105 ILCS 5/19-30
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. 19-30)Sec. 19-30.         Any school district which, pursuant to Section 10-22.31b of this Act, has  entered into a joint agreement with one or more school districts to  acquire, build, establish and maintain sites and buildings for area  vocational purposes may by proper resolution borrow money for the purpose  of acquiring sites and buildings and building, equipping, improving and  remodeling buildings and sites for vocational education purposes and as  evidence of such indebtedness issue bonds without referendum, provided that  the project which is the subject of such joint agreement has been  designated by the State Board of Vocational Education and Rehabilitation as  an Area Secondary Vocational Center, and further provided (a) that such  district has been authorized by referendum to impose the tax  under Section 17-2.4 of this Act, or (b) that such district, not having  been so authorized by such referendum, by resolution has authorized the  payment of its proportionate share of the cost of the area vocational center  under such  agreement from funds raised by building tax levies.  The proceeds of the  sale of such bonds may, in the discretion of the school board of the  district issuing such bonds, be transferred to the Capital Development Board,  any other school district which is a party to such joint  agreement or the State or any of its agencies provided, however, that such  board first determines that such transfer is necessary in order to  accomplish the purposes for which such bonds are issued.  The amount of the  bonds issued by any such participating school district shall not exceed the  district's estimated proportionate share of the cost of the area vocational  center as budgeted under such agreement and as certified by the State Board  of Vocational Education and Rehabilitation, and provided that (a) any such  participating district which has been authorized by referendum to impose  the tax under Section  17-2.4 of this Act, shall thereafter  reduce the maximum statutory amount which may be raised by such levy under  Section 17-2.4 to the extent of the total amount to be yielded by the  imposition of the tax authorized by this Section, and (b) any such  participating district, not having been so authorized by  such referendum, but having by  resolution authorized the payment of its proportionate share of the cost of  the area vocational center under such joint agreement from funds raised by  building tax levies, shall thereafter, annually reduce the maximum  statutory amount which may be raised by such building tax levies to the  extent of the amount to be yielded annually by the imposition of the tax  authorized by this Section.  Such bonds shall bear interest at a rate of not  to exceed 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.The failure on the part of a school district to abate or reduce such  taxes as described in (a) and (b) shall not constitute a forfeiture by the  district of its right to levy the direct annual tax authorized by this  Section.In order to authorize and issue such bonds, the school board shall adopt  a resolution fixing the amount of the bonds, the date thereof, maturities  thereof, rates of interest thereof, place of payment and denomination,  which shall be in denominations of not less than $100 and not more than  $5,000 and provide for the levy and collection of a direct annual tax upon  all the taxable property in the school district sufficient to pay the  principal of and interest on such bonds to maturity.  Upon the filing in the  office of the County Clerk or Clerks of the County or Counties in which the  school district is located of a certified copy of such resolution it shall  be the duty of such County Clerk or Clerks to extend the tax therefor, in  addition to and in excess of all other taxes heretofore or hereafter  authorized to be levied by such school district.This Section shall be cumulative and it shall constitute complete  authority for site acquisitions and building programs and for the issuance  of bonds as provided for hereunder, notwithstanding any other statute or  law to the contrary.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.)