bonds; election. General obligation bonds of the Authority, the aggregate outstanding unpaid balance of which exceeds 1 1/2% of the total assessed valuation of all taxable property within the metropolitan area shall not be issued until the proposition to issue the same has been certified to the proper election officials who shall submit the proposition at an election in accordance with the general election law. Any such proposition shall be in substantially the following form:
————————————————————–

Terms Used In Illinois Compiled Statutes 70 ILCS 200/255-50

  • Authority: means the Springfield Metropolitan Exposition and Auditorium Authority. See Illinois Compiled Statutes 70 ILCS 200/255-5
  • Metropolitan area: means all that territory in the State of Illinois lying within the corporate boundaries of the Townships of Springfield, Woodside and Capital in the County of Sangamon. See Illinois Compiled Statutes 70 ILCS 200/255-5
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

    Shall bonds of the “Springfield
 Metropolitan Exposition and            YES
 Auditorium Authority” in the       ————————–
 amount of…. Dollars ($….)          NO
 be issued for the purpose of ….?
————————————————————–
  Previous section
Next section  
 Article 255 Contents