Illinois General Assembly - Illinois Compiled Statutes

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65 ILCS 5/11-92-8

(65 ILCS 5/11-92-8) (from Ch. 24, par. 11-92-8)

Sec. 11-92-8.

The corporate authorities may enter into a trust
agreement to secure payment of the bonds issued under the provisions of
Section 11-92-7.

After the ordinance has been adopted, it shall within 10 days after
its passage be published once in a newspaper published and having a
general circulation in the city or village, or, if there is no such
newspaper, then in a newspaper having a general circulation in the
county wherein such city or village, or the greater or greatest portion
in area of the city or village, lies.

The publication of the ordinance shall be accompanied by a notice of (1)
the specific number of voters required to sign a petition requesting the
submission to the electors of the question of acquiring and operating
or constructing and operating a harbor project and issuing bonds for such
project; (2) the time in which the petition must be filed; and (3) the date
of the prospective referendum.  The municipal clerk shall provide a petition
form to any individual requesting one.

If no petition is filed with the municipal clerk within 30 days after
the publication of the ordinance, the ordinance shall be in effect.

However, if within 30 days after the publication of the ordinance a
petition is filed with the clerk of the city or village signed by
electors of the city or village numbering 10% or
more of the number of
registered voters in the city or
village,
asking that the question of acquiring and operating or constructing and
operating such harbor project and the issuance of the bonds for the
harbor project be submitted to the electors of the city or village, the
municipal clerk shall certify that question for submission at an election
in accordance with the general election law.

The question shall be in substantially the
following form:

--------------------------------------------------------------
    Shall the City (or Village)           YES
of .... issue  revenue               -------------------------
bonds for acquiring (or
constructing) a harbor?                   NO
--------------------------------------------------------------

If a majority of the electors voting upon that question vote in favor of
the issuance of the bonds, the ordinance shall be in effect, otherwise
the ordinance shall not become effective.

(Source: P.A. 87-767.)