(75 ILCS 35/7) (from Ch. 81, par. 52)
Sec. 7.
In all cases where any board of directors of any township
library have issued or may hereafter issue bonds, or other evidence of
indebtedness for money on account of any public library building, or for
the improvement thereof, which remain outstanding and which are properly
authorized by law, such board of directors may, upon the surrender of
any such bonds or other evidence of indebtedness, or any number thereof,
issue in place or in lieu thereof, or to take up the same to the holders
or owners of the same, or to other persons for money with which to take
up the same, new bonds or other evidences of the indebtedness in such
form, of such amount, upon such time, not exceeding the term of twenty
years, and drawing such rate of interest, not exceeding six per centum
per annum, as may be determined upon, and such new bonds or other
evidences of indebtedness so issued shall show that they are issued
under this act. Provided, that the issue of such new bonds in lieu of
such indebtedness must be authorized by the legal voters of such
township voting at a referendum initiated as
provided for in Section 1 of this act and conducted in accordance
with the general election law: and, Provided, further, that such
bonds or other evidence of indebtedness shall not be issued so as to
increase the aggregate indebtedness of such township beyond five per
centum of the value of the taxable property therein, to be ascertained
by the last assessment for state and county taxes, prior to the issuing
of such bonds or other evidences of indebtedness.
(Source: P.A. 81-1489.)
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