(105 ILCS 5/12-16) (from Ch. 122, par. 12-16)
Sec. 12-16.
Resolution authorizing issue - interest - maturity - taxes - sale or
exchange.
Any non-high school district which has complied with Section 12-15 and
which is authorized to issue bonds thereunder shall adopt a resolution
authorizing their issuance. The resolution shall set forth the date,
denomination, rate of interest and maturities of the bonds, fix all details
with respect to the issue and execution thereof, and provide for the levy
of a separate tax sufficient to pay both principal and interest of the
bonds as they mature. The bonds 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, payable annually
or semi-annually as
the board of education
may determine, and mature in not more than 20 years from the date thereof.
A certified copy of the resolution authorizing the issue of the bonds
shall be filed with the county clerk of the county in which the non-high
school district is situated and the county clerk shall annually extend
taxes against all of the taxable property in the non-high school district
in amounts sufficient to pay maturing principal and interest of the bonds
without limitation as to rate and amount, and in addition to and in excess
of any taxes authorized to be levied by the district.
The bonds may be exchanged par for par for unpaid tuition claims or such
judgment or judgments or other unpaid claims or both, or may be sold and
the proceeds used to pay such claims or judgments.
Purchasers of bonds shall not be obligated to inquire into the validity
of the claims funded thereby but the determination of the board of
education by resolution to issue them shall be conclusive evidence of the
validity of the claims thereby funded.
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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