§ 2-32-850 — Interim financing - Authorized when

2-32-850 Interim financing - Authorized when.

The City of Chicago, acting by its city council, may from time to time, borrow temporary funds in advance of permanent financing to permit the interim financing of estimated costs and expenses necessary and incident to constructing extensions, improvements, or both, to the existing Chicago Water Systems, and in evidence of such borrowing, to issue its interim notes, which notes, both principal thereof and interest thereon, will be paid from the proceeds to be received from the sale of water revenue bonds of the city to be issued pursuant to the procedures provided for in Sections 2-32-770 through 2-32-840, inclusive, hereof, when and as such bonds are authorized and issued for the permanent financing of such extensions, improvements, or both, or from other moneys legally available for such purpose in the water fund of the city, and which said interim notes shall not in any event constitute an indebtedness of said city within the meaning of any constitutional or statutory provision or limitation on indebtedness which may be incurred and the interim notes shall not be payable from ad valorem taxes to be levied and extended against taxable property situated within the city. The procedures for the issuance of such interim notes shall be as substantially herein provided in Sections 2-32-860 through 2-32-890 of this chapter. (Prior code § 7-75)