105 ILCS 5/34-22.1
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. 34-22.1)Sec. 34-22.1.     Issuance of bonds.     For the purpose of erecting, purchasing, or otherwise acquiring  buildings suitable for school houses, erecting temporary school  structures, erecting additions to, repairing, rehabilitating and  replacing existing school buildings and temporary school structures, and  furnishing and equipping school buildings and temporary school  structures, and purchasing or otherwise acquiring and improving sites  for such purposes, the board, with the consent of the city council  expressed by ordinance, may incur an indebtedness and issue bonds  therefor in an amount or amounts not to exceed in the aggregate  $50,000,000. Provided, however, that not more than 25% of the aggregate  amount of said bonds shall be issued in any calendar year. The bonds  shall bear interest at the rate of not more than the maximum rate authorized  by the Bond Authorization Act, as amended at the time of the making of the  contract, and shall  mature within not to exceed 20 years from their date, and may be made  callable on any interest payment date at par and accrued interest, after  notice has been given, at the time and in the manner provided in the  bond resolution.These bonds shall not be issued until the question of authorizing  such bonds has been submitted to the electors of the city constituting  said school district at a regular scheduled election in  accordance with the general election law and  approved by a majority of the electors voting upon that question.The board shall adopt a resolution providing for submitting said  question at such an election and certify the resolution and the proposition  to the proper election authorities. In addition  to the requirements of the general election law the notice of the referendum  shall contain the amount of the bond  issue, maximum rate of interest and purpose for which issued.This notice shall be published in accordance with the general election  law.The proposition shall be in substantially the following form:    --------------------------------------------------------------Shall bonds in the amount of$..... be issued by the board ofeducation of the City of.... forthe purpose of erecting, purchasing,or otherwise acquiring buildings                YESsuitable for school houses, erectingtemporary school structures,erecting additions to, repairing,rehabilitating and replacing existing     --------------------school buildings and temporaryschool structures, and furnishing andequipping school buildings andtemporary school structures, and                NOpurchasing or otherwise acquiring andimproving sites for such purposes,bearing interest at the rate of notto exceed the maximum rate authorizedby the Bond Authorization Act, as amendedat the time of the making of the contract?--------------------------------------------------------------Whenever the board desires to issue bonds as herein authorized, 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 the comptroller (or city clerk  if there be no comptroller) of the city. They shall be sold upon such  terms as may be approved by the board by the city comptroller (or city  clerk if there be no comptroller) 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 purposes provided in the bond  resolution.Before or at the time of issuing any bonds herein authorized, the  city council of such city, upon the demand and under the direction of  the board shall, by ordinance, 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 or such city council 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.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.)