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90_HB1456
70 ILCS 2605/10 from Ch. 42, par. 329
Amends the Metropolitan Water Reclamation District Act.
Provides that the board of trustees shall provide for the
collection of a tax sufficient to pay and discharge the
principal of any indebtedness within 30 (now 20) years.
LRB9004235MWpc
LRB9004235MWpc
1 AN ACT to amend the Metropolitan Water Reclamation
2 District Act by changing Section 10.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Metropolitan Water Reclamation District
6 Act is amended by changing Section 10 as follows:
7 (70 ILCS 2605/10) (from Ch. 42, par. 329)
8 Sec. 10. At the time or before incurring any
9 indebtedness, the board of trustees shall provide for the
10 collection of a direct annual tax sufficient to pay the
11 interest on such debt as it falls due, and also to pay and
12 discharge the principal thereof as the same shall fall due,
13 and at least within 30 twenty years from the time of
14 contracting the same: Provided that any such tax levied to
15 pay the interest on bonds and to discharge the principal
16 thereof for bonds heretofore issued prior to November 6,
17 1956, or for Refunding Bonds thereafter issued to refund said
18 bonds, shall be levied and extended only upon property within
19 the territorial limits of such sanitary districts as said
20 territorial limits existed on November 6, 1956.
21 (Source: Laws 1955, p. 677.)