105 ILCS 5/19-31
2021 Illinois Compiled Statutes|Chapter 105 - SCHOOLS|105 ILCS 5/ - School Code.|Article 19 - Debt Limitation - Bonds - Territory Liable - Refunding Bonds

(105 ILCS 5/19-31) (from Ch. 122, par. 19-31)Sec. 19-31.         Any school district which, pursuant to Section 10-22.31b  of this Act, or under the provisions of the "Intergovernmental  Cooperation Act", has entered into a joint agreement or contract with  one or more school districts to acquire, build, establish and maintain  sites and buildings for the education of one or more of the types of children  with disabilities as defined in Sections 14-1.02  through 14-1.07 of this  Act, may by proper resolution of the board borrow money for the purpose  of acquiring sites and buildings and building, equipping, improving and  remodeling buildings and sites for such special education purposes, and  as evidence of such indebtedness issue bonds, provided that the project  which is the subject of such joint agreement has been approved by the  State Board of Education.  The proceeds of the sale of such bonds may,  in the discretion of the school board of the district issuing such  bonds, be transferred to the Capital Development Board, any other school  district which is a party to such joint agreement, or the State or any  of its agencies provided, however, that such board first determines that  such transfer is necessary in order to accomplish the purposes for which  such bonds are issued.  The amount of the bonds issued by any such  participating school district shall not exceed the district's estimated  proportionate share of the cost of such special education purposes as  budgeted under such joint agreement or contract, and shall be amortized  over a period not exceeding the number of years of levy remaining  available to such participating school district under Section 17-2.2a of  this Act, and provided further that any such participating district  shall thereafter reduce the maximum statutory amount which may be raised  by the tax levy authorized under Section 17-2.2a of this Act to the  extent of the total amount to be yielded by the imposition of the tax  authorized by this Section.  The failure on the part of a school  district to abate or reduce such taxes shall not however constitute a  forfeiture by the district of its right to levy the direct annual tax  authorized by this Section.Such bonds shall bear interest at a rate of not to exceed the maximum  rate authorized by the Bond Authorization Act, as amended at the time of  the making of the contract, and shall mature within 8 years from the date  of issuance.  In  order to authorize and issue such bonds, the school board shall adopt a  resolution fixing the amount of the bonds, the date thereof, maturities  thereof, rates of interest thereof, place of payment and denomination,  which shall be in denominations of not less than $100 and not more than  $5,000 and provide for the levy and collection of a direct annual tax  upon all the taxable property in the school district sufficient to pay  the principal of and interest on such bonds to maturity, but not to  exceed the levy authorized under Section 17-2.2a.  Upon the filing in  the office of the County Clerk or Clerks of the County or Counties in  which the school district is located of a certified copy of such  resolution it shall be the duty of such County Clerk or Clerks to extend  the tax therefor, in addition to and in excess of all other taxes  heretofore or hereafter authorized to be levied by such school district.This Section shall be cumulative and it shall constitute complete  authority for site acquisitions and building programs and for the  issuance of bonds as provided for hereunder, notwithstanding any other  statute or law to the contrary.Notwithstanding the other provisions of this Section, any school district  qualifying for a special education construction grant pursuant to the Capital  Development Board Act may finance the construction project by levying the  tax authorized by Section 17-2.2a and issuing bonds in the manner provided  for in this Section 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, with a maturity  date not more than 20 years from the date of issuance.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. 89-397, eff. 8-20-95.)