2023 Illinois Compiled Statutes › Chapter 110 - HIGHER EDUCATION › 110 ILCS 805/ - Public Community College Act. › Article IIIa - Bonds

(110 ILCS 805/Art. IIIA heading)
ARTICLE IIIA.  
		BONDS
(110 ILCS 805/3A-1) (from Ch. 122, par. 103A-1)
Sec. 3A-1. 
Any community college district may borrow money for the
purpose of building, equipping, altering or repairing community college
buildings or purchasing or improving community college sites, or acquiring
and equipping recreation grounds, athletic fields, and other
buildings or land used or useful for community college purposes or for
the purpose of purchasing a site, with or without a building or
buildings thereon, or for the building of a house or houses on such
site, or for the building of a house or houses on the site of the
community college district, for residential purposes of the
administrators or faculty of the community college district, and issue
its negotiable coupon bonds therefor signed by the chairman and
secretary of the board, in denominations of not less than $100 nor more
than $5,000, payable at such place and at such time or times, not
exceeding 20 years from date of issuance, as the board may prescribe,
and bearing interest at a rate not to exceed
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, payable
annually, semiannually or quarterly, but no such bonds shall be issued
unless the proposition to issue them is submitted to the voters of the
community college district at a regular scheduled election in such district
and the board shall certify the proposition to the proper election
authorities for submission in accordance with the general election law and
a majority of all the votes cast on the proposition is in favor of the
proposition, nor shall any residential site be acquired unless such
proposition to acquire a site is submitted to the voters of the district at
a regular scheduled election and the board shall certify the proposition to
the proper election authorities for submission to the electors in
accordance with the general election law and a majority of all the votes
cast on the proposition is in favor of the proposition. Nothing in this
Act shall be construed as to require the listing of maturity dates of
any bonds either in the notice of bond election or ballot used in the
bond election.
Bonds issued in accordance with this Section for Elgin Community College District No. 509 may be payable at such time or times, not exceeding 25 years from date of issuance, as the board may prescribe, if the following conditions are met:
(i) The voters of the district approve a proposition     for the bond issuance at an election held in 2009.
(ii) Prior to the issuance of the bonds, the board     determines, by resolution, that the projects built, acquired, altered, renovated, repaired, purchased, improved, installed, or equipped with the proceeds of the bonds are required as a result of a projected increase in the enrollment of students in the district, to meet demand in the fields of health care or public safety, to meet accreditation standards, or to maintain campus safety and security.
(iii) The bonds are issued, in one or more bond     issuances, on or before April 7, 2014.
(iv) The proceeds of the bonds are used to accomplish     only those purposes approved by the voters at an election held in 2009.
Bonds issued in accordance with this Section for Kishwaukee Community College District No. 523 may be payable at such time or times, not exceeding 25 years from date of issuance, as the board may prescribe, if the following conditions are met:
(i) The voters of the district approve a         proposition for the bond issuance at an election held in 2010 or 2011.
(ii) Prior to the issuance of the bonds, the         board determines, by resolution, that the projects built, acquired, altered, renovated, repaired, purchased, improved, installed, or equipped with the proceeds of the bonds are required as a result of a projected increase in the enrollment of students in the district, to meet demand in the fields of health care or public safety, to meet accreditation standards, or to maintain campus safety and security.
(iii) The bonds are issued, in one or more bond         issuances, on or before November 2, 2015.
(iv) The proceeds of the bonds are used to         accomplish only those purposes approved by the voters at an election held in 2010 or 2011.
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. 96-787, eff. 8-28-09; 96-1077, eff. 7-16-10; 97-813, eff. 7-13-12.)
(110 ILCS 805/3A-2) (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.)
(110 ILCS 805/3A-3) (from Ch. 122, par. 103A-3)
Sec. 3A-3. 
		
		
		All bonds issued under this Act, before being issued, negotiated and
sold, shall be registered, numbered and countersigned by the treasurer who
receives the taxes of the district. The registration shall be made 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.
(Source: P.A. 78-669.)
(110 ILCS 805/3A-4) (from Ch. 122, par. 103A-4)
Sec. 3A-4. 
		
		All moneys borrowed under the authority of this Act, shall be paid to
the treasurer of the district. Upon receiving such moneys the
treasurer shall deliver the bonds issued therefor to the persons entitled
to receive them, and shall credit the funds received to the district
issuing the bonds. The treasurer shall record the amount received for each
bond issued. When any bonds are paid the treasurer shall cancel them and
shall enter, against the record of the bonds, the words, "paid and
cancelled the .... day of ....," filling the blanks with the day, month,
and year corresponding to the date of payment.
(Source: P.A. 82-622.)
(110 ILCS 805/3A-5) (from Ch. 122, par. 103A-5)
Sec. 3A-5. 
		
		
		Whenever any district is authorized to issue bonds, the secretary shall
file in the office of the county clerk of each county in which any portion
of the district is situated a certified copy of the resolution providing
for their issuance and levying a tax to pay them. The county clerk shall
prepare and keep in his office a registry of all such bonds which shall
show the name of the issuing body and the date, amount, purpose, rate of
interest and maturity of the bonds to be issued, and the county clerk,
annually shall extend taxes against all the taxable property situated in
the county and contained in the district in amounts sufficient to pay
maturing principal and interest, and such taxes shall be computed, extended
and collected in the same manner as is now or may hereafter be provided for
the computation, extension and collection of taxes for general corporate
purposes for the issuing district. If no such certified copy of resolution
has been filed with reference to any bonds heretofore authorized one shall
promptly be filed.
(Source: P.A. 78-669.)
(110 ILCS 805/3A-6) (from Ch. 122, par. 103A-6)
Sec. 3A-6. 
		
		
		Any community college district is authorized to issue bonds for the
purpose of paying orders issued for the wages of teachers, or for the
payment of claims against any such district.
Such bonds may be issued in an amount, including existing indebtedness,
in excess of any statutory limitation as to debt.
(Source: P.A. 78-669.)
(110 ILCS 805/3A-7) (from Ch. 122, par. 103A-7)
Sec. 3A-7. 
		
		Before any district as described in Section 3A-6 shall avail
itself of the provisions of that Section the board shall examine and consider
the several teachers' orders or claims, or both, proposed to be paid and
if it appears that they were authorized and allowed for proper community
college purposes it shall adopt a resolution so declaring and set forth
and describe in detail such teachers' orders and claims and the adoption
of the resolution shall establish the validity thereof, notwithstanding
the amount of such orders and claims 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 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 both, 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
specific number of voters required to sign a petition requesting that the
proposition to issue bonds under this Section be submitted to the voters of
the district; (2) the time within which a 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 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 3A-6 be submitted to the voters thereof, then the district shall
not be authorized to issue bonds as provided by Section 3A-6 until the
proposition has been submitted to and approved by a majority of the voters
voting on the proposition at a regular scheduled election in the manner
provided in the general election law. The board shall certify the
proposition to the proper election authorities for submission to the
voters. 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 3A-6.
(Source: P.A. 86-1253; 87-767.)
(110 ILCS 805/3A-8) (from Ch. 122, par. 103A-8)
Sec. 3A-8. 
		
		Any district which has complied with Section 3A-7 and which is
authorized to issue bonds under Sections 3A-6 and 3A-7 shall adopt a
resolution specifying the amount of indebtedness to be funded, whether for
the purpose of paying claims, or for paying teachers' orders. The
resolution shall set forth the date, denomination, rate of interest and
maturities of the bonds, fix all details with respect to the issue and
execution thereof, and provide for the levy of a tax sufficient to pay both
principal and interest of the bonds as they mature. The bonds shall bear
interest at a rate not to exceed
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, payable annually or
semi-annually, as the board may determine, and mature in not more than 20
years from date thereof.
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.)
(110 ILCS 805/3A-9) (from Ch. 122, par. 103A-9)
Sec. 3A-9. 
		
		
		A certified copy of the resolution authorizing the issue of bonds under
Sections 3A-6 through 3A-8 shall be filed with the county clerk of each
county in which any portion of any such district is situated and the county
clerk shall annually extend taxes against all of the taxable property
situated in the county and contained in such district in amounts sufficient
to pay maturing principal and interest of such bonds without limitation as
to rate or amount and in addition to and in excess of any taxes that may
now or hereafter be authorized to be levied by a community college
district.
(Source: P.A. 78-669.)
(110 ILCS 805/3A-10) (from Ch. 122, par. 103A-10)
Sec. 3A-10. 
		
		
		Any bonds issued under Sections 3A-6 to 3A-8, inclusive, may be
exchanged par for par for claims or unpaid orders for wages of teachers, or
both, or may be sold and the proceeds received used to pay such claims or
orders.
(Source: P.A. 78-669.)
(110 ILCS 805/3A-11) (from Ch. 122, par. 103A-11)
Sec. 3A-11. 
		
		
		Purchasers of such bonds shall not be obligated to inquire into the
validity of the indebtedness funded, and bonds issued under Sections 3A-6
through 3A-8 shall be the valid and binding obligations of the community
college district, notwithstanding the fact that the bonds, together with
existing indebtedness, either in whole or in part, exceed any statutory
debt limitation in force at the time the bonds are issued.
(Source: P.A. 78-669.)
(110 ILCS 805/3A-12) (from Ch. 122, par. 103A-12)
Sec. 3A-12. 
		
		
		When a community college district has issued bonds or other evidence of
indebtedness for any purposes which are binding and subsisting legal
obligations and remaining outstanding, the board of the district may, upon
the surrender of the bonds or other evidences of indebtedness, issue in
lieu thereof to the holders or owners thereof or to other persons for money
with which to pay them, new bonds or other evidences of indebtedness,
according to the subsequent provisions of this Article.
(Source: P.A. 78-669.)
(110 ILCS 805/3A-13) (from Ch. 122, par. 103A-13)
Sec. 3A-13. 
		Refunding bonds. 
		The corporate authorities of any community college district, without
submitting the question to the electors thereof for approval, may authorize
by resolution the issuance of refunding bonds (1) to refund its bonds prior
to their maturity; (2) to refund its unpaid matured bonds; (3) to refund
matured coupons evidencing interest upon its unpaid bonds; (4) to refund
interest at the coupon rate upon its unpaid matured bonds that has accrued
since the maturity of those bonds; (5) to refund its bonds which by their
terms are subject to redemption before maturity; (6) to refund other
valid and subsisting evidences of indebtedness that are due and payable; and
(7) to refund or continue to refund indebtedness initially incurred after
February 1, 1994 and prior to March 1, 1994 in an amount not exceeding
$34,000,000, the proceeds of which were used to preserve a district's rights,
title and interest in a portfolio of investment securities previously purchased
by such district.
The refunding bonds and the procedure for issuing them shall comply with
Sections 3A-3 through 3A-5.
(Source: P.A. 89-281, eff. 8-10-95.)
(110 ILCS 805/3A-14) (from Ch. 122, par. 103A-14)
Sec. 3A-14. 
		
		The refunding bonds may be made registerable as to principal and
may
bear interest at a rate not to exceed
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, payable at such time and
place as may be provided in the bond resolution. They shall remain valid
even though one or more of the officers executing the bonds ceases to hold
his or their offices before the bonds are delivered.
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.)
(110 ILCS 805/3A-15) (from Ch. 122, par. 103A-15)
Sec. 3A-15. 
		
		
		The resolution authorizing refunding bonds shall prescribe all details
thereof and shall provide for the levy and collection of a direct annual
tax upon all the taxable property within the community college district
sufficient to pay the principal thereof and interest thereon as it matures.
The tax shall be levied and collected in like manner as the general taxes
for the district and shall not be included within any limitation of rate
for general purposes as now or hereafter provided by law but shall be
excluded therefrom and be in addition thereto and in excess thereof.
A certified copy of the bond resolution shall be filed with the county
clerk of the county in which the district or any portion thereof is
situated, and shall constitute the authority for the extension and
collection of refunding bond and interest taxes as required by the
constitution.
(Source: P.A. 78-669.)
(110 ILCS 805/3A-16) (from Ch. 122, par. 103A-16)
Sec. 3A-16. 
		
		
		The refunding bonds may be exchanged for the bonds to be refunded on the
basis of dollar for dollar for the par value of the bonds, interest
coupons, and interest not represented by coupons, if any, or they may be
sold at not less than their par value and accrued interest. The proceeds
received from their sale shall be used to pay the bonds, interest coupons,
and interest not represented by coupons, if any, without any prior
appropriation therefor under any budget law.
Bonds and interest coupons which have been received in exchange or paid
shall be cancelled and the obligation for interest, not represented by
coupons, which has been discharged, shall be evidenced by a written
acknowledgment of the exchange or payment thereof.
(Source: P.A. 78-669.)
(110 ILCS 805/3A-17) (from Ch. 122, par. 103A-17)
Sec. 3A-17. 
		
		
		The refunding bonds shall be of such form and denomination, payable at
such place, bear such date, and be executed by such officials as may be
provided by the board of the community college district in the bond
resolution. They 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.
(Source: P.A. 78-669.)
(110 ILCS 805/3A-18) (from Ch. 122, par. 103A-18)
Sec. 3A-18. 
		
		
		If there is no default in payment of the principal of or interest upon
the refunding bonds, and a sum of money equal to the amount of interest
that will accrue on the refunding bonds and a sum of money equal to the
amount of principal that will become due thereon within the next 6 months
period has been set aside, the treasurer of the community college district
shall use the money available from the proceeds of taxes levied for the
payment of the refunding bonds in calling them for payment, if, by their
terms, they are subject to redemption. However, a district may provide in
the bond resolution that whenever the district is not in default in payment
of the principal of or interest upon the refunding bonds and has set aside
the sums of money provided in this Section for interest accruing and
principal maturing within the next 6 months period, the money available
from the proceeds of taxes levied for the payment of refunding bonds shall
be used, first, in the purchase of the refunding bonds at the lowest price
obtainable, but not to exceed their par value and accrued interest, after
sealed tenders for their purchase have been advertised for as may be
directed by the board.
Refunding bonds called for payment and paid or purchased under this
Section shall be marked paid and cancelled.
(Source: P.A. 78-669.)
(110 ILCS 805/3A-19) (from Ch. 122, par. 103A-19)
Sec. 3A-19. 
		
		
		Whenever refunding bonds are purchased and cancelled as provided in
Section 3A-18, the taxes thereafter to be extended for payment of the
principal of and the interest on the remainder of the issue shall be
reduced in an amount equal to the principal of and the interest that would
have thereafter accrued upon the refunding bonds so cancelled. A resolution
shall be adopted by the board of the district finding these facts. A
certified copy of this resolution shall be filed with the county clerk
specified in Section 3A-15, whereupon he shall reduce and extend such tax
levies in accordance therewith.
(Source: P.A. 78-669.)
(110 ILCS 805/3A-20) (from Ch. 122, par. 103A-20)
Sec. 3A-20. 
		
		
		Whenever refunding bonds are issued, proper reduction of taxes
theretofore levied for the payment of the bonds refunded and next to be
extended for collection shall be made by the county clerk upon receipt of a
certificate signed by the treasurer of the community college district, or
by the chairman and secretary of the district, showing the bonds refunded
and the tax to be abated.
Money which becomes available from taxes that were levied for prior
years for payment of bonds or interest coupons that were paid or refunded
before those taxes were collected, after payment of all warrants that may
have been issued in anticipation of these taxes, shall be placed in the
sinking fund account provided in Section 3A-21. It shall be used to
purchase, call for payment, or to pay at maturity refunding bonds and
interest thereon as herein provided.
(Source: P.A. 78-669.)
(110 ILCS 805/3A-21) (from Ch. 122, par. 103A-21)
Sec. 3A-21. 
		
		
		Money received from the proceeds of taxes levied for payment of the
principal of and interest upon refunding bonds shall be deposited in a
special fund of the community college district, designated as the
"Refunding Bond and Interest Sinking Fund Account of ....". This fund shall
be applied to the purchase or payment of refunding bonds and the interest
thereon as provided in Sections 3A-13 through 3A-23.
If the money in this fund is not immediately necessary for the payment
of refunding bonds or if refunding bonds can not be purchased before
maturity, then, under the direction of the board of the community college
district, the money may be invested by the treasurer of the district in
bonds or other interest bearing obligations of the United States or in
bonds of the State of Illinois.
The maturity date of the securities in which this money is invested
shall be prior to the due date of any issue of refunding bonds of the
investing district. The board may sell these securities whenever necessary
to obtain cash to meet bond and interest payments.
(Source: P.A. 78-669.)
(110 ILCS 805/3A-22) (from Ch. 122, par. 103A-22)
Sec. 3A-22. 
		
		
		The board of a district may take any action that may be necessary to
inform the owners of unpaid bonds regarding the financial condition of the
district, the necessity of refunding its unpaid bonds and readjusting the
maturities thereof in order that sufficient taxes may be collected to take
care of these bonds, and thus re-establish the credit of the community
college district. The board may enter into any agreement required to
prepare and carry out any refunding plan and, without any previous
appropriation therefor under any budget law, may incur and pay expenditures
that may be necessary in order to accomplish the refunding of the bonds of
the district.
(Source: P.A. 78-669.)
(110 ILCS 805/3A-23) (from Ch. 122, par. 103A-23)
Sec. 3A-23. 
		
		
		Sections 3A-13 through 3A-23 apply to any district, regardless of the
population of the district and of the law under which it is organized and
operating, and constitute complete authority for issuing refunding bonds as
therein provided without reference to other laws. Those Sections shall be
construed as conferring powers in addition to, but not as limiting powers
granted under, other laws or other provisions of this Act.
(Source: P.A. 78-669.)
(110 ILCS 805/3A-24) (from Ch. 122, par. 103A-24)
Sec. 3A-24. 
		
		
		Whenever all the bonds of any community college district have been paid
and cancelled upon the records of the community college treasurer and there
remains in the hands of the county collector or any ex-county collector,
the county treasurer, or ex-county treasurer, any balance to the credit of
the bond fund of the community college, the county collector or ex-county
collector, county treasurer or ex-county treasurer shall pay to the
community college treasurer the balance of such funds in his hands and the
treasurer shall give his receipt therefor.
(Source: P.A. 78-669.)
(110 ILCS 805/3A-25) (from Ch. 122, par. 103A-25)
Sec. 3A-25. 
		
		
		In Sections 3A-25 through 3A-29, "exhibition facility" means a building
or stadium constructed to be used primarily for athletic spectator sports
and not facilities built primarily for physical education instruction.
(Source: P.A. 78-669.)
(110 ILCS 805/3A-26) (from Ch. 122, par. 103A-26)
Sec. 3A-26. 
		Any board is authorized to:
a.  Acquire by purchase, construct, enlarge, improve, equip, complete,
operate, control and manage an exhibition facility.
b.  Charge for the use of such a facility.
c.  Hold in its treasury all funds derived from the operation of the
facility and apply them toward the retirement of any revenue bonds issued
in connection with the facility.
d.  Enter into contracts touching in any manner any matter within the
objects and purposes of Sections 3A-25 through 3A-29.
e.  Pledge the revenues raised from such a facility for the payment of
any bonds issued to pay for the facility as provided in Sections 3A-25
through 3A-29.
f. Borrow money and issue and sell bonds at such price as the board may
determine to finance and to refund or refinance any and all bonds issued
and sold by the board pursuant to Sections 3A-25 through 3A-29. No bonds
issued under Sections 3A-25 through 3A-29, however, may bear interest in
excess of
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, computed to the maturity of the bonds.
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.)
(110 ILCS 805/3A-27) (from Ch. 122, par. 103A-27)
Sec. 3A-27. 
		
		
		Whenever bonds are issued pursuant to Sections 3A-25 through 3A-29, the
board must establish charges or fees for the use of the exhibition facility
to pay the principal and interest on the bonds.
(Source: P.A. 78-669.)
(110 ILCS 805/3A-28) (from Ch. 122, par. 103A-28)
Sec. 3A-28. 
		
		If the board determines subsequent to the original issue of bonds
under Sections 3A-25 through 3A-29 that the income from the facility is
insufficient to pay the principal and interest on these bonds, the
board, after submitting the proposition to referendum
held in accordance with the general election law, may pay the deficit
by issuing general obligation bonds in the manner prescribed by this
Article.  The board shall certify the proposition to the proper election
authorities for submission to the electors.
(Source: P.A. 81-1489.)
(110 ILCS 805/3A-29) (from Ch. 122, par. 103A-29)
Sec. 3A-29. 
		
		
		Members of a board issuing bonds pursuant to Sections 3A-25 through
3A-29 incur no personal liability thereby.
(Source: P.A. 78-669.)