Illinois General Assembly - Illinois Compiled Statutes

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110 ILCS 805/3A-1

(110 ILCS 805/3A-1) (from Ch. 122, par. 103A-1)

Sec. 3A-1.

Any community college district may borrow money for the
purpose of building, equipping, altering or repairing community college
buildings or purchasing or improving community college sites, or acquiring
and equipping recreation grounds, athletic fields, and other
buildings or land used or useful for community college purposes or for
the purpose of purchasing a site, with or without a building or
buildings thereon, or for the building of a house or houses on such
site, or for the building of a house or houses on the site of the
community college district, for residential purposes of the
administrators or faculty of the community college district, and issue
its negotiable coupon bonds therefor signed by the chairman and
secretary of the board, in denominations of not less than $100 nor more
than $5,000, payable at such place and at such time or times, not
exceeding 20 years from date of issuance, as the board may prescribe,
and 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, semiannually or quarterly, but no such bonds shall be issued
unless the proposition to issue them is submitted to the voters of the
community college district at a regular scheduled election in such district
and the board shall certify the proposition to the proper election
authorities for submission in accordance with the general election law and
a majority of all the votes cast on the proposition is in favor of the
proposition, nor shall any residential site be acquired unless such
proposition to acquire a site is submitted to the voters of the district at
a regular scheduled election and the board shall certify the proposition to
the proper election authorities for submission to the electors in
accordance with the general election law and a majority of all the votes
cast on the proposition is in favor of the proposition. Nothing in this
Act shall be construed as to require the listing of maturity dates of
any bonds either in the notice of bond election or ballot used in the
bond election.

Bonds issued in accordance with this Section for Elgin Community College District No. 509 may be payable at such time or times, not exceeding 25 years from date of issuance, as the board may prescribe, if the following conditions are met:

(i) The voters of the district approve a proposition

for the bond issuance at an election held in 2009.

(ii) Prior to the issuance of the bonds, the board

determines, by resolution, that the projects built, acquired, altered, renovated, repaired, purchased, improved, installed, or equipped with the proceeds of the bonds are required as a result of a projected increase in the enrollment of students in the district, to meet demand in the fields of health care or public safety, to meet accreditation standards, or to maintain campus safety and security.

(iii) The bonds are issued, in one or more bond

issuances, on or before April 7, 2014.

(iv) The proceeds of the bonds are used to accomplish

only those purposes approved by the voters at an election held in 2009.

Bonds issued in accordance with this Section for Kishwaukee Community College District No. 523 may be payable at such time or times, not exceeding 25 years from date of issuance, as the board may prescribe, if the following conditions are met:

(i) The voters of the district approve a

proposition for the bond issuance at an election held in 2010 or 2011.

(ii) Prior to the issuance of the bonds, the

board determines, by resolution, that the projects built, acquired, altered, renovated, repaired, purchased, improved, installed, or equipped with the proceeds of the bonds are required as a result of a projected increase in the enrollment of students in the district, to meet demand in the fields of health care or public safety, to meet accreditation standards, or to maintain campus safety and security.

(iii) The bonds are issued, in one or more bond

issuances, on or before November 2, 2015.

(iv) The proceeds of the bonds are used to

accomplish only those purposes approved by the voters at an election held in 2010 or 2011.

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. 96-787, eff. 8-28-09; 96-1077, eff. 7-16-10; 97-813, eff. 7-13-12.)