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1 | AN ACT concerning education.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The School Code is amended by adding Section | ||||||||||||||||||||||||||||||||
5 | 19-7.5 and by changing Sections 19-8, 19-9, 19-11, and 19-13 as | ||||||||||||||||||||||||||||||||
6 | follows: | ||||||||||||||||||||||||||||||||
7 | (105 ILCS 5/19-7.5 new)
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8 | Sec. 19-7.5. Definition of property tax refunds. For the | ||||||||||||||||||||||||||||||||
9 | purposes of Sections 19-8, 19-9, 19-11, and 19-13 of this Code, | ||||||||||||||||||||||||||||||||
10 | "property tax refunds" means property tax revenues collected on | ||||||||||||||||||||||||||||||||
11 | behalf of a school district but not received by the district | ||||||||||||||||||||||||||||||||
12 | due to the payment of refunds by the county collector within | ||||||||||||||||||||||||||||||||
13 | the preceding 6 years pursuant to Section 23-20 of the Property | ||||||||||||||||||||||||||||||||
14 | Tax Code.
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15 | (105 ILCS 5/19-8)
(from Ch. 122, par. 19-8)
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16 | Sec. 19-8. Bonds
to pay claims. Any school district or | ||||||||||||||||||||||||||||||||
17 | non-high district operating under general law or
special | ||||||||||||||||||||||||||||||||
18 | charter having a population of 500,000 or less is authorized to
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19 | issue bonds for the following purposes: | ||||||||||||||||||||||||||||||||
20 | (1)
the purpose of paying orders issued for the wages | ||||||||||||||||||||||||||||||||
21 | of
teachers ;
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22 | (2)
, or for the payment of claims against any such |
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1 | district ; and .
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2 | (3) reimbursing the district for property tax refunds.
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3 | Such bonds may be issued in an amount, including existing | ||||||
4 | indebtedness,
in excess of any statutory limitation as to debt.
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5 | (Source: P.A. 94-234, eff. 7-1-06 .)
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6 | (105 ILCS 5/19-9) (from Ch. 122, par. 19-9)
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7 | Sec. 19-9. Resolution to issue bonds - Submission to | ||||||
8 | voters. Before any district as described in Section 19-8 shall | ||||||
9 | avail itself
of the provisions of that Section,
section the | ||||||
10 | governing body thereof shall
examine and consider the several | ||||||
11 | teachers' orders or claims, or both,
proposed to be paid or the | ||||||
12 | amount needed to reimburse the district for property tax | ||||||
13 | refunds and thereupon
and if it appears that they were | ||||||
14 | authorized and
allowed for proper school purposes it shall | ||||||
15 | adopt a resolution setting
so
declaring and set forth and | ||||||
16 | describing
describe in detail such teachers' orders and
claims | ||||||
17 | or the amount needed to reimburse the district for property tax | ||||||
18 | refunds, and the adoption of the resolution shall establish the | ||||||
19 | validity
thereof, notwithstanding the amount of such orders ,
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20 | and claims , or reimbursement may exceed
in whole or in part any | ||||||
21 | applicable statutory debt limit in force at the
time the | ||||||
22 | indebtedness evidenced by such orders ,
and claims , or | ||||||
23 | reimbursement was incurred.
The resolution shall also declare | ||||||
24 | the intention of the district to issue
bonds for the purpose of | ||||||
25 | paying such teachers' orders or claims, or
both, or the amount |
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1 | needed to reimburse the district for property tax refunds and | ||||||
2 | direct that notice of such intention be published at least once
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3 | in a newspaper published within the district and if there be no | ||||||
4 | newspaper
published within the district then notice shall be | ||||||
5 | published
in a newspaper having general circulation within the | ||||||
6 | district. The
notice shall set forth (1) the time within which | ||||||
7 | a petition may be filed
requesting the submission of the | ||||||
8 | proposition to issue the bonds as
hereinafter in this Section | ||||||
9 | provided; (2) the specific number of voters
required to sign | ||||||
10 | the petition; and the date of the prospective referendum.
The | ||||||
11 | recording officer of the district shall provide a petition form | ||||||
12 | to
any individual requesting one. If within 30 days after such
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13 | publication of such notice a petition is filed with the | ||||||
14 | recording
officer of the district, signed by the voters
of the | ||||||
15 | district equal to 10% or more of the registered voters of the | ||||||
16 | district
requesting that the proposition to issue bonds as | ||||||
17 | authorized by
Section 19-8 be submitted to the voters thereof, | ||||||
18 | then the district
shall not be authorized to issue bonds as | ||||||
19 | provided by Section 19-8
until the proposition has been | ||||||
20 | submitted to and approved by a majority
of the voters voting on | ||||||
21 | the proposition at a regular scheduled
election. The board | ||||||
22 | shall certify the proposition to the proper election
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23 | authorities for submission in accordance with the general | ||||||
24 | election law.
If no such petition with the requisite number of | ||||||
25 | signatures is filed within
said 30 days, or if any and all | ||||||
26 | petitions filed are invalid, then the
district shall thereafter |
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1 | be authorized to issue bonds for the purposes and
as provided | ||||||
2 | in Section 19-8.
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3 | (Source: P.A. 87-767.)
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4 | (105 ILCS 5/19-11) (from Ch. 122, par. 19-11)
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5 | Sec. 19-11. Amount of indebtedness - Interest and maturity. | ||||||
6 | Any district which has complied with Section 19-9 and which is
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7 | authorized to issue bonds under Sections 19-8, 19-9 and 19-10 | ||||||
8 | shall
adopt a resolution specifying the amount of indebtedness | ||||||
9 | to be incurred
funded ,
whether for the purpose of paying | ||||||
10 | claims, or for paying teachers' orders,
for reimbursing the | ||||||
11 | district for property tax refunds, or for paying liabilities or | ||||||
12 | obligations imposed on any district resulting
from the division | ||||||
13 | of assets as provided by Article 7 of this Act or Article
5 of | ||||||
14 | this Act as it existed prior to July 1, 1952 . The resolution | ||||||
15 | shall set
forth the date, denomination, rate of interest and | ||||||
16 | maturities of the bonds,
fix all details with respect to the | ||||||
17 | issue and execution thereof, and
provide for the levy of a tax | ||||||
18 | sufficient to pay both principal and interest
of the bonds as | ||||||
19 | they mature. The bonds shall bear interest at a rate not to
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20 | exceed the maximum rate authorized by the Bond Authorization | ||||||
21 | Act, as amended
at the time of the making of the contract, | ||||||
22 | payable annually
or semi-annually,
as the governing
body may | ||||||
23 | determine, and mature in not more than 20 years from date | ||||||
24 | thereof.
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25 | With respect to instruments for the payment of money issued |
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1 | under this
Section either before, on, or after the effective | ||||||
2 | date of this amendatory
Act of 1989, it is and always has been | ||||||
3 | the intention of the General
Assembly (i) that the Omnibus Bond | ||||||
4 | Acts are and always have been
supplementary grants of power to | ||||||
5 | issue instruments in accordance with the
Omnibus Bond Acts, | ||||||
6 | regardless of any provision of this Act that may appear
to be | ||||||
7 | or to have been more restrictive than those Acts, (ii) that the
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8 | provisions of this Section are not a limitation on the | ||||||
9 | supplementary
authority granted by the Omnibus Bond Acts, and | ||||||
10 | (iii) that instruments
issued under this Section within the | ||||||
11 | supplementary authority granted
by the Omnibus Bond Acts are | ||||||
12 | not invalid because of any provision of
this Act that may | ||||||
13 | appear to be or to have been more restrictive than
those Acts.
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14 | (Source: P.A. 86-4.)
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15 | (105 ILCS 5/19-13) (from Ch. 122, par. 19-13)
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16 | Sec. 19-13. Sale
or exchange of bonds. Any bonds issued | ||||||
17 | under Sections 19-8 to 19-11, inclusive, may be
exchanged par | ||||||
18 | for par for claims or unpaid orders for wages of teachers, or
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19 | both, or may be sold and the proceeds received used to pay such | ||||||
20 | claims or
orders or to reimburse the school district for | ||||||
21 | property tax refunds .
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22 | (Source: Laws 1961, p. 31.)
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