Sec. 6-2002. Issuance of notes in anticipation of taxes.

292 words·~1 min read·/il/chapter-55/act-5/6-2002

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Sec. 6-2002. Issuance of notes in anticipation of taxes. Whenever there are not sufficient funds on hand to pay obligations and the Board of Commissioners of the County shall deem it for the best interest of the County to provide funds for the payment of its obligations which are either corporate expenses or otherwise, whether due or to accrue in the then fiscal year, and it shall theretofore have levied taxes for the payment of such obligations and shall have filed with the proper County Clerk the necessary evidence of such levy, such County is hereby authorized to provide funds for such purpose and issue its notes therefor in the manner provided in this Division, provided, however, that after January 1, 1930, no notes shall be issued other than for the payment of corporate and highway expenses.

The Board of Commissioners shall provide for such issue by an appropriate resolution which shall set forth:

(a)The amount of money to be borrowed and the purpose for which it will be expended, the estimated revenues and the aggregate appropriations for such purpose. The purpose need not be stated in detail, but the statement thereof shall indicate whether such funds are for the payment of general corporate expenses or for a particular fund, and if for a particular fund same shall be identified.

(b)The date, rate of interest, place of payment and maturity or maturities. Such notes may be payable at a bank or at the office of the County Treasurer.

(c)The amount of warrants or notes theretofore issued under this or any other act to anticipate the collection of such taxes.

(d)A pledge of so much of such taxes as may be necessary for the payment of obligations issued hereunder.