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70 ILCS 2905/5-2
(70 ILCS 2905/5-2) (from Ch. 42, par. 505-2)
Sec. 5-2. Bonds. Subject to the referendum provided for in Section 5-3, the board may
borrow money for corporate purposes on the credit of the corporation,
and issue bonds therefor, in such amounts and form, and on such
conditions as it shall prescribe, but shall not become indebted in any
manner, or for any purpose, to an amount, including existing
indebtedness, in the aggregate to exceed 5.75% of the value of the taxable
property, including property annexed pursuant to Section 2-11, in said district, to be ascertained by the last assessment for
taxes previous to the incurring of such indebtedness
or, until January 1, 1983, if greater, the sum that is produced by multiplying
the district's 1978 equalized assessed valuation by the debt limitation
percentage in effect on January 1, 1979; and before or at
the time of incurring any indebtedness, shall provide for the collection
of a direct annual tax sufficient to pay the interest on such debt, as
it falls due, and also to pay and discharge the principal thereof,
within 20 years after contracting the same.
The bonds shall be sold to the highest and best responsible bidder
therefor. Notice of the time and place bids will be publicly opened
shall be given by publication in a newspaper having general circulation
in the district, once each week for 3 successive weeks, the last
publication to be at least one week prior to the time specified in the
notice for the opening of bids.
(Source: P.A. 96-1070, eff. 1-1-11.)
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