(65 ILCS 5/8-3-1.1) (from Ch. 24, par. 8-3-1.1)
Sec. 8-3-1.1.
The corporate authorities of any municipality of less
than 500,000 inhabitants, by ordinance, may order the submission to
the electors of a proposition to accumulate a surplus from the tax levy
for general corporate purposes for a specified building project to be
undertaken by the municipality when such accumulation becomes sufficient
therefor. Such proposition shall be certified by the clerk to the proper
election authority who shall submit the question at an election in accordance
with the general election law. The proposition shall be in substantially the
following
form:
--------------------------------------------------------------------------------------------------------------------- Shall the municipality of....... accumulate general YEScorporate funds for the -----------------------------------------------------------------------------purpose of building..........(here state building purpose)? NO---------------------------------------------------------------------------------------------------------------------
If a majority of the electors voting on the proposition vote in favor
thereof, the municipality may use a portion of the funds levied for
general corporate purposes, within the tax rate and to the extent
allowed by Section 8-3-1, for the purpose of accumulating funds for such
building project.
(Source: P.A. 81-1489.)
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