(70 ILCS 1835/11) (from Ch. 19, par. 711)
Sec. 11.
If the Board desires to issue general obligation bonds it shall
adopt an ordinance specifying the amount of bonds to be issued, the purpose
for which they will be issued, the maximum rate of interest they will bear
which shall not be more than the maximum rate authorized by the Bond
Authorization Act, as amended at the time of the making of the contract,
and the date of maturity which
shall not be more than 20 years after the date of issuance. This
ordinance shall not take effect until it has been submitted to
referendum and approved by a majority of the legal voters of the
District. The Board shall certify its ordinance and the proposition to
the proper election officials, who shall submit the proposition to the
voters at an election in accordance with the general election law. If a
majority of the votes cast on the proposition is in
favor of the issuance of such general obligation bonds the District
shall thereafter be authorized to issue and, in accordance with the
provisions of Section 14 of this Act, to sell the bonds specified in
such ordinance and to adopt an ordinance levying an annual tax against
all of the taxable property within the District sufficient to pay the
maturing principal and interest of such bonds and to file a certified
copy of both such ordinances in the office of the county clerk of Wabash
County. Thereafter the county clerk shall annually extend taxes against
all the taxable property within the District at the rate specified in
the ordinance levying the taxes. The aggregate amount of principal of
general obligation bonds issued under the provisions of this section of
this Act shall not exceed 2.5% of the assessed valuation of all taxable
property in the District.
The proposition shall be in substantially the following form:
--------------------------------------------------------------------------------------------------------------------- Shall general obligation bonds in the amount of $.... be issued by the Mt. Carmel YES Regional Port District for the purpose of...., maturing in ---------------------------------------------------------------------- not more than....years, bearing not more than....% interest, and NO a tax levied to pay the principal and interest thereof?---------------------------------------------------------------------------------------------------------------------
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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