65 ILCS 5/11-29.3-1
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (from Ch. 24, par. 11-29.3-1)Sec. 11-29.3-1.         It being considered essential to the welfare of any  municipality that decent, safe and sanitary housing be provided for senior  citizens; any such municipality shall have the following powers with respect to  senior citizens housing:(1) To construct, own, manage, acquire, lease,     purchase, reconstruct, improve, or rehabilitate any real estate or personal property.(2) To employ or contract with others for management.(3) To donate land.(4) To acquire by any means, including eminent     domain, any property deemed necessary and convenient.(5) To mortgage real and personal property.(6) To borrow money, and secure the payment of such     borrowing by a pledge of revenue.(7) To guarantee the repayment of money borrowed to     finance any purpose hereunder.(8) To sell or convey real and personal property upon     such terms as deemed necessary.(9) To accept grants, contributions, and gifts.(10) To charge rents and fees of residents.(11) To enter into leases.(12) To expend municipal funds in the exercise of its     powers hereunder.(13) To make all such contracts as may be necessary     in the exercise of its powers hereunder.Senior citizen housing shall mean housing where at least 50% of the  tenants are intended to be of age 55 or older.After the effective date of this amendatory Act of 1994, any municipality,  except for municipalities with a population in excess of 10,000 located within  a county having a population in excess of 2,000,000, may borrow money or  guarantee the repayment of money after the question has been submitted to the  electors of that municipality and has been approved by a majority of the  electors voting upon that question.  The clerk shall certify the proposition of  the corporate authorities to the proper election authority who shall submit the  question at an election in accordance with the general election law.  The  proposition shall be in substantially the following form:Shall (name of municipality) be authorized to borrow     $(amount) to provide senior citizen housing under Division 29.3 of the Illinois Municipal Code?    The votes shall be recorded as "Yes" or "No".No municipality with a population in excess of 10,000 located within a county  having a population in excess of 2,000,000 may borrow money or guarantee the  repayment of money unless it adopts an ordinance declaring its intention to do  so and directs that notice of such intention be published at least once in a  newspaper having a general circulation in the municipality.  The notice shall  set forth (1) the intention of the municipality to borrow money or guarantee  the repayment of money; (2) the specific number of voters required to sign a  petition requesting that the proposition to borrow money or guarantee the  repayment of money be submitted to the voters of the municipality; (3) the time  within which a petition must be filed requesting the submission of the  proposition; and (4) the date of the prospective referendum.  At the time of  publication of the notice and for 30 days thereafter, the Clerk shall provide a  petition form to any person requesting  one.  If within 30 days after the  publication a petition is filed with the Clerk, signed by not less than 10% of  the voters of the municipality requesting that the proposition to borrow money  or guarantee the repayment of money be submitted to the voters thereof then the  municipality shall not be authorized to so act until the proposition has been  certified to the proper election authorities and has been submitted to and  approved by a majority of the voters voting on the proposition at any  regularly scheduled election. If no such petition is so filed, or if any  and all petitions filed are invalid, the municipality may proceed to borrow  money or guarantee the repayment of money.  In addition to the requirements  of the general election law the notice of the referendum election shall set  forth the intention of the municipality to borrow money or guarantee the  repayment of money under this Division.  The proposition shall be in  substantially the following form:Shall (name of village) be authorized to borrow     $(amount) (or guarantee the repayment of $(amount)) to provide senior citizen housing under Division 29.3 of the Illinois Municipal Code?    The votes shall be recorded as "Yes" or "No".    Notwithstanding the provisions of this Section, municipalities with a  population in excess of 10,000 and less than 15,000 and located within a county  having a population in excess of 2,000,000 may borrow money or guarantee the  repayment of money for new construction of senior citizen housing only after  the question has been submitted to the electors of that municipality and has  been approved by a majority of the electors voting upon that question.    (Source: P.A. 87-1153; 87-1208; 88-45; 88-646, eff. 1-1-95.)