105 ILCS 5/34-22.5
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. 34-22.5)Sec. 34-22.5.     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, 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  Twenty-five Million Dollars ($25,000,000) in addition to the bonds  authorized under Sections 34-22.1, 34-22.2, 34-22.3, and 34-22.4.  The bonds shall bear interest at the rate of not more than the maximum  rate authorized by the Bond Authorization Act, as amended at the time of  the making of the contract, and shall mature within not to exceed twenty years  from their date, and may be made callable on any interest payment date at par  and accrued interest, after notice has been given, at the time and in the  manner provided in the bond resolution.These bonds shall not be issued until the question of authorizing  such bonds has been submitted to the electors of the city constituting  said school district at a regular scheduled election and  approved by a majority of the electors voting upon that question.The board shall adopt a resolution providing for submitting said  proposition at such an election and certify the resolution  and the proposition to the proper election authorities for submission in  accordance with the general election law. In addition  to the requirements of the general election law the notice of the referendum  shall contain the  amount of the bond issue, maximum rate of interest and purpose for which  issued.The proposition shall be in substantially the following form:    --------------------------------------------------------------Shall bonds in the amount of$...... 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, modernizing and             ------------------replacing existing school buildingsand temporary school structures,and furnishing and equipping schoolbuildings and temporary school                  NOstructures, and purchasing or otherwiseacquiring and improving sites for suchpurposes, bearing interest at therate of not to exceed the maximum rateauthorized by the Bond Authorization Act,as amended at the time of the making ofthe 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 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 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. The ordinance shall be in force upon its passage.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.)