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.

396 words·~2 min read·/il/chapter-70/act-2905/5-3

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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:

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Shall bonds for the purpose

of.... (state purpose), in YES

the sum of $.... (insert amount), - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

be issued by The.... (insert

name of district)? NO