(105 ILCS 5/34-21.1) (from Ch. 122, par. 34-21.1)
Sec. 34-21.1. Additional powers. In addition to other powers and
authority now possessed by it, the board shall have power:
(1) To lease from any public building commission |
| created pursuant to the provisions of the Public Building Commission Act, approved July 5, 1955, as heretofore or hereafter amended or from any individuals, partnerships or corporations, any real or personal property for the purpose of securing space for its school purposes or office or other space for its administrative functions for a period of time not exceeding 40 years.
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(2) To pay for the use of this leased property in
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| accordance with the terms of the lease and with the provisions of the Public Building Commission Act, approved July 5, 1955, as heretofore or hereafter amended.
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(3) Such lease may be entered into without making a
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| previous appropriation for the expense thereby incurred; provided, however, that if the board undertakes to pay all or any part of the costs of operating and maintaining the property of a public building commission as authorized in subparagraph (4) of this Section, such expenses of operation and maintenance shall be included in the annual budget of such board annually during the term of such undertaking.
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(4) In addition, the board may undertake, either in
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| the lease with a public building commission or by separate agreement or contract with a public building commission, to pay all or any part of the costs of maintaining and operating the property of a public building commission for any period of time not exceeding 40 years.
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(5) To enter into agreements, including lease and
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| lease purchase agreements having a term not longer than 40 years from the date on which such agreements are entered into, with private sector individuals, partnerships, or corporations for the construction of school buildings, school administrative offices, site development, and school support facilities. The board shall maintain exclusive possession of all schools, school administrative offices, and school facilities which it is occupying or acquiring pursuant to any such lease or lease purchase agreement, and in addition shall have and exercise complete control over the education program conducted at such schools, offices and facilities. The board's contribution under any such agreement shall be limited to the use of the real estate and existing improvements on a rental basis which shall be exempt from any form of leasehold tax or assessment, but the interests of the board may be subordinated to the interests of a mortgage holder or holders acquired as security for additional improvements made on the property.
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(6) To make payments on a lease or lease purchase
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| agreement entered into pursuant to subparagraph (5) of this Section with an individual, partnership, or a corporation for school buildings, school administrative offices, and school support facilities constructed by such individual, partnership, or corporation.
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(7) To purchase the interests of an individual,
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| partnership, or corporation pursuant to any lease or lease purchase agreement entered into by the board pursuant to subparagraph (5) of this Section, and to assume or retire any outstanding debt or obligation relating to such lease or lease purchase agreement for any school building, school administrative office, or school support facility.
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(8) Subject to the provisions of subparagraph (9) of
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| this Section, to enter into agreements, including lease and lease purchase agreements, having a term not longer than 40 years from the date on which such agreements are entered into for the provision of school buildings and related property and facilities for an agricultural science school. The enrollment in such school shall be limited to 720 students, and no less than 50% of the total number of enrollment positions in each incoming class must be reserved for students who live within proximity to the school. "Proximity to the school" means all areas within the existing city limits of Chicago located south of 87th Street (8700 South) and west of Wood Street (1800 West). In addition to the other authorizations in this paragraph (8), a maximum of 80 additional students may be enrolled in the agricultural science school's significantly modified curriculum for diverse learners, commonly known as the special education cluster program. Under such agreements the board shall have exclusive possession of all such school buildings and related property and facilities which it is occupying or acquiring pursuant to any such agreements, and in addition shall have and exercise complete control over the educational program conducted at such school. Under such agreements the board also may lease to another party to such agreement real estate and existing improvements which are appropriate and available for use as part of the necessary school buildings and related property and facilities for an agricultural science school. Any interest created by such a lease shall be exempt from any form of leasehold tax or assessment, and the interests of the board as owner or lessor of property covered by such a lease may be subordinated to the interests of a mortgage holder or holders acquired as security for additional improvements made on the property. In addition, but subject to the provisions of subparagraph (9) of this Section, the board is authorized: (i) to pay for the use of school buildings and related property and facilities for an agricultural science school as provided for in an agreement entered into pursuant to this subparagraph (8) and to enter into any such agreement without making a previous appropriation for the expense thereby incurred; and (ii) to enter into agreements to purchase any ownership interests in any school buildings and related property and facilities subject to any agreement entered into by the board pursuant to this subparagraph (8) and to assume or retire any outstanding debt or obligation relating to such school buildings and related property and facilities.
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(9) Notwithstanding the provisions of subparagraph
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| (8) of this Section or any other law, the board shall not at any time on or after the effective date of this amendatory Act of 1991 enter into any new lease or lease purchase agreement, or amend or modify any existing lease, lease purchase or other agreement entered into pursuant to subparagraph (8), covering all or any part of the property or facilities, consisting of 78.85 acres more or less, heretofore purchased or otherwise acquired by the board for an agricultural science school; nor shall the board enter into any agreement on or after the effective date of this amendatory Act of 1991 to sell, lease, transfer or otherwise convey all or any part of the property so purchased or acquired, nor any of the school buildings or related facilities thereon, but the same shall be held, used, occupied and maintained by the board solely for the purpose of conducting and operating an agricultural science school. The board shall not, on or after the effective date of this amendatory Act of 1991, enter into any contracts or agreements for the construction, alteration or modification of any new or existing school buildings or related facilities or structural improvements on any part of the 78.85 acres purchased or otherwise acquired by the board for agricultural science school purposes, excepting only those contracts or agreements that are entered into by the board for the construction, alteration or modification of such school buildings, related facilities or structural improvements that on the effective date of this amendatory Act of 1991 are either located upon, under construction upon or scheduled under existing plans and specifications to be constructed upon a parcel of land, consisting of 17.45 acres more or less and measuring approximately 880 feet along its northerly and southerly boundaries and 864 feet along its easterly and westerly boundaries, located in the northeast part of the 78.85 acres. Nothing in this subparagraph (9) shall be deemed or construed to alter, modify, impair or otherwise affect the terms and provisions of, nor the rights and obligations of the parties under any agreement or contract made and entered into by the board prior to the effective date of this amendatory Act (i) for the acquisition, lease or lease purchase of, or for the construction, alteration or modification of any school buildings, related facilities or structural improvements upon all or any part of the 78.85 acres purchased or acquired by the board for agricultural science school purposes, or (ii) for the lease by the board of an irregularly shaped parcel, consisting of 23.19 acres more or less, of that 78.85 acres for park board purposes.
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(Source: P.A. 100-399, eff. 1-1-18 .)
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(105 ILCS 5/34-21.3) (from Ch. 122, par. 34-21.3)
Sec. 34-21.3. Contracts. The board shall by record vote let all
contracts (other than those excepted
by Section 10-20.21 of this Code) for supplies, materials,
or work and contracts with private carriers for transportation
of pupils involving an expenditure in excess of $35,000 or a lower amount as required by board policy by competitive
bidding as provided in Section 10-20.21 of this Code.
The board may delegate to the general superintendent of schools, by
resolution, the authority to approve contracts in amounts of $35,000 or
less.
For a period of one year from and after the expiration or other termination
of his or her term of office as a member of the board: (i) the former board
member shall not be eligible for employment nor be employed by the board, a
local school council, an attendance center, or any other
subdivision or agent of the board or the school district governed by the board,
and (ii) neither the board nor the chief purchasing officer shall let or
delegate
authority to let any contract for
services, employment, or other work to the former board member or to any
corporation,
partnership, association, sole proprietorship, or other entity other than
publicly traded companies from which the
former board member receives an annual income, dividends, or other compensation
in excess of $1,500. Any contract that is entered into by or under a
delegation of authority from the board or the chief purchasing officer shall
contain a
provision stating that
the contract is not legally binding on the board if entered into in violation
of the provisions of this paragraph.
In addition, the State Board of Education, in consultation with the board,
shall (i) review existing conflict of interest and disclosure laws or
regulations that are applicable to the executive officers and governing boards
of school districts organized under this Article and school districts
generally, (ii) determine what additional disclosure and conflict of interest
provisions would enhance the reputation and fiscal integrity of the board and
the procedure under which contracts for goods and services are let, and (iii)
develop appropriate reporting forms and procedures applicable to the executive
officers, governing board, and other officials of the school district.
(Source: P.A. 103-8, eff. 1-1-24 .)
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(105 ILCS 5/34-21.6) (from Ch. 122, par. 34-21.6)
Sec. 34-21.6. Waiver of fees and fines. (a) The board shall waive all fees and any fines for the loss of school property assessed by the district
on children whose parents are unable to afford them, including but not limited
to: (1) children living in households that meet the free |
| lunch or breakfast eligibility guidelines established by the federal government pursuant to Section 1758 of the federal Richard B. Russell National School Lunch Act (42 U.S.C. 1758; 7 CFR 245 et seq.) and students whose parents are veterans or active duty military personnel with income at or below 200% of the federal poverty level, subject to verification as set forth in subsection (b) of this Section; and
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(2) homeless children and youths as defined in
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| Section 11434a of the federal McKinney-Vento Homeless Assistance Act (42 U.S.C. 11434a).
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Notice of waiver availability shall be given to parents or guardians with every bill for fees or fines. The board shall develop written
policies and procedures implementing this Section in accordance with
regulations promulgated by the State Board of Education.
(b) If the board participates in a federally funded, school-based child nutrition program and uses a student's application for, eligibility for, or participation in the federally funded, school-based child nutrition program (42 U.S.C. 1758; 7 245 et seq.) as the basis for waiving fees assessed by the district, then the board must follow the verification requirements of the federally funded, school-based child nutrition program (42 U.S.C. 1758; 7 CFR 245.6a).
If the board establishes a process for the determination of eligibility for waiver of all fees assessed by the district that is completely independent of the criteria listed in subsection (b), the board may provide for waiver verification no more often than once every academic year. Information obtained during the independent waiver verification process indicating that the student does not meet free lunch or breakfast eligibility guidelines may be used to deny the waiver of the student's fees or fines for the loss of school property, provided that any information obtained through this independent process for determining or verifying eligibility for fee waivers shall not be used to determine or verify eligibility for any federally funded, school-based child nutrition program.
This subsection shall not preclude children from obtaining waivers at any point during the academic year.
(Source: P.A. 102-805, eff. 1-1-23; 102-1032, eff. 5-27-22; 103-154, eff. 6-30-23.)
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(105 ILCS 5/34-22.1) (from Ch. 122, par. 34-22.1)
Sec. 34-22.1.
Issuance of bonds.
For the purpose of erecting, purchasing, or otherwise acquiring
buildings suitable for school houses, erecting temporary school
structures, erecting additions to, repairing, rehabilitating and
replacing existing school buildings and temporary school structures, and
furnishing and equipping school buildings and temporary school
structures, and purchasing or otherwise acquiring and improving sites
for such purposes, the board, with the consent of the city council
expressed by ordinance, may incur an indebtedness and issue bonds
therefor in an amount or amounts not to exceed in the aggregate
$50,000,000. Provided, however, that not more than 25% of the aggregate
amount of said bonds shall be issued in any calendar year. The bonds
shall bear interest at the rate of not more than the maximum rate authorized
by the Bond Authorization Act, as amended at the time of the making of the
contract, and 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.
These bonds shall not be issued until the question of authorizing
such bonds has been submitted to the electors of the city constituting
said school district at a regular scheduled election in
accordance with the general election law and
approved by a majority of the electors voting upon that question.
The board shall adopt a resolution providing for submitting said
question at such an election and certify the resolution and the proposition
to the proper election authorities. In addition
to the requirements of the general election law the notice of the referendum
shall contain the amount of the bond
issue, maximum rate of interest and purpose for which issued.
This notice shall be published in accordance with the general election
law.
The proposition shall be in substantially the following form:
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Shall bonds in the amount of $..... be issued by the board of education of the City of.... for the purpose of erecting, purchasing, or otherwise acquiring buildings YES suitable for school houses, erecting temporary school structures, erecting additions to, repairing, rehabilitating and replacing existing - - - - - - - - - - - - - - - - - - - -
school buildings and temporary school structures, and furnishing and equipping school buildings and temporary school structures, and NO purchasing or otherwise acquiring and improving sites for such purposes, bearing interest at the 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? - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Whenever the board desires to issue bonds as herein authorized, it
shall adopt a resolution designating the purpose for which the proceeds
of the bonds are to be expended and fixing the amount of the bonds
proposed to be issued, the maturity thereof, and optional provisions, if
any, the rate of interest thereon, and the amount of taxes to be levied
annually for the purpose of paying the interest upon and the principal
of such bonds.
Said bonds shall be issued in the corporate name of the school
district. They shall be signed by the president and secretary of said
board and countersigned by the mayor and the comptroller (or city clerk
if there be no comptroller) of the city. They shall be sold upon such
terms as may be approved by the board by the city comptroller (or city
clerk if there be no comptroller) after advertisement for bids as
ordered by and under the direction of the board, and the proceeds
thereof shall be received by the city treasurer, as school treasurer,
and expended by the board for the purposes provided in the bond
resolution.
Before or at the time of issuing any bonds herein authorized, the
city council of such city, upon the demand and under the direction of
the board shall, by ordinance, provide for the levy and collection of a
direct annual tax upon all the taxable property of such school district
sufficient to pay and discharge the principal thereof at maturity and to
pay the interest thereon as it falls due. Such tax shall be levied and
collected in like manner with the other taxes of such school district
and shall be in addition to and exclusive of the maximum of all other
taxes which such board or such city council is now, or may hereafter be,
authorized by law to levy for any and all school purposes. Upon the
filing in the office of the county clerk of the county wherein such
school district is located of a duly certified copy of any such
ordinance, it shall be the duty of such county clerk to extend the tax
therein provided for, including an amount to cover loss and cost of
collecting said taxes and also deferred collections thereof and
abatements in the amounts of such taxes as extended upon the collector's
books.
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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(105 ILCS 5/34-22.2) (from Ch. 122, par. 34-22.2)
Sec. 34-22.2.
Issuance of bonds.
For the purpose of erecting, purchasing, or otherwise acquiring
buildings suitable for school houses, erecting temporary school
structures, erecting additions to, repairing, rehabilitating and
replacing existing school buildings and temporary school structures, and
furnishing and equipping school buildings and temporary school
structures, and purchasing or otherwise acquiring and improving sites
for such purposes, the board, with the consent of the city council
expressed by ordinance, may incur an indebtedness and issue bonds
therefor in an amount or amounts not to exceed in the aggregate
$50,000,000 in addition to the bonds authorized under Section 34-22.1.
The bonds shall bear interest at the rate of not more than the maximum
rate authorized by the Bond Authorization Act, as amended at the time of
the making of the contract,
and 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.
These bonds shall not be issued until the question of authorizing
such bonds has been submitted to the electors of the city constituting
said school district at a regular scheduled election and
approved by a majority of the electors voting upon that question. The
board shall adopt a resolution providing for submitting said proposition at
such an election and certify the resolution and proposition to the proper
election authorities for submission to the electors in accordance with the
general election law. In addition to the requirements
of the general election law the notice of the referendum shall contain
the amount of
the bond issue, maximum
rate of interest and purpose for which issued.
The proposition shall be in substantially the following form:
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Shall bonds in the amount of $..... be issued by the board of education of the City of.... for the purpose of erecting, purchasing, or otherwise acquiring buildings YES suitable for school houses, erecting temporary school structures, erecting additions to, repairing, rehabilitating and replacing existing - - - - - - - - - - - - - - - - - -
school buildings and temporary school structures, and furnishing and equipping school buildings and temporary school structures, and NO purchasing or otherwise acquiring and improving sites for such purposes, bearing interest at the 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? - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Whenever the board desires to issue bonds as herein authorized, it
shall adopt a resolution designating the purpose for which the proceeds
of the bonds are to be expended and fixing the amount of the bonds
proposed to be issued, the maturity thereof, and optional provisions, if
any, the rate of interest thereon, and the amount of taxes to be levied
annually for the purpose of paying the interest upon and the principal
of such bonds.
Said bonds shall be issued in the corporate name of the school
district. They shall be signed by the president and secretary of said
board and countersigned by the mayor and the comptroller (or city clerk
if there be no comptroller) of the city. They shall be sold by the city
comptroller (or city clerk if there be no comptroller) upon such terms
as may be approved by the board after advertisement for bids as ordered
by and under the direction of the board, and the proceeds thereof shall
be received by the city treasurer, as school treasurer, and expended by
the board for the purposes provided in the bond resolution.
Before or at the time of issuing any bonds herein authorized, the
city council of such city, upon the demand and under the direction of
the board shall, by ordinance, provide for the levy and collection of a
direct annual tax upon all the taxable property of such school district
sufficient to pay and discharge the principal thereof at maturity and to
pay the interest thereon as it falls due. Such tax shall be levied and
collected in like manner with the other taxes of such school district
and shall be in addition to an exclusive of the maximum of all other
taxes which such board or such city council is now, or may hereafter be,
authorized by law to levy for any and all school purposes. Upon the
filing in the office of the county clerk of the county wherein such
school district is located of a duly certified copy of any such
ordinance, it shall be the duty of such county clerk to extend the tax
therein provided for, including an amount to cover loss and cost of
collecting said taxes and also deferred collections thereof and
abatements in the amounts of such taxes as extended upon the collector's
books.
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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(105 ILCS 5/34-22.3) (from Ch. 122, par. 34-22.3)
Sec. 34-22.3.
Issuance of bonds.
For the purpose of erecting, purchasing, or otherwise acquiring
buildings suitable for school houses, erecting temporary school
structures, erecting additions to, repairing, rehabilitating and
replacing existing school buildings and temporary school structures, and
furnishing and equipping school buildings and temporary school
structures, and purchasing or otherwise acquiring and improving sites
for such purposes, the board, with the consent of the city council
expressed by ordinance, may incur an indebtedness and issue bonds
therefor in an amount or amounts not to exceed in the aggregate
$50,000,000 in addition to the bonds authorized under Sections 34-22.1
and 34-22.2. The bonds shall bear interest at the rate of not more than
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, and 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.
These bonds shall not be issued until the question of authorizing
such bonds has been submitted to the electors of the city constituting
said school district at a regular scheduled election and
approved by a majority of the electors voting upon that question.
The board shall adopt a resolution providing for submitting said
question at such an election and shall certify the resolution and the
proposition to the proper election authorities for submission to the electors
in accordance with the general election law. In
addition to the requirements of the general election law the notice of
the referendum shall contain the amount of the bond issue, maximum rate
of interest and purpose
for which issued.
The proposition shall be in substantially the following form:
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Shall bonds in the amount of $...... be issued by the board of education of the City of.... for the purpose of erecting, purchasing, or otherwise acquiring buildings YES suitable for school houses, erecting temporary school structures, erecting additions to, repairing, rehabilitating and replacing existing - - - - - - - - - - - - - - - - - - - -
school buildings and temporary school structures, and furnishing and equipping school buildings and temporary school structures, and NO purchasing or otherwise acquiring and improving sites for such purposes, bearing interest at the 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? - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Whenever the board desires to issue bonds as herein authorized, it
shall adopt a resolution designating the purpose for which the proceeds
of the bonds are to be expended and fixing the amount of the bonds
proposed to be issued, the maturity thereof, and optional provisions, if
any, the rate of interest thereon, and the amount of taxes to be levied
annually for the purpose of paying the interest upon and the principal
of such bonds.
Said bonds shall be issued in the corporate name of the school
district. They shall be signed by the president and secretary of said
board and countersigned by the mayor and the comptroller (or city clerk
if there be no comptroller) of the city. They shall be sold by the city
comptroller (or city clerk if there be no comptroller) upon such terms
as may be approved by the board after advertisement for bids as ordered
by and under the direction of the board, and the proceeds thereof shall
be received by the city treasurer, as school treasurer, and expended by
the board for the purposes provided in the bond resolution.
Before or at the time of issuing any bonds herein authorized, the
city council of such city, upon the demand and under the direction of
the board shall, by ordinance, provide for the levy and collection of a
direct annual tax upon all the taxable property of such school district
sufficient to pay and discharge the principal thereof at maturity and to
pay the interest thereon as it falls due. Such tax shall be levied and
collected in like manner with the other taxes of such school district
and shall be in addition to and exclusive of the maximum of all other
taxes which such board or such city council is now, or may hereafter be,
authorized by law to levy for any and all school purposes. Upon the
filing in the office of the county clerk of the county wherein such
school district is located of a duly certified copy of any such
ordinance, it shall be the duty of such county clerk to extend the tax
therein provided for, including an amount to cover loss and cost of
collecting said taxes and also deferred collections thereof and
abatements in the amounts of such taxes as extended upon the collector's
books.
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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(105 ILCS 5/34-22.4) (from Ch. 122, par. 34-22.4)
Sec. 34-22.4.
Issuance of bonds.
For the purpose of erecting, purchasing, or otherwise acquiring
buildings suitable for school houses, erecting temporary school
structures, erecting additions to, repairing, rehabilitating,
modernizing and replacing existing school buildings and temporary school
structures, and furnishing and equipping school buildings and temporary
school structures, and purchasing or otherwise acquiring and improving
sites for such purposes, the board, with the consent of the city council
expressed by ordinance, may incur an indebtedness and issue bonds
therefor in an amount or amounts not to exceed in the aggregate
$50,000,000 in addition to the bonds authorized under Sections 34-22.1,
34-22.2, and 34-22.3. The bonds shall bear interest at the rate of not
more than the maximum rate authorized by the Bond Authorization Act, as amended
at the time of the making of the contract, and 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.
These bonds shall not be issued until the question of authorizing
such bonds has been submitted to the electors of the city constituting
said school district at a regular scheduled election and approved by
a majority of the electors voting upon that question.
The board shall adopt a resolution providing for submitting said
question at such an election and shall certify the resolution and the
proposition to the proper election authorities for submission in accordance
with the general election law. In addition to
the requirements of the general election law the notice of the referendum
shall contain the
amount of the bond issue, maximum rate of interest and purpose for which issued.
The proposition shall be in substantially the following form:
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Shall bonds in the amount of $...... be issued by the board of education of the City of .... for the purpose of erecting, purchasing, or otherwise acquiring buildings YES suitable for school houses, erecting temporary school structures, erecting additions to, repairing, rehabilitating, modernizing and - - - - - - - - - - - - - - - - - - -
replacing existing school buildings and temporary school structures, and furnishing and equipping school buildings and temporary school NO structures, and purchasing or otherwise acquiring and improving sites for such purposes, bearing interest at the 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? - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Whenever the board desires to issue bonds as herein authorized, it
shall adopt a resolution designating the purpose for which the proceeds
of the bonds are to be expended and fixing the amount of the bonds
proposed to be issued, the maturity thereof, and optional provisions, if
any, the rate of interest thereon, and the amount of taxes to be levied
annually for the purpose of paying the interest upon and the principal
of such bonds.
Said bonds shall be issued in the corporate name of the school
district. They shall be signed by the president and secretary of said
board and countersigned by the mayor and the comptroller (or city clerk
if there be no comptroller) of the city. They shall be sold by the city
comptroller (or city clerk if there be no comptroller) upon such terms
as may be approved by the board after advertisement for bids as ordered
by and under the direction of the board, and the proceeds thereof shall
be received by the city treasurer, as school treasurer, and expended by
the board for the purposes provided in the bond resolution.
Before or at the time of issuing any bonds herein authorized, the
city council of such city, upon the demand and under the direction of
the board shall, by ordinance, provide for the levy and collection of a
direct annual tax upon all the taxable property of such school district
sufficient to pay and discharge the principal thereof at maturity and to
pay the interest thereon as it falls due. Such tax shall be levied and
collected in like manner with the other taxes of such school district
and shall be in addition to and exclusive of the maximum of all other
taxes which such board of such city council is now, or may hereafter be,
authorized by law to levy for any and all school purposes. Upon the
filing in the office of the county clerk of the county wherein such
school district is located of a duly certified copy of any such
ordinance, it shall be the duty of such county clerk to extend the tax
therein provided for, including an amount to cover loss and cost of
collecting said taxes and also deferred collections thereof and
abatements in the amounts of such taxes as extended upon the collector's
books. The ordinance shall be in force upon its passage.
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 5/34-22.5) (from Ch. 122, par. 34-22.5)
Sec. 34-22.5.
Issuance of bonds.
For the purpose of erecting, purchasing, or otherwise acquiring
buildings suitable for school houses, erecting temporary school
structures, erecting additions to, repairing, rehabilitating,
modernizing and replacing existing school buildings and temporary school
structures, and furnishing and equipping school buildings and temporary
school structures, and purchasing or otherwise acquiring and improving
sites for such purposes, the board, with the consent of the city council
expressed by ordinance, may incur an indebtedness and issue bonds
therefor in an amount or amounts not to exceed in the aggregate
Twenty-five Million Dollars ($25,000,000) in addition to the bonds
authorized under Sections 34-22.1, 34-22.2, 34-22.3, and 34-22.4.
The bonds shall bear interest at the rate of not more than the maximum
rate authorized by the Bond Authorization Act, as amended at the time of
the making of the contract, and shall mature within not to exceed twenty 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.
These bonds shall not be issued until the question of authorizing
such bonds has been submitted to the electors of the city constituting
said school district at a regular scheduled election and
approved by a majority of the electors voting upon that question.
The board shall adopt a resolution providing for submitting said
proposition at such an election and certify the resolution
and the proposition to the proper election authorities for submission in
accordance with the general election law. In addition
to the requirements of the general election law the notice of the referendum
shall contain the
amount of the bond issue, maximum rate of interest and purpose for which
issued.
The proposition shall be in substantially the following form:
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Shall bonds in the amount of $...... be issued by the board of education of the City of.... for the purpose of erecting, purchasing, or otherwise acquiring buildings YES suitable for school houses, erecting temporary school structures, erecting additions to, repairing, rehabilitating, modernizing and - - - - - - - - - - - - - - - - - -
replacing existing school buildings and temporary school structures, and furnishing and equipping school buildings and temporary school NO structures, and purchasing or otherwise acquiring and improving sites for such purposes, bearing interest at the 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? - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Whenever the board desires to issue bonds as herein authorized, it
shall adopt a resolution designating the purpose for which the proceeds
of the bonds are to be expended and fixing the amount of the bonds
proposed to be issued, the maturity thereof, and optional provisions, if
any, the rate of interest thereon, and the amount of taxes to be levied
annually for the purpose of paying the interest upon and the principal
of such bonds.
Said bonds shall be issued in the corporate name of the school
district. They shall be signed by the president and secretary of said
board and countersigned by the mayor and the comptroller (or city clerk
if there be no comptroller) of the city. They shall be sold by the city
comptroller (or city clerk if there be no comptroller) upon such terms
as may be approved by the board after advertisement for bids as ordered
by and under the direction of the board, and the proceeds thereof shall
be received by the city treasurer, as school treasurer, and expended by
the board for the purposes provided in the bond resolution.
Before or at the time of issuing any bonds herein authorized, the
city council of such city, upon the demand and under the direction of
the board shall, by ordinance, provide for the levy and collection of a
direct annual tax upon all the taxable property of such school district
sufficient to pay and discharge the principal thereof at maturity and to
pay the interest thereon as it falls due. Such tax shall be levied and
collected in like manner with the other taxes of such school district
and shall be in addition to and exclusive of the maximum of all other
taxes which such board or such city council is now, or may hereafter be,
authorized by law to levy for any and all school purposes. Upon the
filing in the office of the county clerk of the county wherein such
school district is located of a duly certified copy of any such
ordinance, it shall be the duty of such county clerk to extend the tax
therein provided for, including an amount to cover loss and cost of
collecting said taxes and also deferred collections thereof and
abatements in the amounts of such taxes as extended upon the collector's
books. The ordinance shall be in force upon its passage.
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 5/34-22.6) (from Ch. 122, par. 34-22.6)
Sec. 34-22.6.
Issuance of bonds.
For the purpose of erecting,
purchasing, or otherwise acquiring buildings suitable for school houses,
erecting temporary school structures, erecting additions to, repairing,
rehabilitating, modernizing and replacing existing school buildings and
temporary school structures, and furnishing and equipping school buildings
and temporary school structures, and purchasing or otherwise acquiring and
improving sites for such purposes, the board may incur an indebtedness and
issue bonds therefor in an amount or amounts not to exceed in the aggregate
$150,000,000 in addition to the bonds authorized under
Sections 34-22.1, 34-22.2, 34-22.3, 34-22.4, 34-22.5 and 34-22.7.
Bonds authorized under this Section may also be issued for the purposes
of paying interest on such bonds, establishing reserves to secure such
bonds and paying the costs of issuance of such bonds.
In connection with the issuance of its bonds, the board may enter into
arrangements to provide additional security and liquidity for the bonds.
These may include, without limitation, municipal bond insurance, letters of
credit, lines of credit by which the board may borrow funds to pay or
redeem its bonds and purchase or remarketing arrangements for assuring the
ability of owners of the board's bonds to sell or to have redeemed their
bonds. The board may enter into contracts and may agree to pay fees to
persons providing such arrangements, including from bond proceeds but only
under circumstances in which the total interest paid or to be paid on the
bonds, together with the fees for the arrangements (being treated as if
interest), would not, taken together, cause the bonds to bear interest,
calculated to their absolute maturity, at a rate in excess of the maximum
rate allowed by law.
The resolution of the board authorizing the issuance of its bonds may
provide that interest rates may vary from time to time depending upon
criteria established by the board, which may include, without limitation, a
variation in interest rates as may be necessary to cause bonds to be
remarketable from time to time at a price equal to their principal amount,
and may provide for appointment of a national banking
association, bank, trust company, investment banker or other financial
institution to serve as a remarketing agent in that connection. The
resolution of the board authorizing the issuance of its bonds
may provide that alternative interest rates or provisions will apply during
such times as the bonds are held by a person providing a letter of credit
or other credit enhancement arrangement for those bonds.
The Board may use proceeds of the sale of bonds authorized
under this Section to pay the cost of obtaining such municipal bond
insurance, letter of credit or other credit facilities. Bonds may also be
issued under this Section to pay the cost of refunding any bonds issued
under this Section, including prior to their maturity.
The bonds shall bear interest at a rate or rates not to exceed the
maximum annual rate provided for in Section 2 of "An Act to authorize
public corporations to issue bonds, other evidences of indebtedness and tax
anticipation warrants subject to interest rate limitations set forth
therein", approved May 26, 1970, as now or hereafter amended, and if issued
at such maximum annual rate shall be sold for not less than par and accrued
interest. If any of the bonds are issued to bear interest at a rate of
less than such maximum annual rate the minimum price at which they may be
sold shall be such that the interest cost to the board on the proceeds of
the bonds shall not exceed such maximum annual rate computed to stated
maturity according to standard tables of bond values.
Whenever the board desires to issue bonds as authorized in this Section, it
shall adopt a resolution designating the purpose for which the proceeds
of the bonds are to be expended and fixing the amount of the bonds proposed
to be issued, the maturity or maturities thereof, and optional provisions, if
any, the rate of interest thereon, and the amount of taxes to be levied
annually for the purpose of paying the interest upon and the principal,
whether due at maturity or upon sinking fund installment dates, of such bonds.
Said bonds shall be issued in the corporate name of the school
district. They shall be signed by the president and secretary of said
board and countersigned by the mayor and the comptroller (or city clerk
if there be no comptroller) of the city. They shall be sold by the city
comptroller (or city clerk if there be no comptroller) upon such terms
as may be approved by the board after advertisement for bids as ordered
by and under the direction of the board, and the proceeds thereof shall
be received by the city treasurer, as school treasurer, and expended by
the board for the purposes provided in the bond resolution.
Before or at the time of issuing any bonds authorized in this Section,
the board shall provide for the levy and collection of a
direct annual tax upon all the taxable property of such school district
sufficient to pay and discharge the principal thereof at maturity, or
upon sinking fund installment dates, and to
pay the interest thereon as it falls due. Such tax shall be levied and
collected in like manner with the other taxes of such school district
and shall be in addition to and exclusive of the maximum of all other
taxes which such board is now, or may hereafter be,
authorized by law to levy for any and all school purposes. Upon the
filing in the office of the county clerk of the county wherein such
school district is located of a duly certified copy of any such ordinance,
it shall be the duty of such county clerk to extend the tax therein
provided for, including an amount to cover loss and cost of collecting
said taxes and also deferred collections thereof and abatements in the
amounts of such taxes as extended upon the collector's books. The
ordinance shall be in force upon its passage.
(Source: P.A. 85-1418; 86-1477.)
|
(105 ILCS 5/34-22.7) (from Ch. 122, par. 34-22.7)
Sec. 34-22.7.
For the sole purpose of rehabilitating and accomplishing
the deferred maintenance of present school buildings the board, with the
consent of the city council expressed by ordinance, may incur an
indebtedness and issue bonds therefor without referendum in an amount or
amounts not to exceed in the aggregate $330,000,000. The bonds shall bear
interest at a rate of not more than the maximum rate authorized by the
Bond Authorization Act, as amended at the time of the making of the contract,
and 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.
Whenever the board desires to issue bonds as authorized in this Section, it
shall adopt a resolution designating the purpose for which the proceeds
of the bonds are to be expended and fixing the amount of the bonds
proposed to be issued, the maturity thereof, and optional provisions, if
any, the rate of interest thereon, and the amount of taxes to be levied
annually for the purpose of paying the interest upon and the principal
of such bonds.
Said bonds shall be issued in the corporate name of the school
district. They shall be signed by the president and secretary of said
board and countersigned by the mayor and comptroller (or city clerk if
there be no comptroller) of the city. They shall be sold by the city
comptroller (or city clerk if there be no comptroller) upon such terms
as may be approved by the board after advertisement for bids as ordered
by and under the direction of the board, and the proceeds thereof shall
be received by the city treasurer, as school treasurer, and expended by
the board for the purpose provided in the bond resolution.
Before or at the time of issuing any bonds herein authorized,
the board shall provide for the levy and collection of a
direct annual tax upon all the taxable property of such school district
sufficient to pay and discharge the principal thereof at maturity and to
pay the interest thereon as it falls due. Such tax shall be levied and
collected in like manner with the other taxes of such school district
and shall be in addition to and exclusive of the maximum of all other
taxes which such board is now, or may hereafter be,
authorized by law to levy for any and all school purposes. Upon the
filing in the office of the county clerk of the county wherein such
school district is located of a duly certified copy of any such
ordinance, it shall be the duty of such county clerk to extend the tax
therein provided for, including an amount to cover loss and cost of
collecting said taxes and also deferred collections thereof and
abatements in the amounts of such taxes as extended upon the collector's
books. The ordinance shall be in force upon its passage.
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; 86-1477.)
|
(105 ILCS 5/34-22.10) (from Ch. 122, par. 34-22.10)
Sec. 34-22.10.
Issuance of bonds.
For the sole purpose of purchasing or otherwise acquiring
school buildings and related property and facilities for an agricultural
science school pursuant to an agreement entered into pursuant to
subparagraph (7) of Section 34-21.1,
the board may incur an indebtedness and issue bonds
therefor in an amount or amounts not to exceed in the aggregate $20,000,000
in addition to the bonds authorized under
Sections 34-22.1, 34-22.2, 34-22.3, 34-22.4, 34-22.5, 34-22.6 and 34-22.7.
Bonds authorized under this Section may also be issued for the purposes
of paying interest on such bonds, establishing reserves to secure such
bonds and paying the costs of issuance of such bonds.
In connection with the issuance of its bonds, the board may enter into
arrangements to provide additional security and liquidity for the bonds.
These may include, without limitation, municipal bond insurance, letters of
credit, lines of credit by which the board may borrow funds to pay or
redeem its bonds and purchase or remarketing arrangements for assuring the
ability of owners of the board's bonds to sell or to have redeemed their
bonds. The board may enter into contracts and may agree to pay fees to
persons providing such arrangements, including from bond proceeds but only
under circumstances in which the total interest paid or to be paid on the
bonds, together with the fees for the arrangements (being treated as if
interest), would not, taken together, cause the bonds to bear interest,
calculated to their absolute maturity, at a rate in excess of the maximum
rate allowed by law.
The Board may use proceeds of the sale of bonds authorized
under this Section to pay the cost of obtaining such municipal bond
insurance, letter of credit or other credit facilities. Bonds may also be
issued under this Section to pay the cost of refunding any bonds issued
under this Section,
including prior to their maturity.
The bonds shall bear interest at a rate or rates not to exceed the
maximum annual rate provided for in Section 2 of "An Act to authorize
public corporations to issue bonds, other evidences of indebtedness and tax
anticipation warrants subject to interest rate limitations set forth
therein", approved May 26, 1970, as now or hereafter amended, and if issued
at such maximum annual rate shall be sold for not less than par and accrued
interest. If any of the bonds are issued to bear interest at a rate of
less than such maximum annual rate the minimum price at which they may be
sold shall be such that the interest cost to the board on the proceeds of
the bonds shall not exceed such maximum annual rate computed to stated
maturity according to standard tables of bond values.
The resolution of the board authorizing the issuance of its bonds may
provide that interest rates may vary from time to time depending upon
criteria established by the board, which may include, without limitation, a
variation in interest rates as may be necessary to cause bonds to be
remarketable from time to time at a price equal to their principal amount,
and may provide for appointment of a national banking
association, bank, trust company, investment banker or other financial
institution to serve as a remarketing agent in that connection. The
resolution of the board authorizing the issuance of its bonds
may provide that alternative interest rates or provisions will apply during
such times as the bonds are held by a person providing a letter of credit
or other credit enhancement arrangement for those bonds.
Whenever the board desires to issue bonds as authorized in this Section, it
shall adopt a resolution designating the purpose for which the proceeds
of the bonds are to be expended and fixing the amount of the bonds proposed
to be issued, the maturity or maturities thereof, and optional provisions, if
any, the rate of interest thereon, and the amount of taxes to be levied
annually for the purpose of paying the interest upon and the principal,
whether due at maturity or upon sinking fund installment dates, of such bonds.
Said bonds shall be issued in the corporate name of the school
district. They shall be signed by the president and secretary of said
board. They shall be sold upon such terms
as may be approved by the board after advertisement for bids as ordered
by and under the direction of the board, and the proceeds thereof shall
be received by the city treasurer, as school treasurer, and expended by
the board for the purposes provided in the bond resolution.
Before or at the time of issuing any bonds authorized in this Section,
the board shall, by resolution, provide for the levy and collection of a
direct annual tax upon all the taxable property of such school district
sufficient to pay and discharge the principal thereof at maturity, or
upon sinking fund installment dates, and to
pay the interest thereon as it falls due. Such tax shall be levied and
collected in like manner with the other taxes of such school district
and shall be in addition to and exclusive of the maximum of all other
taxes which such board is now, or may hereafter be,
authorized by law to levy for any and all school purposes. Upon the
filing in the office of the county clerk of the county wherein such
school district is located of a duly certified copy of any such
resolution,
it shall be the duty of such county clerk to extend the tax therein
provided for, including an amount to cover loss and cost of collecting
said taxes and also deferred collections thereof and abatements in the
amounts of such taxes as extended upon the collector's books. The
resolution shall be in force upon its passage.
(Source: P.A. 86-930.)
|
(105 ILCS 5/34-24) (from Ch. 122, par. 34-24)
Sec. 34-24.
Numbering of warrants - Setting apart taxes - Interest.
Warrants drawn and issued under Section 34-23 shall be numbered
consecutively in the order of their issuance and shall show upon their face
that they are payable solely from said taxes when collected, and not
otherwise, and that payment thereof will be made in the order of their
issuance, beginning with the warrant having the lowest number, and shall be
received by any collector of taxes in payment of taxes against which they
are issued. Such taxes against which the warrants are drawn shall be set
apart and held for their payment, as herein provided. Such warrants shall
bear interest, payable out of the taxes against which they are drawn, at
the 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,
if issued before
July 1, 1971 and if
issued thereafter at the 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, from the date
of their issuance until paid, or until notice is given by publication in a
newspaper or otherwise that the money for their payment is available and
that they will be paid on presentation.
Reissued warrants shall bear the index numerical designation of the
original warrant, shall be subnumbered consecutively in the order of
reissuance, and shall be paid in the direct order of reissuance, beginning
with the earliest subnumber. All warrants so reissued shall be paid prior
to the payment of any warrant, or any reissuance thereof, issued
subsequently to the date of issuance of such original warrant and in
anticipation of the collection of the same tax.
Any such outstanding warrants may be paid in the order of their
issuance, beginning with the warrants having the lowest number.
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 5/34-29.1) (from Ch. 122, par. 34-29.1)
Sec. 34-29.1.
General obligation notes - Limitations - Issuance -
Tax levy - Tax rate - Reimbursement to working cash fund. The
board may incur an indebtedness by the issuance of full faith and
credit general obligation notes in an amount not to exceed 85% of the
taxes levied for educational purposes, building purposes and the
purchase of school grounds, free textbook purposes and for school
playground and recreation purposes respectively, in the fiscal year in
which said notes are issued, without the submission to the electors of
the school district or city for approval of the question of the issuance
of such notes, provided, however, no notes shall be issued when there
are outstanding tax anticipation warrants issued or to be issued against
such taxes, nor shall such full faith and credit general obligation
notes, tax anticipation warrants, or amounts transferred from the
working cash fund, in the aggregate, exceed 90% of the taxes
levied for the aforesaid purposes. Such notes shall bear interest at a
rate of not to exceed
the greater of (i) the maximum rate authorized by the Bond Authorization Act,
as amended at the
time of the making of the contract, or (ii)8% per annum, and shall mature
within 2 years from date.
Whenever the board desires to issue such notes as herein authorized,
it shall adopt a resolution designating the purposes for which the
proceeds of the notes are to be expended and fixing the amount of the
note proposed to be issued, the maturity thereof, and optional
provisions, if any, the rate of interest thereon, and the amount of
taxes to be levied annually for the purpose of paying the interest upon
and the principal of said notes.
Said notes shall be issued in the corporate name of the school
district. They shall be signed by the president and secretary of said
board. They shall be sold by the board
upon such terms as may be approved by the board, and the proceeds
thereof shall be received by the city treasurer, as school treasurer,
and expended by the board for the purposes provided in the resolution
authorizing any such notes.
Before or at the time of issuing any notes herein authorized,
the board shall, by resolution, provide for the levy
and collection of a
direct annual tax upon all the taxable property of such school district
sufficient to pay and discharge the principal thereof at maturity and to
pay the interest thereon as it falls due. Such tax shall be levied and
collected in like manner with the other taxes of such school district
and shall be in addition to and exclusive of the maximum of all other
taxes which such board is now, or may hereafter be,
authorized by law to levy for any and all school purposes. Upon the
filing in the office of the county clerk of the county wherein such
school district is located of a duly certified copy of any such
resolution, it shall be the duty of such county clerk to extend the tax
therein provided for, including an amount to cover loss and cost of
collecting said taxes and also deferred collections thereof and
abatements in the amounts of such taxes as extended upon the collector's
books. The resolution shall be in force upon its passage.
After any such notes have been issued and while such notes are
outstanding, it shall be the duty of the county clerk wherein such
school district is located in computing the several tax rates for the
several purposes respectively for which the notes have been issued
respectively to reduce said tax rates respectively levied for such
purposes respectively by the amount levied to pay the principal of and
interest on such notes respectively to maturity, provided the tax rate
for educational purposes shall not be reduced beyond the amount
necessary to reimburse any money borrowed from the working cash fund,
and it shall be the duty of the secretary of the board annually, not
less than thirty (30) days prior to the tax extension date, to certify
to the county clerk of the county wherein such school district is
located the amount of money borrowed from the working cash fund to be
reimbursed from the educational purposes tax.
No reimbursement shall be made to the working cash fund until there
has been accumulated from the tax levy provided for the notes issued for
educational purposes an amount sufficient to pay the principal of and
interest on such notes as the same become due.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of Public
Act 86-4 (June 6, 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; 86-930; 86-1028.)
|
(105 ILCS 5/34-29.2) (from Ch. 122, par. 34-29.2)
Sec. 34-29.2.
Debt service funds for obligations.
(a) The board shall establish debt service funds, each to be maintained by a
corporate trustee (which may be any trust company or bank having the power of a
trust
company within the State) separate and segregated from all other funds and
accounts of the board, for those issues of obligations of
the board for the payment of which a separate tax has been or is to be levied,
including, without limitation, a debt service fund for the
general obligation bonds of the board, a debt service fund for the
general obligation notes of the board and a debt service fund for the lease
rentals payable by the board to the Public Building Commission of Chicago.
Such funds shall be established for each such outstanding obligation of
the board and also for each such obligation as shall be issued by the board
after the effective date of this amendatory Act of 1981. The trustee
maintaining
each such debt service fund shall account separately on its books and records
for each such issue of such obligations.
(b) The city treasurer, as ex officio treasurer of the board, shall, with
respect to each collection of taxes levied on behalf of the board, allocate
the amounts collected among the issues of such obligations
and deliver a report of such allocation to the county collector of each county
wherein the board is located. On the basis of such allocation, the county
collector shall pay the proceeds
of each separate tax levied for the payment of any issue of such
obligations upon receipt directly to the corporate trustee maintaining the
debt service fund for
such obligations for deposit in such debt service fund.
In addition, the board shall pay the amount of personal property tax replacement
tax revenues applicable to each issue of such obligations
upon receipt directly to the corporate trustee maintaining the debt service
fund for such obligations for deposit in such debt service
fund. Each such deposit shall be held in trust for the benefit of the party
or parties to whom payment of such obligations is payable.
All such proceeds of such taxes and revenues shall be applied solely for the
payment of the related obligations and shall not be used for
any other purpose until such obligations are paid in full.
Each levy of such taxes shall
be for the sole benefit of the party or parties to whom payment of such
obligations is payable and such party or parties
shall have a security interest in and lien upon all rights, claims and interest
of the board arising pursuant to any such
levy and all present and future proceeds of such levy until such
obligations are paid in full.
Such party or parties shall further have a security interest in and lien
upon all personal property tax replacement tax revenues upon deposit in
the appropriate debt service fund as above provided.
(c) Any lien or security interest for the benefit of the party or parties
to whom any such obligations are payable, made pursuant
to this Act, shall be valid and binding from the effective date of the
amendatory Act of 1980, and with respect to any obligations issued after
the effective date of this amendatory Act of 1981, shall be valid and binding
from the date of issue of such obligations, in each case without any physical
delivery or further act, and shall be valid and binding as against, and
prior to any claims of, all other parties
having claims of any kind in tort, contract or otherwise, against the board,
irrespective of whether such parties have notice thereof.
(d) Any monies on deposit in any such debt service fund and not necessary
for immediate use may be invested or reinvested in Investment Obligations,
as defined in Section 34A-103 of this Act.
The board may from time to time withdraw from any such debt service fund,
to the extent not prohibited by the resolution of the board authorizing
issuance of such obligations, the amount of interest or other
investment
earnings in such funds but only to the extent that the total amounts in such
fund
after
such withdrawal shall not be less than the requirements for that fund. Any
amounts deposited in any such debt service fund not required for payment of
principal of or interest on any obligation because that payment has been made
or provided for may be withdrawn by the board from the fund at any time, but
only to the extent that the total amount in the fund after the withdrawal is
not less than the requirements for the fund. The board is not required to make
any tax abatement with respect to any such amounts withdrawn or on account of
any provision for payment of principal of or interest on obligations. Any
amounts so withdrawn by the board may be used for any lawful purpose of the
board.
(Source: P.A. 88-511.)
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(105 ILCS 5/34-31) (from Ch. 122, par. 34-31)
Sec. 34-31.
Bond issue to increase fund.
(a). Where the board has created and is maintaining such a working
cash fund for the purposes above mentioned, it may, with the consent of
the city council expressed by ordinance, incur an indebtedness for the
purpose of increasing such fund and issue bonds therefor from time to
time, in an amount or amounts not exceeding in the aggregate
$75,000,000, exclusive of all bonded indebtedness authorized for that
purpose prior to May 16, 1967, without the submission thereof to the
electors of the school district or city for approval.
(b). The board may incur an additional indebtedness for the purpose
of further increasing such fund and issue additional bonds therefor,
from time to time, in an amount or amounts not exceeding in the
aggregate $20,000,000, exclusive of all bonded indebtedness authorized
for that purpose prior to the effective date of this amendatory Act of
1971, without the submission thereof to the electors of the school
district or city for approval.
(c). The board may incur an additional indebtedness for the purpose
of further increasing such fund and issue additional bonds therefor,
from time to time, in an amount or amounts not exceeding in the
aggregate $25,000,000, exclusive of all bonded indebtedness authorized
for that purpose prior to the effective date of this amendatory Act of
1973, without the submission thereof to the electors of the school
district or city for approval.
(d). The board may incur an additional indebtedness for the purpose of
further increasing such fund and issue additional bonds therefor, from time
to time, in an amount or amounts not exceeding in the aggregate $31,000,000,
exclusive of all bonded indebtedness authorized for that purpose prior to
the effective date of this amendatory Act of 1977, without the submission
thereof to the electors of the school district or city for approval.
(e). Any bonds issued under paragraphs (a), (b), (c) or (d) of this
Section shall bear interest at a rate of not more than
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 of issue. The authority herein
granted in paragraphs (a), (b), (c) and (d) shall be considered exclusive of
each other and as cumulative authority for the issuance of such 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 those Acts.
(Source: P.A. 86-4.)
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(105 ILCS 5/34-34) (from Ch. 122, par. 34-34)
Sec. 34-34.
Bond moneys set apart-Use and reimbursement of fund.
All
moneys derived from the issuance of bonds under Sections 34-31 and
34-32, or from any tax levied pursuant to Section 34-57 when received by
the city treasurer, as school treasurer, shall be set apart in the
working cash fund. The moneys in such fund shall not be regarded as
current assets available for appropriation and shall not be appropriated
by the board in the annual school budget, but in order to provide moneys
with which to meet ordinary and necessary disbursements for salaries and
other educational purposes may be transferred, in whole or in part, to
the educational purposes fund of the board and so disbursed therefrom
(a) in anticipation of the collection of any taxes lawfully levied for
educational purposes, (b) in anticipation of the receipt of moneys to be
derived from the common school fund of the State and from State
appropriations, or (c) in anticipation of such taxes, as by law now or
hereafter enacted or amended, imposed by the General Assembly of the
State of Illinois to replace revenue lost by units of local government
and school districts as a result of the abolition of ad valorem personal
property taxes, pursuant to Article IX, Section 5(c) of the Constitution
of the State of Illinois. Moneys transferred to the educational
purposes fund in anticipation of the collection of taxes shall be deemed
to have been transferred in anticipation of the collection of that part
of the taxes so levied or to be received which is in excess of the
amount or amounts thereof required to pay any warrants, and the interest
thereon, theretofore or thereafter issued under Sections 34-22 through
34-24, the amount estimated to be required to satisfy debt service and
pension or retirement obligations as set forth in Section 12 of "An Act
in relation to State revenue sharing with local government entities", approved
July 31, 1969, as amended.
Such taxes levied for educational purposes when collected
shall be applied first to the payment of any such warrants or notes and
the interest thereon and
the amount estimated to be required to satisfy debt service and pension
or retirement obligations, as set forth in Section 12 of "An Act in relation
to State revenue sharing with local government entities", approved July
31, 1969, as amended, and
then to the reimbursement of the working cash
fund as hereinafter provided. Upon the receipt by the city treasurer, as
school treasurer, of any taxes or other moneys, in anticipation of the
collection or receipt whereof moneys of the working cash fund have been
so transferred for disbursement, such fund shall immediately be
reimbursed therefrom until the full amount so transferred has been
re-transferred to said fund. If taxes in anticipation of the collection
of which such transfers are made are not collected in sufficient amounts
to effect a complete reimbursement of the working cash fund of the
amounts transferred from the working cash fund to the educational
purposes fund the deficiencies between the amounts thus transferred and
the amounts repaid from collections shall be general obligations of the
educational purposes fund until repaid either from taxes in anticipation
of which transfers were made or from appropriations which may be made in
annual school budgets of sums of money to apply on such general
obligations or until repaid from both the taxes in anticipation of which
such transfers were made and from appropriations which may be made in
annual school budgets of sums of money to apply on such general
obligations.
(Source: P.A. 81-1506.)
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(105 ILCS 5/34-35) (from Ch. 122, par. 34-35)
Sec. 34-35.
Resolution for transfer from fund-Amount transferred.
Moneys shall be transferred from the working cash fund to the
educational purposes fund only upon the authority of the board, which
shall by resolution direct the school treasurer to make such transfers.
The resolution shall set forth (a) the taxes or other funds in
anticipation of the collection or receipt of which the working cash fund
is to be reimbursed, (b) the entire amount of taxes extended, or which
the board shall estimate will be extended or received, for any year in
anticipation of the collection of all or part of which such transfer is
to be made, (c) the aggregate amount of warrants or notes theretofore
issued in anticipation of the collection of such taxes under the
provisions of Sections 34-22 through 34-24 together with the amount of
interest accrued and which the board of education estimates will accrue
thereon, (d) the amount of moneys which the board of education estimates
will be derived for any year from the common school fund of the State
and from State appropriations in anticipation of the receipt of all or
part of which such transfer is to be made, (e)
the aggregate amount of receipts from taxes imposed to replace revenue
lost by units of local government and school districts as a result of the
abolition of ad valorem personal property taxes, pursuant to Article IX,
Section 5(c) of the Constitution of the State of Illinois, which the corporate
authorities estimate will be set aside for the payment of the proportionate
amount of debt service and pension or retirement obligations, as required by
Section 12 of "An Act in relation to State Revenue Sharing with local
government
entities", approved July 31, 1969, as amended, and (f)
the aggregate amount
of moneys theretofore transferred from the working cash fund to the
educational purposes fund in anticipation of the collection of such
taxes or of the receipt of such other moneys from the State. The amount
which the resolution shall direct the school treasurer so to transfer in
anticipation of the collection of taxes levied or to be received for any
year, together with the aggregate amount of such anticipation tax
warrants or notes theretofore drawn against such taxes
and the amount of
the interest accrued and estimated to accrue thereon, the amount estimated
to be required to satisfy debt service and pension or
retirement obligations, as set forth in Section 12 of "An Act in relation
to State revenue sharing with local government entities", approved July
31, 1969, as amended,
and the aggregate
amount of such transfers theretofore made in anticipation of the
collection of such taxes shall not exceed 90% of the actual or estimated
amount of such taxes extended or to be extended or to be received as set
forth in the resolution. The amount which the resolution shall direct
the school treasurer so to transfer in anticipation of the receipt of
moneys to be derived for any year from the common school fund of the
State or from any State appropriation, together with the aggregate
amount theretofore transferred in anticipation of the receipt of any
such moneys, shall not exceed the total amount which it is so estimated
will be received from such source. When moneys are available in the
working cash fund they shall be transferred to the educational purposes
fund and disbursed for the payment of salaries and other educational
expenses so as to avoid, whenever possible, the issuance of tax
anticipation warrants or notes.
(Source: P.A. 81-1506.)
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(105 ILCS 5/34-43.1) (from Ch. 122, par. 34-43.1)
Sec. 34-43.1. (A) Limitation of noninstructional costs. It is the
purpose of this Section to establish for the Board of Education and the
general superintendent of schools requirements and standards which maximize
the proportion of school district resources in direct support of
educational, program, and building maintenance and safety services for the
pupils of the district, and which correspondingly minimize the amount and
proportion of such resources associated with centralized administration,
administrative support services, and other noninstructional services.
The Board
of Education shall undertake budgetary and expenditure control actions which
limit the administrative expenditures of the Board of Education to levels,
as provided for in this Section, which represent an average of the
administrative expenses of all school districts in this State not subject
to Article 34.
(B) Certification of expenses by the State Superintendent of Education.
The State Superintendent of Education shall annually certify, on or before
May 1, to the Board of Education, for the
applicable school year, the following information:
(1) the annual expenditures of all school districts |
| of the State not subject to Article 34 properly attributable to expenditure functions defined by the rules and regulations of the State Board of Education as: 2210 (Improvement of Instructional Services); 2300 (Support Services - General Administration) excluding, however, 2320 (Executive Administrative Services); 2490 (Other Support Services - School Administration); 2500 (Support Services - Business); 2600 (Support Services - Central);
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(2) the total annual expenditures of all school
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| districts not subject to Article 34 attributable to the Education Fund, the Operations, Building and Maintenance Fund, the Transportation Fund and the Illinois Municipal Retirement Fund of the several districts, as defined by the rules and regulations of the State Board of Education; and
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(3) a ratio, to be called the statewide average of
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| administrative expenditures, derived by dividing the expenditures certified pursuant to paragraph (B)(1) by the expenditures certified pursuant to paragraph (B)(2).
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For purposes of the annual certification of expenditures and ratios
required by this Section, the "applicable year" of certification shall
initially be the 1986-87 school year and, in sequent years, each
succeeding school year.
The State Superintendent of Education shall consult with the Board of
Education to ascertain whether particular expenditure items allocable to
the administrative functions enumerated in paragraph (B)(1) are
appropriately or necessarily higher in the applicable school district than
in the rest of the State due to noncomparable factors. The State
Superintendent shall also review the relevant cost proportions in other
large urban school districts. The State Superintendent shall also review
the expenditure categories in paragraph (B)(1) to ascertain whether they
contain school-level expenses. If he or she finds that adjustments to the
formula are appropriate or necessary to establish a more fair and
comparable standard for administrative cost for the Board of Education or
to exclude school-level expenses, the State Superintendent shall recommend
to the Board of Education adjusting certain costs in
determining the budget and expenditure items properly attributable to the
functions or otherwise adjust the formula.
(C) Administrative expenditure limitations. The annual budget of the
Board of Education, as adopted and implemented, and the
related annual expenditures for the school year, shall reflect a limitation
on administrative outlays as required by the following provisions, taking
into account any adjustments established by the State Superintendent of
Education: (1) the budget and expenditures of the Board of Education shall reflect
a ratio of administrative expenditures to total expenditures equal to or
less than the statewide average of administrative expenditures certified by
the State Superintendent of Education for the applicable year pursuant to
paragraph (B)(3); (2) if for any school year the budget of the Board of
Education reflects a ratio of administrative expenditures to total
expenditures which exceeds the applicable statewide average, the Board of
Education shall reduce expenditure items allocable to the administrative
functions enumerated in paragraph (B)(1) such that the Board of Education's
ratio of administrative expenditures to total expenditures is equal to or
less than the applicable statewide average ratio.
For purposes of this Section, the ratio of administrative expenditures to
the total expenditures of the Board of Education, as applied to the budget
of the Board of Education, shall mean: the budgeted expenditure items of
the Board of Education properly attributable to the expenditure functions
identified in paragraph (B)(1) divided by the total budgeted expenditures of
the Board of Education properly attributable to the Board of Education
funds corresponding to those funds identified in paragraph (B)(2),
exclusive of any monies budgeted for payment to the Public School Teachers'
Pension and Retirement System, attributable to payments due from the
General Funds of the State of Illinois.
The annual
expenditure of the Board of Education for 2320 shall be no greater than the 2320
expenditure for the immediately preceding school year or the 1988-89 school
year, whichever is less. This annual expenditure limitation may be
adjusted in each year in an amount not to exceed any change effective
during the applicable school year in salary to be paid under the collective
bargaining agreement with instructional personnel to which the Board is a
party and in benefit costs either required by law or such collective
bargaining agreement.
(D) Cost control measures. In undertaking actions to control or reduce
expenditure items necessitated by the administrative expenditure
limitations of this Section, the Board of Education shall give priority
consideration to reductions or cost controls with the least effect upon
direct services to students or instructional services for pupils, and upon
the safety and well-being of pupils, and, as applicable, with the
particular costs or functions to which the Board of Education is higher
than the statewide average.
For purposes of assuring that the cost control priorities of this
subsection (D) are met, the State Superintendent of Education shall, with
the assistance of the Board of Education, review the cost allocation
practices of the Board of Education. No position closed shall be
reopened using State or federal categorical funds.
(E) Report of Audited Information. The Board of Education shall file with the
State Board of Education the Annual Financial Report and its audit, as
required by the rules of the State Board of Education. Such reports shall
be filed no later than February 15 following the end of the school year of
the Board of Education.
As part of the required Annual Financial Report, the Board of Education
shall provide a detailed accounting of the central level, district, bureau
and department costs and personnel included within expenditure functions
included in paragraph (B)(1). The nature and detail of the reporting
required for these functions shall be prescribed by the State Board of
Education in rules and regulations. A copy of this detailed accounting
shall also be provided annually to the
public. This report shall contain a reconciliation to the board of
education's adopted budget for that fiscal year, specifically delineating
administrative functions.
If the information required under this Section is not provided by the
Board of Education in a timely manner, or is initially or subsequently
determined by the State Superintendent of Education to be incomplete or
inaccurate, the State Superintendent shall, in writing, notify the Board
of Education of reporting deficiencies. The Board of Education shall,
within 60 days of such notice, address the reporting deficiencies
identified. If the State Superintendent of Education does not receive
satisfactory response to these reporting deficiencies within 60 days, the
next payment of evidence-based funding due the Board of Education under Section 18-8.15 and all subsequent payments shall be withheld by the State
Superintendent of Education until the enumerated deficiencies have
been addressed.
Utilizing the Annual Financial Report, the State Superintendent of
Education shall certify annually on or before May 1
the Board of Education's ratio of administrative expenditures to total
expenditures. Such certification shall indicate the extent to which the
administrative expenditure ratio of the Board of Education conformed to the
limitations required in subsection (C) of this Section, taking into account
any adjustments of the limitations which may have been recommended by the
State Superintendent of Education to the Board of Education. In
deriving the administrative expenditure ratio of the Chicago Board of
Education, the State Superintendent of Education shall utilize the
definition of this ratio prescribed in subsection (C) of this Section,
except that the actual expenditures of the Board of Education shall be
substituted for budgeted expenditure items.
(Source: P.A. 102-894, eff. 5-20-22.)
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(105 ILCS 5/34-45) (from Ch. 122, par. 34-45)
Sec. 34-45.
Budget appropriations.
The budget shall specify:
1. the several organization units, purposes, and |
| objects for which appropriations are made;
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2. the amount appropriated for each organization
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| unit, purpose or object; and
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3. the fund from or to which each amount
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| appropriated is to be paid or charged.
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The budget shall include appropriations for:
1. all estimated current expenditures or charges to
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| be made or incurred during such fiscal year, including interest to accrue on anticipation tax warrants and temporary loans;
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2. all final judgments, including accrued interest
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| thereon, entered against the board and unpaid at the beginning of such fiscal year;
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3. any amount for which the board is required to
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| reimburse the working cash fund from the educational purposes fund pursuant to Sections 34-30 through 34-36; and
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4. all other estimated liabilities, including the
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| principal of all tax anticipation warrants and all temporary loans and all accrued interest thereon, incurred during prior years and unpaid at the beginning of such fiscal year.
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(Source: P.A. 84-1238 .)
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