(65 ILCS 5/11-112-2) (from Ch. 24, par. 11-112-2)
Sec. 11-112-2.
The county clerk of the county in which the municipality
specified in Section 11-112-1 is located shall extend each year the taxes
specified in Section 11-112-1, when the ordinance making the levy of the
tax is certified to him. The tax shall be extended at the rate fixed in the
ordinance, not exceeding .1666% for a period not exceeding 7 years. The
county clerk shall extend the tax in a separate column designated the
"Seven Year Levee Tax."
The collector of state and county taxes, when he receives the money
collected from this levee tax, shall pay it to the municipal treasurer,
every 2 weeks, informing the treasurer that this money is from the 7 year
levee tax; and he shall take the treasurer's receipt for the money as 7
year levee tax paid over.
The municipal treasurer shall receive the money so paid over by the
collector and shall pay the money out as rapidly as possible on warrants
issued on the 7 year levee tax only, so long as such warrants remain
unpaid.
This tax shall be levied in addition to taxes for general purposes
authorized by Section 8-3-1.
The foregoing limitation upon tax rate may be increased or decreased
according to the referendum provisions of the General Revenue Law of
Illinois.
(Source: P.A. 76-845.)
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