(50 ILCS 425/2)
(from Ch. 85, par. 831-2)
Whenever there are not sufficient funds on hand to pay obligations
and the governing body of the unit of local government or school district
shall deem it for the best interest of the unit of local government or school
district, as the case may be, to provide funds for the payment of its
obligations which are either general expenses or otherwise, whether due or
to accrue in the then fiscal year, and it shall theretofore have been
assured in writing of receiving revenue from a reliable source such as
federal aid, State revenue sharing or local fees for the payment of such
obligations and shall have filed with the proper county clerk the necessary
evidence of such assurance, such unit of local government or school
district is hereby authorized to provide funds for such purpose and issue
its notes therefor in the manner provided in this Act.
The governing body 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
expenses or for a particular fund, and if for a particular fund it shall be identified.
(b) The date, rate of interest, place of payment and maturity or
maturities. Such notes may be payable at a designated bank or at the
office of the treasurer.
(c) The amount of warrants or notes theretofore issued under this or any
other act to anticipate the collection of such revenues.
(d) A pledge of so much of such revenues as may be necessary for the payment
of obligations issued hereunder.
(Source: P.A. 83-1521.)