(60 ILCS 1/205-20)
Sec. 205-20.
Ordinance describing project.
(a) A township board may initiate proceedings under this Article by adopting
an ordinance describing in a general way the contemplated project and referring
to plans and specifications prepared for any construction work. The ordinance
shall be placed on file in the office of the township clerk and shall be
available for inspection by the public.
(b) The ordinance shall set out the total estimated cost of the
project, fix the amount of bonds proposed to be issued, the maturity or
maturities, the interest rate, and all details concerning the bonds, and set
out the covenants and undertakings of the township in connection with the
application of the income and revenue and the issuance of additional revenue
bonds deemed necessary or advisable for assurance of the payment of the
bonds authorized by the ordinance and thereafter issued.
(Source: P.A. 82-783; 88-62.)
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