(105 ILCS 5/19-22)
(from Ch. 122, par. 19-22)
Reduction of tax levy-Bonds purchased and cancelled.
Whenever refunding bonds are purchased and cancelled as provided in
Section 19-21, the taxes thereafter to be extended for payment of the
principal of and the interest on the remainder of the issue shall be
reduced in an amount equal to the principal of and the interest that would
have thereafter accrued upon the refunding bonds so cancelled. A resolution
shall be adopted by the corporate authorities of the school district
finding these facts. A certified copy of this resolution shall be filed
with the county clerk specified in Section 19-18, whereupon he shall
reduce and extend such tax levies in accordance therewith.
(Source: Laws 1961, p. 31