(70 ILCS 1105/17) (from Ch. 85, par. 6817)
Sec. 17.
Debt and bonds.
The board of a museum district may, for any of
its authorized purposes, borrow money upon the faith and credit of the
district and may issue bonds. A district may not, however, become indebted
in any manner or for any purpose to an amount including existing
indebtedness in the aggregate exceeding 1.5% of the assessed value, as
equalized by the Department of Revenue, of the taxable property in the
district. A district may not incur (i) indebtedness in excess of .3% of
the assessed value, as equalized by the Department of Revenue, of taxable
property in the district for the development of historical sites, together
with related lands and facilities, held by the district or (ii)
indebtedness for any other purpose except the acquisition of historical
sites, together with related lands and facilities, unless the proposition
to issue bonds or otherwise incur indebtedness is certified by the board
to the proper election officials, who shall submit the proposition at an
election in accordance with the general election law, and the proposition
is 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 principal of the bonds as they mature. The
bonds shall mature not later than 20 years after the date thereof. Such
bonds shall bear interest at such rate or rates as do not exceed those set
forth in "An Act to authorize public corporations to issue bonds, other
evidences of indebtedness and tax anticipation warrants subject to interest
rate limitations set forth therein", approved May 26, 1970, as amended from
time to time, and shall be issuable upon any terms and may have provisions
as make use of any authority as may be provided in the Local Government
Debt Reform Act, as amended from time to time.
(Source: P.A. 86-477.)
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