75 ILCS 5/5-2
2021 Illinois Compiled Statutes|Chapter 75 - LIBRARIES|75 ILCS 5/ - Illinois Local Library Act.|Article 5 - Buildings

 (from Ch. 81, par. 5-2)Sec. 5-2.         If the corporate authorities approve the action of the library  board under Section 5-1, they may, by ordinance, or by resolution in the  case of a township, provide that the bonds of the city, village,  incorporated town or township be issued for the payment of the cost (so  estimated as aforesaid) of constructing a building, or remodeling,  repairing, improving an existing library building or the erection of an  addition thereto, or purchasing a building, site or equipment, or the  acquisition of library materials such as books, periodicals, recordings and  electronic data storage and retrieval facilities in connection with either  the purchase or construction of a new library building or the expansion of  an existing library building, or any or all of these things in which event  the ordinance or resolution shall also state the time or times when such  bonds, and the interest thereon shall become payable.  However, the whole of  the principal of such bonds and the interest thereon shall be payable  within 20 years, and the interest on such bonds shall not exceed the rate  permitted in "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  now or hereafter amended.  The interest may be made payable at  such times (annually or semi-annually) as the ordinance or resolution may  prescribe.  In case the corporate authorities provide for such payment by  the issuance of bonds, they shall make provision at or before the issuance  thereof, by ordinance or by resolution in the case of a township, which  shall be irrepealable, for the levy and collection of a direct annual tax  upon all the taxable property within such city, village, incorporated town  or township sufficient to meet the principal and interest of the bonds as  they mature, which tax shall be in addition to that otherwise authorized to  be levied and collected for corporate purposes.If, however, the corporate  authorities do not provide that the bonds of the city, village,  incorporated town or township be issued, but otherwise approve the action  of the library board, then the library board shall divide the total cost of  constructing and financing a building, or remodeling, repairing, improving  an existing library building or the erection of an addition thereto, or  purchasing and financing a building, site or equipment, or the acquisition  of library materials such as books, periodicals, recordings and electronic  data storage and retrieval facilities in connection with either the  purchase or construction of a new library building or the expansion of an  existing library building, or any or all of these things, into as many  parts as the trustees determine to spread the collection thereof, and  shall certify the amount of one of these parts to the corporate authorities  each year during the term over which the  have determined to  spread the collection.  This action by the library Board shall be  irrepealable.  The library board shall specify in its certificate the  portion, if any, of the amount to be included in the annual appropriation  and library tax levy, and the amount of the special tax required to pay the  same as has been approved by the voters.    (Source: P.A. 84-770.)