65 ILCS 5/8-4-25
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-25)Sec. 8-4-25.   Subject to the requirements of the Bond Issue Notification  Act, any municipality is authorized to issue from time to time  full faith and credit general obligation notes in an amount not to exceed  85% of the specific taxes levied for the year during which and for which  such notes are issued, provided no notes shall be issued in lieu of tax  warrants for any tax at any time there are outstanding tax anticipation  warrants against the specific taxes levied for the year. Such notes shall  bear interest at a rate not to exceed the maximum rate authorized by the  Bond Authorization Act, as amended at the time of the making of the  contract, if issued before January 1, 1972 and not more than the maximum  rate authorized by the Bond Authorization Act, as amended at the time of  the making of the contract, if issued after January 1, 1972 and shall  mature within two years from date. The first interest payment date on any  such notes shall not be earlier than the delinquency date of the first  installment of taxes levied to pay interest and principal of such notes.  Notes may be issued for taxes levied for the following purposes:(a) Corporate.(b) For the payment of judgments.(c) Public Library for Maintenance and Operation.(d) Public Library for Buildings and Sites.(e) Blank.(f) Relief (General Assistance).In order to authorize and issue such notes, the corporate authorities  shall adopt an ordinance fixing the amount of the notes, the date  thereof, the maturity, rate of interest, place of payment and  denomination, which shall be in equal multiples of $1,000, and provide  for the levy and collection of a direct annual tax upon all the taxable  property in the municipality sufficient to pay the principal of and  interest on such notes as the same becomes due.A certified copy of the ordinance authorizing the issuance of the  notes shall be filed in the office of the County Clerk of the county in  which the municipality is located, or if the municipality lies partly  within two or more counties, a certified copy of the ordinance  authorizing such notes shall be filed with the County Clerk of each of  the respective counties, and it shall be the duty of the County Clerk,  or County Clerks, whichever the case may be, to extend the tax therefor  in addition to and in excess of all other taxes heretofore or hereafter  authorized to be levied by such municipality.From and after any such notes have been issued and while such notes  are outstanding, it shall be the duty of the County Clerk or County  Clerks, whichever the case may be, in computing the tax rate for the  purpose for which the notes have been issued to reduce the tax rate  levied for such purpose by the amount levied to pay the principal of and  interest on the notes to maturity, provided the tax rate shall not be  reduced beyond the amount necessary to reimburse any money borrowed from  the working cash fund, and it shall be the duty of the Clerk of the  municipality annually, not less than thirty (30) days prior to the tax  extension date, to certify to the County Clerk, or County Clerks,  whichever the case may be, the amount of money borrowed from the working  cash fund to be reimbursed from the specific tax levy.No reimbursement shall be made to the working cash fund until there  has been accumulated from the tax levy provided for the notes an amount  sufficient to pay the principal of and interest on such notes as the  same become due.With respect to instruments for the payment of money issued under this  Section either before, on, or after the effective date of this amendatory  Act of 1989, it is and always has been the intention of the General  Assembly (i) that the Omnibus Bond Acts are and always have been supplementary  grants of power to issue instruments in accordance with the Omnibus Bond  Acts, regardless of any provision of this Act that may appear to be or to  have been more restrictive than those Acts, (ii) that the provisions of  this Section are not a limitation on the supplementary authority granted by  the Omnibus Bond Acts, and (iii) that instruments issued under this Section  within the supplementary authority granted by the Omnibus Bond Acts are not  invalid because of any provision of this Act that may appear to be or to  have been more restrictive than those Acts.  (Source: P.A. 102-587, eff. 1-1-22.)