(105 ILCS 5/Art. 19 heading)
(105 ILCS 5/prec. Sec. 19-1 heading)
(105 ILCS 5/19-1)
Sec. 19-1. Debt limitations of school districts.
(a) School districts shall not be subject to the provisions limiting their
indebtedness prescribed in the Local Government Debt Limitation Act.
No school districts maintaining grades K through 8 or 9 through 12
shall become indebted in any manner or for any purpose to an amount,
including existing indebtedness, in the aggregate exceeding 6.9% on the
value of the taxable property therein to be ascertained by the last assessment
for State and county taxes or, until January 1, 1983, if greater, the sum that
is produced by multiplying the school district's 1978 equalized assessed
valuation by the debt limitation percentage in effect on January 1, 1979,
previous to the incurring of such indebtedness.
No school districts maintaining grades K through 12 shall become
indebted in any manner or for any purpose to an amount, including
existing indebtedness, in the aggregate exceeding 13.8% on the value of
the taxable property therein to be ascertained by the last assessment
for State and county taxes or, until January 1, 1983, if greater, the sum that
is produced by multiplying the school district's 1978 equalized assessed
valuation by the debt limitation percentage in effect on January 1, 1979,
previous to the incurring of such indebtedness.
No partial elementary unit district, as defined in Article 11E of this Code, shall become indebted in any manner or for any purpose in an amount, including existing indebtedness, in the aggregate exceeding 6.9% of the value of the taxable property of the entire district, to be ascertained by the last assessment for State and county taxes, plus an amount, including existing indebtedness, in the aggregate exceeding 6.9% of the value of the taxable property of that portion of the district included in the elementary and high school classification, to be ascertained by the last assessment for State and county taxes. Moreover, no partial elementary unit district, as defined in Article 11E of this Code, shall become indebted on account of bonds issued by the district for high school purposes in the aggregate exceeding 6.9% of the value of the taxable property of the entire district, to be ascertained by the last assessment for State and county taxes, nor shall the district become indebted on account of bonds issued by the district for elementary purposes in the aggregate exceeding 6.9% of the value of the taxable property for that portion of the district included in the elementary and high school classification, to be ascertained by the last assessment for State and county taxes.
Notwithstanding the provisions of any other law to the contrary, in any
case in which the voters of a school district have approved a proposition
for the issuance of bonds of such school district at an election held prior
to January 1, 1979, and all of the bonds approved at such election have
not been issued, the debt limitation applicable to such school district
during the calendar year 1979 shall be computed by multiplying the value
of taxable property therein, including personal property, as ascertained
by the last assessment for State and county taxes, previous to the incurring
of such indebtedness, by the percentage limitation applicable to such school
district under the provisions of this subsection (a).
(a-5) After January 1, 2018, no school district may issue bonds under Sections 19-2 through 19-7 of this Code and rely on an exception to the debt limitations in this Section unless it has complied with the requirements of Section 21 of the Bond Issue Notification Act and the bonds have been approved by referendum.
(b) Notwithstanding the debt limitation prescribed in subsection (a)
of this Section, additional indebtedness may be incurred in an amount
not to exceed the estimated cost of acquiring or improving school sites
or constructing and equipping additional building facilities under the
following conditions:
In no event shall the indebtedness incurred pursuant to this
subsection (b) and the existing indebtedness of the school district
exceed 15% of the value of the taxable property therein to be
ascertained by the last assessment for State and county taxes, previous
to the incurring of such indebtedness or, until January 1, 1983, if greater,
the sum that is produced by multiplying the school district's 1978 equalized
assessed valuation by the debt limitation percentage in effect on January 1,
1979.
The indebtedness provided for by this subsection (b) shall be in
addition to and in excess of any other debt limitation.
(c) Notwithstanding the debt limitation prescribed in subsection (a)
of this Section, in any case in which a public question for the issuance
of bonds of a proposed school district maintaining grades kindergarten
through 12 received at least 60% of the valid ballots cast on the question at
an election held on or prior to November 8, 1994, and in which the bonds
approved at such election have not been issued, the school district pursuant to
the requirements of Section 11A-10 (now repealed) may issue the total amount of bonds approved
at such election for the purpose stated in the question.
(d) Notwithstanding the debt limitation prescribed in subsection (a)
of this Section, a school district that meets all the criteria set forth in
paragraphs (1) and (2) of this subsection (d) may incur an additional
indebtedness in an amount not to exceed $4,500,000, even though the amount of
the additional indebtedness authorized by this subsection (d), when incurred
and added to the aggregate amount of indebtedness of the district existing
immediately prior to the district incurring the additional indebtedness
authorized by this subsection (d), causes the aggregate indebtedness of the
district to exceed the debt limitation otherwise applicable to that district
under subsection (a):
(e) (Blank).
(f) Notwithstanding the provisions of subsection (a) of this Section or of
any other law, bonds in not to exceed the aggregate amount of $5,500,000 and
issued by a school district meeting the following criteria shall not be
considered indebtedness for purposes of any statutory limitation and may be
issued in an amount or amounts, including existing indebtedness, in excess of
any heretofore or hereafter imposed statutory limitation as to indebtedness:
Notwithstanding the provisions of subsection (a) of this Section or of any other law, a school district that has availed itself of the provisions of this subsection (f) prior to July 22, 2004 (the effective date of Public Act 93-799) may also issue bonds approved by referendum up to an amount, including existing indebtedness, not exceeding 25% of the equalized assessed value of the taxable property in the district if all of the conditions set forth in items (1), (2), and (3) of this subsection (f) are met.
(g) Notwithstanding the provisions of subsection (a) of this Section or any
other law, bonds in not to exceed an aggregate amount of 25% of the equalized
assessed value of the taxable property of a school district and issued by a
school district meeting the criteria in paragraphs (i) through (iv) of this
subsection shall not be considered indebtedness for purposes of any statutory
limitation and may be issued pursuant to resolution of the school board in an
amount or amounts, including existing indebtedness, in
excess of any statutory limitation of indebtedness heretofore or hereafter
imposed:
(h) Notwithstanding any other provisions of this Section or the
provisions of any other law, until January 1, 1998, a community unit school
district maintaining grades K through 12 may issue bonds up to an amount,
including existing indebtedness, not exceeding 27.6% of the equalized assessed
value of the taxable property in the district, if all of the following
conditions are met:
(i) Notwithstanding any other provisions of this Section or the provisions
of any other law, until January 1, 1998, a community unit school district
maintaining grades K through 12 may issue bonds up to an amount, including
existing indebtedness, not exceeding 27% of the equalized assessed value of the
taxable property in the district, if all of the following conditions are met:
(j) Notwithstanding any other provisions of this Section or the
provisions of any other law, until January 1, 1999, a community unit school
district maintaining grades K through 12 may issue bonds up to an amount,
including existing indebtedness, not exceeding 27% of the equalized assessed
value of the taxable property in the district if all of the following
conditions are met:
(k) Notwithstanding the debt limitation prescribed in subsection (a) of
this Section, a school district that meets all the criteria set forth in
paragraphs (1) through (4) of this subsection (k) may issue bonds to incur an
additional indebtedness in an amount not to exceed $4,000,000 even though the
amount of the additional indebtedness authorized by this subsection (k), when
incurred and added to the aggregate amount of indebtedness of the school
district existing immediately prior to the school district incurring such
additional indebtedness, causes the aggregate indebtedness of the school
district to exceed or increases the amount by which the aggregate indebtedness
of the district already exceeds the debt limitation otherwise applicable to
that school district under subsection (a):
(l) Notwithstanding any other provisions of this Section or the
provisions of any other law, until January 1, 2000, a school district
maintaining grades kindergarten through 8 may issue bonds up to an amount,
including existing indebtedness, not exceeding 15% of the equalized assessed
value of the taxable property in the district if all of the following
conditions are met:
(m) Notwithstanding any other provisions of this Section or the provisions
of
any other law, until January 1, 1999, an elementary school district maintaining
grades K through 8 may issue bonds up to an amount, excluding existing
indebtedness, not exceeding 18% of the equalized assessed value of the taxable
property in the district, if all of the following conditions are met:
(n) Notwithstanding the debt limitation prescribed in subsection (a) of
this Section or any other provisions of this Section or of any other law, a
school district that meets all of the criteria set forth in paragraphs (i)
through (vi) of this subsection (n) may incur additional indebtedness by the
issuance of bonds in an amount not exceeding the amount certified by the
Capital Development Board to the school district as provided in paragraph (iii)
of
this subsection (n), even though the amount of the additional indebtedness so
authorized, when incurred and added to the aggregate amount of indebtedness of
the district existing immediately prior to the district incurring the
additional indebtedness authorized by this subsection (n), causes the aggregate
indebtedness of the district to exceed the debt limitation otherwise applicable
by law to that district:
(o) Notwithstanding any other provisions of this Section or the
provisions of any other law, until November 1, 2007, a community unit
school district maintaining grades K through 12 may issue bonds up to
an amount, including existing indebtedness, not exceeding 20% of the
equalized assessed value of the taxable property in the district if all of the
following conditions are met:
(p) Notwithstanding any other provisions of this Section or the provisions of any other law, a community unit school district maintaining grades K through 12 may issue bonds up to an amount, including indebtedness, not exceeding 27% of the equalized assessed value of the taxable property in the district if all of the following conditions are met:
(p-5) Notwithstanding any other provisions of this Section or the provisions of any other law, bonds issued by a community unit school district maintaining grades K through 12 shall not be considered indebtedness for purposes of any statutory limitation and may be issued in an amount or amounts, including existing indebtedness, in excess of any heretofore or hereafter imposed statutory limitation as to indebtedness, if all of the following conditions are met:
(p-10) Notwithstanding any other provisions of this Section or the provisions of any other law, bonds issued by a community consolidated school district maintaining grades K through 8 shall not be considered indebtedness for purposes of any statutory limitation and may be issued in an amount or amounts, including existing indebtedness, in excess of any heretofore or hereafter imposed statutory limitation as to indebtedness, if all of the following conditions are met:
(p-15) In addition to all other authority to issue bonds, the Oswego Community Unit School District Number 308 may issue bonds with an aggregate principal amount not to exceed $450,000,000, but only if all of the following conditions are met:
(p-20) In addition to all other authority to issue bonds, the Lincoln-Way Community High School District Number 210 may issue bonds with an aggregate principal amount not to exceed $225,000,000, but only if all of the following conditions are met:
(p-25) In addition to all other authority to issue bonds, Rochester Community Unit School District 3A may issue bonds with an aggregate principal amount not to exceed $18,500,000, but only if all of the following conditions are met:
(p-30) In addition to all other authority to issue bonds, Prairie Grove Consolidated School District 46 may issue bonds with an aggregate principal amount not to exceed $30,000,000, but only if all of the following conditions are met:
(p-35) In addition to all other authority to issue bonds, Prairie Hill Community Consolidated School District 133 may issue bonds with an aggregate principal amount not to exceed $13,900,000, but only if all of the following conditions are met:
(p-40) In addition to all other authority to issue bonds, Mascoutah Community Unit District 19 may issue bonds with an aggregate principal amount not to exceed $55,000,000, but only if all of the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-40) shall not be considered indebtedness for purposes of any statutory debt limitation.
(p-45) Notwithstanding the provisions of subsection (a) of this Section or of any other law, bonds issued pursuant to Section 19-3.5 of this Code shall not be considered indebtedness for purposes of any statutory limitation if the bonds are issued in an amount or amounts, including existing indebtedness of the school district, not in excess of 18.5% of the value of the taxable property in the district to be ascertained by the last assessment for State and county taxes.
(p-50) Notwithstanding the provisions of subsection (a) of
this Section or of any other law, bonds issued pursuant to
Section 19-3.10 of this Code shall not be considered
indebtedness for purposes of any statutory limitation if the
bonds are issued in an amount or amounts, including existing
indebtedness of the school district, not in excess of 43% of
the value of the taxable property in the district to be
ascertained by the last assessment for State and county taxes.
(p-55) In addition to all other authority to issue bonds, Belle Valley School District 119 may issue bonds with an aggregate principal amount not to exceed $47,500,000, but only if all of the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-55) shall not be considered indebtedness for purposes of any statutory debt limitation. Bonds issued under this subsection (p-55) must mature within not to exceed 30 years from their date, notwithstanding any other law to the contrary.
(p-60) In addition to all other authority to issue bonds, Wilmington Community Unit School District Number 209-U may issue bonds with an aggregate principal amount not to exceed $2,285,000, but only if all of the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-60) shall not be considered indebtedness for purposes of any statutory debt limitation.
(p-65) In addition to all other authority to issue bonds, West Washington County Community Unit School District 10 may issue bonds with an aggregate principal amount not to exceed $32,200,000 and maturing over a period not exceeding 25 years, but only if all of the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-65) shall not be considered indebtedness for purposes of any statutory debt limitation.
(p-70) In addition to all other authority to issue bonds, Cahokia Community Unit School District 187 may issue bonds with an aggregate principal amount not to exceed $50,000,000, but only if all the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-70) shall not be considered indebtedness for purposes of any statutory debt limitation. Bonds issued under this subsection (p-70) must mature within not to exceed 25 years from their date, notwithstanding any other law, including Section 19-3 of this Code, to the contrary.
(p-75) Notwithstanding the debt limitation prescribed in subsection (a) of this Section
or any other provisions of this Section or of any other law, the execution of leases on or
after January 1, 2007 and before July 1, 2011 by the Board of Education of Peoria School District 150 with a public building commission for leases entered into pursuant to the Public
Building Commission Act shall not be considered indebtedness for purposes of any
statutory debt limitation.
This subsection (p-75) applies only if the State Board of Education or the Capital Development Board makes one or more grants to Peoria School District 150 pursuant to the School Construction Law. The amount exempted from the debt limitation as prescribed in this subsection (p-75) shall be no greater than the amount of one or more grants awarded to Peoria School District 150 by the State Board of Education or the Capital Development Board.
(p-80) In addition to all other authority to issue bonds, Ridgeland School District 122 may issue bonds with an aggregate principal amount not to exceed $50,000,000 for the purpose of refunding or continuing to refund bonds originally issued pursuant to voter approval at the general election held on November 7, 2000, and the debt incurred on any bonds issued under this subsection (p-80) shall not be considered indebtedness for purposes of any statutory debt limitation. Bonds issued under this subsection (p-80) may be issued in one or more issuances and must mature within not to exceed 25 years from their date, notwithstanding any other law, including Section 19-3 of this Code, to the contrary.
(p-85) In addition to all other authority to issue bonds, Hall High School District 502 may issue bonds with an aggregate principal amount not to exceed $32,000,000, but only if all the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-85) shall not be considered indebtedness for purposes of any statutory debt limitation. Bonds issued under this subsection (p-85) must mature within not to exceed 30 years from their date, notwithstanding any other law, including Section 19-3 of this Code, to the contrary.
(p-90) In addition to all other authority to issue bonds, Lebanon Community Unit School District 9 may issue bonds with an aggregate principal amount not to exceed $7,500,000, but only if all of the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-90) shall not be considered indebtedness for purposes of any statutory debt limitation.
(p-95) In addition to all other authority to issue bonds, Monticello Community Unit School District 25 may issue bonds with an aggregate principal amount not to exceed $35,000,000, but only if all of the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-95) shall not be considered indebtedness for purposes of any statutory debt limitation. Bonds issued under this subsection (p-95) must mature within not to exceed 25 years from their date, notwithstanding any other law, including Section 19-3 of this Code, to the contrary.
(p-100) In addition to all other authority to issue bonds, the community unit school district created in the territory comprising Milford Community Consolidated School District 280 and Milford Township High School District 233, as approved at the general primary election held on March 18, 2014, may issue bonds with an aggregate principal amount not to exceed $17,500,000, but only if all the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-100) shall not be considered indebtedness for purposes of any statutory debt limitation. Bonds issued under this subsection (p-100) must mature within not to exceed 25 years from their date, notwithstanding any other law, including Section 19-3 of this Code, to the contrary.
(p-105) In addition to all other authority to issue bonds, North Shore School District 112 may issue bonds with an aggregate principal amount not to exceed $150,000,000, but only if all of the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-105) and on any bonds issued to refund or continue to refund such bonds shall not be considered indebtedness for purposes of any statutory debt limitation. Bonds issued under this subsection (p-105) and any bonds issued to refund or continue to refund such bonds must mature within not to exceed 30 years from their date, notwithstanding any other law, including Section 19-3 of this Code, to the contrary.
(p-110) In addition to all other authority to issue bonds, Sandoval Community Unit School District 501 may issue bonds with an aggregate principal amount not to exceed $2,000,000, but only if all of the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-110) and on any bonds issued to refund or continue to refund the bonds shall not be considered indebtedness for purposes of any statutory debt limitation.
(p-115) In addition to all other authority to issue bonds, Bureau Valley Community Unit School District 340 may issue bonds with an aggregate principal amount not to exceed $25,000,000, but only if all of the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-115) shall not be considered indebtedness for purposes of any statutory debt limitation. Bonds issued under this subsection (p-115) must mature within not to exceed 30 years from their date, notwithstanding any other law, including Section 19-3 of this Code, to the contrary.
(p-120) In addition to all other authority to issue bonds, Paxton-Buckley-Loda Community Unit School District 10 may issue bonds with an aggregate principal amount not to exceed
$28,500,000, but only if all the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-120) and on any bonds
issued to refund or continue to refund such bonds shall not be considered indebtedness for
purposes of any statutory debt limitation. Bonds issued under this subsection (p-120) and any
bonds issued to refund or continue to refund such bonds must mature within not to exceed 25
years from their date, notwithstanding any other law, including Section 19-3 of this Code, to the
contrary.
(p-125) In addition to all other authority to issue bonds, Hillsboro Community Unit School District 3 may issue bonds with an aggregate principal amount not to exceed
$34,500,000, but only if all the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-125) and on any bonds
issued to refund or continue to refund such bonds shall not be considered indebtedness for
purposes of any statutory debt limitation. Bonds issued under this subsection (p-125) and any
bonds issued to refund or continue to refund such bonds must mature within not to exceed 25
years from their date, notwithstanding any other law, including Section 19-3 of this Code, to the
contrary.
(p-130) In addition to all other authority to issue bonds, Waltham Community Consolidated School District 185 may incur indebtedness in an aggregate principal amount not to exceed $9,500,000 to build and equip a new school building and improve the site thereof, but only if all the following conditions are met:
The debt incurred under this subsection (p-130) and on any bonds issued to pay, refund, or continue to refund such debt shall not be considered indebtedness for purposes of any statutory debt limitation. Debt issued under this subsection (p-130) and any bonds issued to pay, refund, or continue to refund such debt must mature within not to exceed 25 years from their date, notwithstanding any other law, including Section 19-11 of this Code and subsection (b) of Section 17 of the Local Government Debt Reform Act, to the contrary.
(p-133) Notwithstanding the provisions of subsection (a) of this Section or of any other law, bonds heretofore or hereafter issued by East Prairie School District 73 with an aggregate principal amount not to exceed $47,353,147 and approved by the voters of the district at the general election held on November 8, 2016, and any bonds issued to refund or continue to refund the bonds, shall not be considered indebtedness for the purposes of any statutory debt limitation and may mature within not to exceed 25 years from their date, notwithstanding any other law, including Section 19-3 of this Code, to the contrary.
(p-135) In addition to all other authority to issue bonds, Brookfield LaGrange Park School District Number 95 may issue bonds with an aggregate principal amount not to exceed $20,000,000, but only if all the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-135) and on any bonds issued to refund or continue to refund such bonds shall not be considered indebtedness for purposes of any statutory debt limitation.
(p-140) The debt incurred on any bonds issued by Wolf Branch School District 113 under Section 17-2.11 of this Code for the purpose of repairing or replacing all or a portion of a school building that has been damaged by mine subsidence in an aggregate principal amount not to exceed $17,500,000 and on any bonds issued to refund or continue to refund those bonds shall not be considered indebtedness for purposes of any statutory debt limitation and must mature no later than 25 years from the date of issuance, notwithstanding any other provision of law to the contrary, including Section 19-3 of this Code. The maximum allowable amount of debt exempt from statutory debt limitations under this subsection (p-140) shall be reduced by an amount equal to any grants awarded by the State Board of Education or Capital Development Board for the explicit purpose of repairing or reconstructing a school building damaged by mine subsidence.
(p-145) In addition to all other authority to issue bonds, Greenview Community Unit School District 200 may issue bonds with an aggregate principal amount not to exceed $3,500,000, but only if all of the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-145) and on any bonds issued to refund or continue to refund such bonds shall not be considered indebtedness for purposes of any statutory debt limitation. Bonds issued under this subsection (p-145) and any bonds issued to refund or continue to refund such bonds must mature within not to exceed 25 years from their date, notwithstanding any other law, including Section 19-3 of this Code, to the contrary.
(p-150) In addition to all other authority to issue bonds, Komarek School District 94 may issue bonds with an aggregate principal amount not to exceed $20,800,000, but only if all of the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-150) and on any bonds issued to refund or continue to refund those bonds may not be considered indebtedness for purposes of any statutory debt limitation. Notwithstanding any other law to the contrary, including Section 19-3, bonds issued under this subsection (p-150) and any bonds issued to refund or continue to refund those bonds must mature within 30 years from their date of issuance.
(p-155) In addition to all other authority to issue bonds, Williamsville Community Unit School District 15 may issue bonds with an aggregate principal amount not to exceed $40,000,000, but only if all of the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-155) and on any bonds issued to refund or continue to refund such bonds shall not be considered indebtedness for purposes of any statutory debt limitation. Bonds issued under this subsection (p-155) and any bonds issued to refund or continue to refund such bonds must mature within not to exceed 25 years from their date, notwithstanding any other law, including Section 19-3 of this Code, to the contrary.
(p-160) In addition to all other authority to issue bonds, Berkeley School District 87 may issue bonds with an aggregate principal amount not to exceed $105,000,000, but only if all of the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-160) and on any bonds issued to refund or continue to refund such bonds shall not be considered indebtedness for purposes of any statutory debt limitation.
(p-165) In addition to all other authority to issue bonds, Elmwood Park
Community Unit School District 401 may issue bonds with an aggregate principal amount
not to exceed $55,000,000, but only if all of the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-165) and on any bonds issued to refund or continue to refund such bonds shall not be considered indebtedness for purposes of any statutory debt limitation. Bonds issued under this subsection (p-165) and any bonds issued to refund or continue to refund such bonds must mature within not to exceed 25 years from their date, notwithstanding any other law, including Section 19-3 of this Code, to the contrary.
(p-170) In addition to all other authority to issue bonds, Maroa-Forsyth Community Unit School District 2 may issue bonds with an aggregate principal amount not to exceed $33,000,000, but only if all of the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-170) and on any bonds issued to refund or continue to refund such bonds shall not be considered indebtedness for purposes of any statutory debt limitation. Bonds issued under this subsection (p-170) and any bonds issued to refund or continue to refund such bonds must mature within not to exceed 25 years from their date, notwithstanding any other law, including Section 19-3 of this Code, to the contrary.
(p-175) In addition to all other authority to issue bonds, Schiller Park School District 81 may issue bonds with an aggregate principal amount not to exceed $30,000,000, but only if all of the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-175) and on any bonds issued to refund or continue to refund such bonds shall not be considered indebtedness for purposes of any statutory debt limitation. Bonds issued under this subsection (p-175) and any bonds issued to refund or continue to refund such bonds must mature within not to exceed 27 years from their date, notwithstanding any other law, including Section 19-3 of this Code, to the contrary.
(p-180) In addition to all other authority to issue bonds, Iroquois County Community Unit School District 9 may issue bonds with an aggregate principal amount not to exceed $17,125,000, but only if all of the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-180) and on any bonds issued to refund or continue to refund such bonds shall not be considered indebtedness for purposes of any statutory debt limitation. Bonds issued under this subsection (p-180) and any bonds issued to refund or continue to refund such bonds must mature within not to exceed 25 years from their date, notwithstanding any other law, including Section 19-3 of this Code, to the contrary.
(p-185) In addition to all other authority to issue bonds, Field Community Consolidated School District 3 may issue bonds with an aggregate principal amount not to exceed $2,600,000, but only if all of the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-185) and on any bonds issued to refund or continue to refund such bonds shall not be considered indebtedness for purposes of any statutory debt limitation. Bonds issued under this subsection (p-185) and any bonds issued to refund or continue to refund such bonds must mature within not to exceed 25 years from their date, notwithstanding any other law, including Section 19-3 of this Code, to the contrary.
(p-190) In addition to all other authority to issue bonds, Mahomet-Seymour Community Unit School District 3 may issue bonds with an aggregate principal amount not to exceed $97,900,000, but only if all the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-190) and on any bonds issued to refund or continue to refund such bonds shall not be considered indebtedness for purposes of any statutory debt limitation. Bonds issued under this subsection (p-190) and any bonds issued to refund or continue to refund such bonds must mature within not to exceed 25 years from their date, notwithstanding any other law, including Section 19-3 of this Code, to the contrary.
(p-195) In addition to all other authority to issue bonds, New Berlin Community Unit School District 16 may issue bonds with an aggregate principal amount not to exceed $23,500,000, but only if all the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-195) and on any bonds issued to refund or continue to refund such bonds shall not be considered indebtedness for purposes of any statutory debt limitation. Bonds issued under this subsection (p-195) and any bonds issued to refund or continue to refund such bonds must mature within not to exceed 25 years from their date, notwithstanding any other law, including Section 19-3 of this Code, to the contrary.
(p-200) In addition to all other authority to issue bonds, Highland Community Unit School District 5 may issue bonds with an aggregate principal amount not to exceed $40,000,000, but only if all the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-200) and on any bonds issued to refund or continue to refund such bonds shall not be considered indebtedness for purposes of any statutory debt limitation. Bonds issued under this subsection (p-200) and any bonds issued to refund or continue to refund such bonds must mature within not to exceed 25 years from their date, notwithstanding any other law, including Section 19-3 of this Code, to the contrary.
(p-205) In addition to all other authority to issue bonds, Sullivan Community Unit School District 300 may issue bonds with an aggregate principal amount not to exceed $25,000,000, but only if all of the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-205) and on any bonds issued to refund or continue to refund such bonds shall not be considered indebtedness for purposes of any statutory debt limitation. Bonds issued under this subsection (p-205) and any bonds issued to refund or continue to refund such bonds must mature within not to exceed 25 years from their date, notwithstanding any other law, including Section 19-3 of this Code, to the contrary.
(p-210) In addition to all other authority to issue bonds, Manhattan School District 114 may issue bonds with an aggregate principal amount not to exceed $85,000,000, but only if all the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-210) and on any bonds issued to refund or continue to refund such bonds shall not be considered indebtedness for purposes of any statutory debt limitation. Bonds issued under this subsection (p-210) and any bonds issued to refund or continue to refund such bonds must mature within not to exceed 30 years from their date, notwithstanding any other law, including Section 19-3 of this Code, to the contrary.
(p-215) In addition to all other authority to issue bonds, Golf Elementary School District 67 may issue bonds with an aggregate principal amount not to exceed $56,000,000, but only if all of the following conditions are met:
The debt incurred on any bonds issued under this subsection (p-215) and on any bonds issued to refund or continue to refund such bonds shall not be considered indebtedness for purposes of any statutory debt limitation. Bonds issued under this subsection (p-215) and any bonds issued to refund or continue to refund such bonds must mature within not to exceed 25 years from their date, notwithstanding any other law, including Section 19-3 of this Code, to the contrary.
(q) A school district must notify the State Board of Education prior to issuing any form of long-term or short-term debt that will result in outstanding debt that exceeds 75% of the debt limit specified in this Section or any other provision of law.
(Source: P.A. 101-646, eff. 6-26-20; 102-316, eff. 8-6-21; 102-949, eff. 5-27-22.)
(105 ILCS 5/19-1.5)
Sec. 19-1.5. (Repealed).
(Source: P.A. 88-641, eff. 9-9-94. Repealed by P.A. 94-234, eff. 7-1-06.)
(105 ILCS 5/prec. Sec. 19-2 heading)
(105 ILCS 5/19-2) (from Ch. 122, par. 19-2)
Sec. 19-2.
School directors - Power to borrow money and issue bonds.
For the purpose of building or repairing schoolhouses or purchasing
or improving school sites, the directors of any school district, when
authorized by a majority of the votes cast on such proposition conducted
in accordance with the general election law, may borrow money; and, as
evidence of such indebtedness, may issue bonds signed by the president and
clerk of the board, in denominations of not less than $100, and bearing
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.
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.
The proceeds of any bonds issued under authorization of this Section
shall be deposited and accounted for separately within the Site and
Construction/Capital Improvements Fund.
(Source: P.A. 86-4; 87-984.)
(105 ILCS 5/19-3) (from Ch. 122, par. 19-3)
Sec. 19-3. Boards of education. Any school district governed by a board of
education and having a population of not more than 500,000 inhabitants, and
not governed by a special Act may borrow money for the purpose of building,
equipping, altering or repairing school buildings or purchasing or improving
school sites, or acquiring and equipping playgrounds, recreation grounds,
athletic fields, and other buildings or land used or useful for school 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 school site of the school
district, for residential purposes of the superintendent, principal, or
teachers of the school district, and issue its negotiable coupon bonds therefor
signed by the president 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, with the exception of Lockport High School and bonds issued by any school district as qualified school construction bonds in accordance with applicable federal tax law not exceeding 25 years, from date of issuance, as the board of education
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 district at a referendum held at a regularly scheduled election after
the board has certified the proposition to the proper election authorities in
accordance with the general election law, a majority of all the votes cast on
the proposition is in favor of the proposition, and notice of such bond
referendum has been
given either (i) in accordance with the second paragraph of Section 12-1 of the
Election Code irrespective of whether such notice included any reference to the
public question as it appeared on the ballot, or (ii) for an election held on
or after November 1, 1998, in accordance with Section 12-5 of the Election
Code, or (iii) by publication of a true and legible copy of the specimen ballot
label containing the proposition in the form in which it appeared or will
appear on the official ballot label on the day of the election at least 5 days
before the day of the election in at least one newspaper published in and
having a general circulation in the district,
irrespective of any other requirements of Article 12 or Section 24A-18 of
the Election Code, nor shall any residential site be acquired unless such
proposition to acquire a site is submitted to the voters of the district at a
referendum held at a regularly scheduled election after the board has certified
the proposition to the proper election authorities 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 or in any other law shall be
construed to require the notice of the bond referendum to be published over the
name or title of the election authority or the listing of maturity dates of
any bonds either in the notice of bond election or ballot used in the bond
election.
The provisions of this Section concerning notice of the bond referendum
apply only to (i) consolidated primary elections held prior to January 1,
2002 and the consolidated election held on April 17, 2007 at which not less than 60%
of the voters voting on the bond proposition voted in favor of the bond
proposition, and (ii) other elections held before July 1, 1999; otherwise, notices required
in connection with the submission of public questions shall be as set forth in
Section 12-5 of the Election Code.
Such proposition may be initiated by resolution of the school board.
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.
The proceeds of any bonds issued under authority of this Section shall
be deposited and accounted for separately within the Site and
Construction/Capital Improvements Fund.
(Source: P.A. 99-735, eff. 8-5-16.)
(105 ILCS 5/19-3.5)
Sec. 19-3.5. Flood-damaged building. Martinsville Community Unit School District 3C is authorized to issue bonds in not to exceed the amount of $4,000,000 for the purpose of paying the cost of acquiring and improving a school site and building and equipping a new school building on the site to replace all or a portion of a school building closed by the regional superintendent of schools pursuant to Section 3-14.22 of this Code because of flood damage. The replacement building may be larger than the size of and offer more functions than the school building being replaced. Bonds issued pursuant to this Section may be issued without referendum and shall mature not more than 25 years from the date of issuance.
(Source: P.A. 96-517, eff. 8-14-09.)
(105 ILCS 5/19-3.10)
Sec. 19-3.10. Mine subsidence damaged building. Gillespie Community Unit School District 7 is authorized to issue bonds in not to exceed the amount of $22,000,000 for the purpose of paying the cost of acquiring and improving a school site and building and equipping a new school building on the site to replace all or a portion of a school building closed by the regional superintendent of schools pursuant to Section 3-14.22 of this Code because of mine subsidence damage. The replacement building may be larger than the size of and offer more functions than the school building being replaced. Bonds issued pursuant to this Section may be issued without referendum and shall mature not more than 25 years from the date of issuance.
(Source: P.A. 96-517, eff. 8-14-09.)
(105 ILCS 5/19-3.15)
Sec. 19-3.15. School additions; Chaney-Monge School District 88. Notwithstanding the requirements of any other applicable law and without further referendum approval, Chaney-Monge School District 88 is authorized to issue bonds in not to exceed the amount of $3,000,000 to provide for the improvement, alteration, and repair of schoolhouses and to fund the local share as required for a Capital Development Board school construction grant to fund school additions and associated construction and equipment with respect to which a referendum was passed on March 18, 2014.
(Source: P.A. 98-1060, eff. 8-26-14.)
(105 ILCS 5/19-4) (from Ch. 122, par. 19-4)
Sec. 19-4.
Bonds issued - Boundaries changed.
Where bonds are issued by any school district under the provisions of
Section 19-2 through Section 19-6, 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 said 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 education 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 by resolution order
submitted to the electors the
proposition of authorizing the board to use the proceeds of said bonds
or the portion thereof allotted to the new district or district to which
said territory is annexed for a specific new building or improvement in
some locality of the district other than the one specified at the
previous election, 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 election. The board shall certify the resolution
and the proposition to the proper election authorities for submission in
accordance with the general election law.
Where bonds are issued by any school district under the provisions of
Section 19-2 through Section 19-6, and it is determined by the board
of education by resolution that it is in the interests of the school
district that part or all of the proceeds of said bonds be used for
different purposes than authorized but for purposes for which bonds may
be issued under the provisions of Section 19-2 through Section 19-6,
the board shall by resolution order submitted to the electors the proposition
of authorizing the
board to use the proceeds of said bonds or a part thereof for the
purposes set forth in said resolution and if a majority of all the votes
cast on said proposition is in favor thereof the board shall have such
authority. The board shall certify the resolution and the proposition
to the proper election authorities for submission in accordance with the
general election law.
(Source: P.A. 84-1334.)
(105 ILCS 5/19-5) (from Ch. 122, par. 19-5)
Sec. 19-5.
Registration, numbering and countersigning.
All bonds issued under this Act, except bonds issued by school districts
having a population of more than 500,000 inhabitants, 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 directors or the board of education 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: Laws 1961, p. 31.)
(105 ILCS 5/19-6) (from Ch. 122, par. 19-6)
Sec. 19-6.
Bond money to school treasurer - Delivery of bonds - Record -
Payment. All moneys borrowed under the authority of this Act, except money
borrowed by school districts having a population of more than 500,000
inhabitants, shall be paid to the school treasurer of the district. The
treasurer shall, before receiving any of the money, execute a bond with
two or more persons having an interest in real estate, who shall not be
trustees, or a surety company authorized to do business in this State, as
surety, payable to the school board of the district in Class I county
school units or township trustees in Class II county school units and
conditioned upon the faithful discharge of his duties, except that the bond
required of the school treasurer of a school district which is located in a
Class II county school unit but which no longer is subject to the
jurisdiction and authority of a township treasurer or trustees of schools
of a township because the district has withdrawn from the jurisdiction and
authority of the township treasurer and trustees of schools of the township
or because those offices have been abolished as provided in subsection (b)
or (c) of Section 5-1 shall be payable to the school board of such district
and conditioned upon the faithful discharge of his duties. The bond shall
be submitted for approval or rejection to the school board of the district
or to the township trustees to which such bond is payable. The penalty of
the bond or bonds shall be 25% of the amount of such
bond issue, whether
individuals act as surety or whether the
surety is given by a surety company authorized to transact business in this
State. The bond shall be in substantially the same form as that required by
Section 8-2 of this Act and when so given shall fully describe the bond
issue which it specifically covers and shall remain in force until the
funds of the bond issue are fully disbursed in accordance with the law.
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 ...., 1 ....,"
filling the blanks with the day, month, and year corresponding to the date
of payment.
(Source: P.A. 89-212, eff. 8-4-95.)
(105 ILCS 5/19-7) (from Ch. 122, par. 19-7)
Sec. 19-7.
Certified copy of resolution filed with county clerk-Registry of bonds-Extension of tax.
Whenever any school district having a population of less than 500,000
inhabitants is authorized to issue bonds, the recording officer thereof
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, subject to the provisions of Section 7-14 of this Act,
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: Laws 1961, p. 31.)
(105 ILCS 5/19-8)
(from Ch. 122, par. 19-8)
Sec. 19-8. Bonds
to pay claims. Any school district or non-high district operating under general law or
special charter having a population of 500,000 or less is authorized to
issue bonds for the purpose of paying orders issued for the wages of
teachers, for the payment of claims against any such district, or for providing funds to effect liquidation or defeasance of the obligations of a Financial Oversight Panel pursuant to the provisions of Section 1H-115 of this Code.
Such bonds may be issued in an amount, including existing indebtedness,
in excess of any statutory limitation as to debt.
(Source: P.A. 97-429, eff. 8-16-11.)
(105 ILCS 5/19-9) (from Ch. 122, par. 19-9)
Sec. 19-9. Resolution to issue bonds - Submission to voters. Before any district as described in Section 19-8 shall avail itself
of the provisions of that section the governing body thereof shall
examine and consider the several teachers' orders or claims or liabilities of a Financial Oversight Panel established pursuant to Article 1H of this Code, or any or all of these,
proposed to be paid and if it appears that they were authorized and
allowed for proper school purposes it shall adopt a resolution so
declaring and set forth and describe in detail such teachers' orders and
claims and liabilities of a Financial Oversight Panel established pursuant to Article 1H of this Code and the adoption of the resolution shall establish the validity
thereof, notwithstanding the amount of such orders and claims and liabilities of a Financial Oversight Panel established pursuant to Article 1H of this Code 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 and liabilities of a Financial Oversight Panel established pursuant to Article 1H of this Code 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 liabilities of a Financial Oversight Panel established pursuant to Article 1H of this Code, 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 time within which a petition may be filed
requesting the submission of the proposition to issue the bonds as
hereinafter in this Section provided; (2) the specific number of voters
required to sign the petition; and the date of the prospective referendum.
The recording officer of the district 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 19-8 be submitted to the voters thereof, then the district
shall not be authorized to issue bonds as provided by Section 19-8
until the proposition has been submitted to and approved by a majority
of the voters voting on the proposition at a regular scheduled
election. The board shall certify the proposition to the proper election
authorities for submission in accordance with the general election law.
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 19-8.
(Source: P.A. 97-429, eff. 8-16-11.)
(105 ILCS 5/19-10) (from Ch. 122, par. 19-10)
Sec. 19-10.
Payment of liabilities resulting from division of assets.
Any school district having a population of 500,000 or less is authorized
to issue bonds for the purpose of the payment of any liabilities or
obligations imposed on such district resulting from the division of assets
as provided by Article 7 of this Act or Article 5 of this Act as it existed
prior to July 1, 1952.
Within 90 days after the final order of the county board of school
trustees dividing assets as a result of creating a new district the school
board of such newly created district or the school board of a district a
portion of whose territory is included within the newly created district
shall pay any amounts due.
The school board of a district obligated or liable under the provisions
of this Section shall issue bonds to the extent necessary to enable the
district to discharge its obligations unless funds can otherwise be made
available for such purpose, and such bonds may be issued in an amount,
including existing indebtedness, in excess of any statutory limitation as
to debt but subject to the 5% constitutional limit.
(Source: Laws 1961, p. 31.)
(105 ILCS 5/19-11) (from Ch. 122, par. 19-11)
Sec. 19-11. Amount of indebtedness - Interest and maturity. Any district which has complied with Section 19-9 and which is
authorized to issue bonds under Sections 19-8, 19-9 and 19-10 shall
adopt a resolution specifying the amount of indebtedness to be funded,
whether for the purpose of paying claims, or for paying teachers' orders,
or for paying liabilities or obligations imposed on any district resulting
from the division of assets as provided by Article 7 of this Act or Article
5 of this Act as it existed prior to July 1, 1952. 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 governing
body may determine, and mature in not more than 20 years from the date thereof or as otherwise authorized by law.
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. 100-531, eff. 9-22-17.)
(105 ILCS 5/19-12) (from Ch. 122, par. 19-12)
Sec. 19-12.
Filing copy of resolution-Extension of taxes.
A certified copy of the resolution authorizing the issue of bonds under
Sections 19-8 through 19-11 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 Sections 12-11 and 12-11.1
or 17-2 through 17-9.
(Source: Laws 1961, p. 31.)
(105 ILCS 5/19-13) (from Ch. 122, par. 19-13)
Sec. 19-13.
Sale
or exchange of bonds.
Any bonds issued under Sections 19-8 to 19-11, 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: Laws 1961, p. 31.)
(105 ILCS 5/19-14) (from Ch. 122, par. 19-14)
Sec. 19-14.
Validity of indebtedness-Validity of bonds.
Purchasers of such bonds shall not be obligated to inquire into the
validity of the indebtedness funded, and bonds issued under sections
19-8 through 19-11 shall be the valid and binding obligations of the
school 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: Laws 1961, p. 31.)
(105 ILCS 5/prec. Sec. 19-15 heading)
(105 ILCS 5/19-15) (from Ch. 122, par. 19-15)
Sec. 19-15.
Authority to refund bonds.
When a school district has issued bonds or other evidence of
indebtedness for any purposes which are binding and subsisting legal
obligations and remaining outstanding, the school 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.
For the purposes of Sections 19-15 through 19-26 "school district"
includes any non-high school district.
(Source: Laws 1961, p. 31.)
(105 ILCS 5/19-16) (from Ch. 122, par. 19-16)
Sec. 19-16.
Resolution for issuance.
The corporate authorities of any school 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; and (6) to refund other valid and
subsisting evidences of indebtedness that are due and payable. The
refunding bonds and the procedure for issuing them shall comply with
Sections 19-5 through 19-7.
(Source: Laws 1961, p. 31.)
(105 ILCS 5/19-17) (from Ch. 122, par. 19-17)
Sec. 19-17.
Registrability - Interest - Time and place of payment.
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,
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 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.)
(105 ILCS 5/19-18) (from Ch. 122, par. 19-18)
Sec. 19-18.
Details prescribed-Levy and collection of tax.
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 school 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 school
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 school 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: Laws 1961, p. 31.)
(105 ILCS 5/19-19) (from Ch. 122, par. 19-19)
Sec. 19-19.
Sale
or exchange-Use of proceeds-Cancellation.
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: Laws 1961, p. 31.)
(105 ILCS 5/19-20) (from Ch. 122, par. 19-20)
Sec. 19-20. Execution-Maturity-Callable.
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 corporate authorities of the school 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; however, the limitation shall be 25 years for bonds issued by Valley View Community Unit School District 365U that refund (i) bonds authorized under Section 19-3 of this Code or (ii) bonds refunding or continuing to refund bonds authorized under Section 19-3 of this Code.
(Source: P.A. 96-1546, eff. 3-10-11.)
(105 ILCS 5/19-21) (from Ch. 122, par. 19-21)
Sec. 19-21.
Redemption of bonds.
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 school 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 school district may provide in the
bond resolution that whenever the school 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 corporate authorities thereof.
Refunding bonds called for payment and paid or purchased under this
section shall be marked paid and cancelled.
(Source: Laws 1963, p. 3062.)
(105 ILCS 5/19-22) (from Ch. 122, par. 19-22)
Sec. 19-22.
Reduction of tax levy-Bonds purchased and cancelled.
Whenever refunding bonds are purchased and cancelled as provided in
Section 19-21, 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 corporate authorities of the school district
finding these facts. A certified copy of this resolution shall be filed
with the county clerk specified in Section 19-18, whereupon he shall
reduce and extend such tax levies in accordance therewith.
(Source: Laws 1961, p. 31.)
(105 ILCS 5/19-23) (from Ch. 122, par. 19-23)
Sec. 19-23.
Reduction of tax for payment of bonds refunded-Use of tax receipts.
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 school district, or by the
president and clerk or other corresponding officers of the school 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 19-24. It shall be used to
purchase, call for payment, or to pay at maturity refunding bonds and
interest thereon as herein provided.
(Source: Laws 1961, p. 31.)
(105 ILCS 5/19-24) (from Ch. 122, par. 19-24)
Sec. 19-24.
Proceeds of taxes-Special fund-Use-Investment.
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 school 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 19-16 through 19-26.
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 corporate authorities of the
school district, the money may be invested by the treasurer of the school
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 school district. The corporate authorities may sell these
securities whenever necessary to obtain cash to meet bond and interest
payments.
(Source: Laws 1961, p. 31.)
(105 ILCS 5/19-25) (from Ch. 122, par. 19-25)
Sec. 19-25.
Information to owners of bonds-Refunding agreements.
The corporate authorities of a school district may take any action that
may be necessary to inform the owners of unpaid bonds regarding the
financial condition of the school 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 school district. The corporate authorities
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 school district.
(Source: Laws 1961, p. 31.)
(105 ILCS 5/19-26) (from Ch. 122, par. 19-26)
Sec. 19-26.
Construction and application of provisions.
Sections 19-16 through 19-25 apply to any school district, regardless
of the population of said school 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: Laws 1961, p. 31.)
(105 ILCS 5/prec. Sec. 19-27 heading)
(105 ILCS 5/19-27) (from Ch. 122, par. 19-27)
Sec. 19-27.
Payment to treasurer.
Whenever all the bonds of any school district have been paid and
cancelled upon the records of the school 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 school township, the county collector or ex-county collector,
county treasurer or ex-county treasurer shall pay to the school treasurer
the balance of such funds in his hands and the school treasurer shall give
his receipt therefor.
(Source: Laws 1961, p. 31.)
(105 ILCS 5/19-28) (from Ch. 122, par. 19-28)
Sec. 19-28.
Distribution and apportionment.
At the first regular semi-annual meeting of the trustees of the township
after the receipt of the funds mentioned in Section 19-27, they shall
distribute and apportion the funds among the districts or fractions of
districts of the township whose treasurer is the township treasurer,
and among the school boards or board of incorporated
cities, towns or school districts in such township having
a treasurer other than the township treasurer, in proportion to the number of children
under 21 years of age in each. The funds thus apportioned shall be placed
on the books of the treasurer to the credit of the respective districts and
the same shall be paid out by the treasurer on the legal orders of the
school boards of the proper districts, except such part of the fund as may
be payable to the boards of education of incorporated cities, towns
or school districts having a treasurer other than the township
treasurer, which portion of the
fund shall be paid by the township treasurer to the treasurer of the board
of education.
(Source: P.A. 86-1441.)
(105 ILCS 5/19-29) (from Ch. 122, par. 19-29)
Sec. 19-29.
Computation of debt incurring power.
In computing the debt incurring power of any school district where
there has been included in any such school district only a part of any
former school district which at the time of such inclusion has
outstanding bonded indebtedness, a proportionate amount of such bonded
indebtedness shall be chargeable to such school district based upon the
ratio that the assessed valuation of taxable property as equalized and
determined by the Department of Revenue in that
part of the territory of such former school district that has been
included in any such school district bears to the total assessed
valuation of the former school district as equalized and determined by
the Department of Revenue for
the year in which
the change occurred, and the proportionate amount of such bonded
indebtedness shall be chargeable against such school district in
determining its debt incurring power.
(Source: P.A. 81-1509.)
(105 ILCS 5/19-30) (from Ch. 122, par. 19-30)
Sec. 19-30.
Any school district which, pursuant to Section 10-22.31b of this Act, has
entered into a joint agreement with one or more school districts to
acquire, build, establish and maintain sites and buildings for area
vocational purposes may by proper resolution borrow money for the purpose
of acquiring sites and buildings and building, equipping, improving and
remodeling buildings and sites for vocational education purposes and as
evidence of such indebtedness issue bonds without referendum, provided that
the project which is the subject of such joint agreement has been
designated by the State Board of Vocational Education and Rehabilitation as
an Area Secondary Vocational Center, and further provided (a) that such
district has been authorized by referendum to impose the tax
under Section 17-2.4 of this Act, or (b) that such district, not having
been so authorized by such referendum, by resolution has authorized the
payment of its proportionate share of the cost of the area vocational center
under such
agreement from funds raised by building tax levies. The proceeds of the
sale of such bonds may, in the discretion of the school board of the
district issuing such bonds, be transferred to the Capital Development Board,
any other school district which is a party to such joint
agreement or the State or any of its agencies provided, however, that such
board first determines that such transfer is necessary in order to
accomplish the purposes for which such bonds are issued. The amount of the
bonds issued by any such participating school district shall not exceed the
district's estimated proportionate share of the cost of the area vocational
center as budgeted under such agreement and as certified by the State Board
of Vocational Education and Rehabilitation, and provided that (a) any such
participating district which has been authorized by referendum to impose
the tax under Section
17-2.4 of this Act, shall thereafter
reduce the maximum statutory amount which may be raised by such levy under
Section 17-2.4 to the extent of the total amount to be yielded by the
imposition of the tax authorized by this Section, and (b) any such
participating district, not having been so authorized by
such referendum, but having by
resolution authorized the payment of its proportionate share of the cost of
the area vocational center under such joint agreement from funds raised by
building tax levies, shall thereafter, annually reduce the maximum
statutory amount which may be raised by such building tax levies to the
extent of the amount to be yielded annually by the imposition of the tax
authorized by this Section. Such bonds shall bear interest at a rate of not
to exceed the maximum rate authorized by the Bond Authorization Act, as amended
at the time of the making of the contract, and shall
mature within 20 years from date.
The failure on the part of a school district to abate or reduce such
taxes as described in (a) and (b) shall not constitute a forfeiture by the
district of its right to levy the direct annual tax authorized by this
Section.
In order to authorize and issue such bonds, the school board shall adopt
a resolution fixing the amount of the bonds, the date thereof, maturities
thereof, rates of interest thereof, place of payment and denomination,
which shall be in denominations of not less than $100 and not more than
$5,000 and provide for the levy and collection of a direct annual tax upon
all the taxable property in the school district sufficient to pay the
principal of and interest on such bonds to maturity. Upon the filing in the
office of the County Clerk or Clerks of the County or Counties in which the
school district is located of a certified copy of such resolution it shall
be the duty of such County Clerk or Clerks to extend the tax therefor, in
addition to and in excess of all other taxes heretofore or hereafter
authorized to be levied by such school district.
This Section shall be cumulative and it shall constitute complete
authority for site acquisitions and building programs and for the issuance
of bonds as provided for hereunder, notwithstanding any other statute or
law to the contrary.
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 5/19-31) (from Ch. 122, par. 19-31)
Sec. 19-31.
Any school district which, pursuant to Section 10-22.31b
of this Act, or under the provisions of the "Intergovernmental
Cooperation Act", has entered into a joint agreement or contract with
one or more school districts to acquire, build, establish and maintain
sites and buildings for the education of one or more of the types of children
with disabilities as defined in Sections 14-1.02
through 14-1.07 of this
Act, may by proper resolution of the board borrow money for the purpose
of acquiring sites and buildings and building, equipping, improving and
remodeling buildings and sites for such special education purposes, and
as evidence of such indebtedness issue bonds, provided that the project
which is the subject of such joint agreement has been approved by the
State Board of Education. The proceeds of the sale of such bonds may,
in the discretion of the school board of the district issuing such
bonds, be transferred to the Capital Development Board, any other school
district which is a party to such joint agreement, or the State or any
of its agencies provided, however, that such board first determines that
such transfer is necessary in order to accomplish the purposes for which
such bonds are issued. The amount of the bonds issued by any such
participating school district shall not exceed the district's estimated
proportionate share of the cost of such special education purposes as
budgeted under such joint agreement or contract, and shall be amortized
over a period not exceeding the number of years of levy remaining
available to such participating school district under Section 17-2.2a of
this Act, and provided further that any such participating district
shall thereafter reduce the maximum statutory amount which may be raised
by the tax levy authorized under Section 17-2.2a of this Act to the
extent of the total amount to be yielded by the imposition of the tax
authorized by this Section. The failure on the part of a school
district to abate or reduce such taxes shall not however constitute a
forfeiture by the district of its right to levy the direct annual tax
authorized by this Section.
Such bonds shall bear interest at a rate of not to exceed the maximum
rate authorized by the Bond Authorization Act, as amended at the time of
the making of the contract, and shall mature within 8 years from the date
of issuance. In
order to authorize and issue such bonds, the school board shall adopt a
resolution fixing the amount of the bonds, the date thereof, maturities
thereof, rates of interest thereof, place of payment and denomination,
which shall be in denominations of not less than $100 and not more than
$5,000 and provide for the levy and collection of a direct annual tax
upon all the taxable property in the school district sufficient to pay
the principal of and interest on such bonds to maturity, but not to
exceed the levy authorized under Section 17-2.2a. Upon the filing in
the office of the County Clerk or Clerks of the County or Counties in
which the school district is located of a certified copy of such
resolution it shall be the duty of such County Clerk or Clerks to extend
the tax therefor, in addition to and in excess of all other taxes
heretofore or hereafter authorized to be levied by such school district.
This Section shall be cumulative and it shall constitute complete
authority for site acquisitions and building programs and for the
issuance of bonds as provided for hereunder, notwithstanding any other
statute or law to the contrary.
Notwithstanding the other provisions of this Section, any school district
qualifying for a special education construction grant pursuant to the Capital
Development Board Act may finance the construction project by levying the
tax authorized by Section 17-2.2a and issuing bonds in the manner provided
for in this Section 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, with a maturity
date not more than 20 years from the date of issuance.
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. 89-397, eff. 8-20-95.)
Structure Illinois Compiled Statutes
Article 1 - Short Title - Construction - Definitions
Article 1A - State Board Of Education
Article 1B - School District Financial Oversight Panel And Emergency Financial Assistance
Article 1D - Block Grants For Districts With Over 500,000 Inhabitants
Article 1E - Downstate School Finance Authority
Article 1F - Downstate School Finance Authority for Elementary Districts
Article 1G - Mathematics and Science; Block Grant Program
Article 1H - Financial Oversight Panels
Article 2 - State Board of Education - Powers and Duties
Article 3 - Regional Superintendent of Schools
Article 3A - Educational Service Regions
Article 4 - Duties of County Board
Article 5 - Trustees of Schools
Article 6 - Regional Board of School Trustees
Article 7C - Transfer Of High School District Territory (Repealed)
Article 11A - Unit School District Formation (Repealed)
Article 11B - School District Combination (Repealed)
Article 11C - Accounting Procedures
Article 11D - School District Conversion (Repealed)
Article 11E - Conversion and Formation of School Districts
Article 12 - High School Districts--Nonhigh School Districts--Community High School Districts
Article 13 - Schools For Designated Purposes
Article 13A - Alternative Public Schools
Article 13B - Alternative Learning Opportunities
Article 14 - Children With Disabilities
Article 14A - Gifted and Talented Children And Children Eligible For Accelerated Placement
Article 14B - Educationally Disadvantaged Children (Repealed)
Article 14C - Transitional Bilingual Education
Article 15 - Common School Lands
Article 16 - Gifts--Use Of Sites--Playgrounds
Article 17 - Budgets--Tax Rates--Tax Warrants
Article 18 - Common School Fund
Article 19 - Debt Limitation - Bonds - Territory Liable - Refunding Bonds
Article 19a - Revenue Bonds For Exhibition Facilities
Article 19b - School Energy Conservation And Saving Measures
Article 20 - Working Cash Fund
Article 21 - Certification Of Teachers
Article 21A - New Teacher Induction and Mentoring
Article 21B - Educator Licensure
Article 22 - General Provisions--Penalties--Liabilities
Article 23 - School Board Associations
Article 24 - Employment of Teachers--Tenure--Duties of Teachers
Article 24A - Evaluation of Certified Employees
Article 26 - Pupils--Compulsory Attendance
Article 27 - Courses of Study--Special Instruction
Article 28 - Instructional Materials
Article 28A - Education Purchasing Program
Article 31 - Fraternities--Sororities
Article 32 - Special Charter Districts
Article 33 - Districts From 100,000 To Not More Than 500,000 Inhabitants
Article 34 - Cities Of Over 500,000 Inhabitants - Board Of Education
Article 34A - School Finance Authority
Article 34B - Bridge Note Statute (Repealed)
Article 35 - Buildings--School Building Commission (Repealed)