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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(70 ILCS 3605/12b) (from Ch. 111 2/3, par. 312b)
Sec. 12b.
Working Cash Borrowing.
In addition to the powers provided
in Section 12a, the Board with the affirmative vote of 5 of its
Directors may demand and direct the Board of the Regional Transportation
Authority to issue Working Cash Notes at such time and in such amounts and
having such maturities as the Authority deems proper, provided however any
such borrowing shall have been specifically identified in the budget of
the Authority as approved by the Board of the Regional Transportation Authority.
Provided further, that the Board may not issue and have outstanding or
demand and direct the Board of
the Regional Transportation Authority to issue and have outstanding more
than an aggregate of $40,000,000 in Working Cash Notes.
(Source: P.A. 83-885; 83-886.)
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