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(70 ILCS 2605/9) (from Ch. 42, par. 328)
Sec. 9.
The corporation may borrow money for corporate purposes and
may issue bonds, notes or other evidences of indebtedness therefor,
but shall not become indebted in any manner, or for any purpose to an
amount in the aggregate to exceed 5.75% of the valuation of taxable
property therein, to be ascertained by the last assessment for State and
county taxes previous to incurring of such indebtedness.
No ordinance providing for the issuance of such obligations of any
sanitary district organized under this Act shall be valid unless it
specifically states the purpose for which such obligations are to be issued.
The funds derived from the sale of any such obligations shall be used solely
for the purpose stated in such ordinance. Such obligations may be sold and
delivered as and when the proceeds thereof shall be deemed necessary by
the board of commissioners. Such obligations
shall be of the form and tenor and shall be
executed for and on behalf of such sanitary district by such of its
officers as may be specified in the ordinance. The validity of
every such obligation so executed shall remain unimpaired by the fact that
one or more of the subscribing or attesting officers shall have ceased to
be such officer or officers before the delivery of the obligations to the purchaser.
Except for the purpose of paying lawful claims against such sanitary
district for damage to land or for damage to or destruction of other
property, where such damage or destruction is caused or occasioned by
such sanitary district, and except for the purpose of establishing a
corporate working cash fund as is provided by Section 9b of this Act,
and except for the purpose of establishing a construction working cash
fund as is provided by Section 9c of this Act, and except as is
otherwise provided in Sections 9.1, 9.2, 9.3, 9.4, 9.5, 9.6 and 9.6a of
this Act, no such sanitary district shall issue obligations payable from taxes
unless the proposition to issue such obligations shall have been first
submitted to the legal voters of such sanitary district, and shall have
been approved by a majority of those voting upon the proposition.
(Source: P.A. 83-1525.)
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