Full Text of HB3093 99th General Assembly
HB3093eng 99TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning education.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The School Code is amended by changing Section | 5 | | 10-22.14 as follows:
| 6 | | (105 ILCS 5/10-22.14) (from Ch. 122, par. 10-22.14)
| 7 | | Sec. 10-22.14. Borrowing money and issuing bonds. To borrow | 8 | | money, and issue
bonds for the purposes and in the manner | 9 | | provided by this Act.
| 10 | | When bond proceeds from the sale of bonds include a | 11 | | premium, or when
the proceeds of bonds issued for fire | 12 | | prevention, safety, energy conservation,
and school security | 13 | | purposes as specified in Section 17-2.11 are invested as
| 14 | | authorized by law, the board shall determine by resolution | 15 | | whether the interest
earned on the investment of bond proceeds | 16 | | authorized under Section 17-2.11 or
the premium realized in the | 17 | | sale of bonds, as the case may be, is to be used
for the | 18 | | purposes for which the bonds were issued or, instead, for | 19 | | payment of
the principal indebtedness and interest on those | 20 | | bonds.
| 21 | | When bonds, other than bonds issued for fire prevention, | 22 | | safety, energy
conservation, and school security purposes as | 23 | | specified in Section 17-2.11
are issued by any school district, |
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| 1 | | and the purposes for which the bonds have
been issued are | 2 | | accomplished and paid for in full, and there remain funds on
| 3 | | hand from the proceeds of the bonds so issued, the board by | 4 | | resolution may
transfer those excess funds to the operations | 5 | | and maintenance fund.
| 6 | | When bonds are issued by any school district for fire | 7 | | prevention,
safety, energy conservation, and school security | 8 | | purposes as specified in
Section 17-2.11, and the purposes for | 9 | | which the bonds have been
issued are accomplished and paid in | 10 | | full, and there remain funds on hand
from the proceeds of the | 11 | | bonds issued, the board by resolution shall use
those excess | 12 | | funds (1) for other authorized fire prevention, safety, energy
| 13 | | conservation, and school security purposes as specified in | 14 | | Section 17-2.11
or (2) for transfer to the Bond and Interest | 15 | | Fund for payment of principal
and interest on those bonds. If | 16 | | any transfer is made to the Bond and
Interest Fund, the | 17 | | secretary of the school board shall within 30 days
notify the | 18 | | county clerk of the amount of that transfer and direct the | 19 | | clerk
to abate the taxes to be extended for the purposes of | 20 | | principal and
interest payments on the respective bonds issued | 21 | | under Section 17-2.11
by an amount equal to such transfer.
| 22 | | Any high school district whose territory is in 2 counties | 23 | | and that is eligible for Section 8002 Federal Impact Aid may | 24 | | make a one-time declaration as to interest income (earnings on | 25 | | investments) not previously declared as such from 1998 through | 26 | | 2011 in the debt service fund, declaring said moneys as |
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| 1 | | interest earnings on or before June 30, 2016. Any such earnings | 2 | | income so declared shall thereafter, for purposes of this Code, | 3 | | be considered interest earnings and shall be subject to all | 4 | | provisions of this Code related thereto. | 5 | | (Source: P.A. 86-970; 87-984.)
| 6 | | Section 99. Effective date. This Act takes effect upon | 7 | | becoming law.
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