(70 ILCS 2305/9) (from Ch. 42, par. 285)
Sec. 9.
The corporation may borrow money for corporate purposes and
may issue bonds therefor, but shall not become indebted, in any manner,
or for any purpose, to an amount in the aggregate to exceed 4.50% on the
valuation of taxable property therein, to be ascertained by the last
assessment for state and county taxes previous to the incurring of such
indebtedness or, until January 1, 1983, if greater, the sum that is
produced by multiplying the district's 1978 equalized assessed valuation
by the debt limitation percentage in effect on January 1, 1979.
Whenever the board of trustees of such district desires to issue bonds
hereunder they shall certify the question to the proper election officials
who shall submit the question at an election to be held in such
district in accordance with the general election law. In addition
to the requirements of the general election
law, the notice of election shall state the amount of bonds to
be issued. The result of the election shall be
entered upon the records of the district. If it shall appear that a
majority of the voters voting at the election on the question shall have
voted in favor of the issue of the bonds, the board of trustees shall
order and direct the execution of the bonds for and on behalf of the
district. All bonds issued hereunder shall mature in not exceeding 20
annual installments. The question
shall be in substantially the following form:
-------------------------------------------------------------- Proposition to issue bonds YESof..... district to the --------------------------------amount of..... dollars. NO--------------------------------------------------------------
Provided that the corporation may borrow money for corporate
purposes, and may issue bonds therefor, without holding an election or
referendum upon the question, if the corporation or the board of
trustees thereof has been directed by an order issued by the circuit
court or by an administrative agency of the State of Illinois having
jurisdiction to issue such order, to abate its discharge of untreated or
inadequately treated sewage, and such borrowing is deemed necessary by
the board of trustees of the Sanitary District to make possible
compliance with such order. The amount of money that the corporation
may borrow to abate such sewage discharge shall be limited to that
required for that purpose plus such reasonable future expansion as shall
be approved by the court or an administrative agency of the State of
Illinois having jurisdiction. The ordinance providing for such bonds
shall set out the fact that such bonds are deemed necessary to make
possible compliance with the order, and shall be published or posted in
the manner provided in this Act for publication or posting of ordinances
making appropriations. The ordinance shall be in full force and effect
after its adoption and publication or posting, as herein provided,
notwithstanding any provision in this Act or any other law to the
contrary.
(Source: P.A. 98-162, eff. 8-2-13.)
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