Illinois General Assembly - Illinois Compiled Statutes

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105 ILCS 5/34-31

(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.)