(745 ILCS 10/9-105) (from Ch. 85, par. 9-105)
Sec. 9-105.
The board of a local taxing entity may, instead of
following the procedure under subdivision (b) of Section 9-104 or when
it considers the action advisable, issue general obligation or revenue
bonds without referendum for the purpose of creating a reserve for or
for the payment of any cost, liability or loss against which
such entity may protect itself or self-insure pursuant to Section 9-103 or for
the
payment of which such entity may levy a tax pursuant to Section 9-107,
including any or
all tort judgments or settlements entered against or
entered into by the entity or by or against another local public entity
or an employee of that other public entity while acting within the scope of
employment, either individually or where the local public entities have
joined in an intergovernmental joint self-insurance contract which among
other undertakings authorizes each local public entity to utilize its funds
to protect, wholly or partially, any other local public entity or its
employees against liability or loss in accordance with the
intergovernmental contract. Such bonds may be
issued in an amount necessary to fund a reserve
created for any or all of the above described purposes including the
discharge of obligations
under such judgments or settlements. Such bonds shall not be considered
debt under any statutory limitation, and may be issued in an amount,
including existing
indebtedness, in excess of any heretofore or hereafter imposed statutory
limitation as to debt but subject to constitutional limits.
Any bonds issued under this Section as limited bonds as defined in Section
3
of the Local Government Debt Reform Act shall comply with the requirements of
the Bond Issue Notification Act.
(Source: P.A. 89-655, eff. 1-1-97.)
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