(105 ILCS 5/10-22.25a) (from Ch. 122, par. 10-22.25a)
Sec. 10-22.25a.
To obtain personal property, when authorized by an
affirmative vote of 2/3 of the members of the board, by lease, with or
without an option to purchase, for a period not to exceed 5 years or by
purchase under an installment contract extending over a period of not more
than 5 years, with 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; provided that the term of guaranteed energy
savings contracts as defined in Article 19b of the School Code may exceed 5
years.
For the purpose of this Section, personal property shall include computer
hardware and software and all equipment, fixtures, renovations, and
improvements to existing facilities of the district necessary to accommodate
computers.
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. 90-97, eff. 7-11-97.)
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