(220 ILCS 5/17-400)
Sec. 17-400.
Conditions prohibiting municipal system
participation. At no time shall a municipal system make an
election under Sections 17-200 or 17-300 of this Article if such
election places at risk:
(1) Any status held by the municipal system or
municipal corporation or political subdivision which
provides exemption from State or federal tax statutes; or
(2) Any debt, credit instrument or other contractual
financial obligation held by, or on behalf of the
municipal system which was entered into under an
exemption from State or federal tax statutes.
(Source: P.A. 90-561, eff. 12-16-97.)
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