(55 ILCS 5/6-5007) (from Ch. 34, par. 6-5007)
Sec. 6-5007.
Requisites of resolution.
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 4% per annum 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.
(Source: P.A. 86-962.)
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(55 ILCS 5/6-5008) (from Ch. 34, par. 6-5008)
Sec. 6-5008.
Execution of bonds; registration.
The bonds shall be
executed by such officials as may be provided in the resolution authorizing
the issue. They may be made registerable as to principal and may be made
callable on any interest payment date at par and accrued interest after
notice has been given at the time and in the manner provided in the resolution.
The bonds shall remain valid even though one or more of the officers executing
the bonds ceases to hold office before the bonds are delivered.
(Source: P.A. 86-962.)
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(55 ILCS 5/6-5009) (from Ch. 34, par. 6-5009)
Sec. 6-5009.
Sinking fund.
The resolution may provide for the
creation of a sinking fund to consist of the proceeds of the taxes levied
for the payment of the principal and interest upon these bonds. This fund
shall be faithfully applied to the purchase or payment of the bonds, and
the interest thereon, issued pursuant to the provisions of Sections 6-5006
through 6-5010.
(Source: P.A. 86-962.)
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