There is a newer version of the Illinois Compiled Statutes
2005 Illinois 60 ILCS 1/ Township Code. Article 240 - Township Borrowing Money
(60 ILCS 1/240‑5)
Sec. 240‑5. Borrowing money. The township board may borrow money (i)
from any
bank or financial institution if the money is to be repaid within 10 years
from the time it is borrowed or (ii) with the approval of the
highway
commissioner, from a township
road district fund, if the money is
to be repaid within one year from the time it is borrowed.
"Financial
institution" means any bank subject to the Illinois Banking Act, any savings
and loan association subject to the Illinois Savings and Loan Act of 1985,
and any federally chartered commercial bank or savings and loan association
organized and operated in this State under the laws of the United States.
(Source: P.A. 93‑743, eff. 7‑15‑04.)
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