Illinois § 30

§ 30.

Adoption of ordinance or resolution. In order to authorize participation in a loan from the Illinois Finance Authority and to authorize and issue the bonds, the governing body shall adopt an ordinance, or resolution when appropriate, providing for the determination of the amount of bonds, the maturity of bonds, and the rate of interest of the bonds. In the case of general obligation bonds, the ordinance or resolution shall provide for the levy and collection of a direct annual tax upon all the taxable property in the governmental unit sufficient to pay the principal of and interest on the general obligation bonds to maturity. Upon the filing of a certified copy of an adopted ordinance or resolution levying a direct annual tax under this Section in the office of the county clerk in each county in which the governmental unit is located, the county clerk shall annually extend the tax in addition to all other taxes authorized to be levied by the governmental unit or on behalf of the governmental unit. In the case of revenue bonds, the ordinance or resolution shall provide for covenants and agreements as may be found by the governmental unit to be necessary and appropriate, including any liens granted on enterprise revenues or revenue sources, to secure the punctual payment of the principal of and interest on the revenue bonds. The governmental unit may enter into loan agreements and security agreements with respect to the borrowing of money from the Illinois Finance Authority pursuant to this Act. (Source: P.A. 103-1023, eff. 8-9-24.)