(60 ILCS 1/207-25)
Sec. 207-25.
Referendum for establishment of township special service
area.
The question on the ballot shall be submitted to the voters in the proposed
township
special service area in substantially the following form:
"Shall (name of township) Township be authorized to establish a Township
Special Service Area to provide the special services of (list of special
services) in the
territory described as (general description of proposed boundaries) and to
issue bonds in
an amount not to exceed $(amount) which will be retired over a period of
(number of
years) years from (date) by taxes levied upon property within the Township
Special
Service Area?"
The votes shall be recorded as "Yes" or "No".
If a majority of the electors voting on the question vote in the affirmative,
the
township board may, by ordinance, establish the township special service area,
issue
bonds up to the maximum amount authorized, and levy an ad valorem tax upon the
property in the township special service area to retire the bonds in accordance
with this
Article. If the area is within one or more municipalities, the township board
may not
establish the township special service area, issue bonds, or levy a tax until
the
municipality or municipalities have certified to the township clerk an
ordinance
consenting to the creation of the township special service area. A township may
establish
a township special service area within the unincorporated area of a county
without the
consent of the county.
(Source: P.A. 90-798, eff. 12-15-98.)
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(60 ILCS 1/207-30)
Sec. 207-30.
Issuance of bonds.
Bonds secured by the full faith and credit
of the
area included in the township special service area may be issued for providing
the special
services in an amount not to exceed the amount authorized by the voters at the
referendum under Section 207-25 and not to be retired over a longer period of
time than
authorized at the referendum. Bonds, when so issued, shall be retired by the
levy of ad
valorem taxes against all of the taxable real property included in the township
special
service area as provided in the referendum establishing the township special
service area
and authorizing the issuance of the bonds. The county clerk shall annually
extend ad
valorem taxes against all of the taxable property situated in the county and
contained in
the special service area in amounts sufficient to pay maturing principal and
interest of
those bonds without limitation as to rate or amount and in addition to and in
excess of
any taxes that may now or hereafter be authorized to be levied by the township.
Bonds
issued pursuant to this Article shall not be regarded as indebtedness of the
township for
the purpose of any limitation imposed by any law.
All bonds shall be issued in accordance with the provisions of the Local
Government Debt Reform Act.
(Source: P.A. 90-798, eff. 12-15-98.)
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