Illinois Statutes
§ 8-1-3
Illinois § 8-1-3
JurisdictionIllinois
TopicGOVERNMENT
Ch. 65MUNICIPALITIES
Act 65 ILCS 5/Illinois Municipal Code.
Art.Article 8 - Finance
This text of Illinois § 8-1-3 is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
65 Ill. Comp. Stat. 8-1-3 (2026).
Text
The corporate authorities may borrow money on the credit of the corporation for corporate purposes, and issue bonds therefor, in such amounts and form, and on such conditions unless otherwise provided in this Code as the corporate authorities prescribe. Before, or at the time of incurring any indebtedness, the corporate authorities shall provide for the collection of a direct annual tax sufficient to pay the interest on the debt as it falls due, and also to pay and discharge the principal thereof within 20 years after contracting the debt.
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Legislative History
(Source: Laws 1961, p. 576.)
Nearby Sections
15
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Bluebook (online)
Illinois § 8-1-3, Counsel Stack Legal Research, https://law.counselstack.com/statute/il/65/8-1-3.