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91_HB2252
LRB9102908DHmg
1 AN ACT to amend the Illinois Municipal Code by changing
2 Section 11-61-3.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Municipal Code is amended by
6 changing Section 11-61-3 as follows:
7 (65 ILCS 5/11-61-3) (from Ch. 24, par. 11-61-3)
8 Sec. 11-61-3. The corporate authorities of each
9 municipality having a population of less than 1,000,000
10 inhabitants shall have the express power to purchase or lease
11 either real estate or personal property for public purposes
12 through contracts which provide for the consideration for
13 such purchase or lease to be paid through installments to be
14 made at stated intervals during a certain period of time,
15 but, in no case, shall such contracts provide for the
16 consideration to be paid during a period of time in excess of
17 10 years nor shall such contracts provide for the payment of
18 interest at a rate of more than that permitted in "An Act to
19 authorize public corporations to issue bonds, other evidences
20 of indebtedness and tax anticipation warrants subject to
21 interest rate limitations set forth therein", approved May
22 26, 1970, as amended. The indebtedness incurred under this
23 Section when aggregated with existing indebtedness may not
24 exceed the debt limits provided in Division 5 of Article 8 of
25 this Code.
26 Every municipality may issue certificates evidencing the
27 indebtedness incurred under the contracts. Any such
28 certificate shall be valid whether or not an appropriation
29 with respect to the certificate is first included in any
30 annual or supplemental budget adopted by the municipality.
31 The amendatory Acts of 1972 and 1973 are not a limit upon
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1 any municipality which is a home rule unit.
2 (Source: P.A. 84-283.)
3 Section 99. Effective date. This Act takes effect upon
4 becoming law.