(75 ILCS 16/30-105)
Sec. 30-105.
Tax warrants.
(a) When there is insufficient money in the general fund
to defray the
necessary expenses of the district, and the working cash fund has been
drawn upon and depleted, the board may cause warrants to be issued and
drawn against and in anticipation of any taxes levied for the payment of
the necessary expenses of the district, but only to the extent of 85% of
the total amount of tax levied. The warrants shall show upon their
face that they are payable in numerical order of their issuance solely
from the taxes when collected and shall be received by any county
collector of taxes in payment of the taxes against which they are
issued. The taxes shall be set apart and held for
payment of the
warrants.
(b) Every warrant shall bear interest payable only out of the taxes
against which it is drawn, at a rate not exceeding the interest rate established
by statute, from the
date of its issuance until paid, or until notice is given by
publication in a newspaper or otherwise that the money for its payment
is available and that the warrant will be paid on presentation. Warrants not
presented pursuant to the notice shall, after the due date, carry a
lower rate of interest as specified, but not less than 3% and for only
one year. After that 1-year term, the warrant
shall bear no interest.
(Source: P.A. 87-1277.)
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