(55 ILCS 5/5-34004) (from Ch. 34, par. 5-34004)
Sec. 5-34004.
Form and denomination of bonds.
The Expressway bonds shall be of such form and denomination,
payable at such place, bear such date, and be executed by such officials as
may be provided by the Board of Commissioners in the bond resolution or
resolutions. They shall mature within not to exceed 20 years from their
date, and may be made callable on any interest payment date at par and
accrued interest after notice has been given at the time and in the manner
provided in the bond resolution or resolutions. If there is no default in
payment of principal or of interest on the Expressway bonds, and after
setting aside a sum of money equal to the amount of interest that will
accrue on the Expressway bonds, and a sum of money equal to the amount of
principal that will become due thereon within the next six months period,
the Treasurer and Comptroller, if there is a Comptroller, of the county
shall use the moneys available from the proceeds of the taxes levied for
the payment of Expressway bonds and the moneys available from the State of
Illinois applicable to such bonds in calling them for payment, if, by their
terms, they are subject to redemption. Expressway bonds called for payment
and paid shall be marked paid and cancelled.
(Source: P.A. 86-962.)
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