(55 ILCS 5/5-33001) (from Ch. 34, par. 5-33001)
Sec. 5-33001.
Superhighway bonds.
Any county in this State having a
population of 500,000 or more inhabitants, by one or more resolutions of
its county board adopted from time to time, may incur indebtedness
and issue bonds for the purpose of constructing superhighways, which bonds
are hereinafter referred to as superhighway bonds, in an amount or amounts
not exceeding in the aggregate seventy million dollars without submitting
the question to the voters of such county for approval. The superhighway
bonds may be made registerable as to principal and may bear interest at a
rate not to exceed four per centum annually, payable at such time and place
as may be provided in the bond resolution or resolutions. The superhighway
bonds shall remain valid even though one or more of the officers executing
the bond ceases to hold his or their offices before the bonds are
delivered.
The bonds shall be sold to the highest and best bidder for not less than
their par value, upon sealed bids. The County Board shall, from time to
time, as bonds are to be sold, advertise in a daily newspaper of general
circulation in such county for proposals to purchase the bonds. Each of
such advertisements for proposals shall be published at least 10 days prior
to the date of the opening of the bids. The County Board may reserve the
right to reject any and all bids.
(Source: P.A. 86-962.)
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