Illinois General Assembly - Illinois Compiled Statutes

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75 ILCS 5/5-2

(75 ILCS 5/5-2) (from Ch. 81, par. 5-2)

Sec. 5-2.

If the corporate authorities approve the action of the library
board under Section 5-1, they may, by ordinance, or by resolution in the
case of a township, provide that the bonds of the city, village,
incorporated town or township be issued for the payment of the cost (so
estimated as aforesaid) of constructing a building, or remodeling,
repairing, improving an existing library building or the erection of an
addition thereto, or purchasing a building, site or equipment, or the
acquisition of library materials such as books, periodicals, recordings and
electronic data storage and retrieval facilities in connection with either
the purchase or construction of a new library building or the expansion of
an existing library building, or any or all of these things in which event
the ordinance or resolution shall also state the time or times when such
bonds, and the interest thereon shall become payable.  However, the whole of
the principal of such bonds and the interest thereon shall be payable
within 20 years, and the interest on such bonds shall not exceed the rate
permitted in the Bond Authorization Act.  The interest may be made payable at
such times (annually or semi-annually) as the ordinance or resolution may
prescribe.  In case the corporate authorities provide for such payment by
the issuance of bonds, they shall make provision at or before the issuance
thereof, by ordinance or by resolution in the case of a township, which
shall be irrepealable, for the levy and collection of a direct annual tax
upon all the taxable property within such city, village, incorporated town
or township sufficient to meet the principal and interest of the bonds as
they mature, which tax shall be in addition to that otherwise authorized to
be levied and collected for corporate purposes.

If, however, the corporate
authorities do not provide that the bonds of the city, village,
incorporated town or township be issued, but otherwise approve the action
of the library board, then the library board shall divide the total cost of
constructing and financing a building, or remodeling, repairing, improving
an existing library building or the erection of an addition thereto, or
purchasing and financing a building, site or equipment, or the acquisition
of library materials such as books, periodicals, recordings and electronic
data storage and retrieval facilities in connection with either the
purchase or construction of a new library building or the expansion of an
existing library building, or any or all of these things, into as many
parts as the trustees determine to spread the collection thereof, and
shall certify the amount of one of these parts to the corporate authorities
each year during the term over which the trustees  have determined to
spread the collection.  This action by the library board shall be
irrepealable.  The library board shall specify in its certificate the
portion, if any, of the amount to be included in the annual appropriation
and library tax levy, and the amount of the special tax required to pay the
same as has been approved by the voters.

(Source: P.A. 103-154, eff. 6-30-23.)