55 ILCS 5/ Counties Code.

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55 ILCS 5/6-10005

(55 ILCS 5/6-10005) (from Ch. 34, par. 6-10005)

Sec. 6-10005.

Reduction of tax.

Whenever any refunding bonds are
purchased and cancelled, as provided in Section 6-10004, 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 county finding these facts. A certified copy
of this resolution shall be filed with the county clerk, whereupon the
county clerk shall reduce and extend such tax levies in accordance therewith.

Whenever refunding bonds are issued, proper reduction of taxes,
theretofore levied for the payment of the bonds refunded and next to be
extended for collection, shall be made by the county clerk upon receipt of
a certificate signed by the treasurer and the comptroller, if there is a
comptroller, of the county, showing the bonds refunded and the tax to be
abated.

(Source: P.A. 86-962.)

55 ILCS 5/6-10006

(55 ILCS 5/6-10006) (from Ch. 34, par. 6-10006)

Sec. 6-10006.

Sinking fund.

Money which becomes available from taxes
that were levied for prior years for payment of bonds or interest coupons
that were paid or refunded before those taxes were collected, after payment
of all warrants that may have been issued in anticipation of these taxes,
shall be placed in the sinking fund account provided in this Section. It
shall be used to purchase, call for payment, or to pay at maturity
refunding bonds and interest thereon as herein provided.

Money received from the proceeds of taxes levied for the payment of the
principal of and interest upon refunding bonds shall be deposited in a
special fund of the county. It shall be designated as the "Refunding Bond
and Interest Sinking Fund Account of ....." This fund shall be faithfully
applied to the purchase or payment of refunding bonds and the interest
thereon as provided in this Division.

If the money in this fund is not immediately necessary for the payment
of refunding bonds or if refunding bonds can not be purchased before
maturity, then, under the direction of the corporate authorities of the
county, the money may be invested by the treasurer and the comptroller, if
there is a comptroller, of the county, in bonds or other interest bearing
obligations of the United States or in bonds of the State of Illinois.

The maturity date of the securities in which this money is invested
shall be prior to the due date of any issue of refunding bonds of the
investing county. The corporate authorities may sell these securities
whenever necessary to obtain cash to meet bond and interest payments.

(Source: P.A. 86-962.)