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(65 ILCS 5/8-5-1) (from Ch. 24, par. 8-5-1)
Sec. 8-5-1.
Except as hereinafter provided in this Division 5, no municipality
having a population of less than 500,000 shall become indebted in any
manner or for any purpose, to an amount, including existing indebtedness
in the aggregate exceeding 8.625% on the value of the taxable property
therein, to be ascertained by the last assessment for state and county
purposes, previous to the incurring of the indebtedness or, until January
1, 1983, if greater, the sum that is produced by multiplying the municipality's
1978 equalized assessed valuation by the debt limitation percentage in effect
on January 1, 1979.
The indebtedness limitation set forth in this Section may be
inapplicable to indebtedness incurred for the purpose of pumping water from
Lake Michigan to one or more municipalities having a population of less
than 500,000, whether before or after such indebtedness is incurred, if the
majority of voters in such municipality approve such inapplicability at an
election on the issue held in accordance with the general election law.
The governing authority of any such municipality may, by proper ordinance
or resolution, cause the proposition of the inapplicability of the
limitation of indebtedness set forth in this Section to the indebtedness
incurred for such purpose to be certified to the proper election
authorities and submitted to the voters of the municipality at a regularly
scheduled election in accordance with the general election law.
If a majority of the votes cast on the
proposition are in favor thereof, indebtedness incurred for the purpose of
pumping water from Lake Michigan to one or more municipalities shall not be
subject to the limitation set forth in this Section.
The indebtedness limitation set forth in this Section shall not apply
to any indebtedness of any municipality incurred to finance the cost of the
acquisition, construction or improvement of water or wastewater treatment
facilities mandated by an enforceable compliance schedule developed in
connection with the federal Clean Water Act or a compliance order issued
by the United States
Environmental Protection Agency or the Illinois Pollution Control Board.
Any village or incorporated town may provide by resolution, and any
city may provide by ordinance, for the taking of a census of the
population thereof in order to determine the number of that population
for any purpose of this Division 5. The courts in this state shall take
judicial notice of the population of any municipality as it appears from
the latest municipal census so taken. However, no municipal census shall
be taken by the authority of this section, oftener than once in 3 years.
The amendatory Act of 1973 is not a limit upon any municipality
which is a home rule unit.
(Source: P.A. 85-925.)
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