(75 ILCS 35/1) (from Ch. 81, par. 46)
Sec. 1.
That for the purpose of
erecting, repairing or improving library buildings or purchasing sites
for library buildings, the directors of any township library, organized
under the laws of this state, when thereunto authorized by majority of
all the votes cast on the proposition at an election, may borrow
money, and may issue bonds therefor, in the sums of not less than one
hundred dollars ($100) bearing interest at a rate not exceeding six per
centum per annum and for a term not to exceed twenty years: Provided,
that the sum borrowed in any one year shall not exceed five per centum
(including existing indebtedness) of the taxable property of the
township, to be ascertained by the last assessment for state and county
taxes previous to the incurring of such indebtedness. The proposition
shall be submitted to the voters in accordance with the general election
law upon the adoption of a resolution so requesting by the directors and
certified to the proper election officials.
(Source: P.A. 81-1489.)
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