65 ILCS 5/11-68-5
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (from Ch. 24, par. 11-68-5)Sec. 11-68-5.         Bonds of a city for raising funds to acquire or to improve  or to acquire and improve a stadium and athletic field may be issued in the  following manner:Whenever 100 or more electors of any specified city, which has elected a  board of stadium and athletic field commissioners, file a written petition  in the office of the city clerk, asking that the proposition be submitted  to authorize the issuance of bonds for the purpose of providing for the  acquiring or improving or acquiring and improving of a stadium and athletic  field for the city, and the petition designates the amount of bonds  proposed to be issued, the city clerk shall certify the question of issuing  bonds for that purpose, to the amount named in the petition for submission  at an election in accordance with the general election law. The notice of  the referendum shall state the amount of bonds proposed to be issued.The proposition shall be in substantially the following form:    --------------------------------------------------------------Shall stadium and athleticfield bonds of the city of              YES.... be issued to the amountof $.... for the purpose of         --------------------------acquiring (or improving, oracquiring and improving) a              NOstadium and athletic field?--------------------------------------------------------------If a majority of the votes cast upon this proposition are in favor of  the issuance of the bonds, the stadium and athletic field commissioners  of the city shall issue bonds of the city, not exceeding the amount  voted upon at this election. The bonds shall mature not more than 20  years after the date of their issuance and shall be in denominations of  $100 or any multiple thereof, and shall bear interest, evidenced by  coupons, at a rate not exceeding the maximum rate authorized by the Bond  Authorization Act, as amended at the time of the making of the contract,  payable semi-annually, as shall be determined by the board of stadium and  athletic field commissioners. These bonds shall be sold at not less than  par and the proceeds thereof used solely for the purpose of acquiring or  improving a stadium and athletic field for the city.With respect to instruments for the payment of money issued under this  Section either before, on, or after the effective date of this amendatory  Act of 1989, it is and always has been the intention of the General  Assembly (i) that the Omnibus Bond Acts are and always have been supplementary  grants of power to issue instruments in accordance with the Omnibus Bond  Acts, regardless of any provision of this Act that may appear to be or to  have been more restrictive than those Acts, (ii) that the provisions of  this Section are not a limitation on the supplementary authority granted by  the Omnibus Bond Acts, and (iii) that instruments issued under this Section  within the supplementary authority granted by the Omnibus Bond Acts are not  invalid because of any provision of this Act that may appear to be or to  have been more restrictive than those Acts.The amendatory Acts of 1971, 1972 and 1973 are not a limit upon any  municipality which is a home rule unit.    (Source: P.A. 86-4.)