(70 ILCS 605/6-6) (from Ch. 42, par. 6-6)
Sec. 6-6.
Bonds and
notes-Interest-Lien.
The commissioners may, without court approval, borrow money to an amount
not exceeding 90% of the amount of assessments, or one or more installments
of assessments, unpaid at the time of the borrowing, for the performance of
any work, whether original, additional, repair or maintenance, which they
may be authorized to perform, or for the payment of any indebtedness they
may have lawfully incurred, or for any other lawful purpose. They may
evidence the same by notes or bonds in registered form bearing interest at
a rate not to exceed the rate of interest payable on the assessment, and
not running beyond one year after the date that the assessment or last
installment of the assessment against which the money is borrowed will fall
due. Such notes or bonds shall not be held to make the commissioners
personally liable for the money borrowed, but shall constitute a lien upon
such assessments or installments of assessments (and all interest becoming
due thereon) for the repayment of the principal and interest thereof.
(Source: Laws 1955, p. 512.)
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