(70 ILCS 905/24) (from Ch. 111 1/2, par. 20.4)
Sec. 24.
The bonds authorized by this Act shall be sold and the proceeds
thereof used solely for the specified purpose. At or before the time of
delivery of any bond, the board shall file with the county clerk of each
county in which the district is situated its certificates, stating the
amount of bonds to be issued, or denominations, rate of interest, where
payable, and shall include a form of bond to be issued. The board shall
levy a direct tax upon all of the taxable property within the district
sufficient to pay the principal and interest on the bonds
as and when the same respectively mature. The certificates so filed shall
be full authority to the county clerk to extend the tax named therein upon all
the taxable property within the district. Such tax shall be in addition to all
other taxes and shall not be within any rate limitation otherwise prescribed by
law.
The proceeds received from the sale of the bonds shall be received and
held by the board and expended under its direction upon the warrant of a
majority of the members.
(Source: P.A. 92-16, eff. 6-28-01.)
|