|Public Act 096-1047|
|HB5540 Enrolled||LRB096 15694 RLJ 30930 b|
AN ACT concerning local government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Illinois Municipal Code is amended by
changing Section 8-1-3.1 as follows:
(65 ILCS 5/8-1-3.1)
(from Ch. 24, par. 8-1-3.1)
Borrowing from financial institutions.
corporate authorities may borrow money for corporate purposes
from one fund
for the use of another fund providing such
borrowing shall be repaid within
the current fiscal year.
The corporate authorities may also borrow money from any
bank or other
financial institution provided such money shall
be repaid within 10 years
from the time the money is borrowed.
The mayor or president of the municipality, as the case may be,
shall execute a promissory note or similar debt instrument, but
not a bond, to evidence the indebtedness incurred by the
borrowing. The obligation to make the payments due under the
promissory note or other debt instrument shall be a lawful
direct general obligation of the municipality payable from the
general funds of the municipality and such other sources of
payment as are otherwise lawfully available. The promissory
note or other debt instrument shall be authorized by an
ordinance passed by the corporate authorities and shall be