Illinois General Assembly - Illinois Compiled Statutes

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70 ILCS 1860/8

(70 ILCS 1860/8) (from Ch. 19, par. 291)

Sec. 8.

The District has the continuing power to borrow money and
issue either general obligation bonds, after approval by referendum as
hereinafter provided, or revenue bonds without referendum approval for
the purpose of acquiring, constructing, reconstructing, extending or
improving terminals, terminal facilities, airfields, airports and port
facilities, and for acquiring any property and equipment useful for the
construction, reconstruction, extension, improvement or operation of its
terminals, terminal facilities, airfields, airports and port facilities,
and for acquiring necessary working cash funds.

The District may, pursuant to ordinance adopted by the Board and
without submitting the question to referendum, from time to time issue
and dispose of its interest bearing revenue bonds and may also in the
same manner from time to time issue and dispose of its interest bearing
revenue bonds to refund any revenue bonds at maturity or pursuant to
redemption provisions or at any time before maturity with the consent of
the holders thereof.

If the Board desires to issue general obligation bonds it shall adopt
an ordinance specifying the amount of bonds to be issued, the purpose
for which they will be issued, the maximum rate of interest they will
bear which shall not be greater than 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.  Such interest
may be paid semiannually.  The ordinance shall also specify
the date of maturity which shall
not be more than 20 years after the date of issuance, and levying a tax
that will be required to amortize such bonds. This ordinance is not
effective until it has been submitted to referendum of, and approved by,
the legal voters of the District. The Board shall certify the
ordinance and the question to the proper election officials,
who shall submit the question to the voters at an election in
accordance with the general election law. If a majority of the
vote is in favor of the issuance of the general obligation bonds the
county clerk shall annually extend taxes against all taxable property
within the District at a rate sufficient to pay the maturing principal
and interest of these bonds.

The question shall be in substantially the following form:

--------------------------------------------------------------
    Shall general obligation bonds
    in the amount of $.... be issued            YES
    by America's Central Port
    District for the purpose of ....        ------------------
    maturing in not more than .....
    years, bearing not more than ....%          NO
    interest, and a tax levied to pay
    the principal and interest thereof?
--------------------------------------------------------------

(Source: P.A. 98-854, eff. 1-1-15.)