Illinois General Assembly - Illinois Compiled Statutes

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70 ILCS 705/12

(70 ILCS 705/12) (from Ch. 127 1/2, par. 32)

Sec. 12.

Any fire protection district incorporated under this Act may
borrow money for corporate purposes and may issue bonds therefor, but
shall not become indebted in any manner, or for any purpose, to an
amount in the aggregate to exceed 5.75% on the valuation of taxable
property therein to be ascertained by the last assessment for State and
County taxes previous to the incurring of such indebtedness or until
January 1, 1983, if greater, the sum that is produced by multiplying the
district's 1978 equalized assessed valuation by the debt limitation
percentage in effect on January 1, 1979. Whenever the board of trustees
of such district desires to issue bonds hereunder they shall order the
question to be submitted at an election to be held in such district and
shall certify the proposition and their order to the proper election officials
who shall submit the question in accordance with the general election law.
The notice of such referendum shall state the amount of bonds to be issued.
The result of the referendum shall be
entered upon the records of the
district. If it shall appear that a majority of all valid votes cast on
the proposition are in favor of the issue of said bonds, the board of
trustees shall order and direct the execution of the bonds for and on
behalf of said district. All bonds issued hereunder shall mature in not
exceeding 20 annual installments. The proposition shall be in substantially
the following form:

--------------------------------------------------------------
    Shall bonds of.... Fire            YES
Protection District in the amount  ---------------------------
of.... be issued?                      NO
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(Source: P.A. 81-1489.)