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90_HB1005sam001
SRS90HB1005KScham01
1 AMENDMENT TO HOUSE BILL 1005
2 AMENDMENT NO. . Amend House Bill 1005, by changing
3 the title to:
4 "AN ACT in relation to education, amending named Acts.";
5 and
6 by replacing everything on lines 5 through 31 on page 1,
7 and all of pages 2 through 18 with the following:
8 "Section 19-2 as follows:
9 (105 ILCS 5/19-2) (from Ch. 122, par. 19-2)
10 Sec. 19-2. School directors - Power to borrow money and
11 issue bonds. For the purpose of building or repairing
12 schoolhouses or purchasing or improving school sites, the
13 board of education directors of any school district, when
14 authorized by a majority of the votes cast on such
15 proposition conducted in accordance with the general election
16 law, may borrow money; and, as evidence of such indebtedness,
17 may issue bonds signed by the president and clerk of the
18 board, in denominations of not less than $100, and bearing
19 interest at a rate not exceeding the maximum rate authorized
20 by the Bond Authorization Act, as amended at the time of the
21 making of the contract.
22 With respect to instruments for the payment of money
-2- SRS90HB1005KScham01
1 issued under this Section either before, on, or after the
2 effective date of this amendatory Act of 1989, it is and
3 always has been the intention of the General Assembly (i)
4 that the Omnibus Bond Acts are and always have been
5 supplementary grants of power to issue instruments in
6 accordance with the Omnibus Bond Acts, regardless of any
7 provision of this Act that may appear to be or to have been
8 more restrictive than those Acts, (ii) that the provisions of
9 this Section are not a limitation on the supplementary
10 authority granted by the Omnibus Bond Acts, and (iii) that
11 instruments issued under this Section within the
12 supplementary authority granted by the Omnibus Bond Acts are
13 not invalid because of any provision of this Act that may
14 appear to be or to have been more restrictive than those
15 Acts.
16 The proceeds of any bonds issued under authorization of
17 this Section shall be deposited and accounted for separately
18 within the Site and Construction/Capital Improvements Fund.
19 (Source: P.A. 86-4; 87-984.)".