(50 ILCS 430/3) (from Ch. 146 1/2, par. 3)
Sec. 3.
Each warrant issued under this Act may be made payable at the
time fixed in the warrant and shall bear interest, payable only out of the
taxes against which it is drawn, at a rate of interest specified in the
warrant but not exceeding 7% if issued prior to January 1, 1972, and at
the rate of not more than 8% if issued after January 1, 1972 and before
November 12, 1981, and at a rate not to exceed the rate permitted in "An Act
to authorize public corporations to issue bonds, other evidences of indebtedness
and tax anticipation warrants subject to interest rate limitations set forth
therein", approved May 26, 1970, as now or hereafter amended if issued on
or after November 12, 1981, annually from the date of
issuance until paid, or until notice is given
by publication in a newspaper or otherwise, that the money for its
payment is available, and that it will be paid on presentation. All
jurors' certificates shall be issued in conformity with this Act. This
Act does not apply to school districts, cities, villages, or incorporated
towns. For the purposes of this Section, "prime commercial rate" means such
prime rate as from time to time is publicly announced by the largest
commercial banking institution located in this State, as measured by total assets.
(Source: P.A. 82-902.)
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