(60 ILCS 1/145-10)
Sec. 145-10.
Issuance of bonds; terms.
(a) If a majority of the votes cast on the question under Section 145-5 are
in favor of the question, the township may issue bonds in denominations of not
less than $100 nor more than $1,000 each, payable respectively in not less than
one nor more than 20 years, with interest payable annually of not more than 6%
per annum. The amount of the bonds issued shall not exceed 2.3% of the value of
taxable property of the township 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 township's 1978 equalized assessed
valuation by the debt limitation percentage in effect on January 1, 1979, nor
shall the amount of the bonds exceed, including the then existing indebtedness
of the township, 5.75% of the value of the taxable property of the township as
ascertained by the assessment for the State and county tax for the preceding
year.
(b) If a majority of the legal voters voting on the proposition are in favor
of the proposition, the supervisor and township clerk shall issue a sufficient
amount, in the aggregate, of the bonds of the township for the purpose of
building or purchasing, as the case may be, a township hall, not to exceed the
amount voted upon under Section 145-5. The bonds shall not be sold or disposed
of for less than their par value.
(Source: Laws 1907, p. 572; P.A. 81-1550; 88-62.)
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