(30 ILCS 365/3) (from Ch. 17, par. 6803)
Sec. 3.
Authority to issue paper.
Whenever a unit of local
government or school district is
authorized by law to issue bonds or notes, such unit of local government or
school district is hereby authorized to issue other forms of
interest-bearing commercial paper or variable rate remarketable notes
in lieu of such bonds or notes. The
issuance of such other interest-bearing commercial paper shall be subject
to restrictions and provisions applicable to the issuance of bonds or notes
under the laws of this State. The governing board may designate the
commercial paper issued under this Act to be in registered form or bearer
form and may provide for payment by wire transfers or electronic funds
transfer in accordance with the Electronic Fund Transfer Act. The authority granted by this Act to issue interest-bearing
commercial paper shall not be construed to permit the issuing unit of local
government or school district to increase or otherwise alter its debt limits.
(Source: P.A. 89-310, eff. 1-1-96.)
|