(70 ILCS 3405/19) (from Ch. 42, par. 466)
Sec. 19.
Bonds.
Any surface water protection district may borrow money
for its corporate purposes and may issue bonds therefor, but shall not
become indebted in any manner, or for any purpose, in an amount
exceeding, in the aggregate, 5% of the valuation of
taxable property therein, to be ascertained by the last equalized
assessment for State and county taxes previous to the incurring of such
indebtedness. Whenever the board of trustees of the district
desires to issue bonds under this Section it shall,
except as otherwise provided in Section 20a, 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 referendum
shall be entered upon the records of the district. If a majority of the votes
on the question are in favor of the issuance of 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 ballots for elections held
under this Section shall be in substantially the following form:
--------------------------------------------------------------------------------------------------------------------- Shall .... Surface Water YESProtection District issue bonds ------------------------------------------------------------------------in the amount of .... dollars? NO---------------------------------------------------------------------------------------------------------------------
(Source: P.A. 90-655, eff. 7-30-98.)
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