65 ILCS 5/8-4-1
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-1)Sec. 8-4-1.   No bonds shall be issued by the corporate authorities  of any municipality until the question of authorizing such bonds has  been submitted to the electors of that municipality  provided that notice of the bond referendum, if  held before July 1, 1999,  has been given in accordance with the provisions of Section  12-5  of the Election Code in effect at the time of the bond referendum, at least  10 and not more than 45 days before the date of  the election, notwithstanding the time for publication otherwise imposed by  Section 12-5,  and approved by a  majority of the electors voting upon that question.  Notices required in connection with the submission of public questions  on or after July 1, 1999 shall be as set forth in Section 12-5 of the Election  Code.   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, subject to the notice provisions set forth in this  Section.Notice of any such election shall contain the amount of the bond  issue, purpose for which issued, and maximum rate of interest.In addition to all other authority to issue bonds, the Village of Indian Head Park is authorized to issue bonds for the purpose of paying the costs of making roadway improvements in an amount not to exceed the aggregate principal amount of $2,500,000, provided that 60% of the votes cast at the general primary election held on March 18, 2014 are cast in favor of the issuance of the bonds, and the bonds are issued by December 31, 2014.However, without the submission of the question of issuing bonds to the  electors, the corporate authorities of any municipality may authorize the  issuance of any of the following bonds:(1) Bonds to refund any existing bonded indebtedness;(2) Bonds to fund or refund any existing judgment     indebtedness;(3) In any municipality of less than 500,000     population, bonds to anticipate the collection of installments of special assessments and special taxes against property owned by the municipality and to anticipate the collection of the amount apportioned to the municipality as public benefits under Article 9;(4) Bonds issued by any municipality under Sections     8-4-15 through 8-4-23, 11-23-1 through 11-23-12, 11-26-1 through 11-26-6, 11-71-1 through 11-71-10, 11-74.3-1 through 11-74.3-7, 11-74.4-1 through 11-74.4-11, 11-74.5-1 through 11-74.5-15, 11-94-1 through 11-94-7, 11-102-1 through 11-102-10, 11-103-11 through 11-103-15, 11-118-1 through 11-118-6, 11-119-1 through 11-119-5, 11-129-1 through 11-129-7, 11-133-1 through 11-133-4, 11-139-1 through 11-139-12, 11-141-1 through 11-141-18 of this Code or 10-801 through 10-808 of the Illinois Highway Code, as amended;(5) Bonds issued by the board of education of any     school district under the provisions of Sections 34-30 through 34-36 of The School Code, as amended;(6) Bonds issued by any municipality under the     provisions of Division 6 of this Article 8; and by any municipality under the provisions of Division 7 of this Article 8; or under the provisions of Sections 11-121-4 and 11-121-5;(7) Bonds to pay for the purchase of voting machines     by any municipality that has adopted Article 24 of The Election Code, approved May 11, 1943, as amended;(8) Bonds issued by any municipality under Sections     15 and 46 of the "Environmental Protection Act", approved June 29, 1970;(9) Bonds issued by the corporate authorities of any     municipality under the provisions of Section 8-4-25 of this Article 8;(10) Bonds issued under Section 8-4-26 of this     Article 8 by any municipality having a board of election commissioners;(11) Bonds issued under the provisions of "An Act to     provide the manner of levying or imposing taxes for the provision of special services to areas within the boundaries of home rule units and nonhome rule municipalities and counties", approved September 21, 1973;(12) Bonds issued under Section 8-5-16 of this Code;(13) Bonds 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; provided that such bonds are authorized by an ordinance adopted by a three-fifths majority of the corporate authorities of the municipality issuing the bonds which ordinance shall specify that the construction or improvement of such facilities is necessary to alleviate an emergency condition in such municipality;(14) Bonds issued by any municipality pursuant to     Section 11-113.1-1;(15) Bonds issued under Sections 11-74.6-1 through     11-74.6-45, the Industrial Jobs Recovery Law of this Code;(16) Bonds issued under the Innovation Development     and Economy Act, except as may be required by Section 35 of that Act.(Source: P.A. 102-587, eff. 1-1-22.)