(110 ILCS 805/7-1.1) (from Ch. 122, par. 107-1.1)
Sec. 7-1.1.
Additional powers.
(a) In addition to other powers and authority
now possessed by it, the board shall have power (1) to lease from any public
building commission created pursuant to the provisions of the "Public Building
Commission Act", approved July 5, 1955, as now or hereafter amended, any
real or personal property for the purpose of securing office or other space
for its administrative functions or for community college purposes for a
period of time not exceeding 40 years; and (2) to pay for the use of this
leased property in accordance with the terms of the lease and with the
provisions
of the "Public Building Commission Act", approved July 5, 1955, as now or
hereafter amended.
Such lease may be entered into without making a previous appropriation
for the expense thereby incurred; provided, however, that if the board
undertakes
to pay all or any part of the costs of operating and maintaining the property
of a public building commission as authorized in this Section, such expenses
of operation and maintenance shall be included in the annual budget of such
board annually during the term of such undertaking.
In addition, the board may undertake, either in the lease with a public
building commission or by separate agreement or contract with a public building
commission, to pay all or any part of the costs of maintaining and operating
the property of a public building commission for any period of time not
exceeding 40 years.
(b) In addition, the board shall have power to borrow money (including,
without limitation, in the form of a line of credit which may vary from time to
time as to outstanding principal amount) from any source, public or private,
for the purpose of refunding or continuing to refund bonds, notes or other
indebtedness when they become due and payable, and to enter into agreements in
connection with such borrowing, including agreements providing for the issuance
of indebtedness to evidence the obligation to repay such borrowing and
agreements providing for the pledge of and the granting of a lien on tuition
and fees established and collected by the board pursuant to Section 6-4;
provided that the proceeds of any such indebtedness shall be used only to
refund or continue to refund bonds, notes or other indebtedness initially
issued between February 1, 1994 and March 1, 1994 in an amount not exceeding
$34,000,000, and that any such indebtedness be repaid within 20 years.
(Source: P.A. 89-281, eff. 8-10-95.)
|