60 ILCS 1/ Township Code.

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60 ILCS 1/115-105

(60 ILCS 1/115-105)

Sec. 115-105.

Borrowing money; bonds.

The township board may borrow money
and issue bonds, after referendum, for the purpose of acquiring, developing,
rehabilitating and renovating open lands for open space purposes, as defined in
Section 115-5, pursuant to an open space program adopted as provided in this
Article, in and for the township in any amount not to exceed 5%
on the
valuation of taxable property in the township, to be ascertained by the last
assessment for State and county taxes previous to the incurring of such
indebtedness or, until January 1, 1983, if greater, the sum that is produced by
multiplying the township's 1978 equalized assessed valuation by the debt
limitation percentage on January 1, 1979.

Whenever the board desires to issue bonds under this Article, or whenever the
board receives a petition from not less than 5% or 50, whichever is greater, of
the registered voters of the township, according to the voting registration
records at the time the petition is filed, requesting the board to issue bonds
under this Article, the board, concurrently with the filing of a petition with
the township clerk requesting him to submit to the voters of the township at
the next election the question of whether or not to adopt an open space plan
and enter upon an open space program, shall certify that proposition to the
proper election officials who shall submit to the voters of the township at the
next election the question of whether or not
the board shall issue bonds to finance an open space program and provide for
the levy and collection of a direct annual tax upon all taxable property within
the township to meet the principal and interest on the bonds as they mature,
which tax shall be in addition to and in excess of any other tax authorized to
be levied by the township.
The amount of bonds to be issued under this Section shall be set forth in the
question as a  dollar amount.
The election shall be conducted and notice given in
accordance with the general election law.  The question submitted to the voters
at the election shall be in substantially the following form:

Shall (name of township) issue bonds to finance the

acquisition, maintenance, development, rehabilitation and renovation of open space lands for open space purposes as provided by the Township Open Space Article of the Township Code and levy and collect property taxes, in excess of any other tax authorized to be levied by the township, sufficient to meet the principal and interest on the bonds as they mature, but not in an amount in excess of $(amount)?

The votes shall be recorded as "Yes" or "No".

If a majority of the voters voting on the question vote in favor of the
question, the board shall issue bonds as provided in this Article provided such
bonds are issued within 6 months after the voters vote favorably on such
question.
If such proposition does not receive the approval of a majority of
the voters voting at the
election on the question, no proposition may be submitted to such voters
pursuant to this Section less than 23 months after the date of such election.

The board shall then adopt a resolution authorizing the issuance of such
bonds, prescribing all the details thereof, and stating the time or times when
the principal thereof and the interest on the bonds become payable, and the
place of payment thereof.  The bonds must, however, be payable within not less
than 3 nor more than 40 years from date thereof, and be issued to bear interest
at not to exceed the maximum rate authorized by the Bond Authorization Act, as
amended at the time of the making of the contract.  Such a resolution shall
provide for the levy and collection of a direct annual tax upon all the taxable
property within the corporate limits of such township sufficient to meet the
principal of and interest on the bonds as they mature, which tax shall be in
addition to and in excess of any other tax authorized to be levied by the
township.

A certified copy of the resolution providing for the issuance of any such
bonds shall be filed with the county clerk of the county in which the township
is located and constitutes the basis and authority of the county clerk for the
extension and collection of the tax necessary to pay the principal of and
interest upon the bonds issued under the resolution.

With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of Public Act 86-004, it
is and always has been the intention of the General Assembly (i) that the
Omnibus Bond Acts are and always have been supplementary grants of power to
issue instruments in accordance with the Omnibus Bond Acts, regardless of any
provision of this Article that may appear to be or to have been more
restrictive
than those Acts, (ii) that the provisions of this Section are not a limitation
on
the supplementary authority granted by the Omnibus Bonds Acts, and (iii) that
instruments issued under this Section within the supplementary authority
granted by the Omnibus Bond Acts are not invalid because of any provision of
this Article that may appear to be or to have been more restrictive than those
Acts.

If a majority of the legal voters voting at referendum in any township
approved a proposition at the consolidated election in 2001 in
reliance upon and consistent with this Section 115-105 as it existed prior to
the effective date of Public Act 91-847, then that referendum and all actions
taken in reliance thereon are hereby validated and are legally binding in all
respects.

(Source: P.A. 91-847, eff. 6-22-00; 92-6, eff. 6-7-01.)

60 ILCS 1/115-110

(60 ILCS 1/115-110)

Sec. 115-110.

Report.

No later than March 31 of each calendar year, the
board of any township that has established an open space program pursuant to
the provisions of this Article shall file with the township clerk a report
describing the actions taken by such board to implement its open space plan.
This report shall include at least the following information:

(1) The amount of taxes levied and received by the

township in the preceding calendar year;

(2) The amount of all monies spent in the preceding

calendar year in implementing the open space plan and the specific purposes for which all monies were spent;

(3) The legal and common descriptions of all lands

acquired in the preceding calendar year; and

(4) The purpose for which all properties acquired are

being used.

(Source: P.A. 88-670, eff. 12-2-94.)