(30 ILCS 350/14) (from Ch. 17, par. 6914)
Sec. 14.
Certain warrant provisions.
Whenever applicable law permits
a governmental unit to issue warrants in anticipation of taxes to be levied
or other funds to be received, the governing body of such governmental unit
may cause such warrants to have a specified due date reasonably calculated
to be after the receipt of the taxes or other revenues anticipated, may
designate and so cause such warrants to be general obligation bonds within
the meaning of this Act, may provide for refunding warrants or general
obligation bonds to refund such warrants should the taxes or other revenues
to pay the same be delayed or insufficient to pay the same, and may provide
for the separate levy of taxes, without limitation as to rate or amount, on
all ad valorem taxable property within the governmental unit, to pay such
warrants or refunding warrants or bonds. Nothing herein shall authorize
the issuance of warrants in excess of the amount otherwise permitted by
applicable law. The county collector shall deposit any amount of tax
proceeds pledged to the payment of warrants of any governmental unit, in
accordance with the authorization of such governmental unit, directly into
a designated escrow account established by the governmental unit. The
ordinance authorizing such disposition shall be filed with the county
collector or collectors of the county or counties within which taxable
property of the governmental unit is located.
Warrants initially issued pursuant to this Act shall not be regarded as or
included in any computation of indebtedness for the purpose of any
statutory provision or limitation. General obligation bonds to refund
warrants issued hereunder or refunding warrants may be issued without
regard to existing indebtedness but upon being issued shall be included and
regarded as indebtedness.
(Source: P.A. 85-1419.)
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