Illinois § 19-16 Resolution for issuance

Illinois Statutes

§ 19-16 — Resolution for issuance

Illinois § 19-16

JurisdictionIllinois

TopicEDUCATION

Ch. 105SCHOOLS

Act 105 ILCS 5/School Code.

Art.Article 19 - Debt Limitation - Bonds - Territory Liable - Refunding Bonds

This text of Illinois § 19-16 (Resolution for issuance) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

105 Ill. Comp. Stat. 19-16 (2026).

Text

The corporate authorities of any school district, without submitting the question to the electors thereof for approval, may authorize by resolution the issuance of refunding bonds (1) to refund its bonds prior to their maturity;

(2)to refund its unpaid matured bonds;

(3)to refund matured coupons evidencing interest upon its unpaid bonds;

(4)to refund interest at the coupon rate upon its unpaid matured bonds that has accrued since the maturity of those bonds;

(5)to refund its bonds which by their terms are subject to redemption before maturity; and (6) to refund other valid and subsisting evidences of indebtedness that are due and payable. The refunding bonds and the procedure for issuing them shall comply with Sections 19-5 through 19-7.

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The corporate authorities of any school district, without submitting the question to the electors thereof for approval, may authorize by resolution the issuance of refunding bonds (1) to refund its bonds prior to their maturity; (2) to refund its unpaid matured bonds; (3) to refund matured coupons evidencing interest upon its unpaid bonds; (4) to refund interest at the coupon rate upon its unpaid matured bonds that has accrued since the maturity of those bonds; (5) to refund its bonds which by their terms are subject to redemption before maturity; and (6) to refund other valid and subsisting evidences of indebtedness that are due and payable. The refunding bonds and the procedure for issuing them shall comply with Sections 19-5 through 19-7.