(70 ILCS 1830/22.1) (from Ch. 19, par. 522.1)
Sec. 22.1.
If the Board desires to issue general obligation bonds it shall
adopt an ordinance specifying the amount of bonds to be issued, the purpose
for which they will be issued, the maximum rate of interest they will bear
which shall not be more than that permitted in "An Act to authorize public
corporations to issue bonds, other evidences of indebtedness and tax anticipation
warrants subject to interest rate limitations set forth therein", approved
May 26, 1970, as now or hereafter amended. Such interest may be paid semiannually.
The ordinance shall also specify
the date of maturity which shall not be more than 20 years after the date
of issuance. This ordinance shall not be effective until it has been submitted
to referendum of, and approved by, a majority of the legal voters of the
District. The Board shall certify its ordinance and the proposition to
the proper election officials, who shall submit the proposition to the voters
at an election in accordance with the general election law. If a
majority of the votes cast upon the proposition is in favor of the issuance
of such general obligation bonds the District is thereafter authorized to
issue and, in accordance
with the provisions of Section 25.1 of this Act, to sell the bonds
specified in such ordinance and to adopt an ordinance levying an annual
tax against all of the taxable property within the District sufficient
to pay the maturing principal and interest of such bonds and to file a
certified copy of both such ordinances in the office of the county
clerks of St. Clair, Monroe and Randolph Counties. Thereafter such
county clerks shall annually extend taxes against all the taxable
property within the District at the rate specified in such ordinance
levying such taxes. The aggregate amount of principal of general
obligation bonds issued under the provisions of this Section shall not
exceed 2.5% of the assessed valuation of all taxable property in the
District.
The proposition shall be in substantially the following form:
-------------------------------------------------------------- Shall general obligation bonds in the amount of $.... be issued by the Kaskaskia YES Regional Port District for the purpose of ...., maturing in not more than .... years, --------------------------- bearing not more than ....% interest, and a tax levied NO to pay the principal and interest thereof?--------------------------------------------------------------
(Source: P.A. 82-902.)
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