60 ILCS 1/ Township Code.

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60 ILCS 1/150-25

(60 ILCS 1/150-25)

Sec. 150-25.

Tax.

The board of managers shall, in the resolution authorizing
the bonds, provide for the collection of a direct annual tax sufficient to pay
the interest and principal of the bonds as each falls due. A certified copy of
the resolution authorizing the bonds and levying the tax shall be filed in the
office of the county clerk of the county in which the township is located. The
county clerk shall extend annually against the property in the township a tax
sufficient to raise in each year the amount provided in the resolution for the
payment of principal and interest in that year. In any event and despite any
error or  insufficiency of amount that may occur in the resolution, the county
clerk shall extend annually against the property in the township a tax
sufficient to pay the interest on the bonds in each year and to discharge the
principal of the bonds within the period for which the bonds have been issued.

(Source: P.A. 86-4; 88-62.)

60 ILCS 1/150-30

(60 ILCS 1/150-30)

Sec. 150-30.

Use of bond sale proceeds.

The proceeds
of the sale of bonds shall be expended by the board of managers for the purpose
of purchasing, erecting, or equipping a community building or buildings or
acquiring a site for a community building or buildings. The board of managers
may exercise any other powers necessarily incidental in order to carry out the
provisions of this Article. The supervisor of the township shall be treasurer
of the funds provided for in this Article and shall pay out those funds only on
the written order of a majority of the
board of managers.

(Source: Laws 1929, p. 771; P.A. 88-62.)

60 ILCS 1/150-35

(60 ILCS 1/150-35)

Sec. 150-35.

Acquisition of property or funds.

A township may acquire, by
dedication or gift, property or funds for community buildings.  If community
buildings or funds are acquired by dedication or gift, a board of managers
shall be elected at the next succeeding township election in the manner
provided in Section 150-15 and in accordance with the general election law.

(Source: P.A. 81-1490; 88-62.)