IL SB1430

County boards may borrow money from banks or other financial institutions for any corporate purpose, with repayment required within 2 years.

County board chairman or county executive must execute a promissory note or similar debt instrument (not a bond) to evidence the indebtedness.

Borrowing must be authorized by county board ordinance and creates a direct general obligation payable from county general funds and other lawfully available sources.

Combined indebtedness from this borrowing authority cannot exceed existing debt limitations otherwise provided by law.

"Financial institution" includes state and federally chartered banks, savings and loan associations, savings banks, and credit unions operating in Illinois.