(105 ILCS 5/34-22.1) (from Ch. 122, par. 34-22.1)
Sec. 34-22.1.
Issuance of bonds.
For the purpose of erecting, purchasing, or otherwise acquiring
buildings suitable for school houses, erecting temporary school
structures, erecting additions to, repairing, rehabilitating and
replacing existing school buildings and temporary school structures, and
furnishing and equipping school buildings and temporary school
structures, and purchasing or otherwise acquiring and improving sites
for such purposes, the board, with the consent of the city council
expressed by ordinance, may incur an indebtedness and issue bonds
therefor in an amount or amounts not to exceed in the aggregate
$50,000,000. Provided, however, that not more than 25% of the aggregate
amount of said bonds shall be issued in any calendar year. The bonds
shall bear interest at the rate of not more than the maximum rate authorized
by the Bond Authorization Act, as amended at the time of the making of the
contract, and shall
mature within not to exceed 20 years from their date, and may be made
callable on any interest payment date at par and accrued interest, after
notice has been given, at the time and in the manner provided in the
bond resolution.
These bonds shall not be issued until the question of authorizing
such bonds has been submitted to the electors of the city constituting
said school district at a regular scheduled election in
accordance with the general election law and
approved by a majority of the electors voting upon that question.
The board shall adopt a resolution providing for submitting said
question at such an election and certify the resolution and the proposition
to the proper election authorities. In addition
to the requirements of the general election law the notice of the referendum
shall contain the amount of the bond
issue, maximum rate of interest and purpose for which issued.
This notice shall be published in accordance with the general election
law.
The proposition shall be in substantially the following form:
-------------------------------------------------------------- Shall bonds in the amount of$..... be issued by the board ofeducation of the City of.... forthe purpose of erecting, purchasing,or otherwise acquiring buildings YESsuitable for school houses, erectingtemporary school structures,erecting additions to, repairing,rehabilitating and replacing existing --------------------school buildings and temporaryschool structures, and furnishing andequipping school buildings andtemporary school structures, and NOpurchasing or otherwise acquiring andimproving sites for such purposes,bearing interest at the rate of notto exceed the maximum rate authorizedby the Bond Authorization Act, as amendedat the time of the making of the contract?--------------------------------------------------------------
Whenever the board desires to issue bonds as herein authorized, it
shall adopt a resolution designating the purpose for which the proceeds
of the bonds are to be expended and fixing the amount of the bonds
proposed to be issued, the maturity thereof, and optional provisions, if
any, the rate of interest thereon, and the amount of taxes to be levied
annually for the purpose of paying the interest upon and the principal
of such bonds.
Said bonds shall be issued in the corporate name of the school
district. They shall be signed by the president and secretary of said
board and countersigned by the mayor and the comptroller (or city clerk
if there be no comptroller) of the city. They shall be sold upon such
terms as may be approved by the board by the city comptroller (or city
clerk if there be no comptroller) after advertisement for bids as
ordered by and under the direction of the board, and the proceeds
thereof shall be received by the city treasurer, as school treasurer,
and expended by the board for the purposes provided in the bond
resolution.
Before or at the time of issuing any bonds herein authorized, the
city council of such city, upon the demand and under the direction of
the board shall, by ordinance, provide for the levy and collection of a
direct annual tax upon all the taxable property of such school district
sufficient to pay and discharge the principal thereof at maturity and to
pay the interest thereon as it falls due. Such tax shall be levied and
collected in like manner with the other taxes of such school district
and shall be in addition to and exclusive of the maximum of all other
taxes which such board or such city council is now, or may hereafter be,
authorized by law to levy for any and all school purposes. Upon the
filing in the office of the county clerk of the county wherein such
school district is located of a duly certified copy of any such
ordinance, it shall be the duty of such county clerk to extend the tax
therein provided for, including an amount to cover loss and cost of
collecting said taxes and also deferred collections thereof and
abatements in the amounts of such taxes as extended upon the collector's
books.
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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