(70 ILCS 605/6-9) (from Ch. 42, par. 6-9)
Sec. 6-9.
Borrowing against annual maintenance assessment.
Whenever an annual maintenance assessment has been confirmed in a
district and there are not sufficient funds on hand to perform maintenance
work, to operate a pumping plant, or for any other purpose for which annual
maintenance funds may be expended, the commissioners may, at any time after
they have made and filed their annual certificate of levy, borrow money
against the annual maintenance assessment for which such certificate of
levy has been filed, to an amount not exceeding 75% of such levy, and may
evidence the same by notes of the district bearing interest at a rate not
exceeding that permitted in "An Act to authorize public corporations to
issue bonds, other evidences of indebtedness and tax anticipation warrants
subject to interest rate limitations set forth therein", approved May 26,
1970, as amended and not running beyond one year from the date of
issue. Such notes shall not be held to make the commissioners personally
liable, but shall constitute a lien against such annual maintenance
assessment.
(Source: P.A. 84-886.)
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