(65 ILCS 5/11-63-3) (from Ch. 24, par. 11-63-3)
Sec. 11-63-3.
Any municipality which votes favorably upon the
proposition stated in Section 11-63-2 may also issue bonds, as herein
provided, for the acquisition or construction, or both, of such
property, either real or personal, or both, as may be necessary to
establish, equip, operate and maintain a community building or
buildings.
Whenever a petition, signed by the electors of any municipality
specified in Section 11-63-1, equal in number to 5% or more of the total
number of votes cast at the last preceding regular municipal election,
is filed with the municipal clerk of any such municipality
requesting the submission of the proposition
to authorize the issuance of bonds
for the acquisition or construction, or both, of property, either real
or personal, or both, to establish, equip, operate and maintain a
community building or buildings, the municipal clerk shall certify the
proposition for submission to the municipal
electors at an election in accordance with the general election law.
The corporate authorities by ordinance shall,
(1) designate the election at which the question shall be
submitted, and (2) designate the amount of bonds to be issued,
This question may be submitted at the same time as
the question stated in Section 11-63-2.
The proposition shall be substantially in the following form:
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Shall bonds for community building purposes to the amount YES of $.... be issued by the city ----------------------------------------------------------------------- (or village or incorporated NO town, as the case may be) of ....?---------------------------------------------------------------------------------------------------------------------
If a majority of the votes cast on the question are in favor of the
proposition, the corporate authorities shall issue general obligation
bonds of the municipality, not exceeding the amount authorized at the
election. The bonds shall mature not more than 20 years after the date
of their issuance, shall be in denominations of $100, or any multiple
thereof, shall bear interest at a rate not exceeding
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, and
shall be sold at not less than par, all in such manner as the corporate
authorities may determine. The corporate authorities, in the manner and
at the time provided by law, shall provide by ordinance for the levy and
collection of a direct annual tax sufficient to pay the maturing
principal and interest on the bonds. Such tax shall not be included
within any tax rate limitation, but shall be excluded therefrom and be
in addition thereto and be in excess thereof, and it shall be the duty
of the recording officer of any such municipality to file a certified
copy of any such ordinance with the county clerk of each county in which
any portion of such municipality is situated and it shall be the duty of
such county clerk to extend taxes against all of the taxable property of
such municipality situated in the county in amounts sufficient to pay
the principal of and interest upon any such bonds as the same becomes
due without limitation as to rate or amount.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been supplementary
grants of power to issue instruments in accordance with the Omnibus Bond
Acts, regardless of any provision of this Act that may appear to be or to
have been more restrictive than those Acts, (ii) that the provisions of
this Section are not a limitation on the supplementary authority granted by
the Omnibus Bond Acts, and (iii) that instruments issued under this Section
within the supplementary authority granted by the Omnibus Bond Acts are not
invalid because of any provision of this Act that may appear to be or to
have been more restrictive than those Acts.
(Source: P.A. 86-4.)
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