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Terms Used In Illinois Compiled Statutes 30 ILCS 352/40

  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
     Governmental units that are issuing non-referendum general obligation bonds or limited bonds for the purpose of making improvements or restorations, the necessity for which is caused by any casualty, accident, or emergency, are not required to comply with the provisions of this Act. As used in this Section, “emergency” means a condition requiring immediate action to suppress or prevent the spread of disease or to prevent or remove imminent danger to persons or property.