(70 ILCS 1275/9) (from Ch. 105, par. 255.35)
Sec. 9.
All bonds issued under authority of this Act shall be payable
over a period of not less than five nor more than twenty years from the
date of issue and shall bear interest at a rate not to exceed six per cent
per annum, payable semiannually. The proceeds of the bonds shall be used
only for the purpose of constructing or completing playgrounds or athletic
fields, and grandstands or seating facilities therefor, as Living War
Memorials.
(Source: Laws 1947, p. 1255.)
|