(75 ILCS 10/8.2)
(from Ch. 81, par. 118.2)
(a) After the General Assembly has appropriated funds to
the State Librarian for grants to a library system and the Governor has
signed the appropriation bill into law and the State Librarian has certified
that the library system is eligible for such grants, a library
system may issue Grant Anticipation Notes in anticipation of the receipt
of such grants. Such Grant Anticipation Notes shall show upon their face
that they are payable solely from such grants when received.
(b) The Grant Anticipation Notes shall bear interest at a rate not to
exceed the rate specified in "An Act to authorize public corporations to
issue bonds, other evidences of indebtedness and tax anticipation warrants
subject to interest rate limitations set forth therein", approved May 26,
1970, as amended, from the date of their issuance until paid, or until notice
is given that money for their payment is available and that such will be
paid on presentation.
Grant Anticipation Notes shall be sold in such manner and in such denominations
as is determined by the board of directors of the system, and shall mature
within one year of the date of issuance.
(d) At no time may the principal and interest payable on outstanding Grant
exceed 75% of the amount of funds which have been appropriated for grants
to the system.
(e) In order to authorize and issue Grant Anticipation Notes, the board
of directors of the system shall adopt a resolution fixing the amount of
the Grant Anticipation Notes, the date thereof, the maturity thereof, rate
of interest thereof unless the Grant Anticipation Notes are to be sold by
public bid, place of payment and denomination, which shall be in equal multiples
(f) The Grant Anticipation Notes shall be executed in the name of the
system by manual or facsimile signatures of such officials of the system
as the board of directors may by resolution designate. At least one signature
on each note shall be a manual signature.
(g) This Section, without reference to any other law, shall be deemed
full and complete authority for the issuance of the Grant Anticipation Notes
as herein provided.
(Source: P.A. 83-130.)