2023 Illinois Compiled Statutes › Chapter 105 - SCHOOLS › 105 ILCS 5/ - School Code. › Article 19a - Revenue Bonds For Exhibition Facilities

(105 ILCS 5/Art. 19a heading)
ARTICLE 19a.  
		REVENUE BONDS FOR EXHIBITION FACILITIES
(105 ILCS 5/19a-1) (from Ch. 122, par. 19a-1)
Sec. 19a-1. 
		
		In this Article, "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: Laws 1967, p. 2778.)
(105 ILCS 5/19a-2) (from Ch. 122, par. 19a-2)
Sec. 19a-2. 
		Revenue bonds for exhibition facilities. 
		Any school 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 this Article.
e.  Pledge the revenues raised from such a facility for the payment of
any bonds issued to pay for the facility as provided in this Article.
f. Borrow money and issue and sell bonds at such price as the school
board may determine to finance and to refund or refinance any and all bonds
issued and sold by the board pursuant to this Article. No bonds issued
under this Article, 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.)
(105 ILCS 5/19a-3) (from Ch. 122, par. 19a-3)
Sec. 19a-3. 
		
		Whenever bonds are issued pursuant to this Article, the school
board must establish charges or fees for the use of the exhibition facility
to pay the principal and interest on the bonds.
(Source: Laws 1967, p. 2778.)
(105 ILCS 5/19a-4) (from Ch. 122, par. 19a-4)
Sec. 19a-4. 
		
		If the school board determines subsequent to the original
issue of bonds under this Article that the income from the facility is
insufficient to pay the principal and interest on those bonds, the
board, after submitting the question to referendum in accordance with
the general election law, may pay the deficit
by issuing general obligation bonds in the manner prescribed by Article
19 of this Act.
(Source: P.A. 81-1489.)
(105 ILCS 5/19a-5) (from Ch. 122, par. 19a-5)
Sec. 19a-5. 
		
		Members of a school board issuing bonds pursuant to this
Article incur no personal liability thereby.
(Source: Laws 1967, p. 2778.)