110 ILCS 805/3-33.2
2021 Illinois Compiled Statutes|Chapter 110 - HIGHER EDUCATION|110 ILCS 805/ - Public Community College Act.|Article III - Community College Districts; Organization; Powers And Duties; Elections

 (from Ch. 122, par. 103-33.2)Sec. 3-33.2. Bonds for working cash fund.(a) Except as provided in subsection (b) of this Section, in order to create, maintain  or increase such a working  cash fund for the purposes mentioned in Section 3-33.1, the board may incur an  indebtedness for such  purpose and issue bonds therefor from time to time, in an amount or amounts  not exceeding in the aggregate at any one time outstanding 75% of the taxes  permitted to be levied for educational purposes and for operations and  maintenance of facilities purposes for the then current year to be  determined by multiplying the aggregate of the authorized maximum  educational tax rate and the maximum operations and maintenance tax rate  applicable to such district by the last assessed valuation as determined at  the time of the issue of those bonds plus 75% of the last known entitlement  of such district to taxes as by law now or hereafter enacted or amended,  imposed by the General Assembly of the State of Illinois to replace revenue  lost by units of local government and school districts as a result of the  abolition of ad valorem personal property taxes, pursuant to Article IX,  Section 5(c) of the Constitution of the State of Illinois.(b) For a period of 3 years after the effective date of this amendatory Act of the 96th General Assembly, in order to create, maintain,  or increase such a working  cash fund for the purposes mentioned in Section 3-33.1, the board may incur an  indebtedness for such  purpose and issue bonds therefor from time to time, in an amount or amounts  not exceeding in the aggregate at any one time outstanding 150% of the taxes  permitted to be levied for educational purposes and for operations and  maintenance of facilities purposes for the then current year to be  determined by multiplying the aggregate of the authorized maximum  educational tax rate and the maximum operations and maintenance tax rate  applicable to such district by the last assessed valuation as determined at  the time of the issue of those bonds plus 150% of the last known entitlement  of such district to taxes as by law now or hereafter enacted or amended,  imposed by the General Assembly of the State of Illinois to replace revenue  lost by units of local government and school districts as a result of the  abolition of ad valorem personal property taxes, pursuant to Article IX,  Section 5(c) of the Constitution of the State of Illinois.(c) The bonds may be  issued without submitting the question of issuance thereof to the voters of  the community college district for approval. Any bonds issued under this  Section shall bear interest at a rate of not more  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 issue. Subject to the  foregoing limitations as to amount, the bonds may be  issued in an amount including existing indebtedness which will exceed any  statutory debt limitation.(d) 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. 96-912, eff. 6-9-10.)