§ 16.5 — Proposition for bonds

Illinois § 16.5

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 30: FINANCE
• Act 30 ILCS 350/: Local Government Debt Reform Act.

Text

For all elections held after July 1, 2000, the form of a proposition to authorize the issuance of bonds pursuant to either a referendum or backdoor referendum may be as set forth in this Section as an alternative to the form of proposition as otherwise set forth by applicable law. The proposition authorized by this Section shall be in substantially the following form: Shall (name of governmental unit) (state purpose for the bond issue) and issue its bonds to the amount of $ (state amount) for the purpose of paying the costs thereof? If a school district receives a conditional grant award from the Capital Development Board pursuant to Section 5-15 of the School Construction Law for the school construction project to be financed in part with proceeds of the bonds authorized by referendum, then the form of proposition may at the option of the school district additionally contain substantially the following language: (Name of school district) expects to receive a school construction grant from the State of Illinois in the amount of $ (state amount) pursuant to the School Construction Law to cover a portion of the total project costs for the school construction project to be financed in part with the proceeds of the bonds, based on the conditional grant award received from the Capital Development Board pursuant to the School Construction Law.

Legislative History

(Source: P.A. 102-723, eff. 5-6-22.)