105 ILCS 5/34-22.7
2021 Illinois Compiled Statutes|Chapter 105 - SCHOOLS|105 ILCS 5/ - School Code.|Article 34 - Cities Of Over 500,000 Inhabitants - Board Of Education

 (from Ch. 122, par. 34-22.7)Sec. 34-22.7.         For the sole purpose of rehabilitating and accomplishing  the deferred maintenance of present school buildings the board, with the  consent of the city council expressed by ordinance, may incur an  indebtedness and issue bonds therefor without referendum in an amount or  amounts not to exceed in the aggregate $330,000,000. The bonds shall bear  interest at a rate of not more than the maximum rate authorized by the  Bond Authorization Act, as amended at the time of the making of the contract,  and shall mature within not to exceed 20 years from their date, and may be  made callable on any interest payment date at par and accrued interest,  after notice has been given, at the time and in the manner provided in the  bond resolution.Whenever the board desires to issue bonds as authorized in this Section, it  shall adopt a resolution designating the purpose for which the proceeds  of the bonds are to be expended and fixing the amount of the bonds  proposed to be issued, the maturity thereof, and optional provisions, if  any, the rate of interest thereon, and the amount of taxes to be levied  annually for the purpose of paying the interest upon and the principal  of such bonds.Said bonds shall be issued in the corporate name of the school  district. They shall be signed by the president and secretary of said  board and countersigned by the mayor and comptroller (or city clerk if  there be no comptroller) of the city. They shall be sold by the city  comptroller (or city clerk if there be no comptroller) upon such terms  as may be approved by the board after advertisement for bids as ordered  by and under the direction of the board, and the proceeds thereof shall  be received by the city treasurer, as school treasurer, and expended by  the board for the purpose provided in the bond resolution.Before or at the time of issuing any bonds herein authorized,  the board shall provide for the levy and collection of a  direct annual tax upon all the taxable property of such school district  sufficient to pay and discharge the principal thereof at maturity and to  pay the interest thereon as it falls due. Such tax shall be levied and  collected in like manner with the other taxes of such school district  and shall be in addition to and exclusive of the maximum of all other  taxes which such board is now, or may hereafter be,  authorized by law to levy for any and all school purposes. Upon the  filing in the office of the county clerk of the county wherein such  school district is located of a duly certified copy of any such  ordinance, it shall be the duty of such county clerk to extend the tax  therein provided for, including an amount to cover loss and cost of  collecting said taxes and also deferred collections thereof and  abatements in the amounts of such taxes as extended upon the collector's  books. The ordinance shall be in force upon its passage.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; 86-1477.)