(605 ILCS 5/10-708) (from Ch. 121, par. 10-708)
Sec. 10-708.
After the ordinance providing for the issuance of
refunding revenue bonds has been passed, it shall be published in the
same manner and form as is required for other ordinances of the
municipality. The ordinance shall become effective 30 days after publication,
which publication shall include a notice of (1) the specific number of
voters required to sign a petition requesting that the question of the adoption
of the ordinance be submitted to the electors of the municipality; (2) the
time in which the petition must be filed; and (3) the date of the prospective
referendum, unless within such period a petition is filed with the
municipal clerk, signed by electors of the district numbering 10% or more
of the number of registered voters in the district, asking that the
question of issuing such bonds be submitted to the electors of the
municipality. The municipal clerk shall provide a petition form to any
individual requesting one. Upon the filing of such petition the municipal
clerk shall certify the proposition to the proper election officials, who
shall submit at an election such proposition in the manner provided by the
general election law. Such referendum shall be held and notice given in
accordance with the general election law. If a majority of the electors
voting upon the proposition voted in favor of the issuance of the bonds,
the ordinance shall be in effect; but if a majority of the votes cast are
against the issuance of the bonds, the ordinance shall not go into effect.
(Source: P.A. 87-767.)
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