any sale of such real estate having a fair market
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| value of $25,000 or more shall be made in accordance with the following procedures:
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(A) Notice of intended sale shall be published
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| once each week for 3 consecutive weeks in a daily or weekly newspaper published in the city.
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(B) The first such notice shall be published not
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| less than 30 days before the day provided for the opening of bids with respect to the intended sale.
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(C) The notice shall contain pertinent
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| information on the real estate available for sale, including the location of the real estate, a description of the property, the purpose for which it is used, any other terms for the sale of the real estate as determined by the board, and the dates on which bids will be opened, and on which bids will be considered, and the notice shall advertise for bids for such real estate. The notice may contain a minimum sale price.
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(D) The board may:
(i) accept the highest responsible bid
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| determined to be in the best interest of the board; or
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(ii) reject any and all bids; or
(iii) if there is more than one responsible
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| bid, negotiate separately with the 2 highest and best among such responsible bids and, upon tentative agreement with one or both bidders, one or both of such bids may be submitted to the board for acceptance of one or rejection of both. Such negotiations may not result in a diminution of the terms of the sale of the real estate and must result in an agreement which is, in the reasonable judgment of the board, equal to or higher in value than the highest responsible bid.
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The board may receive consideration for the sale of
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| such real estate, in whole or in part, in the form of an ownership interest in the entity acquiring title to the property by such sale, or in its assignee, or a participating interest in the revenues, profits or gains from the development, use, sale, lease or assignment of such property or interest therein; provided, however, that the board shall not make any further contribution to the capital of such entity. The present value of the ownership or participating interest to be received by the board shall, in the reasonable judgement of the board, be at least as great as the value of the highest responsible cash bid for such property or the agreed cash price and terms of sale negotiated pursuant to this subsection, if any, whichever is higher. Furthermore, there shall be no diminution thereafter in the value of the board's interest in the entity or its participating interest in the property as a result of any subsequent capital contributions by any entity or other capital changes.
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(2) Any sale of such real estate having a fair market
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| value of less than $25,000 may be negotiated and shall not require notice or competitive bids.
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(3) Any sale of such real estate having a fair market
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| value of more than $25,000 which has been continuously leased by the same entity and used as a school attendance center for at least 10 years may be negotiated and shall not require notice or competitive bids.
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(c) The board may engage the services of a licensed real estate broker
at a fair and reasonable commission in any case involving the sale or lease
of real estate when by resolution the board determines such services to
be in the best interest of the board; provided, however, that the commission
to be paid may not exceed in the case of sale 7% of the sale price, and in
the case of lease 7% of the first year's rent and 2% of the base rent of
each lease year thereafter not to exceed 4 years. The above stated maximum
ceilings on commissions may be raised by not less than a 3/4 vote of the
board's full membership. Payment of the commission shall be contingent
upon conveyance in accordance with the provisions of this Section and within
a reasonable period of time thereafter as determined by the board at the
time of the engagement of the real estate broker.
(d) (1) Conveyance of real estate held in trust by the city for the use
and benefit of schools shall be by action of the city council in its capacity
as trustee upon notice by the board pursuant to resolution that a sale of
real estate, or interest therein, has been made in accordance with the
provisions of this Section.
(2) Payment in consideration of a transfer of real estate, or interest
therein, may be accepted by the board in cash, a combination of cash and
securities or in another form described in subsections (a) or
(b) of this Section. In any case where an instrument is accepted as part
payment, the debt shall be adequately secured by mortgage, trust deed, or if by
contract by retention of title, on the property transferred and any such
security interest shall not be released until the debt is fully paid. Payments
made after the date of sale shall include interest on the outstanding balance
computed from the date of sale to the date of payment at rates to be determined
by the board.
(3) The board may not consummate any transaction involving the transfer
of real estate, or interest therein, provided for in this Section in which
there may be an undisclosed principal. Any conveyance of title or other
interest in real estate in violation hereof shall be void and any consideration
received by the board prior to the discovery of such violation shall be
retained as liquidated damages.
(Source: P.A. 87-1168.)
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(105 ILCS 5/34-21.1) (from Ch. 122, par. 34-21.1)
Sec. 34-21.1. Additional powers. In addition to other powers and
authority now possessed by it, the board shall have power:
(1) To lease from any public building commission |
| created pursuant to the provisions of the Public Building Commission Act, approved July 5, 1955, as heretofore or hereafter amended or from any individuals, partnerships or corporations, any real or personal property for the purpose of securing space for its school purposes or office or other space for its administrative functions for a period of time not exceeding 40 years.
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(2) To pay for the use of this leased property in
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| accordance with the terms of the lease and with the provisions of the Public Building Commission Act, approved July 5, 1955, as heretofore or hereafter amended.
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(3) Such lease may be entered into without making a
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| previous appropriation for the expense thereby incurred; provided, however, that if the board undertakes to pay all or any part of the costs of operating and maintaining the property of a public building commission as authorized in subparagraph (4) of this Section, such expenses of operation and maintenance shall be included in the annual budget of such board annually during the term of such undertaking.
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(4) In addition, the board may undertake, either in
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| the lease with a public building commission or by separate agreement or contract with a public building commission, to pay all or any part of the costs of maintaining and operating the property of a public building commission for any period of time not exceeding 40 years.
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(5) To enter into agreements, including lease and
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| lease purchase agreements having a term not longer than 40 years from the date on which such agreements are entered into, with private sector individuals, partnerships, or corporations for the construction of school buildings, school administrative offices, site development, and school support facilities. The board shall maintain exclusive possession of all schools, school administrative offices, and school facilities which it is occupying or acquiring pursuant to any such lease or lease purchase agreement, and in addition shall have and exercise complete control over the education program conducted at such schools, offices and facilities. The board's contribution under any such agreement shall be limited to the use of the real estate and existing improvements on a rental basis which shall be exempt from any form of leasehold tax or assessment, but the interests of the board may be subordinated to the interests of a mortgage holder or holders acquired as security for additional improvements made on the property.
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(6) To make payments on a lease or lease purchase
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| agreement entered into pursuant to subparagraph (5) of this Section with an individual, partnership, or a corporation for school buildings, school administrative offices, and school support facilities constructed by such individual, partnership, or corporation.
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(7) To purchase the interests of an individual,
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| partnership, or corporation pursuant to any lease or lease purchase agreement entered into by the board pursuant to subparagraph (5) of this Section, and to assume or retire any outstanding debt or obligation relating to such lease or lease purchase agreement for any school building, school administrative office, or school support facility.
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(8) Subject to the provisions of subparagraph (9) of
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| this Section, to enter into agreements, including lease and lease purchase agreements, having a term not longer than 40 years from the date on which such agreements are entered into for the provision of school buildings and related property and facilities for an agricultural science school. The enrollment in such school shall be limited to 720 students, and no less than 50% of the total number of enrollment positions in each incoming class must be reserved for students who live within proximity to the school. "Proximity to the school" means all areas within the existing city limits of Chicago located south of 87th Street (8700 South) and west of Wood Street (1800 West). In addition to the other authorizations in this paragraph (8), a maximum of 80 additional students may be enrolled in the agricultural science school's significantly modified curriculum for diverse learners, commonly known as the special education cluster program. Under such agreements the board shall have exclusive possession of all such school buildings and related property and facilities which it is occupying or acquiring pursuant to any such agreements, and in addition shall have and exercise complete control over the educational program conducted at such school. Under such agreements the board also may lease to another party to such agreement real estate and existing improvements which are appropriate and available for use as part of the necessary school buildings and related property and facilities for an agricultural science school. Any interest created by such a lease shall be exempt from any form of leasehold tax or assessment, and the interests of the board as owner or lessor of property covered by such a lease may be subordinated to the interests of a mortgage holder or holders acquired as security for additional improvements made on the property. In addition, but subject to the provisions of subparagraph (9) of this Section, the board is authorized: (i) to pay for the use of school buildings and related property and facilities for an agricultural science school as provided for in an agreement entered into pursuant to this subparagraph (8) and to enter into any such agreement without making a previous appropriation for the expense thereby incurred; and (ii) to enter into agreements to purchase any ownership interests in any school buildings and related property and facilities subject to any agreement entered into by the board pursuant to this subparagraph (8) and to assume or retire any outstanding debt or obligation relating to such school buildings and related property and facilities.
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(9) Notwithstanding the provisions of subparagraph
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| (8) of this Section or any other law, the board shall not at any time on or after the effective date of this amendatory Act of 1991 enter into any new lease or lease purchase agreement, or amend or modify any existing lease, lease purchase or other agreement entered into pursuant to subparagraph (8), covering all or any part of the property or facilities, consisting of 78.85 acres more or less, heretofore purchased or otherwise acquired by the board for an agricultural science school; nor shall the board enter into any agreement on or after the effective date of this amendatory Act of 1991 to sell, lease, transfer or otherwise convey all or any part of the property so purchased or acquired, nor any of the school buildings or related facilities thereon, but the same shall be held, used, occupied and maintained by the board solely for the purpose of conducting and operating an agricultural science school. The board shall not, on or after the effective date of this amendatory Act of 1991, enter into any contracts or agreements for the construction, alteration or modification of any new or existing school buildings or related facilities or structural improvements on any part of the 78.85 acres purchased or otherwise acquired by the board for agricultural science school purposes, excepting only those contracts or agreements that are entered into by the board for the construction, alteration or modification of such school buildings, related facilities or structural improvements that on the effective date of this amendatory Act of 1991 are either located upon, under construction upon or scheduled under existing plans and specifications to be constructed upon a parcel of land, consisting of 17.45 acres more or less and measuring approximately 880 feet along its northerly and southerly boundaries and 864 feet along its easterly and westerly boundaries, located in the northeast part of the 78.85 acres. Nothing in this subparagraph (9) shall be deemed or construed to alter, modify, impair or otherwise affect the terms and provisions of, nor the rights and obligations of the parties under any agreement or contract made and entered into by the board prior to the effective date of this amendatory Act (i) for the acquisition, lease or lease purchase of, or for the construction, alteration or modification of any school buildings, related facilities or structural improvements upon all or any part of the 78.85 acres purchased or acquired by the board for agricultural science school purposes, or (ii) for the lease by the board of an irregularly shaped parcel, consisting of 23.19 acres more or less, of that 78.85 acres for park board purposes.
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(Source: P.A. 100-399, eff. 1-1-18.)
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(105 ILCS 5/34-21.3) (from Ch. 122, par. 34-21.3)
Sec. 34-21.3. Contracts. The board shall by record vote let all
contracts (other than those excepted
by Section 10-20.21 of this Code) for supplies, materials,
or work and contracts with private carriers for transportation
of pupils involving an expenditure in excess of $35,000 or a lower amount as required by board policy by competitive
bidding as provided in Section 10-20.21 of this Code.
The board may delegate to the general superintendent of schools, by
resolution, the authority to approve contracts in amounts of $35,000 or
less.
For a period of one year from and after the expiration or other termination
of his or her term of office as a member of the board: (i) the former board
member shall not be eligible for employment nor be employed by the board, a
local school council, an attendance center, or any other
subdivision or agent of the board or the school district governed by the board,
and (ii) neither the board nor the chief purchasing officer shall let or
delegate
authority to let any contract for
services, employment, or other work to the former board member or to any
corporation,
partnership, association, sole proprietorship, or other entity other than
publicly traded companies from which the
former board member receives an annual income, dividends, or other compensation
in excess of $1,500. Any contract that is entered into by or under a
delegation of authority from the board or the chief purchasing officer shall
contain a
provision stating that
the contract is not legally binding on the board if entered into in violation
of the provisions of this paragraph.
In addition, the State Board of Education, in consultation with the board,
shall (i) review existing conflict of interest and disclosure laws or
regulations that are applicable to the executive officers and governing boards
of school districts organized under this Article and school districts
generally, (ii) determine what additional disclosure and conflict of interest
provisions would enhance the reputation and fiscal integrity of the board and
the procedure under which contracts for goods and services are let, and (iii)
develop appropriate reporting forms and procedures applicable to the executive
officers, governing board, and other officials of the school district.
(Source: P.A. 103-8, eff. 1-1-24.)
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(105 ILCS 5/34-21.6) (from Ch. 122, par. 34-21.6)
Sec. 34-21.6. Waiver of fees and fines. (a) The board shall waive all fees and any fines for the loss of school property assessed by the district
on children whose parents are unable to afford them, including but not limited
to: (1) children living in households that meet the free |
| lunch or breakfast eligibility guidelines established by the federal government pursuant to Section 1758 of the federal Richard B. Russell National School Lunch Act (42 U.S.C. 1758; 7 CFR 245 et seq.) and students whose parents are veterans or active duty military personnel with income at or below 200% of the federal poverty level, subject to verification as set forth in subsection (b) of this Section; and
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(2) homeless children and youths as defined in
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| Section 11434a of the federal McKinney-Vento Homeless Assistance Act (42 U.S.C. 11434a).
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Notice of waiver availability shall be given to parents or guardians with every bill for fees or fines. The board shall develop written
policies and procedures implementing this Section in accordance with
regulations promulgated by the State Board of Education.
(b) If the board participates in a federally funded, school-based child nutrition program and uses a student's application for, eligibility for, or participation in the federally funded, school-based child nutrition program (42 U.S.C. 1758; 7 245 et seq.) as the basis for waiving fees assessed by the district, then the board must follow the verification requirements of the federally funded, school-based child nutrition program (42 U.S.C. 1758; 7 CFR 245.6a).
If the board establishes a process for the determination of eligibility for waiver of all fees assessed by the district that is completely independent of the criteria listed in subsection (b), the board may provide for waiver verification no more often than once every academic year. Information obtained during the independent waiver verification process indicating that the student does not meet free lunch or breakfast eligibility guidelines may be used to deny the waiver of the student's fees or fines for the loss of school property, provided that any information obtained through this independent process for determining or verifying eligibility for fee waivers shall not be used to determine or verify eligibility for any federally funded, school-based child nutrition program.
This subsection shall not preclude children from obtaining waivers at any point during the academic year.
(Source: P.A. 102-805, eff. 1-1-23; 102-1032, eff. 5-27-22; 103-154, eff. 6-30-23.)
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(105 ILCS 5/34-22.1) (from Ch. 122, par. 34-22.1)
Sec. 34-22.1.
Issuance of bonds.
For the purpose of erecting, purchasing, or otherwise acquiring
buildings suitable for school houses, erecting temporary school
structures, erecting additions to, repairing, rehabilitating and
replacing existing school buildings and temporary school structures, and
furnishing and equipping school buildings and temporary school
structures, and purchasing or otherwise acquiring and improving sites
for such purposes, the board, with the consent of the city council
expressed by ordinance, may incur an indebtedness and issue bonds
therefor in an amount or amounts not to exceed in the aggregate
$50,000,000. Provided, however, that not more than 25% of the aggregate
amount of said bonds shall be issued in any calendar year. The bonds
shall bear interest at the rate of not more than the maximum rate authorized
by the Bond Authorization Act, as amended at the time of the making of the
contract, and shall
mature within not to exceed 20 years from their date, and may be made
callable on any interest payment date at par and accrued interest, after
notice has been given, at the time and in the manner provided in the
bond resolution.
These bonds shall not be issued until the question of authorizing
such bonds has been submitted to the electors of the city constituting
said school district at a regular scheduled election in
accordance with the general election law and
approved by a majority of the electors voting upon that question.
The board shall adopt a resolution providing for submitting said
question at such an election and certify the resolution and the proposition
to the proper election authorities. In addition
to the requirements of the general election law the notice of the referendum
shall contain the amount of the bond
issue, maximum rate of interest and purpose for which issued.
This notice shall be published in accordance with the general election
law.
The proposition shall be in substantially the following form:
-------------------------------------------------------------- Shall bonds in the amount of$..... be issued by the board ofeducation of the City of.... forthe purpose of erecting, purchasing,or otherwise acquiring buildings YESsuitable for school houses, erectingtemporary school structures,erecting additions to, repairing,rehabilitating and replacing existing --------------------school buildings and temporaryschool structures, and furnishing andequipping school buildings andtemporary school structures, and NOpurchasing or otherwise acquiring andimproving sites for such purposes,bearing interest at the rate of notto exceed the maximum rate authorizedby the Bond Authorization Act, as amendedat the time of the making of the contract?--------------------------------------------------------------
Whenever the board desires to issue bonds as herein authorized, it
shall adopt a resolution designating the purpose for which the proceeds
of the bonds are to be expended and fixing the amount of the bonds
proposed to be issued, the maturity thereof, and optional provisions, if
any, the rate of interest thereon, and the amount of taxes to be levied
annually for the purpose of paying the interest upon and the principal
of such bonds.
Said bonds shall be issued in the corporate name of the school
district. They shall be signed by the president and secretary of said
board and countersigned by the mayor and the comptroller (or city clerk
if there be no comptroller) of the city. They shall be sold upon such
terms as may be approved by the board by the city comptroller (or city
clerk if there be no comptroller) after advertisement for bids as
ordered by and under the direction of the board, and the proceeds
thereof shall be received by the city treasurer, as school treasurer,
and expended by the board for the purposes provided in the bond
resolution.
Before or at the time of issuing any bonds herein authorized, the
city council of such city, upon the demand and under the direction of
the board shall, by ordinance, provide for the levy and collection of a
direct annual tax upon all the taxable property of such school district
sufficient to pay and discharge the principal thereof at maturity and to
pay the interest thereon as it falls due. Such tax shall be levied and
collected in like manner with the other taxes of such school district
and shall be in addition to and exclusive of the maximum of all other
taxes which such board or such city council is now, or may hereafter be,
authorized by law to levy for any and all school purposes. Upon the
filing in the office of the county clerk of the county wherein such
school district is located of a duly certified copy of any such
ordinance, it shall be the duty of such county clerk to extend the tax
therein provided for, including an amount to cover loss and cost of
collecting said taxes and also deferred collections thereof and
abatements in the amounts of such taxes as extended upon the collector's
books.
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 5/34-22.2) (from Ch. 122, par. 34-22.2)
Sec. 34-22.2.
Issuance of bonds.
For the purpose of erecting, purchasing, or otherwise acquiring
buildings suitable for school houses, erecting temporary school
structures, erecting additions to, repairing, rehabilitating and
replacing existing school buildings and temporary school structures, and
furnishing and equipping school buildings and temporary school
structures, and purchasing or otherwise acquiring and improving sites
for such purposes, the board, with the consent of the city council
expressed by ordinance, may incur an indebtedness and issue bonds
therefor in an amount or amounts not to exceed in the aggregate
$50,000,000 in addition to the bonds authorized under Section 34-22.1.
The bonds shall bear interest at the rate of not more than the maximum
rate authorized by the Bond Authorization Act, as amended at the time of
the making of the contract,
and shall mature within not to exceed 20 years from their date, and may
be made callable on any interest payment date at par and accrued
interest, after notice has been given, at the time and in the manner
provided in the bond resolution.
These bonds shall not be issued until the question of authorizing
such bonds has been submitted to the electors of the city constituting
said school district at a regular scheduled election and
approved by a majority of the electors voting upon that question. The
board shall adopt a resolution providing for submitting said proposition at
such an election and certify the resolution and proposition to the proper
election authorities for submission to the electors in accordance with the
general election law. In addition to the requirements
of the general election law the notice of the referendum shall contain
the amount of
the bond issue, maximum
rate of interest and purpose for which issued.
The proposition shall be in substantially the following form:
-------------------------------------------------------------- Shall bonds in the amount of$..... be issued by the board ofeducation of the City of.... for thepurpose of erecting, purchasing,or otherwise acquiring buildings YESsuitable for school houses, erectingtemporary school structures,erecting additions to, repairing,rehabilitating and replacing existing ------------------school buildings and temporaryschool structures, and furnishing andequipping school buildings andtemporary school structures, and NOpurchasing or otherwise acquiring andimproving sites for such purposes,bearing interest at the rate of notto exceed the maximum rate authorizedby the Bond Authorization Act, as amendedat the time of the making of the contract?--------------------------------------------------------------
Whenever the board desires to issue bonds as herein authorized, it
shall adopt a resolution designating the purpose for which the proceeds
of the bonds are to be expended and fixing the amount of the bonds
proposed to be issued, the maturity thereof, and optional provisions, if
any, the rate of interest thereon, and the amount of taxes to be levied
annually for the purpose of paying the interest upon and the principal
of such bonds.
Said bonds shall be issued in the corporate name of the school
district. They shall be signed by the president and secretary of said
board and countersigned by the mayor and the comptroller (or city clerk
if there be no comptroller) of the city. They shall be sold by the city
comptroller (or city clerk if there be no comptroller) upon such terms
as may be approved by the board after advertisement for bids as ordered
by and under the direction of the board, and the proceeds thereof shall
be received by the city treasurer, as school treasurer, and expended by
the board for the purposes provided in the bond resolution.
Before or at the time of issuing any bonds herein authorized, the
city council of such city, upon the demand and under the direction of
the board shall, by ordinance, provide for the levy and collection of a
direct annual tax upon all the taxable property of such school district
sufficient to pay and discharge the principal thereof at maturity and to
pay the interest thereon as it falls due. Such tax shall be levied and
collected in like manner with the other taxes of such school district
and shall be in addition to an exclusive of the maximum of all other
taxes which such board or such city council is now, or may hereafter be,
authorized by law to levy for any and all school purposes. Upon the
filing in the office of the county clerk of the county wherein such
school district is located of a duly certified copy of any such
ordinance, it shall be the duty of such county clerk to extend the tax
therein provided for, including an amount to cover loss and cost of
collecting said taxes and also deferred collections thereof and
abatements in the amounts of such taxes as extended upon the collector's
books.
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.)
|
(105 ILCS 5/34-22.3) (from Ch. 122, par. 34-22.3)
Sec. 34-22.3.
Issuance of bonds.
For the purpose of erecting, purchasing, or otherwise acquiring
buildings suitable for school houses, erecting temporary school
structures, erecting additions to, repairing, rehabilitating and
replacing existing school buildings and temporary school structures, and
furnishing and equipping school buildings and temporary school
structures, and purchasing or otherwise acquiring and improving sites
for such purposes, the board, with the consent of the city council
expressed by ordinance, may incur an indebtedness and issue bonds
therefor in an amount or amounts not to exceed in the aggregate
$50,000,000 in addition to the bonds authorized under Sections 34-22.1
and 34-22.2. The bonds shall bear interest at the rate of not more than
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, and shall mature
within not to exceed
20 years from their
date, and may be made callable on any interest payment date at par and
accrued interest, after notice has been given, at the time and in the
manner provided in the bond resolution.
These bonds shall not be issued until the question of authorizing
such bonds has been submitted to the electors of the city constituting
said school district at a regular scheduled election and
approved by a majority of the electors voting upon that question.
The board shall adopt a resolution providing for submitting said
question at such an election and shall certify the resolution and the
proposition to the proper election authorities for submission to the electors
in accordance with the general election law. In
addition to the requirements of the general election law the notice of
the referendum shall contain the amount of the bond issue, maximum rate
of interest and purpose
for which issued.
The proposition shall be in substantially the following form:
-------------------------------------------------------------- Shall bonds in the amount of$...... be issued by the board ofeducation of the City of.... forthe purpose of erecting, purchasing,or otherwise acquiring buildings YESsuitable for school houses, erectingtemporary school structures,erecting additions to, repairing,rehabilitating and replacing existing --------------------school buildings and temporaryschool structures, and furnishing andequipping school buildings andtemporary school structures, and NOpurchasing or otherwise acquiring andimproving sites for such purposes,bearing interest at the rate of notto exceed the maximum rate authorizedby the Bond Authorization Act, as amendedat the time of the making of the contract?--------------------------------------------------------------
Whenever the board desires to issue bonds as herein authorized, it
shall adopt a resolution designating the purpose for which the proceeds
of the bonds are to be expended and fixing the amount of the bonds
proposed to be issued, the maturity thereof, and optional provisions, if
any, the rate of interest thereon, and the amount of taxes to be levied
annually for the purpose of paying the interest upon and the principal
of such bonds.
Said bonds shall be issued in the corporate name of the school
district. They shall be signed by the president and secretary of said
board and countersigned by the mayor and the comptroller (or city clerk
if there be no comptroller) of the city. They shall be sold by the city
comptroller (or city clerk if there be no comptroller) upon such terms
as may be approved by the board after advertisement for bids as ordered
by and under the direction of the board, and the proceeds thereof shall
be received by the city treasurer, as school treasurer, and expended by
the board for the purposes provided in the bond resolution.
Before or at the time of issuing any bonds herein authorized, the
city council of such city, upon the demand and under the direction of
the board shall, by ordinance, provide for the levy and collection of a
direct annual tax upon all the taxable property of such school district
sufficient to pay and discharge the principal thereof at maturity and to
pay the interest thereon as it falls due. Such tax shall be levied and
collected in like manner with the other taxes of such school district
and shall be in addition to and exclusive of the maximum of all other
taxes which such board or such city council is now, or may hereafter be,
authorized by law to levy for any and all school purposes. Upon the
filing in the office of the county clerk of the county wherein such
school district is located of a duly certified copy of any such
ordinance, it shall be the duty of such county clerk to extend the tax
therein provided for, including an amount to cover loss and cost of
collecting said taxes and also deferred collections thereof and
abatements in the amounts of such taxes as extended upon the collector's
books.
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.)
|
(105 ILCS 5/34-22.4) (from Ch. 122, par. 34-22.4)
Sec. 34-22.4.
Issuance of bonds.
For the purpose of erecting, purchasing, or otherwise acquiring
buildings suitable for school houses, erecting temporary school
structures, erecting additions to, repairing, rehabilitating,
modernizing and replacing existing school buildings and temporary school
structures, and furnishing and equipping school buildings and temporary
school structures, and purchasing or otherwise acquiring and improving
sites for such purposes, the board, with the consent of the city council
expressed by ordinance, may incur an indebtedness and issue bonds
therefor in an amount or amounts not to exceed in the aggregate
$50,000,000 in addition to the bonds authorized under Sections 34-22.1,
34-22.2, and 34-22.3. The bonds shall bear interest at the rate of not
more than the maximum rate authorized by the Bond Authorization Act, as amended
at the time of the making of the contract, and shall
mature within not to exceed 20 years
from their date, and may be made callable on any interest payment date
at par and accrued interest, after notice has been given, at the time
and in the manner provided in the bond resolution.
These bonds shall not be issued until the question of authorizing
such bonds has been submitted to the electors of the city constituting
said school district at a regular scheduled election and approved by
a majority of the electors voting upon that question.
The board shall adopt a resolution providing for submitting said
question at such an election and shall certify the resolution and the
proposition to the proper election authorities for submission in accordance
with the general election law. In addition to
the requirements of the general election law the notice of the referendum
shall contain the
amount of the bond issue, maximum rate of interest and purpose for which issued.
The proposition shall be in substantially the following form:
-------------------------------------------------------------- Shall bonds in the amount of$...... be issued by the board ofeducation of the City of .... forthe purpose of erecting, purchasing,or otherwise acquiring buildings YESsuitable for school houses, erectingtemporary school structures,erecting additions to, repairing,rehabilitating, modernizing and -------------------replacing existing school buildingsand temporary school structures,and furnishing and equipping schoolbuildings and temporary school NOstructures, and purchasing or otherwiseacquiring and improving sites forsuch purposes, bearing interest at therate of not to exceed the maximum rateauthorized by the Bond Authorization Act,as amended at the time of the making ofthe contract?--------------------------------------------------------------
Whenever the board desires to issue bonds as herein authorized, it
shall adopt a resolution designating the purpose for which the proceeds
of the bonds are to be expended and fixing the amount of the bonds
proposed to be issued, the maturity thereof, and optional provisions, if
any, the rate of interest thereon, and the amount of taxes to be levied
annually for the purpose of paying the interest upon and the principal
of such bonds.
Said bonds shall be issued in the corporate name of the school
district. They shall be signed by the president and secretary of said
board and countersigned by the mayor and the comptroller (or city clerk
if there be no comptroller) of the city. They shall be sold by the city
comptroller (or city clerk if there be no comptroller) upon such terms
as may be approved by the board after advertisement for bids as ordered
by and under the direction of the board, and the proceeds thereof shall
be received by the city treasurer, as school treasurer, and expended by
the board for the purposes provided in the bond resolution.
Before or at the time of issuing any bonds herein authorized, the
city council of such city, upon the demand and under the direction of
the board shall, by ordinance, provide for the levy and collection of a
direct annual tax upon all the taxable property of such school district
sufficient to pay and discharge the principal thereof at maturity and to
pay the interest thereon as it falls due. Such tax shall be levied and
collected in like manner with the other taxes of such school district
and shall be in addition to and exclusive of the maximum of all other
taxes which such board of such city council is now, or may hereafter be,
authorized by law to levy for any and all school purposes. Upon the
filing in the office of the county clerk of the county wherein such
school district is located of a duly certified copy of any such
ordinance, it shall be the duty of such county clerk to extend the tax
therein provided for, including an amount to cover loss and cost of
collecting said taxes and also deferred collections thereof and
abatements in the amounts of such taxes as extended upon the collector's
books. The ordinance shall be in force upon its passage.
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.)
|
(105 ILCS 5/34-22.5) (from Ch. 122, par. 34-22.5)
Sec. 34-22.5.
Issuance of bonds.
For the purpose of erecting, purchasing, or otherwise acquiring
buildings suitable for school houses, erecting temporary school
structures, erecting additions to, repairing, rehabilitating,
modernizing and replacing existing school buildings and temporary school
structures, and furnishing and equipping school buildings and temporary
school structures, and purchasing or otherwise acquiring and improving
sites for such purposes, the board, with the consent of the city council
expressed by ordinance, may incur an indebtedness and issue bonds
therefor in an amount or amounts not to exceed in the aggregate
Twenty-five Million Dollars ($25,000,000) in addition to the bonds
authorized under Sections 34-22.1, 34-22.2, 34-22.3, and 34-22.4.
The bonds shall bear interest at the rate of not more than the maximum
rate authorized by the Bond Authorization Act, as amended at the time of
the making of the contract, and shall mature within not to exceed twenty years
from their date, and may be made callable on any interest payment date at par
and accrued interest, after notice has been given, at the time and in the
manner provided in the bond resolution.
These bonds shall not be issued until the question of authorizing
such bonds has been submitted to the electors of the city constituting
said school district at a regular scheduled election and
approved by a majority of the electors voting upon that question.
The board shall adopt a resolution providing for submitting said
proposition at such an election and certify the resolution
and the proposition to the proper election authorities for submission in
accordance with the general election law. In addition
to the requirements of the general election law the notice of the referendum
shall contain the
amount of the bond issue, maximum rate of interest and purpose for which
issued.
The proposition shall be in substantially the following form:
-------------------------------------------------------------- Shall bonds in the amount of$...... be issued by the board ofeducation of the City of.... forthe purpose of erecting, purchasing,or otherwise acquiring buildings YESsuitable for school houses, erectingtemporary school structures,erecting additions to, repairing,rehabilitating, modernizing and ------------------replacing existing school buildingsand temporary school structures,and furnishing and equipping schoolbuildings and temporary school NOstructures, and purchasing or otherwiseacquiring and improving sites for suchpurposes, bearing interest at therate of not to exceed the maximum rateauthorized by the Bond Authorization Act,as amended at the time of the making ofthe contract?--------------------------------------------------------------
Whenever the board desires to issue bonds as herein authorized, it
shall adopt a resolution designating the purpose for which the proceeds
of the bonds are to be expended and fixing the amount of the bonds
proposed to be issued, the maturity thereof, and optional provisions, if
any, the rate of interest thereon, and the amount of taxes to be levied
annually for the purpose of paying the interest upon and the principal
of such bonds.
Said bonds shall be issued in the corporate name of the school
district. They shall be signed by the president and secretary of said
board and countersigned by the mayor and the comptroller (or city clerk
if there be no comptroller) of the city. They shall be sold by the city
comptroller (or city clerk if there be no comptroller) upon such terms
as may be approved by the board after advertisement for bids as ordered
by and under the direction of the board, and the proceeds thereof shall
be received by the city treasurer, as school treasurer, and expended by
the board for the purposes provided in the bond resolution.
Before or at the time of issuing any bonds herein authorized, the
city council of such city, upon the demand and under the direction of
the board shall, by ordinance, provide for the levy and collection of a
direct annual tax upon all the taxable property of such school district
sufficient to pay and discharge the principal thereof at maturity and to
pay the interest thereon as it falls due. Such tax shall be levied and
collected in like manner with the other taxes of such school district
and shall be in addition to and exclusive of the maximum of all other
taxes which such board or such city council is now, or may hereafter be,
authorized by law to levy for any and all school purposes. Upon the
filing in the office of the county clerk of the county wherein such
school district is located of a duly certified copy of any such
ordinance, it shall be the duty of such county clerk to extend the tax
therein provided for, including an amount to cover loss and cost of
collecting said taxes and also deferred collections thereof and
abatements in the amounts of such taxes as extended upon the collector's
books. The ordinance shall be in force upon its passage.
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.)
|
(105 ILCS 5/34-22.6) (from Ch. 122, par. 34-22.6)
Sec. 34-22.6.
Issuance of bonds.
For the purpose of erecting,
purchasing, or otherwise acquiring buildings suitable for school houses,
erecting temporary school structures, erecting additions to, repairing,
rehabilitating, modernizing and replacing existing school buildings and
temporary school structures, and furnishing and equipping school buildings
and temporary school structures, and purchasing or otherwise acquiring and
improving sites for such purposes, the board may incur an indebtedness and
issue bonds therefor in an amount or amounts not to exceed in the aggregate
$150,000,000 in addition to the bonds authorized under
Sections 34-22.1, 34-22.2, 34-22.3, 34-22.4, 34-22.5 and 34-22.7.
Bonds authorized under this Section may also be issued for the purposes
of paying interest on such bonds, establishing reserves to secure such
bonds and paying the costs of issuance of such bonds.
In connection with the issuance of its bonds, the board may enter into
arrangements to provide additional security and liquidity for the bonds.
These may include, without limitation, municipal bond insurance, letters of
credit, lines of credit by which the board may borrow funds to pay or
redeem its bonds and purchase or remarketing arrangements for assuring the
ability of owners of the board's bonds to sell or to have redeemed their
bonds. The board may enter into contracts and may agree to pay fees to
persons providing such arrangements, including from bond proceeds but only
under circumstances in which the total interest paid or to be paid on the
bonds, together with the fees for the arrangements (being treated as if
interest), would not, taken together, cause the bonds to bear interest,
calculated to their absolute maturity, at a rate in excess of the maximum
rate allowed by law.
The resolution of the board authorizing the issuance of its bonds may
provide that interest rates may vary from time to time depending upon
criteria established by the board, which may include, without limitation, a
variation in interest rates as may be necessary to cause bonds to be
remarketable from time to time at a price equal to their principal amount,
and may provide for appointment of a national banking
association, bank, trust company, investment banker or other financial
institution to serve as a remarketing agent in that connection. The
resolution of the board authorizing the issuance of its bonds
may provide that alternative interest rates or provisions will apply during
such times as the bonds are held by a person providing a letter of credit
or other credit enhancement arrangement for those bonds.
The Board may use proceeds of the sale of bonds authorized
under this Section to pay the cost of obtaining such municipal bond
insurance, letter of credit or other credit facilities. Bonds may also be
issued under this Section to pay the cost of refunding any bonds issued
under this Section, including prior to their maturity.
The bonds shall bear interest at a rate or rates not to exceed the
maximum annual rate provided for in Section 2 of "An Act to authorize
public corporations to issue bonds, other evidences of indebtedness and tax
anticipation warrants subject to interest rate limitations set forth
therein", approved May 26, 1970, as now or hereafter amended, and if issued
at such maximum annual rate shall be sold for not less than par and accrued
interest. If any of the bonds are issued to bear interest at a rate of
less than such maximum annual rate the minimum price at which they may be
sold shall be such that the interest cost to the board on the proceeds of
the bonds shall not exceed such maximum annual rate computed to stated
maturity according to standard tables of bond values.
Whenever the board desires to issue bonds as authorized in this Section, it
shall adopt a resolution designating the purpose for which the proceeds
of the bonds are to be expended and fixing the amount of the bonds proposed
to be issued, the maturity or maturities thereof, and optional provisions, if
any, the rate of interest thereon, and the amount of taxes to be levied
annually for the purpose of paying the interest upon and the principal,
whether due at maturity or upon sinking fund installment dates, of such bonds.
Said bonds shall be issued in the corporate name of the school
district. They shall be signed by the president and secretary of said
board and countersigned by the mayor and the comptroller (or city clerk
if there be no comptroller) of the city. They shall be sold by the city
comptroller (or city clerk if there be no comptroller) upon such terms
as may be approved by the board after advertisement for bids as ordered
by and under the direction of the board, and the proceeds thereof shall
be received by the city treasurer, as school treasurer, and expended by
the board for the purposes provided in the bond resolution.
Before or at the time of issuing any bonds authorized in this Section,
the board shall provide for the levy and collection of a
direct annual tax upon all the taxable property of such school district
sufficient to pay and discharge the principal thereof at maturity, or
upon sinking fund installment dates, and to
pay the interest thereon as it falls due. Such tax shall be levied and
collected in like manner with the other taxes of such school district
and shall be in addition to and exclusive of the maximum of all other
taxes which such board is now, or may hereafter be,
authorized by law to levy for any and all school purposes. Upon the
filing in the office of the county clerk of the county wherein such
school district is located of a duly certified copy of any such ordinance,
it shall be the duty of such county clerk to extend the tax therein
provided for, including an amount to cover loss and cost of collecting
said taxes and also deferred collections thereof and abatements in the
amounts of such taxes as extended upon the collector's books. The
ordinance shall be in force upon its passage.
(Source: P.A. 85-1418; 86-1477.)
|
(105 ILCS 5/34-22.7) (from Ch. 122, par. 34-22.7)
Sec. 34-22.7.
For the sole purpose of rehabilitating and accomplishing
the deferred maintenance of present school buildings the board, with the
consent of the city council expressed by ordinance, may incur an
indebtedness and issue bonds therefor without referendum in an amount or
amounts not to exceed in the aggregate $330,000,000. The bonds shall bear
interest at a rate of not more than the maximum rate authorized by the
Bond Authorization Act, as amended at the time of the making of the contract,
and 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.
Whenever the board desires to issue bonds as authorized in this Section, it
shall adopt a resolution designating the purpose for which the proceeds
of the bonds are to be expended and fixing the amount of the bonds
proposed to be issued, the maturity thereof, and optional provisions, if
any, the rate of interest thereon, and the amount of taxes to be levied
annually for the purpose of paying the interest upon and the principal
of such bonds.
Said bonds shall be issued in the corporate name of the school
district. They shall be signed by the president and secretary of said
board and countersigned by the mayor and comptroller (or city clerk if
there be no comptroller) of the city. They shall be sold by the city
comptroller (or city clerk if there be no comptroller) upon such terms
as may be approved by the board after advertisement for bids as ordered
by and under the direction of the board, and the proceeds thereof shall
be received by the city treasurer, as school treasurer, and expended by
the board for the purpose provided in the bond resolution.
Before or at the time of issuing any bonds herein authorized,
the board shall provide for the levy and collection of a
direct annual tax upon all the taxable property of such school district
sufficient to pay and discharge the principal thereof at maturity and to
pay the interest thereon as it falls due. Such tax shall be levied and
collected in like manner with the other taxes of such school district
and shall be in addition to and exclusive of the maximum of all other
taxes which such board is now, or may hereafter be,
authorized by law to levy for any and all school purposes. Upon the
filing in the office of the county clerk of the county wherein such
school district is located of a duly certified copy of any such
ordinance, it shall be the duty of such county clerk to extend the tax
therein provided for, including an amount to cover loss and cost of
collecting said taxes and also deferred collections thereof and
abatements in the amounts of such taxes as extended upon the collector's
books. The ordinance shall be in force upon its passage.
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; 86-1477.)
|
(105 ILCS 5/34-22.10) (from Ch. 122, par. 34-22.10)
Sec. 34-22.10.
Issuance of bonds.
For the sole purpose of purchasing or otherwise acquiring
school buildings and related property and facilities for an agricultural
science school pursuant to an agreement entered into pursuant to
subparagraph (7) of Section 34-21.1,
the board may incur an indebtedness and issue bonds
therefor in an amount or amounts not to exceed in the aggregate $20,000,000
in addition to the bonds authorized under
Sections 34-22.1, 34-22.2, 34-22.3, 34-22.4, 34-22.5, 34-22.6 and 34-22.7.
Bonds authorized under this Section may also be issued for the purposes
of paying interest on such bonds, establishing reserves to secure such
bonds and paying the costs of issuance of such bonds.
In connection with the issuance of its bonds, the board may enter into
arrangements to provide additional security and liquidity for the bonds.
These may include, without limitation, municipal bond insurance, letters of
credit, lines of credit by which the board may borrow funds to pay or
redeem its bonds and purchase or remarketing arrangements for assuring the
ability of owners of the board's bonds to sell or to have redeemed their
bonds. The board may enter into contracts and may agree to pay fees to
persons providing such arrangements, including from bond proceeds but only
under circumstances in which the total interest paid or to be paid on the
bonds, together with the fees for the arrangements (being treated as if
interest), would not, taken together, cause the bonds to bear interest,
calculated to their absolute maturity, at a rate in excess of the maximum
rate allowed by law.
The Board may use proceeds of the sale of bonds authorized
under this Section to pay the cost of obtaining such municipal bond
insurance, letter of credit or other credit facilities. Bonds may also be
issued under this Section to pay the cost of refunding any bonds issued
under this Section,
including prior to their maturity.
The bonds shall bear interest at a rate or rates not to exceed the
maximum annual rate provided for in Section 2 of "An Act to authorize
public corporations to issue bonds, other evidences of indebtedness and tax
anticipation warrants subject to interest rate limitations set forth
therein", approved May 26, 1970, as now or hereafter amended, and if issued
at such maximum annual rate shall be sold for not less than par and accrued
interest. If any of the bonds are issued to bear interest at a rate of
less than such maximum annual rate the minimum price at which they may be
sold shall be such that the interest cost to the board on the proceeds of
the bonds shall not exceed such maximum annual rate computed to stated
maturity according to standard tables of bond values.
The resolution of the board authorizing the issuance of its bonds may
provide that interest rates may vary from time to time depending upon
criteria established by the board, which may include, without limitation, a
variation in interest rates as may be necessary to cause bonds to be
remarketable from time to time at a price equal to their principal amount,
and may provide for appointment of a national banking
association, bank, trust company, investment banker or other financial
institution to serve as a remarketing agent in that connection. The
resolution of the board authorizing the issuance of its bonds
may provide that alternative interest rates or provisions will apply during
such times as the bonds are held by a person providing a letter of credit
or other credit enhancement arrangement for those bonds.
Whenever the board desires to issue bonds as authorized in this Section, it
shall adopt a resolution designating the purpose for which the proceeds
of the bonds are to be expended and fixing the amount of the bonds proposed
to be issued, the maturity or maturities thereof, and optional provisions, if
any, the rate of interest thereon, and the amount of taxes to be levied
annually for the purpose of paying the interest upon and the principal,
whether due at maturity or upon sinking fund installment dates, of such bonds.
Said bonds shall be issued in the corporate name of the school
district. They shall be signed by the president and secretary of said
board. They shall be sold upon such terms
as may be approved by the board after advertisement for bids as ordered
by and under the direction of the board, and the proceeds thereof shall
be received by the city treasurer, as school treasurer, and expended by
the board for the purposes provided in the bond resolution.
Before or at the time of issuing any bonds authorized in this Section,
the board shall, by resolution, provide for the levy and collection of a
direct annual tax upon all the taxable property of such school district
sufficient to pay and discharge the principal thereof at maturity, or
upon sinking fund installment dates, and to
pay the interest thereon as it falls due. Such tax shall be levied and
collected in like manner with the other taxes of such school district
and shall be in addition to and exclusive of the maximum of all other
taxes which such board is now, or may hereafter be,
authorized by law to levy for any and all school purposes. Upon the
filing in the office of the county clerk of the county wherein such
school district is located of a duly certified copy of any such
resolution,
it shall be the duty of such county clerk to extend the tax therein
provided for, including an amount to cover loss and cost of collecting
said taxes and also deferred collections thereof and abatements in the
amounts of such taxes as extended upon the collector's books. The
resolution shall be in force upon its passage.
(Source: P.A. 86-930.)
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