110 ILCS 805/3A-1
2021 Illinois Compiled Statutes|Chapter 110 - HIGHER EDUCATION|110 ILCS 805/ - Public Community College Act.|Article IIIa - Bonds

 (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.)