(65 ILCS 5/11-144-3) (from Ch. 24, par. 11-144-3)
Sec. 11-144-3. The corporate authorities of a municipality specified in Section 11-144-2, by ordinance, may cause the question of the levy of the tax to be submitted to the electors at an election in accordance with the general election law. The question shall be certified by the clerk of the municipality to the proper election authority. The question shall be in substantially the following form: --------------------------------------------------------------
Shall
a
tax
not
exceeding
.5%be
levied
each
year
on
all
taxable
YESproperty
in
the
....
of
....
forthe
purpose
of
redeeming
defaulted
-------------------revenue
bonds,
and
accrued
interestthereon,
issued
for
the
purpose
of
NOconstructing
or
acquiring
sewerage
systems?--------------------------------------------------------------
The levy is authorized if the majority of votes cast on the proposition are in favor thereof. The corporate authorities shall then levy a tax annually, not exceeding the rate authorized by that election, until the amount necessary to redeem the principal and interest on the specified bonds is collected.
Any municipality whose electors have approved the levy of an annual tax under "An Act to authorize cities, villages and incorporated towns to levy a tax for the redemption of defaulted revenue bonds, and accrued interest thereon, issued for the purpose of constructing or acquiring sewerage systems," approved July 22, 1939, shall continue to levy the tax annually, not exceeding one-half of the rate authorized at the election, until the amount necessary to redeem the principal of and interest on the specified bonds is collected.
(Source: P.A. 81-1489.)
Sections: Previous 11-142-1 11-142-2 11-142-3 11-143-1 11-143-2 11-144-1 11-144-2 11-144-3 11-145-1 11-146-1 11-147-1 11-147-2 11-147-3 11-147-4 11-148-1 Next
Last modified: February 18, 2015