Illinois General Assembly - Illinois Compiled Statutes

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110 ILCS 805/5-9

(110 ILCS 805/5-9) (from Ch. 122, par. 105-9)

Sec. 5-9.

The community college district may finance 25% or more of the
project by issuing bonds in the manner provided in Article IIIA. The community
college board is authorized to transfer to the Capital Development Board
to supplement the financing by the Capital Development Board  responsive
to the "Capital Development Bond Act of 1972", as now or hereafter amended,
and the "Capital Development Board Act", as now or hereafter amended,  such
monies as are necessary to finance at least 25% of the project.  In addition
any community college district may designate for building purposes  any
property it may own, either real or personal, situated within the geographical
boundaries of such community college district, as part of its contribution
necessary to finance at least 25% of the project. The obligation of property
and money may be made for any project authorized by law to be undertaken
by the Capital Development Board responsive to a declaration of such project
being in the public interest by the General Assembly for any of the purposes
approved by the State Board.

(Source: P.A. 81-1509.)