Illinois Compiled Statutes
ILCS Listing
Public
Acts Search
Guide
Disclaimer
Information maintained by the Legislative
Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
70 ILCS 2905/5-2
(70 ILCS 2905/5-2) (from Ch. 42, par. 505-2)
Sec. 5-2. Bonds. Subject to the referendum provided for in Section 5-3, the board may
borrow money for corporate purposes on the credit of the corporation,
and issue bonds therefor, in such amounts and form, and on such
conditions as it shall prescribe, but shall not become indebted in any
manner, or for any purpose, to an amount, including existing
indebtedness, in the aggregate to exceed 5.75% of the value of the taxable
property, including property annexed pursuant to Section 2-11, in said district, to be ascertained by the last assessment for
taxes previous to the incurring of such indebtedness
or, until January 1, 1983, if greater, the sum that is produced by multiplying
the district's 1978 equalized assessed valuation by the debt limitation
percentage in effect on January 1, 1979; and before or at
the time of incurring any indebtedness, shall provide for the collection
of a direct annual tax sufficient to pay the interest on such debt, as
it falls due, and also to pay and discharge the principal thereof,
within 20 years after contracting the same.
The bonds shall be sold to the highest and best responsible bidder
therefor. Notice of the time and place bids will be publicly opened
shall be given by publication in a newspaper having general circulation
in the district, once each week for 3 successive weeks, the last
publication to be at least one week prior to the time specified in the
notice for the opening of bids.
(Source: P.A. 96-1070, eff. 1-1-11.)
|
|