(70 ILCS 5/14.5) (from Ch. 15 1/2, par. 68.14e)
Sec. 14.5.
Referendum if bonds exceed 3/4 of one per cent of assessed
value.
In case any such ordinance provides for the issuance of bonds in an
amount which, together with the aggregate of all tax secured bonds
theretofore issued under this Section at any time and then outstanding,
exceeds 3/4% of the aggregate valuation of all taxable property within
the Authority, as equalized or assessed by the Department of Revenue,
then such ordinance shall not take effect, nor shall
any bonds be issued thereunder, until the question whether the bonds
shall be issued is submitted to the legal voters of the Authority and
approved by a majority of those voting upon the question. The question
may be submitted at any election after the adoption of such ordinance.
The Board shall certify the question and the ordinance to the proper election
officials, who shall submit the question to the voters at an election in
accordance with the
general election law. The question shall be in substantially the
following form:
-------------------------------------------------------------- Shall the.... Airport Authoritybe authorized to issue general YESobligation bonds in the amount of ---------------------$ (fill in amount) for the purpose of NO(state purpose)?--------------------------------------------------------------
If a majority of the legal voters of the Authority voting upon such
proposition vote in favor thereof, the ordinance providing for the
issuance of such bonds shall be in full force and effect and such bonds
may be issued as provided in this Section. The principal aggregate
amount of any bonds issued under such ordinance shall not exceed,
together with bonds theretofore issued under this Section and then
outstanding, and other outstanding indebtedness of the Authority, 2% of
the aggregate valuation of all taxable property within the Authority, as
equalized or assessed by the Department of Revenue.
(Source: P.A. 81-1489; 81-1509.)
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