60 ILCS 1/35-50.3
2021 Illinois Compiled Statutes|Chapter 60 - TOWNSHIPS|60 ILCS 1/ - Township Code.|Article 35 - Special Township Meetings

Sec. 35-50.3.     Ordinance describing project; submission to voters.     A  township board shall initiate proceedings for the issuance of bonds under  Sections 35-50.1 through 35-50.6 by adopting an election ordinance describing  briefly the authority under which the bonds are proposed to be issued, the  nature of the project to be financed, the estimated total cost of the project,  and the maximum amount of revenue bonds authorized to be issued.  No further  details or specifications shall be required in the election ordinance, except  as otherwise required by the Election Code or Sections 35-50.1 through 35-50.6  of this Act as described in this Section.The election ordinance shall direct that a proposition to construct,  purchase, improve, extend, or equip senior citizens' housing and to issue  revenue bonds payable solely from the net revenue derived from the  operation of the senior citizens' housing be submitted to the  voters of the township at an election designated in the ordinance, to be held  in accordance with the general election law.  The township clerk shall certify  the proposition to the proper election authority for submission to the voters  in accordance with the general election law.  The election authority shall give  notice of the election in accordance with the general election law. The  proposition shall be in substantially the following form:Shall revenue bonds in the maximum amount of $     (amount) be issued by the Board of Trustees of (name of township), (name of county), Illinois for the purpose of constructing, purchasing, improving, extending, or equipping senior citizens' housing payable solely from net revenues to be derived from the operation of the senior citizens' housing?    The votes shall be recorded as "Yes" or "No".If a majority of the voters voting on the question at the election vote  in favor of it, then the township board may adopt additional ordinances  or proceedings supplementing or amending the election ordinance so long as  the maximum amount of bonds as set forth in the election ordinance is not  exceeded and there is no material change in the project described in the  election ordinance.  The additional ordinances shall fix the amount of  revenue bonds to be issued, the maturity or maturities, the interest rate or  rates, and all other details in connection with the bonds deemed advisable.  The additional ordinances may contain covenants and restrictions on the  issuance thereafter of additional revenue bonds as deemed necessary or  advisable for the assurance of the payment of bonds thereby issued. Bonds  issued pursuant to additional ordinances and proceedings shall bear a date or  dates, may be in a form, may carry registration privileges, may be payable at a  place or places, may be subject to redemption in a manner and on terms with or  without premium, may be executed in a manner, and may contain terms and  covenants, all as provided by the additional ordinances and proceedings.  The  additional ordinances or proceedings shall become effective immediately without  publication or posting or any further act or requirement.    (Source: P.A. 87-922; 88-62.)