(605 ILCS 5/6-510) (from Ch. 121, par. 6-510)
Sec. 6-510.
On the petition either of the highway commissioner or of
25 of the legal voters of any district, to the district clerk, he shall
order a referendum on the proposition "Shall bonds for road purposes
be issued to the amount of $....?" at the next annual town meeting, or at
an election in accordance with the general election law.
If the referendum is ordered to be held at the town meeting, the district
clerk shall give notice that at the next annual town meeting the proposition
shall be voted upon. Such notice shall set forth the proposition and shall
be given by publication in a newspaper of general circulation in the township
and by posting notices in at least 10 of the most public places in the town
at least 10 days prior to the annual meeting. If the referendum is ordered
to be held at an election, the district clerk shall certify that proposition
to the proper election officials, who shall submit the proposition to the
voters in accordance with the general election law.
The proposition shall be in substantially the following form:
--------------------------------------------------------------------------------------------------------------------- Shall bonds for road YESpurposes be issued in ------------------------------------------------------------------------------the amount of $....? NO---------------------------------------------------------------------------------------------------------------------
If a majority of the legal voters voting on such
question voted in favor of such question, the highway commissioner and
the district clerk shall issue (from time to time as the work
progresses) a sufficient amount of bonds of such district for the
purpose of constructing or repairing roads, bridges, or any other work
incident to the construction thereof, according to the prayer of such
petition, if set out therein.
Such bonds shall be of such denominations, bear such date, maturity,
rate of interest, not exceeding the greater of (i) the maximum rate
authorized by the Bond Authorization Act, as amended at the time of the
making of the contract,
or (ii) 8% per annum
payable annually or
semi-annually, and be payable at such place as the highway commissioner
and clerk shall determine and be disposed of as the necessities and
convenience of such district may require; provided, that such bonds
shall not be sold nor disposed of, either by sale or by payment to
contractors for labor or materials, for less than their par value, and
that such bonds shall be issued in not more than 10 annual series, the
first series of which shall mature not more than 5 years from the date
thereof, and each succeeding series in succeeding years thereafter. Such
bonds may be lithographed and the interest for each year evidenced by
interest coupons thereto attached, which coupons shall be signed with
original or facsimile signatures by the same officers who executed the
bonds.
A register of all issues of such bonds shall be kept in the office of
the county clerk of the county in which such district is located,
showing the date, amount, rate of interest, maturity and the purpose for
which such bonds were issued, which information shall be furnished to
the county clerk, in writing, by the district clerk. Such county clerk
shall extend annually against the taxable property in such road district
a tax sufficient to pay the interest on such bonds in each year prior to
the maturity of such first series and thereafter he shall extend a tax
in each year sufficient to pay each series as it matures, together with
interest thereon and with the interest upon the unmatured bonds
outstanding; provided, that if it has been certified to the county clerk
that funds from other sources have been allocated and set aside for the
purpose of paying the principal or interest, or both, of such bonds, the
county clerk shall, in extending the tax and fixing the rate of tax
under this Section, make proper allowance and reduction in such
extension of tax and tax rate to the extent of the funds so certified to
be available for the payment of such principal or interest, or both.
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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