(60 ILCS 1/207-30)
Sec. 207-30.
Issuance of bonds.
Bonds secured by the full faith and credit
of the
area included in the township special service area may be issued for providing
the special
services in an amount not to exceed the amount authorized by the voters at the
referendum under Section 207-25 and not to be retired over a longer period of
time than
authorized at the referendum. Bonds, when so issued, shall be retired by the
levy of ad
valorem taxes against all of the taxable real property included in the township
special
service area as provided in the referendum establishing the township special
service area
and authorizing the issuance of the bonds. The county clerk shall annually
extend ad
valorem taxes against all of the taxable property situated in the county and
contained in
the special service area in amounts sufficient to pay maturing principal and
interest of
those bonds without limitation as to rate or amount and in addition to and in
excess of
any taxes that may now or hereafter be authorized to be levied by the township.
Bonds
issued pursuant to this Article shall not be regarded as indebtedness of the
township for
the purpose of any limitation imposed by any law.
All bonds shall be issued in accordance with the provisions of the Local
Government Debt Reform Act.
(Source: P.A. 90-798, eff. 12-15-98.)
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