Sec. 5-3

70 ILCS 2905/5-3, under Taxing And Finances.

70 ILCS 2905/5-3

(70 ILCS 2905/5-3) (from Ch. 42, par. 505-3)

    Sec. 5-3.

No issue of bonds of the district shall be valid (except bonds to refund an existing bonded indebtedness) unless the proposition of issuing the bonds has first been submitted at a regular election in accordance with the general election law and has been approved by a majority of the voters of the district voting on the proposition.

    The proposition shall be substantially in the following form:

--------------------------------------------------------------     Shall bonds for the purpose of.... (state purpose), in                  YES the sum of $.... (insert amount),       ---------------------- be issued by The.... (insert name of district)?                           NO --------------------------------------------------------------

(Source: P.A. 81-1489.)