(70 ILCS 200/155-40)
Sec. 155-40.
Bonds; principal and interest payments;
taxation.
If a majority of the voters of said metropolitan area approve the
issuance of bonds as provided in Section 155-35, the
Authority
shall have power to issue general obligation bonds, pledge its full faith
and credit to the payment thereof and levy taxes sufficient to pay for the
annual principal and interest charges on such bonds. Such bonds may bear
such date or dates, may mature at such time or times not exceeding 40 years
from their respective date, may bear interest at such rate or rates, may be
in such form, may carry such conversion, registration and exchange privileges,
may be subject to defeasance upon such terms, may be executed in such
manner, may be payable at such place or places, may be made subject to
redemption in such manner and upon such terms, with or without premium as
is stated on the face thereof, may be sold by negotiated sale or pursuant
to advertisement and sealed bid, and may contain such terms and covenants,
all as may be provided by the Authority.
Such taxes proposed by the Authority to be levied upon the taxable
property within the metropolitan area shall be levied by ordinance and be
unlimited as to rate and amount.
A certified copy of such levy ordinance shall be filed with the county
clerk, and thereupon the county clerk shall extend such tax in each year as
provided in such ordinance and in accordance with law.
(Source: P.A. 90-328, eff. 1-1-98.)
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