(105 ILCS 5/19a-2)
(from Ch. 122, par. 19a-2)
Revenue bonds for exhibition facilities.
Any school board is
a. Acquire by purchase, construct, enlarge, improve, equip, complete,
operate, control and manage an exhibition facility.
b. Charge for the use of such a facility.
c. Hold in its treasury all funds derived from the operation of the
facility and apply them toward the retirement of any revenue bonds issued
in connection with the facility.
d. Enter into contracts touching in any manner any matter within the
objects and purposes of this Article.
e. Pledge the revenues raised from such a facility for the payment of
any bonds issued to pay for the facility as provided in this Article.
f. Borrow money and issue and sell bonds at such price as the school
board may determine to finance and to refund or refinance any and all bonds
issued and sold by the board pursuant to this Article. No bonds issued
under this Article, however, may bear interest in excess of the maximum
rate authorized by the Bond Authorization Act, as amended at the time of
the making of the contract,
computed to the maturity of the bonds.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in accordance with the
Omnibus Bond Acts, regardless of any provision of this Act that may appear
to be or to have been more restrictive than those Acts, (ii) that the
provisions of this Section are not a limitation on the supplementary
authority granted by the Omnibus Bond Acts, and (iii) that instruments
issued under this Section within the supplementary authority granted
by the Omnibus Bond Acts are not invalid because of any provision of
this Act that may appear to be or to have been more restrictive than
(Source: P.A. 86-4.)