(55 ILCS 5/5-33004) (from Ch. 34, par. 5-33004)
Sec. 5-33004.
Reduction of taxes on payment of bonds called.
Whenever any superhighway bonds are
called for payment and paid as provided in Section 5-33005, the taxes
thereafter to be extended
for payment of the principal of and interest on the remainder of the issue
shall be reduced in an amount equal to the principal of and interest that
would have thereafter accrued upon the superhighway bonds so called for
payment and paid. A resolution or resolutions shall be adopted by the County
Board finding these facts and a certified copy or copies thereof shall be
filed with the County Clerk and with the Director of the Department of
Central Management Services of this State. The County
Clerk shall thereupon reduce and extend
such tax levies in accordance with said resolution or resolutions. To the
extent that moneys from the Motor Fuel Tax Fund have actually been paid
into the superhighway bond and interest sinking fund account or accounts
required to be created by Section 5-33005, the
taxes next to be extended for principal of and interest on said bonds shall
be abated, or reduced, as the case may
be. Prior to the extension of each year's taxes the County Board of such
county shall adopt a resolution or resolutions finding such facts and shall
file a certified copy or copies thereof with the county clerk. Thereupon
the county clerk shall abate or reduce, as the case may be, and extend such
tax levies in accordance therewith.
(Source: P.A. 86-962.)
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