50 ILCS 425/3

(50 ILCS 425/3) (from Ch. 85, par. 831-3)

Sec. 3.

Notes issued under this Act shall be due not more than 12 months
from the date of issue and shall be payable in accordance with the resolution
adopted by the governing body providing for the issuance of the notes or
warrants. Notes issued under this Act shall bear interest at not more than
the maximum interest rate allowed by "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, payable annually or semi-annually
or at the time of payment of principal.  The interest to the due date of
the note may be represented by appropriate coupons and be executed by the
facsimile signature of the appropriate treasurer.  No notes shall be issued
under this Act after the revenue to be anticipated is delinquent.  No notes
shall be issued or sold, unless such issuance and sale is authorized by
a vote of at least 2/3 of the members elected to the governing body.  The notes
shall be sold to the highest responsible bidder after due advertisement
and public opening of bids.  The governing body may authorize notes to be
issued and sold from time to time and in such amounts as the appropriate
treasurer deems necessary to provide funds to pay obligations due or to
accrue within the then fiscal year.

Notes issued under this Act shall be received by any collector of
revenues against which they are issued at par plus accrued interest, and
when so received shall be cancelled with the same effect as though paid
pursuant to this Act.

Such notes shall be signed by the presiding officer of the governing body
and countersigned by the treasurer.  Such
notes shall be payable to bearer provided that the notes may be registered
as to principal in the name of the holder on the books of the treasurer
and evidence of such registration shall be endorsed upon the back of notes
so registered.  After such registration no transfer shall be made except
upon such books and similarly noted on the note unless the last registration
was to bearer.  Such notes may be re-registered from time to time in the
name of the designated holder but such registration shall not affect the
negotiability of the coupons attached.

(Source: P.A. 83-1521.)