65 ILCS 5/8-1-15
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-1-15)Sec. 8-1-15.         Any municipality having a population of 500,000 or more,  holding in its treasury any fund set aside for use for a particular purpose  that is not immediately necessary for that purpose, at any time by  ordinance may advance the money in that fund, or such part thereof as may  be required, to the board of local improvements of that municipality. The  board shall apply this money toward the payment of any final judgment of  condemnation rendered in any proceeding involving the taking or damaging of  private property for a local improvement of that municipality, the cost of  which is to be defrayed wholly or partly by special assessment or special  taxation.Before any money is actually so advanced, the corporate authorities, by  the same ordinance, shall require the board of local improvements to  execute and deposit with the comptroller of the municipality a written  pledge or security to the entire extent of the special assessment or  special tax, for the repayment of the advance out of the proceeds of the  special assessment or special tax. The comptroller shall give a written  receipt for this pledge or security. After such a pledge or security is so  executed and deposited, all money paid on account of the principal and  interest of the special assessment or special tax shall be at once credited  to and placed in the fund from which the advance was made until the fund is  reimbursed for the advance made therefrom. Thereupon, the corporate  authorities by ordinance may cancel and release the pledge or security. The  entire amount of the advance shall be repaid to the specified fund within 5  years from the date of the passage of the ordinance providing for the  advance.An advance 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. The corporate  authorities shall make provision for the payment, out of any corporate  funds legally available therefor, of any part of this interest which is in  excess of the interest paid on account of the special assessment or special  tax and placed in the specified fund.If there is no comptroller in the municipality, the municipal clerk  shall perform the duties of the comptroller specified in this section.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. 86-4.)