(60 ILCS 1/280-10)
Sec. 280-10.
Refunding bond ordinance; tax rate.
(a) The ordinance authorizing the refunding bonds shall prescribe all
details of the refunding bonds and shall provide for the levy and collection of
a direct annual tax upon all the taxable property within the township
sufficient to pay the principal of and interest on the refunding bonds as it
matures. This tax shall be in addition to and exclusive of the maximum of all
other taxes authorized to be levied by the township. Tax limitations applicable
to the township provided by other statutes of this State shall not apply to
taxes levied for payment of these refunding bonds.
(b) A certified copy of the bond ordinance shall be filed with the county
clerk of the county in which the township or any portion of the township is
situated and shall constitute the authority for the extension and
collection of refunding bond and interest taxes as required by the
Illinois Constitution.
(Source: Laws 1941, vol. 2, p. 489; P.A. 88-62.)
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