105 ILCS 5/19-3
2021 Illinois Compiled Statutes|Chapter 105 - SCHOOLS|105 ILCS 5/ - School Code.|Article 19 - Debt Limitation - Bonds - Territory Liable - Refunding Bonds

 (from Ch. 122, par. 19-3)Sec. 19-3. Boards of education. Any school district governed by a board of  education and having a population of not more than 500,000 inhabitants, and  not governed by a special Act may borrow money for the purpose of building,  equipping, altering or repairing school buildings or purchasing or improving  school sites, or acquiring and equipping playgrounds, recreation grounds,  athletic fields, and other buildings or land used or useful for school 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 school site of the school  district, for residential purposes of the superintendent, principal, or  teachers of the school district, and issue its negotiable coupon bonds therefor  signed by the president 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, with the exception of Lockport High School and bonds issued by any school district as qualified school construction bonds in accordance with applicable federal tax law not exceeding 25 years, from date of issuance, as the board of education  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 district at a referendum held at a regularly scheduled election after  the board has certified the proposition to the proper election authorities in  accordance with the general election law, a majority of all the votes cast on  the proposition is in favor of the proposition, and notice of such bond  referendum has been  given either (i) in accordance with the second paragraph of Section 12-1 of the  Election Code irrespective of whether such notice included any reference to the  public question as it appeared on the ballot, or (ii) for an election held on  or after November 1, 1998, in accordance with Section 12-5 of the Election  Code, or (iii) by publication of a true and legible copy of the specimen ballot  label containing the proposition in the form in which it appeared or will  appear on the official ballot label on the day of the election  at least 5 days  before the day of the election in at least one newspaper published in and  having a general circulation in the district,  irrespective of any other requirements of Article 12 or Section 24A-18 of  the Election Code, nor shall any residential site be acquired unless such  proposition to acquire a site is submitted to the voters of the district at a  referendum held at a regularly scheduled election after the board has certified  the proposition to the proper election authorities 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 or in any other law shall be  construed to require the notice of the bond referendum to be published over the  name or title of the election authority or the listing of maturity dates of  any bonds either in the notice of bond election or ballot used in the bond  election.  The provisions of this Section concerning notice of the bond referendum  apply only to (i) consolidated primary elections held prior to January 1,  2002 and the consolidated election held on April 17, 2007 at which not less than 60%  of the voters voting on the bond proposition voted in favor of the bond  proposition, and (ii) other elections held before July 1, 1999; otherwise, notices required  in connection with the submission of public questions shall be as set forth in  Section 12-5 of the Election Code.   Such proposition may be initiated by resolution of the school board.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.The proceeds of any bonds issued under authority of this Section shall  be deposited and accounted for separately within the Site and  Construction/Capital Improvements Fund.  (Source: P.A. 99-735, eff. 8-5-16.)