105 ILCS 5/32-5.6
2021 Illinois Compiled Statutes|Chapter 105 - SCHOOLS|105 ILCS 5/ - School Code.|Article 32 - Special Charter Districts

 (from Ch. 122, par. 32-5.6)Sec. 32-5.6.         Special charter districts with population less than  500,000 - Authority to borrow money and issue bonds. The corporate  authorities of any special charter district having a population of less  than 500,000 governed by a special charter, or special charter and  general law, may borrow money for the purpose of building schoolhouses,  or repairing, altering and building additions to any schoolhouse already  erected, or purchasing schoolhouse sites or purchasing grounds adjoining  any schoolhouse site, or separated therefrom only by a public street or  way, and shall also include the purchase of school sites outside the  boundaries of the school district and building school buildings thereon  as provided by Sections 10-22.35 and 10-22.36 of this Act, and may  issue its negotiable coupon bonds therefor in such form and such  denominations, payable at such place and at such time or times (not  exceeding 20 years from date of issuance) and bearing interest at such  rate as the corporate authorities may by resolution prescribe. The bonds  shall be in denominations of not less than $100 nor more than $5,000,  and 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, if issued  before January 1, 1972 and not to exceed  the maximum rate authorized by the Bond Authorization Act, as amended at  the time of the making of the contract, if issued after  January 1, 1972, payable semi-annually. No money may be borrowed or  bonds issued, however, unless the proposition to borrow money and issue  bonds for the purpose or purposes and in the amount prescribed in the  resolution is certified to the proper election authorities and submitted  to the voters of the school district at a regular scheduled election  in accordance with the  general election law, and the majority of  all the votes cast on the proposition is in favor thereof.  The  corporate authorities may not incur any indebtedness under this Section,  which together with all other outstanding indebtedness, exceeds in the  aggregate the indebtedness limitation under Section 19-1 of this Act  that would be applicable if the district were not a special charter  district.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.)