(70 ILCS 2205/16) (from Ch. 42, par. 262)
Sec. 16.
Subject to the referendum provided for in Section 16.1, the
board of trustees 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 in said district, to be ascertained by the last
assessment for state and county 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. 81-165.)
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