(65 ILCS 5/11-61-3) (from Ch. 24, par. 11-61-3)
Sec. 11-61-3.
The corporate authorities of each municipality having a
population of
less than 1,000,000 inhabitants shall have the express power to purchase or
lease either real estate or personal property for public purposes through
contracts which provide for the consideration for such purchase or lease to
be paid through installments to be made at stated intervals during a
certain period of time, but, in no case, shall such contracts provide for
the consideration to be paid during a period of time in excess of 20
years
nor shall such contracts provide for the payment of interest
at a rate of more than that 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
amended. The indebtedness incurred under
this Section when aggregated with existing indebtedness may not exceed the
debt limits provided in Division 5 of Article 8 of this Code.
The amendatory Acts of 1972 and 1973 are not a limit upon any
municipality which is a home rule unit.
(Source: P.A. 91-493, eff. 8-13-99.)
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