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Public Act 103-0187
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| HB3340 Enrolled | LRB103 30195 AWJ 56623 b |
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AN ACT concerning local government.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Municipal Code is amended by |
changing Section 8-1-3.1 as follows:
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(65 ILCS 5/8-1-3.1) (from Ch. 24, par. 8-1-3.1)
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Sec. 8-1-3.1. Borrowing from financial institutions. The |
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.
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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 |
