60 ILCS 1/170-35
2021 Illinois Compiled Statutes|Chapter 60 - TOWNSHIPS|60 ILCS 1/ - Township Code.|Article 170 - Township Hospitals

Sec. 170-35.     Bonds; referendum.(a) The board of directors may borrow money and issue bonds for the purpose  of acquiring by purchase, constructing, improving, extending, repairing, or  equipping any public hospital in and for the township in any amount not to  exceed 5.75% on the valuation of taxable property in the township to be  ascertained by the last assessment for State and county taxes before the  indebtedness is incurred or, until January 1, 1983, if greater, the sum that is  produced by multiplying the township's 1978 equalized assessed valuation by the  debt limitation percentage in effect on January 1, 1979.(b) Whenever the board of directors desires to issue bonds under this  Article, they shall adopt a resolution for that purpose, authorizing the  issuance of the bonds, prescribing all the details of the bonds, and stating  the time or times when the principal of and the interest on the bonds shall  become payable and the place of payment of the principal and interest.  The  bonds shall be payable within not less than 3 nor more than 20 years from the  date of issuance and shall be issued to bear interest at not to exceed 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) the rate of 9% per  annum.  The resolution shall provide for the levy and collection of a direct  annual tax upon all the taxable property within the corporate limits of the  township sufficient to meet the principal of and interest on the bonds as it  matures.  The tax shall be in addition to and in excess of any  other tax authorized to be levied by the township.(c) A certified copy of the resolution providing for the issuance of the  bonds shall be filed with the county clerk of the county in which the township  is located and shall constitute the basis and authority of the county clerk for  the extension and collection of the tax necessary to pay the principal of and  interest upon the bonds issued under the resolution.(d) No resolution providing for the issuance of bonds under this Article  shall be effective until it has been certified to the proper election  officials, who shall then submit the resolution to a referendum of the electors  of the township in accordance with the general election law.  The election  shall be conducted and notice given in accordance with the general election  law. If a majority of those voting upon the proposition at the election vote in  favor of issuing the bonds, the resolution shall immediately become effective.(e) With respect to instruments for the payment of money issued under this  Section either before, on, or after June 6, 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 Article 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 Article that may appear to be or  to have been more restrictive than those Acts.    (Source: P.A. 86-4; 88-62.)