(30 ILCS 350/9) (from Ch. 17, par. 6909)
Sec. 9.
Provisions for interest.
(a) The proceeds of bonds may be used
to provide for the payment of interest upon such bonds for a period not to
exceed the greater of 2 years or a period ending 6 months after the
estimated date of completion of the acquisition and construction of the
project or accomplishment of the purpose for which such bonds are issued.
(b) In addition it shall be lawful for the governing body of any
governmental unit issuing bonds to appropriate money for the purpose of
paying interest on such bonds during the period stated in subsection (a) of
this Section. Such appropriation may be made in the ordinance authorizing
such bonds and shall be fully effective upon the effective date of such
ordinance without any further notice, publication or approval whatsoever.
(c) The governing body of any governmental unit may authorize the transfer
of interest earned on any of the moneys of the governmental unit, including
moneys set aside to pay debt service, into the fund of the governmental unit
that is most in need of the interest. This subsection does not apply to any
interest earned that has been earmarked or restricted by the governing body for
a designated purpose. This subsection does not apply to any interest earned on
any funds for the purpose of municipal retirement under the Illinois Pension
Code and tort immunity under the Local Governmental and Governmental Employees
Tort Immunity Act. Interest earned on those funds may be used only for the
purposes authorized for the respective funds from which the interest earnings
were derived.
(Source: P.A. 92-879, eff. 1-13-03.)
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