Rep. Brandon W. Phelps
Filed: 5/29/2007
 
 

 




 

 		












09500SB0689ham001

LRB095 03845 HLH 36131 a






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AMENDMENT TO SENATE BILL 689 




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    AMENDMENT NO. ______. Amend Senate Bill 689 on page 1, line 
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5, by replacing "Sections 8-1-3.1 and 8-1-7" with "Section 
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8-1-3.1"; and

 
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on page 1, line 7, after "money" by inserting "for corporate 
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purposes"
 
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on page 1,  line 13, after "borrowed." by inserting the 
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following:
 
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"The mayor or president of the municipality, as the case may 
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be, shall execute a promissory note or similar debt instrument, 
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but not a bond, to evidence the indebtedness incurred by the 
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borrowing.  The obligation to make the payments due under the 
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promissory note or other debt instrument shall be a lawful 
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direct general obligation of the municipality payable from the 
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general funds of the municipality and such other sources of 
 


 






09500SB0689ham001
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LRB095 03845 HLH 36131 a




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payment as are otherwise lawfully available.  The promissory 
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note or other debt instrument shall be authorized by an 
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ordinance passed by the corporate authorities and shall be 
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valid whether or not an appropriation with respect to that 
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ordinance is included in any annual or supplemental 
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appropriation adopted by the corporate authorities.  The 
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indebtedness incurred under this Section, when aggregated with 
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the existing indebtedness of the municipality, may not exceed 
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the debt limitation provided in Section 8-5-1 of this Code."; 
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and

 
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by deleting everything from line 20 on page 1 through line 16 
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on page 4.