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The President, upon authorization of the Board of Trustees, may borrow money for lawful purposes and, in evidence of such borrowing, execute notes secured by mortgages on property owned or to be purchased by the Village. Such funds shall be borrowed only for the purpose of purchasing the property to be subject to the mortgage or for the purpose of improving such property. Such mortgage and the note secured thereby may be issued without submission of the question of their issuance to the electors of the Village. The mortgage may be in the form of a trust deed. The procedures for the adoption of the resolution authorizing the execution of such mortgage and note shall be in accordance with the Illinois Municipal Code, except as provided herein.
The resolution authorizing the execution of the mortgage shall set forth the maximum amount to be borrowed and the form of note and mortgage or trust deed which shall include the maturity of the note and interest rate. The maturity of the note shall not in any event exceed forty (40) years from its date, and the rate of interest shall be as provided in the authorizing resolution. The resolution shall authorize the execution of the mortgage or trust deed and note by the Village President and Village Clerk.
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