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105 ILCS 5/32-5
(105 ILCS 5/32-5) (from Ch. 122, par. 32-5)
Sec. 32-5. Bond issues - district boundaries coextensive with city. For the purpose of building or repairing schoolhouses or purchasing
or improving school sites, including the purchase of school sites
outside the boundaries of the school district and building school
buildings thereon as provided by Section 10-20.10 of this Act, any
special charter district governed by a special charter, and special or
general school laws, whose boundaries are coextensive with or greater
than the boundaries of any incorporated city, town or village, where
authorized by a majority of all the votes cast on the proposition may
borrow money and as evidence
of the indebtedness, may
issue bonds in denominations of not less than $100 nor more than $1,000,
for a term not to exceed 20 years bearing 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,
semi-annually, or quarterly,
signed by the president and secretary of the school board of the
district; provided, that the amount borrowed shall not exceed, including
existing indebtedness, 5% of the taxable property of such school
district, as ascertained by the last assessment for State and county
taxes previous to incurring such indebtedness.
With respect to instruments for the payment of money issued under this
Section either before, on, or after June 6, 1989 (the effective date of Public Act 86-4), 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. 99-642, eff. 7-28-16.)
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