(70 ILCS 2805/11) (from Ch. 42, par. 422)
Sec. 11.
The board of trustees may borrow money for corporate
purposes, including, without limiting the generality of the foregoing,
sewer, drainage, and waterworks purposes, and in evidence thereof issue
its bonds payable from taxes unlimited as to rate or amount and to be
extended for collection against all taxable property situated therein
but shall not become indebted in any manner or for any purpose to an
amount which including all other existing indebtedness in the aggregate
will exceed 5.75% 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 district's 1978
equalized assessed valuation by the debt limitation percentage in effect
on January 1, 1979, provided, however, that no indebtedness shall be
incurred and no bonds be issued under the provisions of this Section for
waterworks purposes until after the proposition of the acquisition,
purchase or construction of a waterworks, and to thereafter operate,
improve and extend such waterworks has been submitted to the legal
voters of the district and been approved by a majority of the voters
voting on the question at a referendum and responsive to the provisions
hereinafter contained in
this Act requiring the affirmative vote of the legal voters of the
district to authorize the trustees of sanitary districts organized under
the provisions of this Act to acquire by purchase or construction, and
thereafter operate, improve or extend waterworks. Whenever the board of
trustees of such district desires to issue bonds under the provisions
hereof, they shall certify the question of issuing such bonds to the proper
election officials who shall submit the question at an election in accordance
with the general election law. In addition to the requirements of the general
election law, notice of such referendum shall state the amount of
bonds to be issued and the purpose for which
such bonds are 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 the voters voting at the election
on such question shall have voted in favor of the issue of such bonds,
the board of trustees shall order and direct the execution of the bonds
by, for and on behalf of the district. All bonds issued hereunder shall
mature within 20 years from their date and be payable at such time or
times and at such place as the board of trustees may prescribe. The
question shall be in substantially the following form:
--------------------------------------------------------------------------------------------------------------------- Shall bonds to theamount of .... dollars be YESissued by the .... sanitary ----------------------------------------------------------------------------district for the purpose of NO....... (state purpose)---------------------------------------------------------------------------------------------------------------------
Provided that the board of trustees may borrow money for corporate
purposes, and may issue bonds therefor, without holding an election or
referendum upon the question, if the board of trustees has been directed
by an order issued by a court of competent jurisdiction or by an
administrative agency of the State of Illinois having jurisdiction to
issue such order, to abate its discharge of untreated or inadequately
treated sewage, and such borrowing is deemed necessary by the board of
trustees of the Sanitary District to make possible compliance with such
order. The amount of money that the board of trustees may borrow to
abate such sewage discharge shall be limited to that required for that
purpose plus such reasonable future expansion as shall be approved by
the court or an administrative agency of the State of Illinois having
jurisdiction. The ordinance providing for such bonds shall set out the
fact that such bonds are deemed necessary to make possible compliance
with the order, and shall be published or posted in the manner provided
in this Act for publication or posting of ordinances making
appropriations. The ordinance shall be in full force and effect after
its adoption and publication or posting, as herein provided,
notwithstanding any provision in this Act or any other law to the
contrary.
(Source: P.A. 81-1489.)
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