(65 ILCS 5/8-1-3) (from Ch. 24, par. 8-1-3)
Sec. 8-1-3.
The corporate authorities may borrow money on the credit of the
corporation for corporate purposes, and issue bonds therefor, in such
amounts and form, and on such conditions unless otherwise provided in this
Code as the corporate authorities prescribe. Before, or at the time of
incurring any indebtedness, the corporate authorities shall provide for the
collection of a direct annual tax sufficient to pay the interest on the
debt as it falls due, and also to pay and discharge the principal thereof
within 20 years after contracting the debt.
(Source: Laws 1961, p. 576.)
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