105 ILCS 5/ School Code.

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105 ILCS 5/12-13

(105 ILCS 5/12-13) (from Ch. 122, par. 12-13)

Sec. 12-13.

Bond issue - Resolution - Election.

If there has been a delay in the extension and collection of taxes
levied by the governing body of any nonhigh school district caused by a
reassessment of real property therein, the district may issue bonds for
the purpose of paying unpaid tuition claims or other claims against it.

Before any nonhigh school district issues any such bonds the board
of education shall examine and consider the claims proposed to be paid,
and if it appears that they were authorized and allowed for proper
nonhigh school purposes, it shall adopt a resolution so declaring and
set forth and describe in detail such claims. The adoption of the
resolution shall establish the validity thereof. The resolution shall
also declare the intention of the nonhigh school district to issue
bonds for the purpose of paying such claims and direct that notice of
such intention be published at least once in a newspaper published and having
a general circulation in the district, if there be one, but if there is no
newspaper published in such district then by publishing such notice in a
newspaper having a general circulation in the district or if no newspaper
is published in the district in one or more newspapers with a general
circulation in the district. The notice shall include a statement of (1)
the specific number of voters required to sign a petition requesting that
the question of the adoption of the resolution be submitted to the electors
of the district; (2) the time in which the petition must be filed; and (3)
the date of the prospective referendum.
The recording officer of the district shall provide a petition form to any
individual requesting one. If within 30 days after the
publication a petition is filed with the recording officer of the
district, signed by voters of the district
equal to 10% or more of the registered voters of the district, requesting
that the proposition to issue the bonds be submitted to the voters
thereof, then such district shall not be authorized to issue them until
either the petition has been determined to be invalid or insufficient or
the proposition has been submitted to and approved by a majority of the
voters voting on the proposition at a regular scheduled election.  The board
shall certify the proposition to the proper election authorities for submission
in accordance with the general election law. If no such petition
is filed, or if any and all petitions filed are invalid, such
district may issue the bonds. In addition to the requirements of the general
election law the notice of the election shall set forth the
intention of the district to issue bonds under the provisions of this
Section.  The ballot to be used at the election shall be in substantially
the following form:

OFFICIAL BALLOT

--------------------------------------------------------------
    Shall the Board of Education
of Nonhigh School District No.                YES
...., .... County, Illinois, be            -------------------
authorized to issue bonds as authorized        NO
by Sec. 12-13 of the School Code?
--------------------------------------------------------------

(Source: P.A. 87-767.)

105 ILCS 5/12-14

(105 ILCS 5/12-14) (from Ch. 122, par. 12-14)

Sec. 12-14.

Resolution authorizing issue - Interest - Maturity - Taxes - Sale or exchange.

Any non-high school district which has complied with the provisions of
Section 12-13 and which is authorized to issue bonds thereunder shall
adopt a resolution authorizing the issue of bonds. The resolution shall set
forth the date, denomination, rate of interest and maturities of the bonds,
fix all the details with respect to the issue and execution thereof, and
provide for the levy of a separate tax sufficient to pay both principal and
interest of the bonds as they mature. The bonds shall bear interest at a
rate not to exceed the maximum rate authorized by the Bond Authorization Act,
as amended at the time of the making of the contract,
for bonds issued before January
1, 1972 and
not to exceed the maximum rate authorized by the Bond Authorization Act, as
amended at the time of the making of the contract, for
bonds issued after January
1, 1972, payable
annually or semi-annually as the board of education may determine, and
mature in not more than 20 years from the date thereof.

A certified copy of the resolution shall be filed with the county clerk
of the county in which the non-high school district is situated. The county
clerk shall annually extend taxes against all of the taxable property
contained in the non-high school district in amounts sufficient to pay
maturing principal and interest of the bonds without limitation as to rate
and amount, and in addition to and in excess of any taxes authorized to be
levied by the district.

The bonds may be exchanged par for par for unpaid tuition claims or
other unpaid claims or both or may be sold and the proceeds used to pay
such claims.

Purchasers of bonds shall not be obligated to inquire into the validity
of the claims funded thereby but the determination of the board of
education by resolution to issue such bonds for such purpose shall be
conclusive evidence to such purchaser or owner as to the validity of the
claims thereby funded.

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.)