(65 ILCS 5/11-67-5) (from Ch. 24, par. 11-67-5)
Sec. 11-67-5.
Every such municipality has the power to borrow money
on the credit of the municipality and to issue bonds, in the manner
provided by law, for the purpose of establishing and maintaining a
municipal coliseum. But no issue of bonds shall be valid unless the
proposition of issuing the bonds is first certified by the municipal clerk
and submitted to the electors of
the municipality and is approved by a majority of those voting on the
proposition. The proposition shall be substantially in the following form:
--------------------------------------------------------------------------------------------------------------------- Shall bonds for the purpose ofestablishing and maintaining a YESmunicipal coliseum, in the amount ---------------------------------------------------------------of $....(insert amount), be issued NOby the ....(insert name of municipality)?---------------------------------------------------------------------------------------------------------------------
Each year after bonds are issued under this Division 67 and until all
bonds so issued are retired, there shall be included in and added to the
taxes levied for municipal purposes, a direct annual tax for an amount
sufficient to pay the interest as it accrues on each bond so issued, and
also to pay the principal of these bonds at par value, as the bonds
respectively fall due. Any tax levied to pay off any bond issue
hereafter approved shall not exceed .05% of the value, as equalized or
assessed by the Department of Revenue, upon the taxable
property within the municipality.
(Source: P.A. 81-1489; 81-1509.)
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