(65 ILCS 5/8-7-2) (from Ch. 24, par. 8-7-2)
Sec. 8-7-2.
For the purpose of creating such a working cash fund, the
corporate authorities may incur an indebtedness and issue bonds therefor in
an amount or amounts not exceeding in the aggregate $700,000.
These bonds shall bear interest at a rate of not more than
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract,
and shall mature within 20 years from the date thereof. The corporate
authorities may provide that the ordinance authorizing the issue of these
bonds shall be operative and valid without the submission thereof to the
electors of the municipality for approval in accordance with the
requirements of Sections 8-4-1 and 8-4-2 and the requirements of the Bond
Issue Notification Act. The corporate authorities, before
or at the time of issuing these bonds, shall provide for the collection of
a direct annual tax upon all the taxable property in the issuing
municipality, sufficient to pay and discharge the principal thereof at
maturity and to pay the interest thereon as it falls due. The amendatory
Acts of 1971, 1972 and 1973 are not a limit upon any municipality which is
a home rule unit.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been supplementary
grants of power to issue instruments in accordance with the Omnibus Bond
Acts, regardless of any provision of this Act that may appear to be or to
have been more restrictive than those Acts, (ii) that the provisions of
this Section are not a limitation on the supplementary authority granted by
the Omnibus Bond Acts, and (iii) that instruments issued under this Section
within the supplementary authority granted by the Omnibus Bond Acts are not
invalid because of any provision of this Act that may appear to be or to
have been more restrictive than those Acts.
(Source: P.A. 89-655, eff. 1-1-97.)
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