Illinois General Assembly - Illinois Compiled Statutes

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110 ILCS 805/3-37

(110 ILCS 805/3-37) (from Ch. 122, par. 103-37)

Sec. 3-37.

To build, buy or lease suitable buildings upon a site and issue bonds, in the manner provided in Article IIIA, or enter into an installment loan arrangement with
a financial institution with a payback period of less than 20 years provided
the board has entered into a contractual agreement which provides sufficient
revenue to pay such loan in full from sources other than local taxes, tuition,
or State appropriations and to provide adequate additional operation and
maintenance funding for the term of the agreement, for
the purpose of borrowing money to buy sites and to either or both buy or
build and equip buildings and improvements.

Any provision in a contractual agreement providing for an installment
loan agreement authorized by this Section that obligates the State of Illinois
is against public policy and shall be null and void.

(Source: P.A. 99-655, eff. 7-28-16.)