(105 ILCS 5/12-14) (from Ch. 122, par. 12-14)

Sec. 12-14.

Resolution authorizing issue - Interest - Maturity - Taxes - Sale or exchange.

Any non-high school district which has complied with the provisions of
Section 12-13 and which is authorized to issue bonds thereunder shall
adopt a resolution authorizing the issue of bonds. The resolution shall set
forth the date, denomination, rate of interest and maturities of the bonds,
fix all the details with respect to the issue and execution thereof, and
provide for the levy of a separate 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,
for bonds issued before January
1, 1972 and
not to exceed the maximum rate authorized by the Bond Authorization Act, as
amended at the time of the making of the contract, for
bonds issued after January
1, 1972, payable
annually or semi-annually as the board of education may determine, and
mature in not more than 20 years from the date thereof.

A certified copy of the resolution shall be filed with the county clerk
of the county in which the non-high school district is situated. The county
clerk shall annually extend taxes against all of the taxable property
contained in the non-high school district in amounts sufficient to pay
maturing principal and interest of the bonds without limitation as to rate
and amount, and in addition to and in excess of any taxes authorized to be
levied by the district.

The bonds may be exchanged par for par for unpaid tuition claims or
other unpaid claims or both or may be sold and the proceeds used to pay
such claims.

Purchasers of bonds shall not be obligated to inquire into the validity
of the claims funded thereby but the determination of the board of
education by resolution to issue such bonds for such purpose shall be
conclusive evidence to such purchaser or owner as to the validity of the
claims thereby funded.

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.)