(105 ILCS 5/34-32) (from Ch. 122, par. 34-32)
Sec. 34-32.
Resolution for bond issue-Signature-Sale.
Before issuing any bonds under Section 34-31, as amended, the board
shall adopt a resolution designating the purpose and fixing the amount of
the bonds proposed to be issued, the maturity thereof, the rate of interest
thereon and the amount of taxes to be levied annually for the purpose of
paying the principal and interest.
The bonds shall be issued in the corporate name of the school district.
They shall be signed by the president and secretary of the 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) at not less than par 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, for the uses herein
provided.
(Source: Laws 1961, p. 3226.)
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