55 ILCS 5/6-2003
2021 Illinois Compiled Statutes|Chapter 55 - COUNTIES|55 ILCS 5/ - Counties Code.|Article 6 - Finance

 (from Ch. 34, par. 6-2003)Sec. 6-2003.     Form of notes.     Notes issued under this Division  shall be due not more than 12 months from the date of issue and shall be  payable at any time when the County Treasurer has funds sufficient to pay  all or a portion of such issue. Notes issued under this Division shall bear  interest at 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 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 that date, payable annually or semi-annually or  at the time of payment of principal. The interest to the due date of the  note may be represented by appropriate coupons and be executed by the  facsimile signature of the County Treasurer. No notes shall be issued under  this Division after the tax to be anticipated is delinquent. No notes shall  be issued or sold, unless such issuance and sale is authorized by a vote of  at least 2/3 of the members elected to the County Board. The notes shall be  sold to the highest responsible bidder after due advertisement and public  opening of bids. The County Board may authorize notes to be issued and sold  from time to time and in such amounts as the County Treasurer deems  necessary to provide funds to pay obligations due or to accrue within each  quarterly period of the fiscal year.Notes issued under this Division shall be received by any collector of taxes  in payment of taxes against which they are issued at par plus accrued  interest, and when so received shall be cancelled with the same effect as  though paid pursuant to this Division.Such notes shall be signed by the presiding officer of the Board, be  attested by the Comptroller and be countersigned by the Treasurer. Such  notes shall be payable to bearer provided that the notes may be registered  as to principal in the name of the holder on the books of the County  Treasurer and evidence of such registration shall be endorsed upon the back  of notes so registered. After such registration no transfer shall be made  except upon such books and similarly noted on the note unless the last  registration was to bearer. Such notes may be re-registered from time to  time in the name of the designated holder but such registration shall not  affect the negotiability of the coupons attached.With respect to instruments for the payment of money issued under this  Section or its predecessor either before, on, or after the effective date  of Public Act 86-4, 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 Division or "An Act  concerning the anticipation of taxes and obligations in respect thereof in  counties having more than 1,000,000 population", approved May 22, 1929,  that may appear to be or to have been more restrictive than those Acts,  (ii) that the provisions of this Section or its predecessor are not a  limitation on the supplementary authority granted by the Omnibus Bond Acts,  and (iii) that instruments issued under this Section or its predecessor  within the supplementary authority granted by the Omnibus Bond Acts are not  invalid because of any provision of this Division or "An Act concerning the  anticipation of taxes and obligations in respect thereof in counties having  more than 1,000,000 population", approved May 22, 1929, that may appear to  be or to have been more restrictive than those Acts.    (Source: P.A. 86-962; 86-1028.)