(605 ILCS 5/6-513) (from Ch. 121, par. 6-513)
Sec. 6-513.
The county board, in any county having the commission
form of government in which a county unit road district is established,
may issue bonds of the county in an amount not exceeding 2.875% of the
value, as equalized and assessed by the Department of Revenue, of the
property in such county or, until January 1, 1983, if
greater, the sum that is produced by multiplying the county's 1978
equalized assessed valuation by the debt limitation percentage in effect
on January 1, 1979, for the purpose of constructing county unit district
roads. However, the question of issuing such county bonds shall first be
submitted to the legal voters of such county at an election. The county
board shall adopt a resolution to
submit the question of issuing such bonds to a vote, specifying therein
the particular roads or bridges to
be constructed, the type of construction to be made on each section of
such roads or on such bridges, the proposed widths of the roadway,
together with an estimate of the cost of such construction. The county
board shall certify the resolution to the proper election officials, who
shall submit at an election such proposition in accordance with the general
election law. Notice of
the referendum shall be given and the referendum shall be held
in accordance with the general election law
of the State. The proposition shall be in substantially
the following form:
-------------------------------------------------------------- Shall county bonds for county YESunit district roads be issued to the -------------------------amount of $....? NO--------------------------------------------------------------
If a majority of the voters voting on such question vote in favor of
the proposition, the county board may at once issue the bonds and take
the necessary steps to construct the roads provided for. Such bonds
shall be issued to mature within 20 years from the date of issue, shall
be upon such terms and conditions and shall bear such rate of interest
not in excess of the amount permitted pursuant to "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, as shall be fixed
by the county board. Such bonds
shall be sold upon competitive bids; and the county board may, if it is
of the opinion that the bids are unsatisfactory, reject the same and
re-advertise and solicit other bids. At the time or before issuing any
such bonds, the county board shall adopt a resolution fixing the details
of such bonds and providing for the levy of a direct annual tax to pay
the principal and interest on such bonds as the same become due. A
register of all bonds so issued shall be kept in the office of the
county clerk, and it shall be the duty of the county clerk to annually
extend a tax upon all the taxable property of the county sufficient to
pay the interest and principal on such bonds, as the same shall become
due. Such tax shall not be subject to any limitation as to rate or
amount. However, if it has been certified to the county clerk that funds
from other sources have been allocated and set aside for the purpose of
paying the principal or interest, or both, of such bonds, the county
clerk shall, in extending the tax and fixing the rate of tax under this
Section make proper allowance and reduction in such extension of tax
and tax rate to the extent of the funds so certified to be available for
the payment of such principal or interest, or both.
(Source: P.A. 91-357, eff. 7-29-99.)
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