605 ILCS 5/6-510
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. 6-510)Sec. 6-510.         On the petition either of the highway commissioner or of  25 of the legal voters of any district, to the district clerk, he shall  order a referendum on the proposition "Shall bonds for road purposes  be issued to the amount of $....?" at the next annual town meeting, or at  an election in accordance with the general election law.  If the referendum is ordered to be held at the town meeting, the district  clerk shall give notice that at the next annual town meeting the proposition  shall be voted upon.  Such notice shall set forth the proposition and shall  be given by publication in a newspaper of general circulation in the township  and by posting notices in at least 10 of the most public places in the town  at least 10 days prior to the annual meeting.  If the referendum is ordered  to be held at an election, the district clerk shall certify that proposition  to the proper election officials, who shall submit the proposition to the  voters in accordance with the general election law.The proposition shall be in substantially the following form:    --------------------------------------------------------------Shall bonds for road              YESpurposes be issued in           ------------------------------the amount of $....?                  NO--------------------------------------------------------------If a majority of the legal voters voting on such  question voted in favor of such question, the highway commissioner and  the district clerk shall issue (from time to time as the work  progresses) a sufficient amount of bonds of such district for the  purpose of constructing or repairing roads, bridges, or any other work  incident to the construction thereof, according to the prayer of such  petition, if set out therein.Such bonds shall be of such denominations, bear such date, maturity,  rate of interest, not exceeding the greater of (i) the maximum rate  authorized by the Bond Authorization Act, as amended at the time of the  making of the contract,  or (ii) 8% per annum  payable annually or  semi-annually, and be payable at such place as the highway commissioner  and clerk shall determine and be disposed of as the necessities and  convenience of such district may require; provided, that such bonds  shall not be sold nor disposed of, either by sale or by payment to  contractors for labor or materials, for less than their par value, and  that such bonds shall be issued in not more than 10 annual series, the  first series of which shall mature not more than 5 years from the date  thereof, and each succeeding series in succeeding years thereafter. Such  bonds may be lithographed and the interest for each year evidenced by  interest coupons thereto attached, which coupons shall be signed with  original or facsimile signatures by the same officers who executed the  bonds.A register of all issues of such bonds shall be kept in the office of  the county clerk of the county in which such district is located,  showing the date, amount, rate of interest, maturity and the purpose for  which such bonds were issued, which information shall be furnished to  the county clerk, in writing, by the district clerk. Such county clerk  shall extend annually against the taxable property in such road district  a tax sufficient to pay the interest on such bonds in each year prior to  the maturity of such first series and thereafter he shall extend a tax  in each year sufficient to pay each series as it matures, together with  interest thereon and with the interest upon the unmatured bonds  outstanding; provided, that 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.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.    (Source: P.A. 86-4.)