Sec. 6-7. Borrowing in excess of 90% of unpaid assessments.
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/il/chapter-70/act-605/6-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 6-7. Borrowing in excess of 90% of unpaid assessments. The commissioners for good cause shown may borrow money in an amount exceeding 90% of any unpaid assessments or installments of assessments for the purposes set forth in Section 6-6. Before so borrowing, the commissioners shall petition the court for such authority. Upon its filing, the petition shall be presented to the court, which shall fix the date and hour for hearing. Notice of the hearing shall be given substantially in the form, for the length of time and in the manner provided in Sections 4-21 and 4-22, except that when notice is given by publication, no notice by mailing shall be required.
If, upon such hearing, the court finds that such borrowing will be for the best interests of the district, it shall grant the prayer of the petition.