110 ILCS 805/3A-2
2021 Illinois Compiled Statutes|Chapter 110 - HIGHER EDUCATION|110 ILCS 805/ - Public Community College Act.|Article IIIa - Bonds

 (from Ch. 122, par. 103A-2)Sec. 3A-2.         Where bonds are issued by any community college district under  Sections 3A-1 through 3A-4, and before any contract is let for the  construction of buildings or improvements in accordance therewith the  district boundaries are changed by the formation of a new district  including all or a part of such district, or by the annexation of a  district in its entirety to another district, then upon the adoption of  a resolution by the board of the new district or the district to which  the territory has been annexed, that the building or improvements are no  longer feasible, the board shall order a referendum in the manner  provided in the general election law to vote on the proposition of  authorizing the board to use the proceeds of such bonds or the portion  thereof allotted to the new district or district to which such territory  is annexed for a specific new building or improvement in some locality  of the district other than the one specified at the previous referendum,  or for a different improvement, or for a part of the original  improvements. In case a new district has been formed, no such referendum  shall be held unless the new district embraces territory having as much  or more assessed valuation as the territory embraced in the district at  the first referendum.Where bonds are issued by any district under Sections 3A-1 through  3A-4, and it is determined by the board by resolution that it is in the  interests of the district that part or all of the proceeds of the bonds  be used for different purposes than authorized but for purposes for  which bonds may be issued under Sections 3A-1 through 3A-4, the board  shall order a referendum in the manner provided in the general election  law to vote on the proposition of authorizing the board to use the  proceeds of such bonds or a part thereof for the purposes set forth in  such resolution.  The board shall certify the proposition to the proper  election authorities for submission to the electors.  If a majority  of all the votes cast on such proposition is in favor the board shall have such authority.Notwithstanding any provision of this Section to the contrary, when  bonds are issued by any district under Sections 3A-1 through 3A-4 and  the purposes for which such bonds have been issued have been  accomplished and paid for in full and there remains funds on hand in  such bond and interest account, the board by resolution may transfer  such excess to the fund of the district which bears the nearest relation  to the purpose for which the bonds from which such excess funds arose  were issued.Notwithstanding any provision of this Section to the contrary, when bonds  have been issued by a district under Sections 3A-1 through 3A-4 and the  board of trustees of the district has determined that a site acquired with  the proceeds of such bond issue without the use of State funds has become  unnecessary, unsuitable or inconvenient for community college purposes  and has sold such site in accordance with the provisions of Section 3-41  of this Act, the board shall first use the proceeds from the sale of such  site to pay the portion of the principal originally expended to purchase  such site, together with the interest thereon, and may use the remaining  proceeds from such sale for the purpose for which the bonds were issued  or to retire other bonds of the same issue.  Such remaining proceeds may  also be used for any other authorized purpose designated in a resolution  approved by not less than 5 members of the board of trustees. The board  of trustees shall cause notice of any such resolution and of the right to  petition for an election under this Section to be published within 10 days  after the adoption of the  resolution in a newspaper having a general  circulation in the district.  The publication of the resolution shall  include a notice of (1) the specific number of voters required to sign a  petition requesting that the question of the other authorized use of the  remaining proceeds be submitted to the voters of the district; (2) the time  within which the petition must be filed; and (3) the date of the  prospective referendum.  The district secretary shall provide a petition  form to any individual requesting one.  If 10% or 1000, whichever is less,  of the resident voters of the district sign and file a petition with the  board, not more than 30 days after the resolution of the board is adopted,  requesting that the question of such other authorized use designated in the  resolution of the remaining proceeds be submitted to the voters of the  community college district, the board shall call an election upon such  question, to be held not less than 30 days nor more than 60 days after the  filing of the petition and to be conducted as provided in Article III.  The  remaining proceeds may be used for the designated purpose only if a  majority of those voting  on the question approve such use.    (Source: P.A. 86-1253.)