TWP CD-TWP HALL CONTRACTS

Amends the Township Code and the Illinois Highway Code. Provides that a township or a road district may borrow money from a bank or financial institution if the money is to be repaid within 10 years (instead of one year). Provides that a township road district, with the approval of the town board of trustees, may borrow money from the town fund, if the money is to be repaid within 10 years (now, one year). Provides that a township may construct a township hall under contracts providing for payment over a period of time of not more than 10 years (instead of 5 years). Provides that a referendum is required for a township to lease, for a period of longer than 10 years (instead of 5 years), a township hall, a multi-purpose senior center, or a combination. Makes a technical change to a cross-reference. Effective immediately.