(620 ILCS 50/60) (from Ch. 15 1/2, par. 164)
Sec. 60.
If a majority of all votes cast upon the question shall be for the
issuing of bonds and the levying of an additional tax to pay the interest
and principal of such bond, the county board shall issue and sell such
amounts of said bonds as the Commission shall determine and certify, from
time to time as being necessary to provide the means for accomplishing the
purposes for which said bonds were voted. Such bonds shall be issued in
conformity to the requirements and provisions of the resolution adopted for
the purpose of calling said election, provided however the aggregate
amounts of outstanding bonds issued under the provisions of this Act,
shall at no time exceed 1% of the total value of all of the taxable
property of the county as determined by the last assessment roll on which
county general taxes was extended. The principal of such bonds shall be
discharged within twenty years after the date of said election. Such bonds
shall bear interest, payable semi-annually, at a rate that does not exceed
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. The proceeds from the sale of each issue of bonds
shall be deposited in the county treasury and identified as "County
Airports Bond Fund No. ....." Such proceeds shall be used only for the
purposes stated in the resolution calling the election authorizing the
issuing of said bonds, and as specified in the certificate of the
Commission as in this section provided.
(Source: P.A. 82-902.)
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