(110 ILCS 805/3A-8) (from Ch. 122, par. 103A-8)
Sec. 3A-8.
Any district which has complied with Section 3A-7 and which is
authorized to issue bonds under Sections 3A-6 and 3A-7 shall adopt a
resolution specifying the amount of indebtedness to be funded, whether for
the purpose of paying claims, or for paying teachers' orders. 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 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 may determine, and mature in not more than 20
years from date thereof.
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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