110 ILCS 805/7-25
2021 Illinois Compiled Statutes|Chapter 110 - HIGHER EDUCATION|110 ILCS 805/ - Public Community College Act.|Article VII

 (from Ch. 122, par. 107-25)Sec. 7-25. Issuance of bonds; terms and sale. The board may incur an  indebtedness and issue bonds for the purpose of  erecting, purchasing or otherwise acquiring buildings suitable for  community college use, transferring funds to the Capital Development Board for community college building purposes, erecting temporary  community college structures, erecting additions to, repairing,  rehabilitating and replacing existing community college buildings and  temporary community college structures, furnishing and equipping  community college buildings and temporary community college structures,  and purchasing or otherwise acquiring and improving sites for such  purposes.The bonds may not be issued until the proposition of authorizing such  bonds has been certified to the proper election officials, who shall have  submitted it to the electors of the city at a regular scheduled  election in accordance with the general election law, and approved by a  majority of the electors voting upon that question.The board shall adopt a resolution providing for certifying that  proposition for such an election. In addition to the  requirements of the general election law the notice  of the referendum must contain the amount of the bond issue,  maximum rate of interest and purpose for which issued. This notice shall  be published in accordance with the general election law.The proposition shall be in substantially the following form:  --------------------------------------------------------------Shall bonds in the amount of$............ be issued by theBoard of Community College District        YESNo....., County of.... and State ofIllinois for the purpose of (Hereprint the purpose of the public       ------------------------measure) bearing interest at therate of not to exceed the maximumrate authorized  by the Bond               NOAuthorization Act, as amended at thetime of the making of the 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.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  20 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.The bonds shall be issued in the corporate name of the community  college district, and they shall be signed by the chairman and secretary  of the community college board. The bonds shall also be registered,  numbered and countersigned by the treasurer who receives the taxes of  the district. The registration shall be in a book in which shall be  entered the record of the election authorizing the board to borrow money  and a description of the bonds issued, including the number, date, to  whom issued, amount, rate of interest and when due.The bonds shall be sold by the board upon such terms as are approved  by the board after advertisement for bids, and the proceeds thereof  shall be received by the community college treasurer, and expended by  the board for the purposes provided in the bond resolution.The community college treasurer shall, before receiving any of such  money, execute a surety bond conditioned upon the faithful discharge of  his duties with a surety company authorized to do business in this  State, which surety bond shall be approved by the community college  board and filed as otherwise required under this Act for the treasurer's  bond. The penalty of the surety bond shall be in the amount of such bond  issue. The surety bond shall be in substantially the same form as the  bond otherwise required under this Act for the treasurer and when so  given shall fully describe the bond issue which it specifically covers  and shall remain in force until the funds of the bond issue are fully  disbursed in accordance with the law.Before or at the time of issuing any bonds herein authorized, the board  shall by resolution provide for the levy and collection  of a direct  annual tax upon all the taxable property of such community college  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 the  community college district and shall be in addition to and exclusive of  the maximum of all other taxes which the board is authorized by law to levy for community college purposes.  Upon the filing in the office of the county clerk of the county wherein  such community college district is located of a certified copy of any  such ordinance, the county clerk shall extend the tax therein provided  for, including an amount to cover loss and cost of collecting such 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. 100-884, eff. 1-1-19.)