(70 ILCS 605/6-7) (from Ch. 42, par. 6-7)
Sec. 6-7.
Borrowing
in excess of 90% of unpaid assessments.
The commissioners for good cause shown may borrow money in an amount
exceeding 90% of any unpaid assessments or installments of assessments for
the purposes set forth in Section 6-6. Before so borrowing, the
commissioners shall petition the court for such authority. Upon its filing,
the petition shall be presented to the court, which shall fix the date and
hour for hearing. Notice of the hearing shall be given substantially in the
form, for the length of time and in the manner provided in Sections 4-21
and 4-22, except that when notice is given by publication, no notice by
mailing shall be required. If, upon such hearing, the court finds that such
borrowing will be for the best interests of the district, it shall grant
the prayer of the petition.
(Source: Laws 1955, p. 512.)
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