|
| | SB1430 Engrossed | | LRB098 08560 OMW 38674 b |
|
|
| 1 | | AN ACT concerning local government.
|
| 2 | | Be it enacted by the People of the State of Illinois,
|
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The Counties Code is amended by adding Section |
| 5 | | 5-1134 as follows:
|
| 6 | | (55 ILCS 5/5-1134 new) |
| 7 | | Sec. 5-1134. Borrowing from financial institutions. The |
| 8 | | county board of a county may borrow money from any bank or |
| 9 | | other financial institution provided such money shall be repaid |
| 10 | | within 2 years from the time the money is borrowed. The county |
| 11 | | board chairman, county executive, or Cook County Board |
| 12 | | President, as the case may be, shall execute a promissory note |
| 13 | | or similar debt instrument, but not a bond, to evidence the |
| 14 | | indebtedness incurred by the borrowing. The obligation to make |
| 15 | | the payments due under the promissory note or other debt |
| 16 | | instrument shall be a lawful direct general obligation of the |
| 17 | | county payable from the general funds of the county and such |
| 18 | | other sources of payment as are otherwise lawfully available. |
| 19 | | The promissory note or other debt instrument shall be |
| 20 | | authorized by an ordinance passed by the county board and shall |
| 21 | | be valid whether or not an appropriation with respect to that |
| 22 | | ordinance is included in any annual or supplemental |
| 23 | | appropriation adopted by the county board. The indebtedness |