(70 ILCS 3305/8) (from Ch. 121, par. 362)
Sec. 8.
The board of trustees of any street lighting district
organized hereunder may contract with any city, village or incorporated
town lying adjacent to such district or with a public utility for street
lighting service to be furnished by such municipality or utility for the
street within such district. The board of trustees may also contract for
the installation, rental or use of street lights within the street
lighting district and for the furnishing of electric service to be used
within such district for street lighting purposes.
Any street lighting district incorporated under this Act may borrow
money for corporate purposes and may issue bonds therefor, but shall not
become indebted in any manner, or for any purpose to an amount in the
aggregate to exceed 5% on the valuation of taxable property therein to
be ascertained by the last assessment for State and County taxes
previous to the incurring of such indebtedness. Whenever the board of
trustees of such district desire to issue bonds hereunder they shall
order the question submitted to referendum at any election to
be held in such district in accordance with the general election law. The
notice and conduct of the referendum shall be in accordance with the general
election law.
If a majority of the voters voting on the question
shall have voted in favor of the issue of said bonds, the
board of trustees shall order and direct the execution of the bonds for
and on behalf of said district. All bonds issued hereunder shall mature
within 20 years. The question under this section shall
be in substantially the following form:
-------------------------------------------------------------- Shall bonds be issued for YESstreet lighting in the amount -------------------------of.... dollars? NO--------------------------------------------------------------
(Source: P.A. 81-1489.)
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