(105 ILCS 5/32-5) (from Ch. 122, par. 32-5)
Sec. 32-5. Bond issues - district boundaries coextensive with city. For the purpose of building or repairing schoolhouses or purchasing
or improving school sites, including the purchase of school sites
outside the boundaries of the school district and building school
buildings thereon as provided by Section 10-20.10 of this Act, any
special charter district governed by a special charter, and special or
general school laws, whose boundaries are coextensive with or greater
than the boundaries of any incorporated city, town or village, where
authorized by a majority of all the votes cast on the proposition may
borrow money and as evidence
of the indebtedness, may
issue bonds in denominations of not less than $100 nor more than $1,000,
for a term not to exceed 20 years bearing interest at a rate not to
exceed the maximum rate authorized by the Bond Authorization Act, as amended
at the time of the making of the contract, payable annually,
semi-annually, or quarterly,
signed by the president and secretary of the school board of the
district; provided, that the amount borrowed shall not exceed, including
existing indebtedness, 5% of the taxable property of such school
district, as ascertained by the last assessment for State and county
taxes previous to incurring such indebtedness.
With respect to instruments for the payment of money issued under this
Section either before, on, or after June 6, 1989 (the effective date of Public Act 86-4), 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. 99-642, eff. 7-28-16.)
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(105 ILCS 5/32-5.1) (from Ch. 122, par. 32-5.1)
Sec. 32-5.1.
Registration, numbering and countersigning.
All bonds authorized by Section 32-5, before being issued, negotiated
and sold, shall be registered, numbered and countersigned by the treasurer
of the school district. The registration shall be made in a book in which
shall be entered the record of the election authorizing the school district
to issue bonds, and a description of the bonds issued, including the
number, date, amount, rate of interest and when payable.
(Source: Laws 1961, p. 31 .)
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(105 ILCS 5/32-5.2) (from Ch. 122, par. 32-5.2)
Sec. 32-5.2.
Moneys paid into treasury - Delivery of bonds - Records.
All moneys borrowed by virtue of Section 32-5 shall be paid into the
treasury of the school district. Upon receiving the moneys, the treasurer
shall deliver the bonds issued therefor to the persons entitled to receive
them, and shall credit the amount received to the district. The treasurer
shall record the amount received for each bond issued, and when any bond is
paid the treasurer shall cancel it and enter in the register opposite the
record of the bond the words "paid and cancelled" and
the date of the payment.
(Source: P.A. 91-357, eff. 7-29-99.)
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(105 ILCS 5/32-5.3) (from Ch. 122, par. 32-5.3)
Sec. 32-5.3.
Election - Notice - Judges.
Whenever it is desired to hold a referendum for the purpose of
borrowing money as provided by Section 32-5, the school board of the
district in which the proposition is to be held shall
adopt a resolution ordering the referendum and shall certify the proposition
to the proper election authorities who shall submit the proposition at a
regular scheduled election in accordance with the general election law.
(Source: P.A. 81-1489.)
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(105 ILCS 5/32-5.5) (from Ch. 122, par. 32-5.5)
Sec. 32-5.5.
Issue of new bonds.
When any school district described in Section 32-5 has heretofore
issued bonds or other evidences of indebtedness, on account of any public
school building, or for any other purpose, which are now binding and
subsisting obligations against such school district and remaining
outstanding, such school district may, upon the surrender of any such bonds
or any part thereof, or other evidences of indebtedness, issue in lieu
thereof, to the holders of the bonds, or to any persons, for money with
which to take them up, new bonds in accordance with the provisions of
Sections 32-5 to 32-5.4, inclusive; provided, such bonds shall not be
issued so as to increase the aggregate indebtedness of such school district
to exceed, including existing indebtedness, 5% of the taxable property of
such school district, to be ascertained by the last assessment for State
and county taxes previous to incurring such indebtedness.
(Source: Laws 1961, p. 31 .)
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(105 ILCS 5/32-5.6) (from Ch. 122, par. 32-5.6)
Sec. 32-5.6.
Special charter districts with population less than
500,000 - Authority to borrow money and issue bonds. The corporate
authorities of any special charter district having a population of less
than 500,000 governed by a special charter, or special charter and
general law, may borrow money for the purpose of building schoolhouses,
or repairing, altering and building additions to any schoolhouse already
erected, or purchasing schoolhouse sites or purchasing grounds adjoining
any schoolhouse site, or separated therefrom only by a public street or
way, and shall also include the purchase of school sites outside the
boundaries of the school district and building school buildings thereon
as provided by Sections 10-22.35 and 10-22.36 of this Act, and may
issue its negotiable coupon bonds therefor in such form and such
denominations, payable at such place and at such time or times (not
exceeding 20 years from date of issuance) and bearing interest at such
rate as the corporate authorities may by resolution prescribe. The bonds
shall be in denominations of not less than $100 nor more than $5,000,
and shall bear interest at a rate not to exceed the maximum rate authorized
by the Bond Authorization Act, as amended at the time of the making of the
contract, 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 semi-annually. No money may be borrowed or
bonds issued, however, unless the proposition to borrow money and issue
bonds for the purpose or purposes and in the amount prescribed in the
resolution is certified to the proper election authorities and submitted
to the voters of the school district at a regular scheduled election
in accordance with the
general election law, and the majority of
all the votes cast on the proposition is in favor thereof. The
corporate authorities may not incur any indebtedness under this Section,
which together with all other outstanding indebtedness, exceeds in the
aggregate the indebtedness limitation under Section 19-1 of this Act
that would be applicable if the district were not a special charter
district.
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 5/32-5.7) (from Ch. 122, par. 32-5.7)
Sec. 32-5.7.
Submission to voters - Notice of election.
Whenever it is desired to submit to the voters of any school district
to which Section 32-5.6 applies the proposition to borrow money and
issue bonds for any or all of the purposes specified in Section 32-5.6,
the school board of such school district
shall adopt a resolution directing that such proposition be submitted
to referendum and the secretary of the board shall certify the proposition
to the proper election authorities for submission to the electors in accordance
with the general election law.
(Source: P.A. 81-1489.)
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(105 ILCS 5/32-5.8) (from Ch. 122, par. 32-5.8)
Sec. 32-5.8.
Ballots.
The proposition
submitted to the voters of any school district to which Sections 32-5.6
to 32-5.9, inclusive, apply shall specify the total
amount of the bonds sought to be issued, and the specific purpose or
purposes for which the bonds shall be issued, and shall be substantially
in the following
form:
Shall bonds or obligations for the purpose of (state specific YES purpose) in the sum of $.... be issued by (state whether to be
issued by the board of education or board of school inspectors) NO of....?
(Source: P.A. 81-1489 .)
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(105 ILCS 5/32-5.9) (from Ch. 122, par. 32-5.9)
Sec. 32-5.9.
Signature and attestation - Numbering and registration - Delivery of bonds.
All bonds authorized to be issued under Sections 32-5.6 to 32-5.9,
inclusive, before being issued, negotiated and sold shall be signed by the
president of the school board and attested by the secretary and
countersigned by the treasurer of the school board or of the school
district. All of the bonds shall be numbered by such treasurer and
registered in a book. All moneys borrowed under Section 32-5.6 to 32-5.9,
inclusive, shall be paid into the treasury of the school board, or of the
school district, and thereupon the treasurer thereof shall deliver the
bonds therefor to the persons entitled to receive them. The treasurer shall
record the amount for which each bond is issued, negotiated and sold, and
when any bond is paid, he shall cancel it and enter in the register
opposite the record of the bond the date, month and year when it was paid.
(Source: Laws 1961, p. 31 .)
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(105 ILCS 5/32-5.10) (from Ch. 122, par. 32-5.10)
Sec. 32-5.10.
Assumption of indebtedness of city for school purposes.
Whenever any city is by special law made a school district, or whenever
any school district created by special law is coterminous with any city,
the directors of the district may, at the request of the city council,
assume and provide for, by borrowing and taxation, any indebtedness created
by the authorities of the city for school purposes.
(Source: Laws 1961, p. 31.)
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