(70 ILCS 810/44.1) (from Ch. 96 1/2, par. 6447.1)
Sec. 44.1. For the purpose of making capital improvements in
connection with botanical gardens, the corporate authorities of the
forest preserve district in which such gardens are maintained may incur an
indebtedness and issue bonds therefor in amounts not exceeding in the
aggregate $32,000,000. Such bonds shall bear interest at not
more than the
maximum rate provided by law and shall mature within 20 years from the date
thereof. The resolution authorizing this issuance of bonds may be made
effective without the submission thereof to the voters of the district for
approval.
All moneys received from the issuance of bonds as provided in this
Section shall be set apart in a separate fund by the district treasurer
and shall be used only for the purposes set forth in this Section.
The corporate authorities of such district shall provide for the levy
of a direct annual tax upon all the taxable property in such district,
sufficient to pay and discharge the principal of such bonds at maturity
and to pay the interest thereon as it falls due. This tax shall be
levied and collected in like manner with the general taxes of the forest
preserve district and shall be in addition to the maximum of all other
taxes and tax rates which the district is or may be authorized to levy.
(Source: P.A. 93-601, eff. 1-1-04.)
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