(105 ILCS 5/32-5.6) (from Ch. 122, par. 32-5.6)
Sec. 32-5.6.
Special charter districts with population less than
500,000 - Authority to borrow money and issue bonds. The corporate
authorities of any special charter district having a population of less
than 500,000 governed by a special charter, or special charter and
general law, may borrow money for the purpose of building schoolhouses,
or repairing, altering and building additions to any schoolhouse already
erected, or purchasing schoolhouse sites or purchasing grounds adjoining
any schoolhouse site, or separated therefrom only by a public street or
way, and shall also include the purchase of school sites outside the
boundaries of the school district and building school buildings thereon
as provided by Sections 10-22.35 and 10-22.36 of this Act, and may
issue its negotiable coupon bonds therefor in such form and such
denominations, payable at such place and at such time or times (not
exceeding 20 years from date of issuance) and bearing interest at such
rate as the corporate authorities may by resolution prescribe. The bonds
shall be in denominations of not less than $100 nor more than $5,000,
and 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, if 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, if issued after
January 1, 1972, payable semi-annually. No money may be borrowed or
bonds issued, however, unless the proposition to borrow money and issue
bonds for the purpose or purposes and in the amount prescribed in the
resolution is certified to the proper election authorities and submitted
to the voters of the school district at a regular scheduled election
in accordance with the
general election law, and the majority of
all the votes cast on the proposition is in favor thereof. The
corporate authorities may not incur any indebtedness under this Section,
which together with all other outstanding indebtedness, exceeds in the
aggregate the indebtedness limitation under Section 19-1 of this Act
that would be applicable if the district were not a special charter
district.
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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