Illinois Code § 65 ILCS 5/8-4-11

In every municipality there shall be a sinking fund
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commission, composed of the mayor or president, as the case may be, the
chairman of the finance committee, and the comptroller, or if there is no
comptroller, the municipal clerk.

 
Sections 8-4-11 and 8-4-12 shall not be applicable to the refunding bond
and interest sinking fund account provided for in Section 8-4-8.

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