(55 ILCS 5/6-5002) (from Ch. 34, par. 6-5002)
Sec. 6-5002.
Resolution authorizing bonds.
The
resolution authorizing the issuance of such bonds shall specify
the total amount of bonds to be issued, the form and denomination of the
bonds, the date they are to bear, the place where they are payable, the
date or dates of maturity, which shall not be more than 20 years after the
date the bonds bear, the rate of interest which shall not exceed
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, and the dates on which interest is payable.
Such resolution shall prescribe all the details of the bonds and shall
provide for the levy and collection of a direct annual tax upon all taxable
property within the county sufficient to pay the principal thereof at
maturity and to pay the interest thereon as it falls due, which tax shall
not be subject to any statutory limitations relative to taxes which may be
extended for county purposes.
With respect to instruments for the payment of money issued under this
Section or its predecessor either before, on, or after the effective date
of Public Act 86-4, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in accordance with the
Omnibus Bond Acts, regardless of any provision of these Sections 6-5001
through 6-5005 or "An Act to authorize the issuance of bonds by a county
having more than 500,000 inhabitants for the purchase of voting machines,
and to provide for the payment therefor", approved July 20, 1949, that may
appear to be or to have been more restrictive than those Acts, (ii) that
the provisions of this Section or its predecessor are not a limitation on
the supplementary authority granted by the Omnibus Bond Acts, and (iii)
that instruments issued under this Section or its predecessor within the
supplementary authority granted by the Omnibus Bond Acts are not invalid
because of any provision of these Sections 6-5001 through 6-5005 or "An Act
to authorize the issuance of bonds by a county having more than 500,000
inhabitants for the purchase of voting machines, and to
provide for the payment therefor", approved July 20, 1949, that may appear to
be or to have been more restrictive than those Acts.
(Source: P.A. 90-655, eff. 7-30-98.)
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