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HB5540 Enrolled |
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LRB096 15694 RLJ 30930 b |
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| AN ACT concerning local government.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Municipal Code is amended by |
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| changing Section 8-1-3.1 as follows:
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| (65 ILCS 5/8-1-3.1) (from Ch. 24, par. 8-1-3.1)
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| Sec. 8-1-3.1. Borrowing from financial institutions. The |
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| corporate authorities may borrow money for corporate purposes |
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| from one fund
for the use of another fund providing such |
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| borrowing shall be repaid within
the current fiscal year.
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| The corporate authorities may also borrow money from any |
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| bank or other
financial institution provided such money shall |
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| be repaid within 10 years
from the time the money is borrowed. |
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| The mayor or president of the municipality, as the case may be, |
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| shall execute a promissory note or similar debt instrument, but |
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| 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 |
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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 |