Illinois Compiled Statutes
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SCHOOLS105 ILCS 5/19-15
(105 ILCS 5/) School Code.
(105 ILCS 5/19-15)
(from Ch. 122, par. 19-15)
Authority to refund bonds.
When a school district has issued bonds or other evidence of
indebtedness for any purposes which are binding and subsisting legal
obligations and remaining outstanding, the school board of the district
may, upon the surrender of the bonds or other evidences of indebtedness,
issue in lieu thereof to the holders or owners thereof or to other persons
for money with which to pay them, new bonds or other evidences of
indebtedness, according to the subsequent provisions of this Article.
For the purposes of Sections 19-15 through 19-26 "school district"
includes any non-high school district.
(Source: Laws 1961, p. 31
105 ILCS 5/19-16
(105 ILCS 5/19-16)
(from Ch. 122, par. 19-16)
Resolution for issuance.
The corporate authorities of any school district, without submitting the
question to the electors thereof for approval, may authorize by resolution
the issuance of refunding bonds (1) to refund its bonds prior to their
maturity; (2) to refund its unpaid matured bonds; (3) to refund matured
coupons evidencing interest upon its unpaid bonds; (4) to refund interest
at the coupon rate upon its unpaid matured bonds that has accrued since the
maturity of those bonds; (5) to refund its bonds which by their terms are
subject to redemption before maturity; and (6) to refund other valid and
subsisting evidences of indebtedness that are due and payable. The
refunding bonds and the procedure for issuing them shall comply with
Sections 19-5 through 19-7.
(Source: Laws 1961, p. 31
105 ILCS 5/19-17
(105 ILCS 5/19-17)
(from Ch. 122, par. 19-17)
Registrability - Interest - Time and place of payment.
The refunding bonds may be made registerable as to principal and may
bear interest at a rate not to exceed the maximum rate authorized by the
Bond Authorization Act, as amended at the time of the making of the contract,
1, 1972 and not to exceed the maximum rate authorized by the Bond Authorization
Act, as amended at the time of the making of the contract,
if issued after
January 1, 1972,
payable at such time and place as may be provided in the bond resolution.
They shall remain valid even though one or more of the officers executing
the bonds ceases to hold his or their offices before the bonds are
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in accordance with the
Omnibus Bond Acts, regardless of any provision of this Act that may appear
to be or to have been more restrictive than those Acts, (ii) that the
provisions of this Section are not a limitation on the supplementary
authority granted by the Omnibus Bond Acts, and (iii) that instruments
issued under this Section within the supplementary authority granted
by the Omnibus Bond Acts are not invalid because of any provision of
this Act that may appear to be or to have been more restrictive than
(Source: P.A. 86-4.)
105 ILCS 5/19-18
(105 ILCS 5/19-18)
(from Ch. 122, par. 19-18)
Details prescribed-Levy and collection of tax.
The resolution authorizing refunding bonds shall prescribe all details
thereof and shall provide for the levy and collection of a direct annual
tax upon all the taxable property within the school district sufficient to
pay the principal thereof and interest thereon as it matures. The tax shall
be levied and collected in like manner as the general taxes for the school
district and shall not be included within any limitation of rate for
general purposes as now or hereafter provided by law but shall be excluded
therefrom and be in addition thereto and in excess thereof.
A certified copy of the bond resolution shall be filed with the county
clerk of the county in which the school district or any portion thereof is
situated, and shall constitute the authority for the extension and
collection of refunding bond and interest taxes as required by the
(Source: Laws 1961, p. 31.)
105 ILCS 5/19-19
(105 ILCS 5/19-19)
(from Ch. 122, par. 19-19)
or exchange-Use of proceeds-Cancellation.
The refunding bonds may be exchanged for the bonds to be refunded on the
basis of dollar for dollar for the par value of the bonds, interest
coupons, and interest not represented by coupons, if any, or they may be
sold at not less than their par value and accrued interest. The proceeds
received from their sale shall be used to pay the bonds, interest coupons,
and interest not represented by coupons, if any, without any prior
appropriation therefor under any budget law.
Bonds and interest coupons which have been received in exchange or paid
shall be cancelled and the obligation for interest, not represented by
coupons, which has been discharged, shall be evidenced by a written
acknowledgment of the exchange or payment thereof.
(Source: Laws 1961, p. 31.)
105 ILCS 5/19-20
(105 ILCS 5/19-20)
(from Ch. 122, par. 19-20)
The refunding bonds shall be of such form and denomination, payable at
such place, bear such date, and be executed by such officials as may be
provided by the corporate authorities of the school district in the bond
resolution. They shall mature within not to exceed 20 years from their
date, and may be made callable on any interest payment date at par and
accrued interest after notice has been given at the time and in the manner
provided in the bond resolution; however, the limitation shall be 25 years for bonds issued by Valley View Community Unit School District 365U that refund (i) bonds authorized under Section 19-3 of this Code or (ii) bonds refunding or continuing to refund bonds authorized under Section 19-3 of this Code.
(Source: P.A. 96-1546, eff. 3-10-11.)