(70 ILCS 2105/14) (from Ch. 42, par. 397)
Sec. 14.
Any conservancy district organized under this Act may borrow
money for corporate purposes and may issue bonds therefor, but shall not
become indebted in any manner, or for any purpose, to an amount in the
aggregate to exceed 5% of the valuation of taxable property therein to
be ascertained by the last assessment for State and county taxes
previous to the incurring of such indebtedness. Whenever the board of
trustees of such district desires to issue bonds hereunder they shall
certify the question to the proper election officials who shall submit
the question at an election in accordance with the general election law.
The result of the election shall be entered upon the records of the district.
If it shall appear that a
majority of the voters voting on the question shall
have voted in favor
of the issue of the bonds, the board of trustees shall order and direct
the execution of the bonds for and on behalf of the district. All bonds
issued hereunder shall mature in not exceeding 20 annual installments.
The question shall be in
substantially the following form:
--------------------------------------------------------------------------------------------------------------------- Proposition to issue bonds for YESdistrict to the amount of.... dollars ----------------------------------------------------------------------for the purpose of.... NO---------------------------------------------------------------------------------------------------------------------
(Source: P.A. 81-1489.)
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