Illinois General Assembly - Illinois Compiled Statutes

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75 ILCS 5/5-2.5

    (75 ILCS 5/5-2.5)
    Sec. 5-2.5. Bonds as indebtedness. Notwithstanding any provision of law to the contrary:

(a) Any bonds issued under Section 5-2 of this Act shall not be considered indebtedness under any law including, but not limited to, Section 8-5-1 of the Illinois Municipal Code, and such bonds may be issued, regardless of any limitations on indebtedness in law, if the conditions of subsection (b) are met.

(b) Bonds shall not be considered indebtedness and may be issued regardless of any limitations on indebtedness under subsection (a) if:

(1) the bond or bonds are issued after approval by

voters at a regularly scheduled election;

(2) the bond or bonds do not exceed a principal

amount of $11,000,000 in the aggregate;

(3) on or before the date of sale of the bond or

bonds, the board of trustees of the public library and the corporate authorities determine, by ordinance or resolution, that the library project funded by the bond or bonds is needed; and

(4) the bond or bonds are issued prior to November 1,

2020.

(Source: P.A. 99-735, eff. 8-5-16.)