(70 ILCS 3015/1) (from Ch. 42, par. 319.31)
Sec. 1.
Any sanitary district, including the district organized under "An Act
to create sanitary districts and to remove obstructions in Illinois and
Des Plaines Rivers", approved May 29, 1889, as amended, is authorized to
issue from time to time general obligation corporate notes in an amount
not to exceed 85% of the corporate taxes levied
for the year during which said notes are issued, provided no such notes
shall be issued at any time there are tax anticipation warrants
outstanding against the corporate tax levied for the year during which
such notes are issued. Such notes shall mature within two years
from date and shall bear interest at a rate per annum not exceeding the
maximum rate authorized by "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.
In order to authorize and issue such notes the corporate authorities
shall adopt an ordinance fixing the amount of notes, the date thereof,
the form thereof, the maturity thereof, terms of redemption prior
to maturity, rate of interest thereon, place of payment and
denomination, which shall be in multiples of $1,000, and provide
for the levy and collection of a direct annual tax upon all the taxable
property in the sanitary district sufficient to pay the principal of and
interest on such notes to maturity. Upon the filing in the office of the
County Clerk of the county in which the sanitary district is located of
a certified copy of such ordinance it shall be the duty of the County
Clerk to extend the tax therefor in addition to and in excess of all
other taxes heretofore or hereafter authorized to be levied by such
sanitary district.
The corporate authorities may sell such notes at private or public sale
and enter into any contract or agreement necessary, appropriate or incidental
to the exercise of the powers granted by this Act, including, without limitation,
contracts or agreements for the sale and purchase of such notes and the
payment of costs and expenses incident thereto. The corporate authorities
may pay such costs and expenses, in whole or in part, from the corporate
fund.
From and after such notes have been issued as provided for by this
Act, while such notes are outstanding, it shall be the duty of the
County Clerk in computing the tax rate for corporate purposes of any
such district to reduce the rate for corporate purposes by the amount
levied to pay the principal of and interest on the notes authorized by
this Act; provided the tax rate shall not be reduced beyond the amount
necessary to reimburse any money borrowed from the working cash fund,
and it shall be the duty of the Clerk of the sanitary district annually,
not less than thirty days prior to the tax extension date, to certify to
the County Clerk the amount of money borrowed from the working cash fund
to be reimbursed from the corporate tax levy.
No reimbursement shall be made to the working cash fund until there
has been accumulated from the tax levy provided for the notes, an amount
sufficient to pay the principal of and interest on such notes to
maturity.
(Source: P.A. 82-976.)
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