(70 ILCS 810/21) (from Ch. 96 1/2, par. 6424)
Sec. 21.
The board may, for any of the purposes enumerated in this Act,
borrow money upon the faith and credit of such district, and may issue bonds
therefor. However, a district may not become indebted in any manner or for any
purpose to an amount including existing indebtedness in the aggregate exceeding
.345% of the assessed value of the taxable property therein, as ascertained by
the last equalized assessment for State and county purposes. Except for
indebtedness incurred under Section 21.1 of this Act and except for
indebtedness incurred to construct, acquire, equip, repair, and renovate
buildings or other improvements to land of the district or to acquire equipment
for the district, no district may incur indebtedness for any purpose other than
the acquisition of land including acquiring lands in fee simple along or
enclosing water courses, drainage ways, lakes, ponds, planned impoundments or
elsewhere which are required to store flood waters or control other drainage
and water conditions necessary for the preservation and management of the water
resources of the district, unless the proposition to issue bonds or otherwise
incur indebtedness is first certified by the district to the proper election
officials, who shall submit the proposition to the legal voters of the district
at an election in accordance with the general election law and approved by a
majority of those voting upon the proposition. No district may incur
indebtedness for the acquisition of land or lands for any purpose in excess of
75,000 acres, including all lands theretofore acquired, unless the proposition
to issue bonds or otherwise incur indebtedness is first certified by the
district to the proper election officials, who shall submit the proposition to
the voters of the district at an election in accordance with the general
election law and approved by a majority of those voting upon the proposition.
Before or at the time of issuing bonds, the board shall provide by ordinance
for the collection of an annual tax sufficient to pay the interest on the bonds
as it falls due, and to pay the bonds as they mature. All bonds issued by any
forest preserve district must be divided into series, the first of which
matures not later than 5 years after the date of issue and the last of
which matures not later than 30 years after the date of issue.
(Source: P.A. 88-503.)
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