No indebtedness shall be incurred, excepting such indebtedness as may be payable solely from the proceeds of a duly authorized bond issue or from a designated specified source, unless there is a prior budget out of which such indebtedness could be paid, as provided by statute. The annual budget shall be adopted by the Mayor and board of trustees before the beginning of the fiscal year to which it applies.
(1961 Code § 9.203; amd. Ord. 1791, 4-8-1986; 1992 Code)
Statutory reference:
65 ILCS 5/8-1-3 et seq.