(65 ILCS 5/11-117-8) (from Ch. 24, par. 11-117-8)
Sec. 11-117-8.
For the purpose of acquiring any public utility, or any part
thereof, or property necessary or appropriate for the operation of any
public utility, either by purchase, condemnation, or construction, any
municipality may borrow money and issue negotiable bonds therefor, pledging
the faith and credit of the municipality. But no such bonds shall be issued
unless the proposition to issue the bonds has first been submitted to the
electors of the municipality and approved by a majority of those voting
thereon. The proposition shall be submitted in accordance with the
provisions of Section 11-117-3. No such bonds shall be issued in an amount
in excess of the cost of the municipality of the property for which the
bonds are issued, and 10% of that cost in addition thereto.
(Source: Laws 1961, p. 576.)
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