Illinois Compiled Statutes 70 ILCS 200/205-90 – Ordinary and necessary expenses; tax anticipation warrants. When …
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Terms Used In Illinois Compiled Statutes 70 ILCS 200/205-90
- Authority: means Peoria Civic Center Authority. See Illinois Compiled Statutes 70 ILCS 200/205-5
- Board: means the governing and administrative body of the Peoria Civic Center Authority. See Illinois Compiled Statutes 70 ILCS 200/205-5
- City: means the City of Peoria, Illinois. See Illinois Compiled Statutes 70 ILCS 200/205-5
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Ordinary and necessary expenses; tax anticipation warrants. When there is not sufficient money in the treasury to meet the ordinary and necessary expenses and liabilities of the Authority, the City Council, upon request of the Board, shall order issued warrants against and in anticipation of any taxes levied for the payment of the expenditures for such expenses and liabilities, to the extent of 75% of the total amount of the taxes levied for those purposes.