(65 ILCS 5/8-4.1-7)
(from Ch. 24, par. 8-4.1-7)
The proceeds of Bonds may be used
to provide for the payment of interest upon such Bonds for a period not to
exceed the greater of 2 years or a period ending 6 months after the
estimated date of completion of the acquisition and construction of the
project or accomplishment of the purpose for which such Bonds are issued.
In addition it shall be lawful for the corporate authorities of any
municipality issuing Bonds to appropriate money for the purpose of paying
interest on such Bonds during the period described above. Such
appropriation may be made in the ordinance authorizing such Bonds and shall
be fully effective upon the effective date of such ordinance without any
further notice, publication or approval whatsoever.
(Source: P.A. 85-158.)