(105 ILCS 5/19-5) (from Ch. 122, par. 19-5)
Sec. 19-5.
Registration, numbering and countersigning.
All bonds issued under this Act, except bonds issued by school districts
having a population of more than 500,000 inhabitants, before being issued,
negotiated and sold, shall be registered, numbered and countersigned by the
treasurer who receives the taxes of the district. The registration shall be
made in a book in which shall be entered the record of the election
authorizing the directors or the board of education to borrow money and a
description of the bonds issued, including the number, date, to whom
issued, amount, rate of interest and when due.
(Source: Laws 1961, p. 31 .)
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(105 ILCS 5/19-6) (from Ch. 122, par. 19-6) Sec. 19-6. Bond money to school treasurer; delivery of bonds; record; payment. All moneys borrowed under the authority of this Act, except money borrowed by school districts having a population of more than 500,000 inhabitants, shall be paid to the school treasurer of the district. The treasurer shall, before receiving any of the money, execute a bond with a surety company authorized to do business in this State, as surety, payable to the school board of the district in Class I county school units or township trustees in Class II county school units and conditioned upon the faithful discharge of his duties, except that the bond required of the school treasurer of a school district which is located in a Class II county school unit but which no longer is subject to the jurisdiction and authority of a township treasurer or trustees of schools of a township because the district has withdrawn from the jurisdiction and authority of the township treasurer and trustees of schools of the township or because those offices have been abolished as provided in subsection (b) or (c) of Section 5-1 shall be payable to the school board of such district and conditioned upon the faithful discharge of his duties. The bond shall be submitted for approval or rejection to the school board of the district or to the township trustees to which such bond is payable. The penalty of the bond or bonds shall be an amount no less than 10% of the amount of such bond issue, whether individuals act as surety or whether the surety is given by a surety company authorized to transact business in this State. The bond shall be in substantially the same form as that required by Section 8-2 of this Act and when so given shall fully describe the bond issue which it specifically covers and shall remain in force until the funds of the bond issue are taken into account in determining the penalty amount for the surety bond required by Section 8-2 of this Code. Upon receiving such moneys the treasurer shall deliver the bonds issued therefor to the persons entitled to receive them, and shall credit the funds received to the district issuing the bonds. The treasurer shall record the amount received for each bond issued. When any bonds are paid the treasurer shall cancel them and shall enter, against the record of the bonds, the words, "paid and cancelled the .... day of ...., ....," filling the blanks with the day, month, and year corresponding to the date of payment. (Source: P.A. 103-49, eff. 6-9-23; 103-605, eff. 7-1-24.) |
(105 ILCS 5/19-7) (from Ch. 122, par. 19-7)
Sec. 19-7.
Certified copy of resolution filed with county clerk-Registry of bonds-Extension of tax.
Whenever any school district having a population of less than 500,000
inhabitants is authorized to issue bonds, the recording officer thereof
shall file in the office of the county clerk of each county in which any
portion of the district is situated a certified copy of the resolution
providing for their issuance and levying a tax to pay them. The county
clerk shall prepare and keep in his office a registry of all such bonds
which shall show the name of the issuing body and the date, amount,
purpose, rate of interest and maturity of the bonds to be issued, and the
county clerk, subject to the provisions of Section 7-14 of this Act,
annually shall extend taxes against all the taxable property situated in
the county and contained in the district in amounts sufficient to pay
maturing principal and interest, and such taxes shall be computed, extended
and collected in the same manner as is now or may hereafter be provided for
the computation, extension and collection of taxes for general corporate
purposes for the issuing district. If no such certified copy of resolution
has been filed with reference to any bonds heretofore authorized one shall
promptly be filed.
(Source: Laws 1961, p. 31 .)
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(105 ILCS 5/19-8)
(from Ch. 122, par. 19-8)
Sec. 19-8. Bonds
to pay claims. Any school district or non-high district operating under general law or
special charter having a population of 500,000 or less is authorized to
issue bonds for the purpose of paying orders issued for the wages of
teachers, for the payment of claims against any such district, or for providing funds to effect liquidation or defeasance of the obligations of a Financial Oversight Panel pursuant to the provisions of Section 1H-115 of this Code.
Such bonds may be issued in an amount, including existing indebtedness,
in excess of any statutory limitation as to debt.
(Source: P.A. 97-429, eff. 8-16-11.)
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(105 ILCS 5/19-9) (from Ch. 122, par. 19-9)
Sec. 19-9. Resolution to issue bonds - Submission to voters. Before any district as described in Section 19-8 shall avail itself
of the provisions of that section the governing body thereof shall
examine and consider the several teachers' orders or claims or liabilities of a Financial Oversight Panel established pursuant to Article 1H of this Code, or any or all of these,
proposed to be paid and if it appears that they were authorized and
allowed for proper school purposes it shall adopt a resolution so
declaring and set forth and describe in detail such teachers' orders and
claims and liabilities of a Financial Oversight Panel established pursuant to Article 1H of this Code and the adoption of the resolution shall establish the validity
thereof, notwithstanding the amount of such orders and claims and liabilities of a Financial Oversight Panel established pursuant to Article 1H of this Code may exceed
in whole or in part any applicable statutory debt limit in force at the
time the indebtedness evidenced by such orders and claims and liabilities of a Financial Oversight Panel established pursuant to Article 1H of this Code was incurred.
The resolution shall also declare the intention of the district to issue
bonds for the purpose of paying such teachers' orders or claims or liabilities of a Financial Oversight Panel established pursuant to Article 1H of this Code, and direct that notice of such intention be published at least once
in a newspaper published within the district and if there be no newspaper
published within the district then notice shall be published
in a newspaper having general circulation within the district. The
notice shall set forth (1) the time within which a petition may be filed
requesting the submission of the proposition to issue the bonds as
hereinafter in this Section provided; (2) the specific number of voters
required to sign the petition; and the date of the prospective referendum.
The recording officer of the district shall provide a petition form to
any individual requesting one. If within 30 days after such
publication of such notice a petition is filed with the recording
officer of the district, signed by the voters
of the district equal to 10% or more of the registered voters of the district
requesting that the proposition to issue bonds as authorized by
Section 19-8 be submitted to the voters thereof, then the district
shall not be authorized to issue bonds as provided by Section 19-8
until the proposition has been submitted to and approved by a majority
of the voters voting on the proposition at a regular scheduled
election. The board shall certify the proposition to the proper election
authorities for submission in accordance with the general election law.
If no such petition with the requisite number of signatures is filed within
said 30 days, or if any and all petitions filed are invalid, then the
district shall thereafter be authorized to issue bonds for the purposes and
as provided in Section 19-8.
(Source: P.A. 97-429, eff. 8-16-11.)
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(105 ILCS 5/19-10) (from Ch. 122, par. 19-10)
Sec. 19-10.
Payment of liabilities resulting from division of assets.
Any school district having a population of 500,000 or less is authorized
to issue bonds for the purpose of the payment of any liabilities or
obligations imposed on such district resulting from the division of assets
as provided by Article 7 of this Act or Article 5 of this Act as it existed
prior to July 1, 1952.
Within 90 days after the final order of the county board of school
trustees dividing assets as a result of creating a new district the school
board of such newly created district or the school board of a district a
portion of whose territory is included within the newly created district
shall pay any amounts due.
The school board of a district obligated or liable under the provisions
of this Section shall issue bonds to the extent necessary to enable the
district to discharge its obligations unless funds can otherwise be made
available for such purpose, and such bonds may be issued in an amount,
including existing indebtedness, in excess of any statutory limitation as
to debt but subject to the 5% constitutional limit.
(Source: Laws 1961, p. 31.)
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(105 ILCS 5/19-11) (from Ch. 122, par. 19-11)
Sec. 19-11. Amount of indebtedness - Interest and maturity. Any district which has complied with Section 19-9 and which is
authorized to issue bonds under Sections 19-8, 19-9 and 19-10 shall
adopt a resolution specifying the amount of indebtedness to be funded,
whether for the purpose of paying claims, or for paying teachers' orders,
or for paying liabilities or obligations imposed on any district resulting
from the division of assets as provided by Article 7 of this Act or Article
5 of this Act as it existed prior to July 1, 1952. The resolution shall set
forth the date, denomination, rate of interest and maturities of the bonds,
fix all details with respect to the issue and execution thereof, and
provide for the levy of a tax sufficient to pay both principal and interest
of the bonds as they mature. The bonds shall 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, payable annually
or semi-annually,
as the governing
body may determine, and mature in not more than 20 years from the date thereof or as otherwise authorized by law.
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. 100-531, eff. 9-22-17.)
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(105 ILCS 5/19-12) (from Ch. 122, par. 19-12)
Sec. 19-12.
Filing copy of resolution-Extension of taxes.
A certified copy of the resolution authorizing the issue of bonds under
Sections 19-8 through 19-11 shall be filed with the county clerk of each
county in which any portion of any such district is situated and the county
clerk shall annually extend taxes against all of the taxable property
situated in the county and contained in such district in amounts sufficient
to pay maturing principal and interest of such bonds without limitation as
to rate or amount and in addition to and in excess of any taxes that may
now or hereafter be authorized to be levied by Sections 12-11 and 12-11.1
or 17-2 through 17-9.
(Source: Laws 1961, p. 31 .)
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