| 4 | | - | AN ACT concerning local government. |
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| 5 | | - | Be it enacted by the People of the State of Illinois, |
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| 6 | | - | represented in the General Assembly: |
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| 7 | | - | Section 5. The Illinois Municipal Code is amended by |
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| 8 | | - | changing Section 8-1-3.1 as follows: |
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| 9 | | - | (65 ILCS 5/8-1-3.1) (from Ch. 24, par. 8-1-3.1) |
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| 10 | | - | Sec. 8-1-3.1. Borrowing from financial institutions. The |
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| 11 | | - | corporate authorities may borrow money for corporate purposes |
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| 12 | | - | from one fund for the use of another fund providing such |
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| 13 | | - | borrowing shall be repaid within the current fiscal year. |
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| 14 | | - | The corporate authorities may also borrow money from any |
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| 15 | | - | bank or other financial institution provided such money shall |
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| 16 | | - | be repaid within 10 years from the time the money is borrowed. |
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| 17 | | - | The mayor or president of the municipality, as the case may be, |
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| 18 | | - | shall execute a promissory note or similar debt instrument, |
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| 19 | | - | but not a bond, to evidence the indebtedness incurred by the |
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| 20 | | - | borrowing. The obligation to make the payments due under the |
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| 21 | | - | promissory note or other debt instrument shall be a lawful |
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| 22 | | - | direct general obligation of the municipality payable from the |
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| 23 | | - | general funds of the municipality and such other sources of |
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| 24 | | - | payment as are otherwise lawfully available. The promissory |
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| 25 | | - | note or other debt instrument shall be authorized by an |
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| 26 | | - | ordinance passed by the corporate authorities and shall be |
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| 3 | + | 1 AN ACT concerning local government. |
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| 4 | + | 2 Be it enacted by the People of the State of Illinois, |
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| 5 | + | 3 represented in the General Assembly: |
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| 6 | + | 4 Section 5. The Illinois Municipal Code is amended by |
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| 7 | + | 5 changing Section 8-1-3.1 as follows: |
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| 8 | + | 6 (65 ILCS 5/8-1-3.1) (from Ch. 24, par. 8-1-3.1) |
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| 9 | + | 7 Sec. 8-1-3.1. Borrowing from financial institutions. The |
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| 10 | + | 8 corporate authorities may borrow money for corporate purposes |
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| 11 | + | 9 from one fund for the use of another fund providing such |
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| 12 | + | 10 borrowing shall be repaid within the current fiscal year. |
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| 13 | + | 11 The corporate authorities may also borrow money from any |
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| 14 | + | 12 bank or other financial institution provided such money shall |
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| 15 | + | 13 be repaid within 10 years from the time the money is borrowed. |
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| 16 | + | 14 The mayor or president of the municipality, as the case may be, |
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| 17 | + | 15 shall execute a promissory note or similar debt instrument, |
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| 18 | + | 16 but not a bond, to evidence the indebtedness incurred by the |
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| 19 | + | 17 borrowing. The obligation to make the payments due under the |
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| 20 | + | 18 promissory note or other debt instrument shall be a lawful |
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| 21 | + | 19 direct general obligation of the municipality payable from the |
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| 22 | + | 20 general funds of the municipality and such other sources of |
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| 23 | + | 21 payment as are otherwise lawfully available. The promissory |
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| 24 | + | 22 note or other debt instrument shall be authorized by an |
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| 25 | + | 23 ordinance passed by the corporate authorities and shall be |
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| 33 | | - | valid whether or not an appropriation with respect to that |
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| 34 | | - | ordinance is included in any annual or supplemental |
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| 35 | | - | appropriation adopted by the corporate authorities. The |
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| 36 | | - | indebtedness incurred under this Section, when aggregated with |
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| 37 | | - | the existing indebtedness of the municipality, may not exceed |
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| 38 | | - | the debt limitation provided in Section 8-5-1 of this Code. |
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| 39 | | - | "Financial institution" means any bank, savings bank, savings |
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| 40 | | - | and loan association, or credit union established under the |
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| 41 | | - | laws of the United States, this State, or any other state; or |
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| 42 | | - | any regional planning commission or joint regional planning |
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| 43 | | - | commission established in accordance with Section 5-14001 or |
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| 44 | | - | Section 5-14003 of the Counties Code; or the Illinois Finance |
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| 45 | | - | Authority. |
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| 46 | | - | (Source: P.A. 100-854, eff. 8-14-18.) |
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| 32 | + | HB3340 Enrolled- 2 -LRB103 30195 AWJ 56623 b HB3340 Enrolled - 2 - LRB103 30195 AWJ 56623 b |
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| 33 | + | HB3340 Enrolled - 2 - LRB103 30195 AWJ 56623 b |
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| 34 | + | 1 valid whether or not an appropriation with respect to that |
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| 35 | + | 2 ordinance is included in any annual or supplemental |
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| 36 | + | 3 appropriation adopted by the corporate authorities. The |
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| 37 | + | 4 indebtedness incurred under this Section, when aggregated with |
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| 38 | + | 5 the existing indebtedness of the municipality, may not exceed |
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| 39 | + | 6 the debt limitation provided in Section 8-5-1 of this Code. |
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| 40 | + | 7 "Financial institution" means any bank, savings bank, savings |
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| 41 | + | 8 and loan association, or credit union established under the |
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| 42 | + | 9 laws of the United States, this State, or any other state; or |
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| 43 | + | 10 any regional planning commission or joint regional planning |
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| 44 | + | 11 commission established in accordance with Section 5-14001 or |
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| 45 | + | 12 Section 5-14003 of the Counties Code; or the Illinois Finance |
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| 46 | + | 13 Authority. |
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| 47 | + | 14 (Source: P.A. 100-854, eff. 8-14-18.) |
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| 48 | + | |
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| 49 | + | |
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| 50 | + | |
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| 51 | + | |
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| 52 | + | |
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| 53 | + | HB3340 Enrolled - 2 - LRB103 30195 AWJ 56623 b |
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