(50 ILCS 30/9.1) (from Ch. 85, par. 1209.1)
Sec. 9.1.
If the board of commissioners of an Exhibition Council
desires to issue general obligation bonds it shall adopt a resolution
specifying the amount of bonds to be issued, the purpose for which they
will be issued, the maximum rate of interest they will bear which may
not be more than the maximum rate authorized by the Bond Authorization Act,
as amended at the time of the making of the contract, the date of maturity
which may not be more than 20 years after the date of issuance, and levying
a tax that will be required to amortize such bonds. This ordinance is not
effective until it has been submitted to referendum of, and approved by,
the legal voters of the city or county, as the case may be, which caused
the formation of that Council. The recording office of the council shall
certify the ordinance and the proposition to the proper election officials
in accordance with the general election law. The question shall be
submitted at a regular election and notice of the referendum given in
accordance with the general election law. If
a majority of the vote is in favor of the issuance of such general
obligation bonds the county clerk shall annually extend taxes against
all taxable property within the city or county, as the case may be, at a
rate sufficient to pay the maturing principal and interest of these bonds.
The proposition shall be in substantially the following form:
-------------------------------------------------------------- Shall general obligation bonds in the amount of $.... be issued by the....(Exhibition Council) YES for the purpose of.... maturing in not more than.... years, ------------------------- bearing not more than....% interest, and a tax levied to NO pay the principal and interest thereof?--------------------------------------------------------------
(Source: P.A. 86-4.)
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