reglab/housing_qa huggingface dataset:
65 ILCS 5/8-4-26
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-26)Sec. 8-4-26.         Subject to the requirements of the Bond Issue Notification  Act, the corporate authorities of any municipality having a board of election  commissioners may issue bonds, in such amounts as may be required for the  purpose of acquiring voting machines or electronic voting systems as  required by Sections 24-1.1 and 24A-3 of The Election Code and may levy a  direct annual tax upon all taxable property in the municipality for the  purpose of paying the principal of and interest on such bonds. The  ordinance authorizing the issuance of such bonds shall specify the total  amount of bonds to be issued, the form and denomination of the bonds, the  date they are to bear, the place where they are payable, the date or dates  of maturity, which shall not be more than 10 years from the date of  issuance, the rate of interest, and the dates on which interest is payable.  Such ordinance shall prescribe all the details of the bonds and shall  provide for the levy and collection of a direct annual tax upon all taxable  property in the municipality sufficient to pay the principal of the bonds  at maturity and the interest thereon as it falls due. Such tax is in  addition to taxes for general corporate purposes and is not included in any  statutory tax rate limitation.    (Source: P.A. 89-655, eff. 1-1-97.)
65 ILCS 5/Art. 8 Div. 4.1 heading
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 DIVISION 4.1.      MUNICIPAL BOND REFORM ACT
65 ILCS 5/8-4.1-1
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4.1-1)Sec. 8-4.1-1.         This Division shall be known  and may be cited as the "Municipal Bond Reform Act."    (Source: P.A. 85-158.)
65 ILCS 5/8-4.1-2
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4.1-2)Sec. 8-4.1-2.         In addition to other words and terms as  defined in this Code, the following words or terms shall as used in this  Division have the meanings set forth opposite each unless the context or  usage clearly indicates that another meaning is intended."Applicable Law" means any provision of this Code or any other provision  of law authorizing municipalities to issue Bonds."Backdoor Referendum" means the submission of a public question to the  voters of a municipality, initiated by a petition of voters or residents or  property owners of such municipality, to determine whether an action by the  corporate authorities of such municipality shall be effective, adopted or rejected."Bonds" means any instrument evidencing the obligation to pay money  authorized or issued by or on behalf of a municipality under Applicable Law  including, without limiting the generality of the foregoing, bonds, notes,  installment or financing contracts, leases, certificates, tax anticipation  warrants or notes, vouchers, or any evidence of indebtedness."General Obligation Bonds" means Bonds of a municipality for the payment  of which the municipality is empowered to levy ad valorem property taxes  upon all taxable property in the municipality without limitation as to rate or amount."Municipality" for the purpose of this Division also includes water  commissions under Division 135 of Article 11 of this Code or any other entity  created by intergovernmental agreement and comprised solely of cities,  villages, or incorporated towns."Revenue Bonds" means any Bonds of a municipality other than General Obligation Bonds.    (Source: P.A. 85-158.)
65 ILCS 5/8-4.1-3
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4.1-3)Sec. 8-4.1-3.         The provisions of this Act are intended to be  supplemental and in addition to all other power or authority granted to  municipalities, shall be construed liberally and shall not be construed as  a limitation of any power or authority otherwise granted.    (Source: P.A. 85-158.)
65 ILCS 5/8-4.1-4
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4.1-4)Sec. 8-4.1-4.         Whenever Applicable Law provides that the authorization  or the issuance of Bonds, or the becoming effective of an ordinance or  resolution providing for the authorization or issuance of Bonds, may be  subject to a backdoor referendum, the provisions of this Section may be  used as an alternative to the specific procedures as otherwise set forth by  Applicable Law.A.  The corporate authorities may adopt an authorizing ordinance  describing briefly the authority under which Bonds are proposed to be  issued, the nature of the project or purpose to be financed, the estimated  total costs of the project or purpose, including in such costs  all items related to financing the project or purpose, and the maximum  amount of Bonds authorized to be issued to pay such costs.  No further  details or specifications are required in such authorizing ordinance.  Such  authorizing ordinance, along with any other notice as required by  Applicable Law, including any notice as to the right of electors to file a  petition and the number of voters required to sign any such  petition, shall be published or posted as required by Applicable Law.  A  petition may be filed after such publication or posting during the period  as provided by Applicable Law; but upon the expiration of any such period,  the corporate authorities shall be authorized to issue such Bonds as if  they had followed all necessary procedures set forth in such Applicable Law.B. If no petition meeting the requirements of the Applicable Law is  filed during the petition period hereinabove referred to, then the  corporate authorities may adopt additional ordinances or proceedings  supplementing or amending the authorizing ordinance so long as the maximum  amount of Bonds as set forth in the authorizing ordinance hereinabove  provided for is not exceeded, and there is no material change in the  project or purpose described in the authorizing ordinance.  Such additional  ordinances or proceedings shall in all instances become effective  immediately without publication or posting or any further act or  requirement.  The authorizing ordinance, together with such additional  ordinances or proceedings, shall constitute complete authority for the  issuance of such Bonds under the Applicable Law.    (Source: P.A. 85-158.)
65 ILCS 5/8-4.1-5
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4.1-5)Sec. 8-4.1-5.         The corporate authorities may provide for a reserve fund  solely for the payment of the principal of and interest on Bonds.  Bond  proceeds may be used to provide such reserve fund.    (Source: P.A. 85-158.)
65 ILCS 5/8-4.1-6
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4.1-6)Sec. 8-4.1-6.         The corporate authorities are  authorized and may covenant and contract with the holders of Revenue Bonds  to levy, charge and collect moneys pledged as security for the payment of  Revenue Bonds in amounts sufficient to provide for the prompt payment of  the principal of and interest on such Bonds, and to provide an additional  amount of money, as debt service coverage, computed as a percentage of the  amount of principal and interest scheduled to be payable in any given year.    (Source: P.A. 85-158.)
65 ILCS 5/8-4.1-7
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4.1-7)Sec. 8-4.1-7.         The proceeds of Bonds may be used  to provide for the payment of interest upon such Bonds for a period not to  exceed the greater of 2 years or a period ending 6 months after the  estimated date of completion of the acquisition and construction of the  project or accomplishment of the purpose for which such Bonds are issued.In addition it shall be lawful for the corporate authorities of any  municipality issuing Bonds to appropriate money for the purpose of paying  interest on such Bonds during the period described above.  Such  appropriation may be made in the ordinance authorizing such Bonds and shall  be fully effective upon the effective date of such ordinance without any  further notice, publication or approval whatsoever.    (Source: P.A. 85-158.)
65 ILCS 5/8-4.1-8
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4.1-8)Sec. 8-4.1-8.         Bonds authorized by  Applicable Law may be issued in one or more series, bear such date or  dates, become due at such time or times within the period of years provided  by Applicable Law, bear interest payable at such intervals and at such rate  or rates as authorized under Section 2 of "An Act to authorize public  corporations to issue bonds, other evidences of indebtedness and tax  anticipation warrants subject to interest rate limitations set forth  therein," approved May 26, 1970, as now or hereafter amended, which rates  may be fixed or variable, be in such denominations, be in such form, either  coupon or registered or book-entry, carry such conversion, registration, and  exchange privileges, be subject to defeasance upon such terms, have such  rank or priority, be executed in such manner, be payable in such medium of  payment at such place or places within or without the State of Illinois, be  subject to such terms of redemption with or without premium, and be sold in  such manner at private or public sale and at such price as the corporate  authorities shall determine.  Whenever such bonds are sold at a price less  than par, they shall be sold at such price and bear interest at such rate  or rates such that the net interest rate received upon the sale of such  Bonds does not exceed the maximum rate determined under Section 2 of "An  Act to authorize public corporations to issue bonds, other evidences of  indebtedness and tax anticipation warrants subject to interest rate  limitations set forth therein", approved May 26, 1970, as now or hereafter  amended.    (Source: P.A. 85-158.)
65 ILCS 5/8-4.1-9
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4.1-9)Sec. 8-4.1-9.         Any redemption premium  payable upon the redemption of Bonds may be payable from the proceeds of  refunding Bonds which may be issued under Applicable Law for the purpose of  refunding such Bonds, from any other lawfully available source or from both  proceeds and such other sources.    (Source: P.A. 85-158.)
65 ILCS 5/8-4.1-10
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4.1-10)Sec. 8-4.1-10.         In addition to the  authority otherwise available to invest funds, corporate authorities may  authorize and upon such authorization the Treasurer of any municipality may  invest proceeds of Bonds or money on deposit in any debt service or reserve  fund or account relating to Bonds in obligations the interest upon which is  tax exempt under the provisions of Section 103 of the Internal Revenue Code  of 1986, as amended, or successor code or provision, subject to such  tax-exempt obligations being rated at the time of purchase within the 4  highest general classifications established by a rating service of  nationally recognized expertise in rating bonds of states and the political  subdivisions thereof.    (Source: P.A. 85-158.)
65 ILCS 5/8-4.1-11
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4.1-11)Sec. 8-4.1-11.         A municipality may pledge, as  security for the payment of its Bonds, (a) revenues  derived from the operation of any  utility system or revenue producing enterprise; (b) moneys deposited or to  be deposited in any special fund of the municipality; (c) grants or other  revenues expected to be received by the municipality from the state or  federal government; (d) special assessments to be collected with respect to  a local improvement financed with the proceeds of Bonds; or (e) payments to  be made by another unit of local government pursuant to a service agreement  with the municipality.Any such pledge made by a municipality shall be valid and binding from  the time such pledge is made.  The revenues, moneys and other funds so  pledged and thereafter received by the municipality shall immediately be  subject to the lien of such pledge without any physical delivery thereof or  further act; and, subject only to the provisions of prior agreements, the  lien of such pledge shall be valid and binding as against all parties  having claims of any kind in trust, contract  or otherwise against the municipality irrespective of whether such parties  have notice thereof.  No ordinance, resolution, trust agreement or other  instrument by which such pledge is created need be filed or recorded;  except in the records of the municipality.    (Source: P.A. 85-158.)
65 ILCS 5/8-4.1-12
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4.1-12)Sec. 8-4.1-12.         Bonds which are issued in part pursuant to this Act may  contain a recital to that effect and any such recital shall be conclusive  as against the municipality and the corporate authorities thereof and any  other person as to the validity of the Bonds and as to their compliance  with the provisions of this Act.    (Source: P.A. 85-158.)
65 ILCS 5/Art. 8 Div. 5 heading
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 DIVISION 5.      DEBT LIMITS IN MUNICIPALITIES OF LESS THAN 500,000
65 ILCS 5/8-5-1
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-5-1)Sec. 8-5-1.         Except as hereinafter provided in this Division 5, no municipality  having a population of less than 500,000 shall become indebted in any  manner or for any purpose, to an amount, including existing indebtedness  in the aggregate exceeding 8.625% on the value of the taxable property  therein, to be ascertained by the last assessment for state and county  purposes, previous to the incurring of the indebtedness or, until January  1, 1983, if greater, the sum that is produced by multiplying the municipality's  1978 equalized assessed valuation by the debt limitation percentage in effect  on January 1, 1979.The indebtedness limitation set forth in this Section may be  inapplicable to indebtedness incurred for the purpose of pumping water from  Lake Michigan to one or more municipalities having a population of less  than 500,000, whether before or after such indebtedness is incurred, if the  majority of voters in such municipality approve such inapplicability at an  election on the issue held in accordance with the general election law.  The governing authority of any such municipality may, by proper ordinance  or resolution, cause the proposition of the inapplicability of the  limitation of indebtedness set forth in this Section to the indebtedness  incurred for such purpose to be certified to the proper election  authorities and submitted to the voters of the municipality at a regularly  scheduled election in accordance with the general election law.  If a majority of the votes cast on the  proposition are in favor thereof, indebtedness incurred for the purpose of  pumping water from Lake Michigan to one or more municipalities shall not be  subject to the limitation set forth in this Section.The indebtedness limitation set forth in this Section shall not apply  to any indebtedness of any municipality incurred to finance the cost of the  acquisition, construction or improvement of water or wastewater treatment  facilities mandated by an enforceable compliance schedule developed in  connection with the federal Clean Water Act or a compliance order issued  by the United States  Environmental Protection Agency or the Illinois Pollution Control Board.Any village or incorporated town may provide by resolution, and any  city may provide by ordinance, for the taking of a census of the  population thereof in order to determine the number of that population  for any purpose of this Division 5. The courts in this state shall take  judicial notice of the population of any municipality as it appears from  the latest municipal census so taken. However, no municipal census shall  be taken by the authority of this section, oftener than once in 3 years.The amendatory Act of 1973 is not a limit upon any municipality  which is a home rule unit.    (Source: P.A. 85-925.)
65 ILCS 5/8-5-2
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-5-2)Sec. 8-5-2.         The limitation prescribed in Section 8-5-1 shall not apply to  any indebtedness of any municipality incurred in connection with the  issuance of funding bonds.    (Source: Laws 1961, p. 576.)
65 ILCS 5/8-5-15
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-5-15)Sec. 8-5-15.         In a city or village having a population of less than 500,000, a  petition, signed by electors of the city or village equal in number to  not less than 10% of the number of votes cast for the candidates for  mayor or president at the last preceding general municipal election at  which a mayor or president was elected, may be presented to the  corporate authorities of such a city or village asking that the  question, whether that city or village shall incur additional  indebtedness for the construction of impounding dams and artificial  lakes for water supply purposes, together with the land and equipment  necessary and incidental thereto, be submitted to the electors of that  city or village. Thereupon, this question shall be certified by the clerk  to the proper election authority and submitted at  an election in accordance with the general election law.This question shall be in substantially the following form:    --------------------------------------------------------------Shall the city (or village) of.... incuradditional indebtedness for the construction        YESof impounding dams and artificial lakes for     --------------water supply purposes, together with the land       NOand equipment necessary and incidental thereto?--------------------------------------------------------------If a majority of the votes cast on this question are in the  affirmative, the additional indebtedness for water supply purposes is  approved.    (Source: P.A. 81-1489.)
65 ILCS 5/8-5-16
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-5-16)Sec. 8-5-16.         The corporate authorities of any municipality which is not  a home rule unit under the Constitution of 1970 are authorized to issue  the bonds of such municipality without referendum subject to the limitation  contained herein and the requirements of the Bond Issue Notification Act.  Such bonds shall be payable from ad valorem tax receipts.  The amount of such bonds, together with other bonds issued pursuant to this  Section and outstanding, shall not exceed at the time of issue one-half  of 1% of the assessed value of all of the taxable property located within  the municipality.Such bonds shall be authorized by a bond ordinance adopted by the corporate  authorities of the municipality.  The bond ordinance shall make provision  for the payment of the principal of and interest on the bonds by the levy  of a direct annual irrepealable tax upon all of the taxable property within  the municipality.  A properly certified copy of the bond ordinance shall  be filed in the office of the county clerk of each county in which any portion  of the municipality is situated.  Such county clerk or clerks shall extend  the taxes levied in the bond ordinance for collection against all of the  taxable property situated within the municipality.  The taxes levied in  the bond ordinance shall be extended annually by the county clerk or clerks  without limitation as to rate or amount and such taxes shall be in addition  to and in excess of all other taxes levied or authorized to be levied by  the municipality.Bonds heretofore or hereafter issued and outstanding which are approved  by referendum, bonds issued under this Section which have been paid in full  or for which provision for payment has been made  by an irrevocable deposit of funds in an amount sufficient  to pay the principal and interest on any such bonds to their respective maturity date,  non-referendum bonds issued pursuant to other provisions of this Code, and  bonded indebtedness assumed from another municipality, shall not operate  to limit in any way the right of the municipality to issue its non-referendum  bonds in accord with this Section.    (Source: P.A. 89-655, eff. 1-1-97.)
65 ILCS 5/Art. 8 Div. 6 heading
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 DIVISION 6.      WORKING CASH FUND IN MUNICIPALITIES OF 500,000 OF MORE
65 ILCS 5/8-6-1
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-6-1)Sec. 8-6-1.         In each municipality with a population of more than 500,000, a  fund to be known as a working cash fund may be created, set apart,  maintained, and administered in the manner prescribed in this Division 6,  for the purpose of enabling the municipality to have in its treasury at all  times sufficient money to meet demands thereon for ordinary and necessary  expenditures for corporate purposes and payment of corporate liabilities.    (Source: Laws 1961, p. 576.)