| |
Illinois Compiled Statutes
Information maintained by the Legislative Reference Bureau Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide. Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.
SCHOOLS (105 ILCS 5/) School Code. 105 ILCS 5/19-20
(105 ILCS 5/19-20) (from Ch. 122, par. 19-20)
Sec. 19-20. Execution-Maturity-Callable.
The refunding bonds shall be of such form and denomination, payable at
such place, bear such date, and be executed by such officials as may be
provided by the corporate authorities of the school district in the bond
resolution. They shall mature within not to exceed 20 years from their
date, and may be made callable on any interest payment date at par and
accrued interest after notice has been given at the time and in the manner
provided in the bond resolution; however, the limitation shall be 25 years for bonds issued by Valley View Community Unit School District 365U that refund (i) bonds authorized under Section 19-3 of this Code or (ii) bonds refunding or continuing to refund bonds authorized under Section 19-3 of this Code.
(Source: P.A. 96-1546, eff. 3-10-11.)
|
105 ILCS 5/19-21
(105 ILCS 5/19-21) (from Ch. 122, par. 19-21)
Sec. 19-21.
Redemption of bonds.
If there is no default in payment of the principal of or interest upon
the refunding bonds, and a sum of money equal to the amount of interest
that will accrue on the refunding bonds and a sum of money equal to the
amount of principal that will become due thereon within the next 6 months
period has been set aside, the treasurer of the school district shall use
the money available from the proceeds of taxes levied for the payment of
the refunding bonds in calling them for payment, if, by their terms, they
are subject to redemption. However, a school district may provide in the
bond resolution that whenever the school district is not in default in
payment of the principal of or interest upon the refunding bonds and has
set aside the sums of money provided in this section for interest accruing
and principal maturing within the next 6 months period, the money available
from the proceeds of taxes levied for the payment of refunding bonds shall
be used, first, in the purchase of the refunding bonds at the lowest price
obtainable, but not to exceed their par value and accrued interest, after
sealed tenders for their purchase have been advertised for as may be
directed by the corporate authorities thereof.
Refunding bonds called for payment and paid or purchased under this
section shall be marked paid and cancelled.
(Source: Laws 1963, p. 3062.)
|
105 ILCS 5/19-22
(105 ILCS 5/19-22) (from Ch. 122, par. 19-22)
Sec. 19-22.
Reduction of tax levy-Bonds purchased and cancelled.
Whenever refunding bonds are purchased and cancelled as provided in
Section 19-21, the taxes thereafter to be extended for payment of the
principal of and the interest on the remainder of the issue shall be
reduced in an amount equal to the principal of and the interest that would
have thereafter accrued upon the refunding bonds so cancelled. A resolution
shall be adopted by the corporate authorities of the school district
finding these facts. A certified copy of this resolution shall be filed
with the county clerk specified in Section 19-18, whereupon he shall
reduce and extend such tax levies in accordance therewith.
(Source: Laws 1961, p. 31 .)
|
105 ILCS 5/19-23
(105 ILCS 5/19-23) (from Ch. 122, par. 19-23)
Sec. 19-23.
Reduction of tax for payment of bonds refunded-Use of tax receipts.
Whenever refunding bonds are issued, proper reduction of taxes
theretofore levied for the payment of the bonds refunded and next to be
extended for collection shall be made by the county clerk upon receipt of a
certificate signed by the treasurer of the school district, or by the
president and clerk or other corresponding officers of the school district,
showing the bonds refunded and the tax to be abated.
Money which becomes available from taxes that were levied for prior
years for payment of bonds or interest coupons that were paid or refunded
before those taxes were collected, after payment of all warrants that may
have been issued in anticipation of these taxes, shall be placed in the
sinking fund account provided in Section 19-24. It shall be used to
purchase, call for payment, or to pay at maturity refunding bonds and
interest thereon as herein provided.
(Source: Laws 1961, p. 31 .)
|
105 ILCS 5/19-24
(105 ILCS 5/19-24) (from Ch. 122, par. 19-24)
Sec. 19-24.
Proceeds of taxes-Special fund-Use-Investment.
Money received from the proceeds of taxes levied for payment of the
principal of and interest upon refunding bonds shall be deposited in a
special fund of the school district, designated as the "Refunding Bond and
Interest Sinking Fund Account of ....". This fund shall be applied to the
purchase or payment of refunding bonds and the interest thereon as provided
in Sections 19-16 through 19-26.
If the money in this fund is not immediately necessary for the payment
of refunding bonds or if refunding bonds can not be purchased before
maturity, then, under the direction of the corporate authorities of the
school district, the money may be invested by the treasurer of the school
district in bonds or other interest bearing obligations of the United
States or in bonds of the State of Illinois.
The maturity date of the securities in which this money is invested
shall be prior to the due date of any issue of refunding bonds of the
investing school district. The corporate authorities may sell these
securities whenever necessary to obtain cash to meet bond and interest
payments.
(Source: Laws 1961, p. 31 .)
|
105 ILCS 5/19-25
(105 ILCS 5/19-25) (from Ch. 122, par. 19-25)
Sec. 19-25.
Information to owners of bonds-Refunding agreements.
The corporate authorities of a school district may take any action that
may be necessary to inform the owners of unpaid bonds regarding the
financial condition of the school district, the necessity of refunding its
unpaid bonds and readjusting the maturities thereof in order that
sufficient taxes may be collected to take care of these bonds, and thus
re-establish the credit of the school district. The corporate authorities
may enter into any agreement required to prepare and carry out any
refunding plan and, without any previous appropriation therefor under any
budget law, may incur and pay expenditures that may be necessary in order
to accomplish the refunding of the bonds of the school district.
(Source: Laws 1961, p. 31.)
|
105 ILCS 5/19-26
(105 ILCS 5/19-26) (from Ch. 122, par. 19-26)
Sec. 19-26.
Construction and application of provisions.
Sections 19-16 through 19-25 apply to any school district, regardless
of the population of said school district and of the law under which it is
organized and operating, and constitute complete authority for issuing
refunding bonds as therein provided without reference to other laws. Those
sections shall be construed as conferring powers in addition to, but not as
limiting powers granted under, other laws or other provisions of this Act.
(Source: Laws 1961, p. 31.)
|
105 ILCS 5/prec. Sec. 19-27
(105 ILCS 5/prec. Sec. 19-27 heading)
REFUNDING SURPLUS AFTER BONDS PAID
|
105 ILCS 5/19-27
(105 ILCS 5/19-27) (from Ch. 122, par. 19-27)
Sec. 19-27.
Payment to treasurer.
Whenever all the bonds of any school district have been paid and
cancelled upon the records of the school treasurer and there remains in the
hands of the county collector or any ex-county collector, the county
treasurer, or ex-county treasurer, any balance to the credit of the bond
fund of the school township, the county collector or ex-county collector,
county treasurer or ex-county treasurer shall pay to the school treasurer
the balance of such funds in his hands and the school treasurer shall give
his receipt therefor.
(Source: Laws 1961, p. 31.)
|
105 ILCS 5/19-28
(105 ILCS 5/19-28) (from Ch. 122, par. 19-28)
Sec. 19-28.
Distribution and apportionment.
At the first regular semi-annual meeting of the trustees of the township
after the receipt of the funds mentioned in Section 19-27, they shall
distribute and apportion the funds among the districts or fractions of
districts of the township whose treasurer is the township treasurer,
and among the school boards or board of incorporated
cities, towns or school districts in such township having
a treasurer other than the township treasurer, in proportion to the number of children
under 21 years of age in each. The funds thus apportioned shall be placed
on the books of the treasurer to the credit of the respective districts and
the same shall be paid out by the treasurer on the legal orders of the
school boards of the proper districts, except such part of the fund as may
be payable to the boards of education of incorporated cities, towns
or school districts having a treasurer other than the township
treasurer, which portion of the
fund shall be paid by the township treasurer to the treasurer of the board
of education.
(Source: P.A. 86-1441 .)
|
105 ILCS 5/19-29
(105 ILCS 5/19-29) (from Ch. 122, par. 19-29)
Sec. 19-29.
Computation of debt incurring power.
In computing the debt incurring power of any school district where
there has been included in any such school district only a part of any
former school district which at the time of such inclusion has
outstanding bonded indebtedness, a proportionate amount of such bonded
indebtedness shall be chargeable to such school district based upon the
ratio that the assessed valuation of taxable property as equalized and
determined by the Department of Revenue in that
part of the territory of such former school district that has been
included in any such school district bears to the total assessed
valuation of the former school district as equalized and determined by
the Department of Revenue for
the year in which
the change occurred, and the proportionate amount of such bonded
indebtedness shall be chargeable against such school district in
determining its debt incurring power.
(Source: P.A. 81-1509.)
|
|
|
|