§ 2-233. Tax anticipation warrants.

(a)

Generally. The mayor and city clerk are hereby authorized to procure a book of blank warrants to be drawn against and in anticipation of the collection of taxes after the taxes have been levied, in accordance with the provisions of article 8, division 1, section 11 of Illinois Municipal Code (Ill. Rev. Stat. ch. 24, ¶ 8-11-1). Such warrants shall be known as tax anticipation warrants, shall be numbered as a separate series from the demand warrants described in section 2-232, shall state upon their face against the tax levy of what year they are drawn, shall not exceed 75 percent of the tax levy, and are payable in the numerical order of their issuance solely from such taxes when collected and not otherwise. In other respects their form shall conform with the requirements of section 2-232. The clerk shall keep a separate account of all the warrants so issued.

(b)

Payment. Where any tax anticipation warrants have been ordered by the city council and drawn by the mayor and city clerk, it shall be the duty of the clerk to file with the city treasurer a certificate of the numbers and amounts of such tax anticipation warrants and of the funds upon which and the person in whose favor they are drawn, and the rate of interest, if any. When the taxes against which the warrants are drawn are collected and paid into the city treasury, it shall be the duty of the treasurer to set apart out of such taxes, and out of the respective funds upon which such tax anticipation warrants were drawn, a sum sufficient to pay the tax anticipation warrants, and to hold such sum for such payment.

(c)

Issuance. Whenever there is not sufficient money in the treasury to meet all necessary expenses and liabilities of the city, and money is not available in the working cash fund for such purposes, the city council may authorize the issue and sale of warrants drawn against and in anticipation of taxes already levied for that particular fund from which such expenses and liabilities may be paid, which tax anticipation warrants shall draw interest at a rate not exceeding six percent annually, to be designated by the city council. No tax anticipation warrants shall be drawn against taxes levied for general corporate purposes for such an amount that the aggregate sum of the warrants being issued, with interest to accrue, warrants theretofore issued against such taxes, with interest to accrue, and all money theretofore transferred from the working cash fund to the general corporate fund, shall exceed 90 percent of the actual or estimated amount of such taxes extended or to be extended according to law. Tax anticipation warrants shall be signed by the mayor and countersigned by the city clerk.

(Code 1966, §§ 3.26, 3.27, 3.31)