(30 ILCS 400/6)
(from Ch. 127, par. 319)
Each year, after this Act becomes fully operative, and until all of
the bonds issued as provided in this Act have been retired, there is levied
a direct annual tax upon all real and personal property in this State
subject to taxation of such amount as shall be necessary and sufficient to
pay the interest annually as it shall accrue, on all bonds issued under the
provisions of this Act and also to pay and discharge the principal of such
bonds at par value, as such bonds fall due; and the amounts of such direct
annual tax shall be appropriated for that specific purpose.
The proceeds of this tax shall be paid into the Public Welfare Building
Bond Retirement and Interest Fund in the State treasury.
The required rate of such direct annual tax shall be fixed each year by
the officers charged by law with fixing the rate for State taxes on the
valuation of real and personal property in this State subject to taxation
in accordance with the provisions of the statutes in such cases: provided,
however, that if money has been transferred from the General Revenue Fund
to the Public Welfare Building Bond Retirement and Interest Fund for the
same purpose for which said direct annual tax is levied and imposed then
said officers shall in fixing the rate of said direct annual tax make
proper allowance in the amount of money so transferred in reduction of the
tax levied under this Section and the tax levied under this Section shall
be abated in that amount.
(Source: Laws 1959, p. 2068.)