105 ILCS 5/19-9
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. 19-9)Sec. 19-9. Resolution to issue bonds - Submission to voters. Before any district as described in Section 19-8 shall avail itself  of the provisions of that section the governing body thereof shall  examine and consider the several teachers' orders or claims or liabilities of a Financial Oversight Panel established pursuant to Article 1H of this Code, or any or all of these,   proposed to be paid and if it appears that they were authorized and  allowed for proper school purposes it shall adopt a resolution so  declaring and set forth and describe in detail such teachers' orders and  claims and liabilities of a Financial Oversight Panel established pursuant to Article 1H of this Code and the adoption of the resolution shall establish the validity  thereof, notwithstanding the amount of such orders and claims and liabilities of a Financial Oversight Panel established pursuant to Article 1H of this Code may exceed  in whole or in part any applicable statutory debt limit in force at the  time the indebtedness evidenced by such orders and claims and liabilities of a Financial Oversight Panel established pursuant to Article 1H of this Code was incurred.  The resolution shall also declare the intention of the district to issue  bonds for the purpose of paying such teachers' orders or claims or liabilities of a Financial Oversight Panel established pursuant to Article 1H of this Code, and direct that notice of such intention be published at least once  in a newspaper published within the district and if there be no newspaper  published within the district then notice shall be published  in a newspaper having general circulation within the district.  The  notice shall set forth (1) the time within which a petition may be filed  requesting the submission of the proposition to issue the bonds as  hereinafter in this Section provided; (2) the specific number of voters  required to sign the petition; and the date of the prospective referendum.  The recording officer of the district shall provide a petition form to  any individual requesting one. If within 30 days after such  publication of such notice a petition is filed with the recording  officer of the district, signed by the voters  of the district equal to 10% or more of the registered voters of the district  requesting that the proposition to issue bonds as authorized by  Section 19-8 be submitted to the voters thereof, then the district  shall not be authorized to issue bonds as provided by Section 19-8  until the proposition has been submitted to and approved by a majority  of the voters voting on the proposition at a regular scheduled  election. The board shall certify the proposition to the proper election  authorities for submission in accordance with the general election law.  If no such petition with the requisite number of signatures is filed within  said 30 days, or if any and all petitions filed are invalid, then the  district shall thereafter be authorized to issue bonds for the purposes and  as provided in Section 19-8.  (Source: P.A. 97-429, eff. 8-16-11.)