(70 ILCS 2805/32b.1) (from Ch. 42, par. 443b.1)
Sec. 32b.1.
The board of trustees of any sanitary district created hereunder,
after receiving a petition in writing, signed by not less than 50% of the
legal voters and not less than 50% of the record owners of land in any contiguous
territory situated within such sanitary district, shall have the power,
by the issuance of revenue bonds, or by special assessment, as determined
by ordinance of the board of trustees, to purchase or construct waterworks
within such contiguous territory and thereafter operate, maintain, improve
and extend such waterworks as defined in this Act. Such petition, when
submitted to the board of trustees, shall contain an estimate of the cost
of the purchase or construction of such waterworks. The ordinance to provide
for the purchase or construction of such waterworks shall be adopted only
by a vote of a majority of the members of the board of trustees. Such ordinance
shall contain an accurate description of the territory which will be affected
by the purchase or construction of the waterworks, and the costs of such
purchase, construction, improvement or extension shall be paid solely by
the issuance and sale of revenue bonds of the district secured by and payable
solely from the revenue to be derived from the operation of such waterworks,
or by special assessment, as the case may be.
Revenue bonds provided for in this Section may be issued in such amounts
as may be necessary to provide sufficient funds to pay all costs of purchasing
or constructing such waterworks, including engineering, legal and other
expenses. Such bonds shall bear interest at a rate not exceeding the rate
permitted by "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 amended,
payable semi-annually, and shall be payable at such times and places not
exceeding 30 years from their date as shall be prescribed in the ordinance
providing for their issuance. However, if the board of trustees determines
by ordinance that the purchase and construction of such waterworks is to
be secured and paid by special assessment, then the proceedings for making,
levying, collecting and enforcing any special assessment levied hereunder,
the letting of contracts, the issuance of special assessment bonds, the
performance of the work and all other matters required or pertaining to
the purchase or construction and making of the improvements or extensions
shall be as provided in Division 2 of Article 9 of the Illinois Municipal
Code, as heretofore and hereafter amended. Whenever in said Division 2
the words "city council" or the words "board of local improvements" are
used, the same shall apply to the board of trustees constituted by this
Act, and the word "mayor" or "president of the board of local improvement"
shall apply to the president of the
board of trustees constituted by this Act, and the words applying to the
city or its officers in that Article shall be held to apply to the sanitary
district created under this Act and its officers.
(Source: P.A. 83-673.)
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