(605 ILCS 5/10-204) (from Ch. 121, par. 10-204)
Sec. 10-204.
If a majority of the legal voters voting at such election on
such question, voted in favor of the proposition, the county clerk shall
issue (from time to time as the work progresses) a sufficient amount, in
the aggregate, of the bonds of such county for the purpose of assisting in
the construction or repair of any such bridge or bridges, as set forth in
this Division of this Article, and in accordance with the prayer of the
petition. Such bonds shall be of such denominations, upon such time, bear
such rate of interest (not exceeding the maximum rate authorized by the
Bond Authorization Act, as amended at the time of the making of the contract), and be
disposed of, as the
necessities and convenience of such county may require. However, such bonds
shall not be sold nor disposed of, either by sale or by payment to
contractors for labor or materials, for less than par value. Such bonds
shall be issued in not less than 5 nor more than 30 annual series, the
first series of which shall mature not more than 5 years from the date of
issue, and each succeeding series in succeeding years thereafter. A
register of all issues of such bonds shall be kept in the office of the
county clerk of such county, showing the date, amount, rate of interest,
maturity, and the purpose for which such bonds were issued, and it shall be
the duty of such county clerk, to extend annually against all the property
in such county, a tax sufficient to pay the interest of such bonds in each
year prior to the maturity of such first series, and thereafter he shall
extend a tax in each year sufficient to pay each series as it matures,
together with interest thereon and with the interest upon the unmatured
bonds outstanding. Such bonds may be lithographed and the interest for each
year evidenced by interest coupons thereto attached, which coupons shall be
signed with the original or facsimile signatures by the same officers who
executed the bonds.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, 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 this Act that may appear
to be or to have been more restrictive than those Acts, (ii) that the
provisions of this Section are not a limitation on the supplementary
authority granted by the Omnibus Bond Acts, and (iii) that instruments
issued under this Section within the supplementary authority granted
by the Omnibus Bond Acts are not invalid because of any provision of
this Act that may appear to be or to have been more restrictive than
those Acts.
(Source: P.A. 86-4.)
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