(70 ILCS 1855/10) (from Ch. 19, par. 460)
Sec. 10.
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 shall thereafter be authorized
to issue and, in accordance with
the provisions of Section 13 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 clerk of St.
Clair County. Thereafter the county clerk 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 of this Act 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 YES by the Southwest Regional Port District for the purpose of ...., maturing in not more than .... years, -------------------- bearing not more than ....% interest, and a tax levied to pay the principal NO and interest thereof?--------------------------------------------------------------
(Source: P.A. 82-902.)
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