(110 ILCS 805/3-33.2) (from Ch. 122, par. 103-33.2)
Sec. 3-33.2. Bonds for working cash fund. (a) Except as provided in subsection (b) of this Section, in order to create, maintain
or increase such a working
cash fund for the purposes mentioned in Section 3-33.1, the board may incur an
indebtedness for such
purpose and issue bonds therefor from time to time, in an amount or amounts
not exceeding in the aggregate at any one time outstanding 75% of the taxes
permitted to be levied for educational purposes and for operations and
maintenance of facilities purposes for the then current year to be
determined by multiplying the aggregate of the authorized maximum
educational tax rate and the maximum operations and maintenance tax rate
applicable to such district by the last assessed valuation as determined at
the time of the issue of those bonds plus 75% of the last known entitlement
of such district to 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. (b) For a period of 3 years after the effective date of this amendatory Act of the 96th General Assembly, in order to create, maintain,
or increase such a working
cash fund for the purposes mentioned in Section 3-33.1, the board may incur an
indebtedness for such
purpose and issue bonds therefor from time to time, in an amount or amounts
not exceeding in the aggregate at any one time outstanding 150% of the taxes
permitted to be levied for educational purposes and for operations and
maintenance of facilities purposes for the then current year to be
determined by multiplying the aggregate of the authorized maximum
educational tax rate and the maximum operations and maintenance tax rate
applicable to such district by the last assessed valuation as determined at
the time of the issue of those bonds plus 150% of the last known entitlement
of such district to 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. (c) The bonds may be
issued without submitting the question of issuance thereof to the voters of
the community college district for approval. Any bonds issued under this
Section shall bear interest at a rate of not more
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 the date of issue. Subject to the
foregoing limitations as to amount, the bonds may be
issued in an amount including existing indebtedness which will exceed any
statutory debt limitation.
(d) 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. 96-912, eff. 6-9-10.)
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