605 ILCS 5/6-513
2021 Illinois Compiled Statutes|Chapter 605 - ROADS AND BRIDGES|605 ILCS 5/ - Illinois Highway Code.|Article 6 - Administration Of Township And District Roads

 (from Ch. 121, par. 6-513)Sec. 6-513.         The county board, in any county having the commission  form of government in which a county unit road district is established,  may issue bonds of the county in an amount not exceeding 2.875% of the  value, as equalized and assessed by the Department of Revenue, of the  property in such county or, until January 1, 1983, if  greater, the sum that is produced by multiplying the county's 1978  equalized assessed valuation by the debt limitation percentage in effect  on January 1, 1979, for the purpose of constructing county unit district  roads. However, the question of issuing such county bonds shall first be  submitted to the legal voters of such county at an election. The county  board shall adopt a resolution to  submit the question of issuing such bonds to a vote, specifying therein  the particular roads or bridges to  be constructed, the type of construction to be made on each section of  such roads or on such bridges, the proposed widths of the roadway,  together with an estimate of the cost of such construction.  The county  board shall certify the resolution to the proper election officials, who  shall submit at an election such proposition in accordance with the general  election law. Notice of  the referendum shall be given and the referendum shall be held  in accordance with the general election law  of the State.  The proposition shall be in substantially  the following form:    --------------------------------------------------------------Shall county bonds for county         YESunit district roads be issued to the -------------------------amount of $....?NO--------------------------------------------------------------If a majority of the voters voting on such question vote in favor of  the proposition, the county board may at once issue the bonds and take  the necessary steps to construct the roads provided for. Such bonds  shall be issued to mature within 20 years from the date of issue, shall  be upon such terms and conditions and shall bear such rate of interest  not in excess of the amount permitted pursuant to "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 amended, as shall be fixed  by the county board. Such bonds  shall be sold upon competitive bids; and the county board may, if it is  of the opinion that the bids are unsatisfactory, reject the same and  re-advertise and solicit other bids. At the time or before issuing any  such bonds, the county board shall adopt a resolution fixing the details  of such bonds and providing for the levy of a direct annual tax to pay  the principal and interest on such bonds as the same become due. A  register of all bonds so issued shall be kept in the office of the  county clerk, and it shall be the duty of the county clerk to annually  extend a tax upon all the taxable property of the county sufficient to  pay the interest and principal on such bonds, as the same shall become  due. Such tax shall not be subject to any limitation as to rate or  amount. However, if it has been certified to the county clerk that funds  from other sources have been allocated and set aside for the purpose of  paying the principal or interest, or both, of such bonds, the county  clerk shall, in extending the tax and fixing the rate of tax under this  Section make proper allowance and reduction in such extension of tax  and tax rate to the extent of the funds so certified to be available for  the payment of such principal or interest, or both.    (Source: P.A. 91-357, eff. 7-29-99.)