(70 ILCS 1850/8) (from Ch. 19, par. 408)
Sec. 8.
The District has the continuing power to borrow money and issue
either general obligation bonds after approval by referendum as
hereinafter provided or revenue bonds without referendum approval for
the purpose of acquiring, constructing, reconstructing, extending or
improving terminals, terminal facilities, airfields, airports and port
facilities, and for acquiring any property and equipment useful for the
construction, reconstruction, extension, improvement or operation of its
terminals, terminal facilities, airfields, airports and port facilities,
and for acquiring necessary cash working funds.
The District may pursuant to ordinance adopted by the Board and
without submitting the question to referendum from time to time issue
and dispose of its interest bearing revenue bonds and may also in the
same manner from time to time issue and dispose of its interest bearing
revenue bonds to refund any revenue bonds at maturity or pursuant to redemption
provisions or at any time before maturity with the consent of the holders thereof.
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 that permitted in "An Act to authorize public corporations
to issue bonds, other evidences of indebtedness and tax anticipation warrants
subject to interest rate limitations set forth therein", approved May 26,
1970, as now or hereafter amended. Such interest may be paid semiannually.
The ordinance shall also specify the date of maturity which shall not be
more than 20 years after the date of issuance and shall levy a tax that
will be required to amortize such bonds. This ordinance shall not be effective
until it has been submitted to referendum of, and approved by, the legal
voters of the District. The Board shall certify the 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 vote on the proposition is in favor of the issuance of such general
obligation bonds the
county clerk shall annually extend taxes against all taxable property
within the District at a rate sufficient to pay the maturing principal
and interest of these bonds.
The proposition shall be in substantially the following form:
-------------------------------------------------------------- Shall general obligation bonds in the amount of $.... be issued YES by the Shawneetown Regional Port District for the purpose of ...., maturing in not more than .... years, ------------------ bearing not more than ....% interest, and a tax levied to pay the principal NO and interest thereof?--------------------------------------------------------------
(Source: P.A. 82-902.)
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