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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(75 ILCS 5/5-2.5) Sec. 5-2.5. Bonds as indebtedness. Notwithstanding any provision of law to the contrary: (a) Any bonds issued under Section 5-2 of this Act shall not be considered indebtedness under any law including, but not limited to, Section 8-5-1 of the Illinois Municipal Code, and such bonds may be issued, regardless of any limitations on indebtedness in law, if the conditions of subsection (b) are met. (b) Bonds shall not be considered indebtedness and may be issued regardless of any limitations on indebtedness under subsection (a) if: (1) the bond or bonds are issued after approval by | ||
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(2) the bond or bonds do not exceed a principal | ||
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(3) on or before the date of sale of the bond or | ||
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(4) the bond or bonds are issued prior to November 1, | ||
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(Source: P.A. 99-735, eff. 8-5-16.) |