(55 ILCS 5/6-5007) (from Ch. 34, par. 6-5007)
Sec. 6-5007.
Requisites of resolution.
The resolution authorizing the
issuance of such bonds shall specify the total amount of bonds to be
issued, the form and denomination of the bonds, the date they are to bear,
the place where they are payable, the date or dates of maturity, which
shall not be more than 20 years after the date the bonds bear, the rate of
interest which shall not exceed 4% per annum and the dates on which interest
is payable.
Such resolution shall prescribe all the details of the bonds and shall
provide for the levy and collection of a direct annual tax upon all taxable
property within the county sufficient to pay the principal thereof at
maturity and to pay the interest thereon as it falls due, which tax shall
not be subject to any statutory limitations relative to taxes which may be
extended for county purposes.
(Source: P.A. 86-962.)
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