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55 ILCS 5/5-1012
(55 ILCS 5/5-1012) (from Ch. 34, par. 5-1012)
Sec. 5-1012.
Issuance of county bonds.
When the county board of any
county deems it necessary to issue county bonds to enable them to perform
any of the duties imposed upon them by law, they may, by an order, entered
of record, specifying the amount of bonds required, and the object for
which they are to be issued, submit to the legal voters of their county, at
any election, the question of issuing such county bonds. The county board
shall certify the question to the proper election officials who shall
submit the question at an election in accordance with the general election
law. The amount of the bonds so issued shall not exceed, including the then
existing indebtedness of the county, 5.75% of the value of such
taxable
property of such county, as ascertained by the assessment for the State and
county tax for the preceding year or, until January 1, 1983, if greater,
the sum that is produced by multiplying the county's 1978 equalized
assessed valuation by the debt limitation percentage in effect on January
1, 1979. The proposition shall be in substantially the following form: "For
county bonds", or "Against county bonds", and if a majority of the votes on
that question shall be "For county bonds", such county board may issue such
bonds in such denominations as the county board may determine of not less
than $25 each, payable respectively, in not less than one, nor more than 20
years, with interest payable annually or semi-annually, at the rate of not
more than the greater of (i) the maximum rate authorized by the Bond
Authorization Act, as amended at the time of the making of the contract, or
(ii) 8% per annum. This Section shall not require submission to the voters
of the county of bond issues authorized to be issued without such
submission to the voters under Section 5-1027 or 5-1062 or under Division 5-33,
6-6, 6-8 or 6-27 of this Code.
With respect to instruments for the payment of money issued under this
Section or its predecessor either before, on, or after the effective date
of Public Act 86-4, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in accordance with the
Omnibus Bond Acts, regardless of any provision of this Act or "An Act to
revise the law in relation to counties", approved March 31, 1874, that may
appear to be or to have been more restrictive than those Acts, (ii) that
the provisions of this Section or its predecessor are not a limitation on
the supplementary authority granted by the Omnibus Bond Acts, and (iii)
that instruments issued under this Section or its predecessor within the
supplementary authority granted by the Omnibus Bond Acts are not invalid
because of any provision of this Act or "An Act to revise the law in
relation to counties", approved March 31, 1874, that may appear to be or to
have been more restrictive than those Acts.
(Source: P.A. 90-655, eff. 7-30-98.)
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