105 ILCS 5/34-31
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. 34-31)Sec. 34-31.     Bond issue to increase fund.     (a).  Where the board has created and is maintaining such a working  cash fund for the purposes above mentioned, it may, with the consent of  the city council expressed by ordinance, incur an indebtedness for the  purpose of increasing such fund and issue bonds therefor from time to  time, in an amount or amounts not exceeding in the aggregate  $75,000,000, exclusive of all bonded indebtedness authorized for that  purpose prior to May 16, 1967, without the submission thereof to the  electors of the school district or city for approval.(b).  The board may incur an additional indebtedness for the purpose  of further increasing such fund and issue additional bonds therefor,  from time to time, in an amount or amounts not exceeding in the  aggregate $20,000,000, exclusive of all bonded indebtedness authorized  for that purpose prior to the effective date of this amendatory Act of  1971, without the submission thereof to the electors of the school  district or city for approval.(c). The board may incur an additional indebtedness for the purpose  of further increasing such fund and issue additional bonds therefor,  from time to time, in an amount or amounts not exceeding in the  aggregate $25,000,000, exclusive of all bonded indebtedness authorized  for that purpose prior to the effective date of this amendatory Act of  1973, without the submission thereof to the electors of the school  district or city for approval.(d). The board may incur an additional indebtedness for the purpose of  further increasing such fund and issue additional bonds therefor, from time  to time, in an amount or amounts not exceeding in the aggregate $31,000,000,  exclusive of all bonded indebtedness authorized for that purpose prior to  the effective date of this amendatory Act of 1977, without the submission  thereof to the electors of the school district or city for approval.(e). Any bonds issued under paragraphs (a), (b), (c) or (d) of this  Section 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 20 years from date of issue. The authority herein  granted in paragraphs (a), (b), (c) and (d) shall be considered exclusive of  each other and as cumulative authority for the issuance of such bonds.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.)