(65 ILCS 95/14) (from Ch. 24, par. 1614)
Sec. 14.
Insolvency of the Guarantee Fund.
If the guarantee fund
becomes depleted and payments of guarantees under the program cannot be
made in a timely fashion as required by the program guidelines, the
governing commission may temporarily suspend the registration of new
members and borrow funds against future tax revenues until such time as the
guarantee fund is sufficiently restored. Under no circumstances shall the
indebtedness or obligations of a program or a governing commission become
an indebtedness or obligation of either the municipality in which the
program is located or the State of Illinois.
(Source: P.A. 85-1044.)
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