(65 ILCS 5/8-4-26) (from Ch. 24, par. 8-4-26)
Sec. 8-4-26.
Subject to the requirements of the Bond Issue Notification
Act, the corporate authorities of any municipality having a board of election
commissioners may issue bonds, in such amounts as may be required for the
purpose of acquiring voting machines or electronic voting systems as
required by Sections 24-1.1 and 24A-3 of The Election Code and may levy a
direct annual tax upon all taxable property in the municipality for the
purpose of paying the principal of and interest on such bonds. The
ordinance 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 10 years from the date of
issuance, the rate of interest, and the dates on which interest is payable.
Such ordinance 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 in the municipality sufficient to pay the principal of the bonds
at maturity and the interest thereon as it falls due. Such tax is in
addition to taxes for general corporate purposes and is not included in any
statutory tax rate limitation.
(Source: P.A. 89-655, eff. 1-1-97.)
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