(620 ILCS 50/55) (from Ch. 15 1/2, par. 159)
Sec. 55.
Before any county shall be authorized to levy a tax or
borrow money by the issuance of General Bonds or Revenue Bonds:
1. The Commission shall adopt general plans and specifications
describing the airport or airports to be constructed, improved,
acquired, maintained, or operated, the specific location thereof, the
type of construction or improvement and shall make an estimate of the
cost thereof and an estimate of the earnings, if any, and the net cost
to the Commission.
2. The Commission shall transmit such plans, specifications and
estimates as approved by the Department, to the county board.
3. If such plans, specifications and estimates sent to the county
board are accompanied by a request that a tax be levied or money
borrowed for the purpose of defraying part or all of the cost of such
work, the Commission shall accompany such request with a resolution, in
appropriate form, for adoption by the county board, which resolution
shall among other things provide:
(a) In case the levy of a tax is requested, that the question of
levying such tax be submitted to a vote of the people of such county at
an election in accordance with the general election law;
the rate of tax to be levied and the form of the question
which shall be substantially as follows:
--------------------------------------------------------------------------------------------------------------------- Airports Shall an annual tax of (here YES insert rate) mill(s) on the dollar of all the taxable ---------------------------------------------------------------------------- property of (Name of County) be levied for airport purposes as specified in "County Airport NO Commission Request"?---------------------------------------------------------------------------------------------------------------------
(b) In case the issuance of General Bonds is requested, that the
question of issuing such bonds and the raising of an additional tax for
the payment of interest and principal thereon be submitted to a vote of
the people of such county at a regular election in accordance with the general
election law; the specified purposes for which the
proceeds of the sale of such bonds are to be used; the maturity of such
bonds, which shall be not less than 5 nor more than 20 years; the rate
of interest, which shall not exceed
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, payable semi-annually,
and the amount of such bonds to be issued, and the form of the proposition
which shall be substantially as follows:
--------------------------------------------------------------------------------------------------------------------- Airports Shall County Bonds for airport YES purposes as specified in "County Airport Commission, Request...." -------------------------------------------------------------------------- be issued to the amount of $.... and an additional tax levied for the payment of interest and NO principal of such bonds?---------------------------------------------------------------------------------------------------------------------
(c) In case the issuance of revenue bonds be requested, the amount
to be issued, the maturity of such bonds and the interest cost and the
source of the revenues to be pledged for the retirement of such bonds.
In submitting such request the Commission shall designate such
requests as "County Airport Commission Request 'A', etc." and they may
be so referred to in any proceedings growing out of this Act. The
Commission may submit, if so marked, alternate ways and means of
accomplishing the financing of the undertaking submitted, in which case
such requests shall be designated "County Airport Commission Alternate
A-1" etc.
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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