Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

55 ILCS 5/6-2006

(55 ILCS 5/6-2006) (from Ch. 34, par. 6-2006)

Sec. 6-2006.

Registry of notes.

The County Treasurer shall keep a
registry of each series of notes so issued, together with a copy thereof.
For such authentication the County Treasurer shall be paid by the
municipality a fee of $1 for each note so authenticated, but the minimum
fee for any issue of notes shall be $10.

(Source: P.A. 86-962.)

55 ILCS 5/6-2007

(55 ILCS 5/6-2007) (from Ch. 34, par. 6-2007)

Sec. 6-2007.

Limitations.

Anticipatory obligations issued against
taxes levied for any purpose shall not be in excess of 85% of such taxes
extended or to be extended, computed upon the then last equalized valuation
determined by the Department of Revenue of the State of Illinois.

In any county in which there shall have been created a working cash fund
pursuant to the provisions of Division 6-27, notes shall at no time
be issued in anticipation of the collection of taxes levied for general
corporate purposes for any year, under the provisions of this Division, for
such an amount that the aggregate of (a) the amount of such notes, and the
interest to accrue thereon, (b) the aggregate of such notes theretofore
issued in anticipation of the collection of such taxes for such year, and
the interest accrued and to accrue thereon, (c) the aggregate amount of
warrants theretofore drawn in anticipation of the collection of such taxes
for such year, and the interest accrued and to accrue thereon, under the
provisions of "An Act of the Constitution of the State of Illinois to
provide for the manner of issuing warrants upon the treasurer of the State
or of any county, township, city, village or other municipal corporation
and jurors' certificates," approved June 27, 1913, as amended, and (d) the
aggregate amount of money theretofore transferred from the working cash
fund of such county to the general corporate fund thereof, shall exceed
ninety (90) per centum of the actual or estimated amount of such taxes
extended or to be extended by the county clerk upon the books of the
collector or collectors of State and county taxes within such county.

(Source: P.A. 86-962.)

55 ILCS 5/6-2008

(55 ILCS 5/6-2008) (from Ch. 34, par. 6-2008)

Sec. 6-2008.

Transmittal of funds for payment.

It is hereby made the
duty of the County Treasurer authenticating any note issued under the
provisions of this Division as and when taxes so anticipated are received
by him to promptly transmit to the bank designated in the notes as the
place of payment, funds sufficient to pay principal and interest on notes
issued under this Division or if the notes are payable at his office to pay
the same as provided in this Division.

(Source: P.A. 86-962.)

55 ILCS 5/6-2009

(55 ILCS 5/6-2009) (from Ch. 34, par. 6-2009)

Sec. 6-2009.

Payment of notes.

Whenever funds are available for the
payment of notes issued under the provisions of this Division
the County Treasurer shall transmit same to the
bank designated in the note as the place of payment together with written
advice that funds are available to pay particular notes, designating same
in numerical order, and that same will cease to bear interest fifteen (15)
days subsequent to the date of such notice, and such bank shall pay
accordingly. The County Treasurer shall take receipt from the bank for such
remittance and thereafter such Treasurer shall be relieved of
responsibility in connection therewith, a copy of which notice shall be
published once by the County Treasurer in a newspaper published in the
County at least five (5) days prior to the date fixed for redemption. A
copy of such notice shall be mailed to any holder or owner of such notes or
agent thereof, requesting same in writing. Notes may state on their face
that they will not be subject to call on or before a date fixed in the
resolution by the Board but which date shall be approximately the date on
which it is anticipated the first tax collections will be received by the
County Treasurer. When notes are payable at the office of the County
Treasurer he shall set aside funds for payment of notes instead of
remitting to a bank and give notice of redemption as above provided, and
pay accordingly.

(Source: P.A. 86-962.)