110 ILCS 805/7-26
2021 Illinois Compiled Statutes|Chapter 110 - HIGHER EDUCATION|110 ILCS 805/ - Public Community College Act.|Article VII

 (from Ch. 122, par. 107-26)Sec. 7-26. Issuance of bonds not exceeding $15,000,000 aggregate. The  board  may incur an indebtedness and issue bonds therefor in an amount or amounts  not to exceed in the aggregate $15,000,000 for the purpose of erecting,  purchasing, or otherwise acquiring buildings suitable for community college  use, transferring funds to the Capital Development Board for community  college building purposes, erecting temporary community college structures,  erecting additions to, repairing, rehabilitating, and replacing existing  community college buildings and temporary community college structures,  furnishing and equipping community college buildings and temporary  community college structures, and purchasing or otherwise acquiring and  improving sites for such purposes. The bonds may be issued without  submitting the question of issuance thereof to the voters of the community  college district for approval.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 schedule of the maturities thereof; and optional provisions, if  any, and the maximum rate of interest thereon and directing the sale upon  such terms as are determined by the board.The secretary of the board shall cause such sale to be advertised by  publication of a notice of sale once, as a legal notice in a newspaper  having general circulation in the district, and once in a financial journal  published in the City of New York, New York, or Chicago, Illinois. Such  notice of sale shall be published not less than 7 nor more than 21 days  prior to the date set for the sale of the bonds being advertised. The  notice of sale shall state that sealed bids will be received by the board  for its bonds and shall include: the amount, date, maturity or maturities  of such bonds; the date, time and place of receipt of bids; the maximum  permissible interest rate; the basis upon which the bonds will be awarded;  call provisions, if any; and such other information as the board may deem  pertinent.After the bonds have been awarded to the successful bidder, the board  shall adopt a resolution confirming the sale of said bonds to the  successful bidder, setting forth the terms of sale, designating the place  of payment for the principal and interest, prescribing the form of bond and  determining the amount of taxes to be levied annually for each of the years  in which said bonds are outstanding for the purpose of paying the interest  on and the principal of such bonds.The bonds shall be issued in the corporate name of the community college  district, and they shall be signed by the chairman and secretary of the  community college board. 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 20 years from the date of  issuance, 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. The proceeds of sale of said bonds  shall be received by the community college treasurer, and expended by the  board for the purpose provided in the bond resolution.The community college treasurer shall, before receiving any of such  money, execute a surety bond with a surety company authorized to do  business in this State conditioned upon the faithful discharge of his  duties. That surety bond must pass approval by the community college board  and, upon such approval, shall be filed as otherwise required under this  Act for the treasurer's bond. The penalty of the surety bond shall be in  the amount of such bond issue. The surety bond shall be in substantially  the same form as the bond otherwise required under this Act for the  treasurer and when so given shall fully describe the bond issue which it  specifically covers and shall remain in force until the funds of the bond  issue are fully disbursed in accordance with the law.Before or at the time of issuing any bonds herein authorized, the city  council, 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 within the community college 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 the community college district and  shall be in addition to and exclusive of the maximum of all other taxes  which the board is  authorized by law to  levy for community college purposes. Upon the filing in the office of the  county clerk of each county wherein such community college district is  located of a certified copy of any such ordinance, the county clerk shall  extend the tax therein provided for, including an amount to cover loss and  cost of collecting such 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. 100-884, eff. 1-1-19.)