Full Text of SB1361 95th General Assembly
SB1361eng 95TH GENERAL ASSEMBLY
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| AN ACT concerning education.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The School Code is amended by adding Section | 5 |
| 19-7.5 and by changing Sections 19-8, 19-9, 19-11, and 19-13 as | 6 |
| follows: | 7 |
| (105 ILCS 5/19-7.5 new)
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| Sec. 19-7.5. Definition of property tax refunds. For the | 9 |
| purposes of Sections 19-8, 19-9, 19-11, and 19-13 of this Code, | 10 |
| "property tax refunds" means property tax revenues collected on | 11 |
| behalf of a school district but not received by the district | 12 |
| due to the payment of refunds by the county collector within | 13 |
| the preceding 6 years pursuant to Section 23-20 of the Property | 14 |
| Tax Code.
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| (105 ILCS 5/19-8)
(from Ch. 122, par. 19-8)
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| Sec. 19-8. Bonds
to pay claims. Any school district or | 17 |
| non-high district operating under general law or
special | 18 |
| charter having a population of 500,000 or less is authorized to
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| issue bonds for the following purposes: | 20 |
| (1)
the purpose of paying orders issued for the wages | 21 |
| of
teachers ;
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| (2)
, or for the payment of claims against any such |
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| district ; and .
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| (3) reimbursing the district for property tax refunds.
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| Such bonds may be issued in an amount, including existing | 4 |
| indebtedness,
in excess of any statutory limitation as to debt.
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| (Source: P.A. 94-234, eff. 7-1-06 .)
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| (105 ILCS 5/19-9) (from Ch. 122, par. 19-9)
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| Sec. 19-9. Resolution to issue bonds - Submission to | 8 |
| voters. Before any district as described in Section 19-8 shall | 9 |
| avail itself
of the provisions of that Section,
section the | 10 |
| governing body thereof shall
examine and consider the several | 11 |
| teachers' orders or claims, or both,
proposed to be paid or the | 12 |
| amount needed to reimburse the district for property tax | 13 |
| refunds and thereupon
and if it appears that they were | 14 |
| authorized and
allowed for proper school purposes it shall | 15 |
| adopt a resolution setting
so
declaring and set forth and | 16 |
| describing
describe in detail such teachers' orders and
claims | 17 |
| or the amount needed to reimburse the district for property tax | 18 |
| refunds, and the adoption of the resolution shall establish the | 19 |
| validity
thereof, notwithstanding the amount of such orders ,
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| and claims , or reimbursement may exceed
in whole or in part any | 21 |
| applicable statutory debt limit in force at the
time the | 22 |
| indebtedness evidenced by such orders ,
and claims , or | 23 |
| reimbursement was incurred.
The resolution shall also declare | 24 |
| the intention of the district to issue
bonds for the purpose of | 25 |
| paying such teachers' orders or claims, or
both, or the amount |
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| needed to reimburse the district for property tax refunds and | 2 |
| direct that notice of such intention be published at least once
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| in a newspaper published within the district and if there be no | 4 |
| newspaper
published within the district then notice shall be | 5 |
| published
in a newspaper having general circulation within the | 6 |
| district. The
notice shall set forth (1) the time within which | 7 |
| a petition may be filed
requesting the submission of the | 8 |
| proposition to issue the bonds as
hereinafter in this Section | 9 |
| provided; (2) the specific number of voters
required to sign | 10 |
| the petition; and the date of the prospective referendum.
The | 11 |
| recording officer of the district shall provide a petition form | 12 |
| to
any individual requesting one. If within 30 days after such
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| publication of such notice a petition is filed with the | 14 |
| recording
officer of the district, signed by the voters
of the | 15 |
| district equal to 10% or more of the registered voters of the | 16 |
| district
requesting that the proposition to issue bonds as | 17 |
| authorized by
Section 19-8 be submitted to the voters thereof, | 18 |
| then the district
shall not be authorized to issue bonds as | 19 |
| provided by Section 19-8
until the proposition has been | 20 |
| submitted to and approved by a majority
of the voters voting on | 21 |
| the proposition at a regular scheduled
election. The board | 22 |
| shall certify the proposition to the proper election
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| authorities for submission in accordance with the general | 24 |
| election law.
If no such petition with the requisite number of | 25 |
| signatures is filed within
said 30 days, or if any and all | 26 |
| petitions filed are invalid, then the
district shall thereafter |
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| be authorized to issue bonds for the purposes and
as provided | 2 |
| in Section 19-8.
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| (Source: P.A. 87-767.)
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| (105 ILCS 5/19-11) (from Ch. 122, par. 19-11)
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| Sec. 19-11. Amount of indebtedness - Interest and maturity. | 6 |
| Any district which has complied with Section 19-9 and which is
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| authorized to issue bonds under Sections 19-8, 19-9 and 19-10 | 8 |
| shall
adopt a resolution specifying the amount of indebtedness | 9 |
| to be incurred
funded ,
whether for the purpose of paying | 10 |
| claims, or for paying teachers' orders,
for reimbursing the | 11 |
| district for property tax refunds, or for paying liabilities or | 12 |
| obligations imposed on any district resulting
from the division | 13 |
| of assets as provided by Article 7 of this Act or Article
5 of | 14 |
| this Act as it existed prior to July 1, 1952 . The resolution | 15 |
| shall set
forth the date, denomination, rate of interest and | 16 |
| maturities of the bonds,
fix all details with respect to the | 17 |
| issue and execution thereof, and
provide for the levy of a tax | 18 |
| sufficient to pay both principal and interest
of the bonds as | 19 |
| they mature. The bonds shall bear interest at a rate not to
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| exceed the maximum rate authorized by the Bond Authorization | 21 |
| Act, as amended
at the time of the making of the contract, | 22 |
| payable annually
or semi-annually,
as the governing
body may | 23 |
| determine, and mature in not more than 20 years from date | 24 |
| thereof.
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| With respect to instruments for the payment of money issued |
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| under this
Section either before, on, or after the effective | 2 |
| date of this amendatory
Act of 1989, it is and always has been | 3 |
| the intention of the General
Assembly (i) that the Omnibus Bond | 4 |
| Acts are and always have been
supplementary grants of power to | 5 |
| issue instruments in accordance with the
Omnibus Bond Acts, | 6 |
| regardless of any provision of this Act that may appear
to be | 7 |
| or to have been more restrictive than those Acts, (ii) that the
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| provisions of this Section are not a limitation on the | 9 |
| supplementary
authority granted by the Omnibus Bond Acts, and | 10 |
| (iii) that instruments
issued under this Section within the | 11 |
| supplementary authority granted
by the Omnibus Bond Acts are | 12 |
| not invalid because of any provision of
this Act that may | 13 |
| appear to be or to have been more restrictive than
those Acts.
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| (Source: P.A. 86-4.)
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| (105 ILCS 5/19-13) (from Ch. 122, par. 19-13)
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| Sec. 19-13. Sale
or exchange of bonds. Any bonds issued | 17 |
| under Sections 19-8 to 19-11, inclusive, may be
exchanged par | 18 |
| for par for claims or unpaid orders for wages of teachers, or
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| both, or may be sold and the proceeds received used to pay such | 20 |
| claims or
orders or to reimburse the school district for | 21 |
| property tax refunds .
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| (Source: Laws 1961, p. 31.)
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