105 ILCS 5/34-22.6
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. 34-22.6)Sec. 34-22.6.     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, modernizing 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 may incur an indebtedness and  issue bonds therefor in an amount or amounts not to exceed in the aggregate  $150,000,000 in addition to the bonds authorized under  Sections 34-22.1, 34-22.2, 34-22.3, 34-22.4, 34-22.5 and 34-22.7.  Bonds authorized under this Section may also be issued for the purposes  of paying interest on such bonds, establishing reserves to secure such  bonds and paying the costs of issuance of such bonds.  In connection with the issuance of its bonds, the board may enter into  arrangements to provide additional security and liquidity for the bonds.  These may include, without limitation, municipal bond insurance, letters of  credit, lines of credit by which the board may borrow funds to pay or  redeem its bonds and purchase or remarketing arrangements for assuring the  ability of owners of the board's bonds to sell or to have redeemed their  bonds.  The board may enter into contracts and may agree to pay fees to  persons providing such arrangements, including from bond proceeds but only  under circumstances in which the total interest paid or to be paid on the  bonds, together with the fees for the arrangements (being treated as if  interest), would not, taken together, cause the bonds to bear interest,  calculated to their absolute maturity, at a rate in excess of the maximum  rate allowed by law.The resolution of the board authorizing the issuance of its bonds may  provide that interest rates may vary from time to time depending upon  criteria established by the board, which may include, without limitation, a  variation in interest rates as may be necessary to cause bonds to be  remarketable from time to time at a price equal to their principal amount,  and may provide for appointment of a national banking  association, bank, trust company, investment banker or other financial  institution to serve as a remarketing agent in that connection.  The  resolution of the board authorizing the issuance of its bonds  may provide that alternative interest rates or provisions will apply during  such times as the bonds are held by a person providing a letter of credit  or other credit enhancement arrangement for those bonds.  The Board may use proceeds of the sale of bonds authorized  under this Section to pay the cost of obtaining such municipal bond  insurance, letter of credit or other credit facilities.  Bonds may also be  issued under this Section to pay the cost of refunding any bonds issued  under this Section, including prior to their maturity.  The bonds shall bear interest at a rate or rates not to exceed the  maximum annual rate provided for in Section 2 of "An Act to authorize  public corporations to issue bonds, other evidences of indebtedness and tax  anticipation warrants subject to interest rate limitations set forth  therein", approved May 26, 1970, as now or hereafter amended, and if issued  at such maximum annual rate shall be sold for not less than par and accrued  interest.  If any of the bonds are issued to bear interest at a rate of  less than such maximum annual rate the minimum price at which they may be  sold shall be such that the interest cost to the board on the proceeds of  the bonds shall not exceed such maximum annual rate computed to stated  maturity according to standard tables of bond values.Whenever the board desires to issue bonds as authorized in this Section, 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 or maturities 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,  whether due at maturity or upon sinking fund installment dates, 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 by the city  comptroller (or city clerk if there be no comptroller) upon such terms  as may be approved by the board 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 authorized in this Section,  the board shall 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, or  upon sinking fund installment dates, 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 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. The  ordinance shall be in force upon its passage.    (Source: P.A. 85-1418; 86-1477.)