65 ILCS 5/11-63-3
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (from Ch. 24, par. 11-63-3)Sec. 11-63-3.         Any municipality which votes favorably upon the  proposition stated in Section 11-63-2 may also issue bonds, as herein  provided, for the acquisition or construction, or both, of such  property, either real or personal, or both, as may be necessary to  establish, equip, operate and maintain a community building or  buildings.Whenever a petition, signed by the electors of any municipality  specified in Section 11-63-1, equal in number to 5% or more of the total  number of votes cast at the last preceding regular municipal election,  is filed with the municipal clerk of any such municipality  requesting the submission of the proposition  to authorize the issuance of bonds  for the acquisition or construction, or both, of property, either real  or personal, or both, to establish, equip, operate and maintain a  community building or buildings, the municipal clerk shall certify the  proposition for submission to the municipal  electors at an election in accordance with the general election law.  The corporate authorities by ordinance shall,  (1) designate the election at which the question shall be  submitted, and (2) designate the amount of bonds to be issued,  This question may be submitted at the same time as  the question stated in Section 11-63-2.The proposition shall be substantially in the following form:    --------------------------------------------------------------Shall bonds for communitybuilding purposes to the amount           YESof $.... be issued by the city       ------------------------(or village or incorporated               NOtown, as the case may be) of ....?--------------------------------------------------------------If a majority of the votes cast on the question are in favor of the  proposition, the corporate authorities shall issue general obligation  bonds of the municipality, not exceeding the amount authorized at the  election. The bonds shall mature not more than 20 years after the date  of their issuance, shall be in denominations of $100, or any multiple  thereof, shall bear interest 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, and  shall be sold at not less than par, all in such manner as the corporate  authorities may determine. The corporate authorities, in the manner and  at the time provided by law, shall provide by ordinance for the levy and  collection of a direct annual tax sufficient to pay the maturing  principal and interest on the bonds. Such tax shall not be included  within any tax rate limitation, but shall be excluded therefrom and be  in addition thereto and be in excess thereof, and it shall be the duty  of the recording officer of any such municipality to file a certified  copy of any such ordinance with the county clerk of each county in which  any portion of such municipality is situated and it shall be the duty of  such county clerk to extend taxes against all of the taxable property of  such municipality situated in the county in amounts sufficient to pay  the principal of and interest upon any such bonds as the same becomes  due without limitation as to rate or amount.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.)