(105 ILCS 5/32-4.2) (from Ch. 122, par. 32-4.2)
Sec. 32-4.2.
Leasehold revenue bonds.
The board of inspectors of districts described in Section 32-2.11 in
addition to all other powers conferred upon it by special law and the
applicable provisions of this Act, may borrow money for the purpose of
building schoolhouses, or repairing, altering or building additions to any
schoolhouses already erected, or purchasing schoolhouse sites, or
purchasing land outside the school district pursuant to the provisions of
Section 22-16 and as evidence of the indebtedness may issue revenue bonds
in denominations of not less than $100 nor more than $1,000 payable solely
from rentals or other revenue to be derived from any lease of school
property made by said board of inspectors in accordance with the power
conferred by Section 32-4. Said bonds shall be negotiable instruments and
shall bear interest at a rate not exceeding the maximum rate authorized
by the Bond Authorization Act, as amended at the time of the making of the
contract, payable
semi-annually, and shall mature at or prior to the expiration of the term
of said lease, provided that in any event all such bonds shall mature
within 40 years from the date of said bonds. Said bonds shall not
constitute a general obligation of the school district and may be issued in
addition to all other bonds which the school district is now or hereafter
may be authorized to issue. Said bonds shall not constitute an indebtedness
of the school district within the meaning of any constitutional or
statutory limitation.
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.)
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