(65 ILCS 5/8-1-11) (from Ch. 24, par. 8-1-11)
Sec. 8-1-11.
Whenever a municipality does not have sufficient money
in its treasury to meet all necessary expenses and liabilities of the
municipality, including all expenses for building purposes, the
corporate authorities may issue and sell warrants drawn against and in
anticipation of taxes already levied for the particular funds from which
these expenses and liabilities may be paid, to the extent of 85% of the
total amount of those taxes. However, in municipalities in which there
has been created a working cash fund pursuant to the provisions of
Division 6 of this Article 8, no tax anticipation warrants shall be
drawn against taxes levied for general corporate purposes for such an
amount that the aggregate of (1) the amount of those warrants, and the
interest to accrue thereon, and (2) the aggregate amount of those
warrants theretofore drawn against those taxes and the interest accrued
and to accrue thereon, and (3) the aggregate amount of money theretofore
transferred from the working cash fund to the general fund of that
municipality, exceeds 90% of the actual or estimated amount of those
taxes extended or to be extended by the county clerk upon the books of
the collector or collectors of state and county taxes within that
municipality. Tax anticipation warrants drawn and issued under this
section shall show upon their face that they are payable in the
numerical order of their issuance solely from the anticipated taxes when
these anticipated taxes are collected and not otherwise. These warrants
shall be received by any collector of taxes in payment of the taxes
against which they are issued, and the taxes against which these
warrants are drawn shall be set apart and held for their payment.
(Source: P.A. 81-165.)
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