Sec. 40-20. Funds instead of bonds.

155 words·~1 min read·/il/chapter-75/act-16/40-20

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

(a)If the board of trustees determines to provide funds for any or all of the purposes authorized in Section 40-5 by the annual certification and apportionment of costs (instead of issuing bonds for that purpose), the board shall divide the total cost of the plan into as many parts as the trustees determine to spread the collection of that amount and shall by ordinance certify the amount of one of these parts each year during the term over which the trustees have determined to spread the collection. The ordinance shall be irrepealable by the Board.

(b)The board shall, in each succeeding annual appropriation ordinance, include an amount certified under subsection

(a)and shall, for the amount so certified, either include that amount in the annual library tax levy or levy (in addition to the other library taxes for the district) a special tax to pay that amount.