(105 ILCS 5/34-22.5) (from Ch. 122, par. 34-22.5)
Sec. 34-22.5.
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,
modernizing 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
Twenty-five Million Dollars ($25,000,000) in addition to the bonds
authorized under Sections 34-22.1, 34-22.2, 34-22.3, and 34-22.4.
The bonds shall bear interest at the rate of not more than the maximum
rate authorized by the Bond Authorization Act, as amended at the time of
the making of the contract, and shall mature within not to exceed twenty years
from their date, and may be made callable on any interest payment date at par
and accrued interest, after notice has been given, at the time and in the
manner provided in the bond resolution.
These bonds shall not be issued until the question of authorizing
such bonds has been submitted to the electors of the city constituting
said school district at a regular scheduled election and
approved by a majority of the electors voting upon that question.
The board shall adopt a resolution providing for submitting said
proposition at such an election and certify the resolution
and the proposition to the proper election authorities for submission in
accordance with the general election law. In addition
to the requirements of the general election law the notice of the referendum
shall contain the
amount of the bond issue, maximum rate of interest and purpose for which
issued.
The proposition shall be in substantially the following form:
-------------------------------------------------------------- Shall bonds in the amount of$...... 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, modernizing and ------------------replacing existing school buildingsand temporary school structures,and furnishing and equipping schoolbuildings and temporary school NOstructures, and purchasing or otherwiseacquiring and improving sites for suchpurposes, bearing interest at therate of not to exceed the maximum rateauthorized by the Bond Authorization Act,as amended at the time of the making ofthe 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 by the city
comptroller (or city clerk if there be no comptroller) upon such terms
as may be approved by the board 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. The ordinance shall be in force upon its passage.
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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