§ 3A.12

Illinois § 3A.12

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 70: SPECIAL DISTRICTS
• Act 70 ILCS 3615/: Regional Transportation Authority Act.
• Art.: Article III-A - Suburban Bus Division

Text

(Text of Section before amendment by P.A. 104-457 ) Sec. 3A.12. Working cash borrowing. The Suburban Bus Board with the affirmative vote of 9 of its Directors may demand and direct the Board of the Authority to issue Working Cash Notes at such time and in such amounts and having such maturities as the Suburban Bus Board deems proper, provided however any such borrowing shall have been specifically identified in the budget of the Suburban Bus Board as approved by the Board of the Authority. Provided further, that the Suburban Bus Board may not demand and direct the Board of the Authority to have issued and have outstanding at any time in excess of $5,000,000 in Working Cash Notes. (Source: P.A. 95-906, eff. 8-26-08.) (Text of Section after amendment by P.A. 104-457 ) Sec. 3A.12. Working cash borrowing. The Suburban Bus Board with the affirmative vote of 8 of its Directors may request the Board of the Authority to issue Working Cash Notes at such time and in such amounts and having such maturities as the Suburban Bus Board deems proper, provided however any such borrowing shall have been specifically identified in the budget of the Suburban Bus Board as approved by the Board of the Authority. Provided further, that the Suburban Bus Board may not demand and direct the Board of the Authority to have issued and have outstanding at any time in excess of $5,000,000 in Working Cash Notes.

Legislative History

(Source: P.A. 104-457, eff. 6-1-26.)