(50 ILCS 340/2)
(from Ch. 146 1/2, par. 3.2)
If at any time it is deemed expedient to convert into money
any tax anticipation warrants theretofore issued and purchased with
public funds pursuant to the provisions of Section 1 of this Act, before
receipt of the taxes in anticipation of which the warrants were issued,
the governing body of the county, park district, sanitary district, or
other municipal corporation, by ordinance or resolution, may authorize a
resale of such warrants and adjust the interest rate thereon or may
authorize the issuance and sale of a like principal amount of any
warrants for the same purpose and in anticipation of the same taxes as
the original warrants were issued. These new warrants may have any date
subsequent to the date of the original tax anticipation warrants. The
new tax anticipation warrants shall be of the denomination and shall
bear interest at the rate, not to exceed the statutory rate, that is
authorized by the ordinance or resolution specified in this section.
Simultaneously with the delivery of these new tax anticipation
warrants a like principal amount of the original warrants that were
issued against the same tax that is anticipated by the new warrants
shall be paid and cancelled. The proceeds of the sale of these new tax
anticipation warrants shall be used first to restore to the fund or
funds so invested in the original tax anticipation warrants, money
equivalent to the par value and accrued interest of the original tax
anticipation warrants and the balance, if any, shall revert to the fund
for the creation of which the tax so anticipated was levied.
When tax anticipation warrants are reissued they shall bear the index
numerical designation of the original warrants and shall be subnumbered
consecutively in the order of reissuance, and shall be paid in the
direct order of reissuance, beginning with the earliest subnumber.
In determining the priority of payment of more than one series of tax
anticipation warrants against the collection of the same tax the various
series shall be treated as having been issued on the date of the
original issue of each series of warrants. The series prior in point of
time as thus determined shall be paid first.
This Act shall not apply to cities, villages, and incorporated towns.
(Source: Laws 1941, vol. 2, p. 473