(50 ILCS 430/2) (from Ch. 146 1/2, par. 2)
Sec. 2.
Whenever a county, township, sanitary district, or other
municipal corporation, a quasi municipal corporation, farm drainage
district, river district, drainage and levee district, or fire
protection district, does not have sufficient money in its treasury to
meet all necessary expenses and liabilities thereof, including all
expenses for building purposes, the proper authorities thereof may
provide a fund to meet these expenses and liabilities by issuing and
disposing of warrants drawn against and in anticipation of any taxes
already levied by said authorities for the payment of these expenses and
liabilities, to the extent of 85% of the total amount
of those taxes. However, in any county in which there has been created a
working cash fund pursuant to the provisions of "An Act to provide for
the creation, setting apart, maintenance and administration of a working
cash fund in counties having a population of five hundred thousand or
more inhabitants," filed June 28, 1930, as amended, or in the Chicago
Park District if there has been created a working cash fund pursuant to
the provisions of "An Act authorizing the Chicago Park District to
provide for the creation, maintenance and administration of a working
cash fund," approved July 11, 1935, as amended, no tax anticipation
warrants shall be drawn against taxes levied for general corporate
purposes for such an amount that the aggregate of (1) the amount of
those warrants, and the interest to accrue thereon, (2) the aggregate
amount of those warrants theretofore drawn against those taxes and the
interest accrued and to accrue thereon, (3) in case of counties having
more than five hundred thousand population, the aggregate amount of
notes issued in anticipation of taxes, and (4) the aggregate amount of
money theretofore transferred from the working cash fund to the general
fund of that county or park district, exceeds ninety per cent of the
actual or estimated amount of those taxes extended or to be extended by
the county clerk upon the books of the collector or collectors of State
and county taxes within that county or park district, as the case may
be. Tax anticipation warrants drawn and issued under the provisions of
this Section shall show upon their face that they are payable in the
numerical order of their issuance solely from the anticipated taxes when
these anticipated taxes are collected and not otherwise. These warrants
shall be received by any collector of taxes in payment of the taxes
against which they are issued, and the taxes against which these
warrants are drawn shall be set apart and held for their payment.
The board of town trustees shall be the proper authority for the
issuance and disposal of warrants drawn against and in anticipation of
all taxes levied by the electors of a township at a town meeting.
(Source: P.A. 82-783.)
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