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Illinois Compiled Statutes
Information maintained by the Legislative Reference Bureau Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide. Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.
() 55 ILCS 5/Div. 6-16
(55 ILCS 5/Div. 6-16 heading)
Division 6-16.
Bonds to Pay Certain Judgments -
Counties under 500,000 Population
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55 ILCS 5/6-16001
(55 ILCS 5/6-16001) (from Ch. 34, par. 6-16001)
Sec. 6-16001.
Judgments rendered prior to May 1, 1961.
The County
Board of any County having a population of less than 500,000 inhabitants,
by resolution may authorize the issuance of funding bonds not to exceed
$225,000 to fund any judgment or judgments which have been rendered prior
to May 1, 1961, against said County for indebtedness duly audited and
allowed prior to August 21, 1961, and which are unpaid, and to pay which no
funds are available.
The resolution authorizing the issuance of the funding bonds herein
authorized shall prescribe the date, maturity, rate of interest (which
shall not exceed the maximum rate authorized by the Bond Authorization
Act, as amended at the time of the making of the contract), place
of payment, and may provide that the bonds may
be registerable as to principal and other details necessary and incident to
the legal issuance thereof. Said resolution shall also authorize and direct
the levy of an annual tax against the taxable property of said County
sufficient to pay the interest and principal of said bonds as it matures,
in accordance with the provisions of said resolution, which tax shall be
included within the rate limitation prescribed for county corporate
purposes, and shall not be in addition thereto and in excess thereof. Such
tax shall be extended at the same time and in the same manner as other
taxes levied for county purposes, except that if a general reduction in
levies is required to keep the maximum for corporate purposes within the
statutory rate limitation the tax levy provided for herein shall not be
reduced. Said tax shall be collected in the same manner as is provided for
the collection of other taxes, and when collected shall be paid into the
county treasury to the credit of the "Judgment Funding Fund," and used for
the payment of the bonds and interest herein authorized.
The bonds shall be sold to the highest and best responsible bidder
therefor. Notice of the time and place bids will be publicly opened shall
be given by publication in a newspaper having general circulation in the
county issuing such bonds, one each week for 3 successive weeks, the last
publication to be at least one week prior to the time specified in the
notice for the opening of bids.
The validity of any funding bonds hereby authorized to be issued shall
remain unimpaired, although one or more of the officers executing the same
shall cease to be such officer or officers before delivery thereof.
Because the bonds herein authorized may be issued only for the purpose
of funding valid judgments theretofore rendered against the County by
courts of record, the question of the issuance thereof need not be
submitted to the legal voters of the County for approval.
With respect to instruments for the payment of money issued under this
Section or its predecessor either before, on, or after the effective date
of Public Act 86-4, 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 Section or "An Act
to authorize counties having a population of less than 500,000 to issue
funding bonds to pay judgments rendered against such counties prior to May
1, 1961, and providing for a tax levy for their payment", approved August
21, 1961, that may appear to be or to have been more restrictive than those
Acts, (ii) that the provisions of this Section or its predecessor are not a
limitation on the supplementary authority granted by the Omnibus Bond Acts,
and (iii) that instruments issued under this Section or its predecessor
within the supplementary authority granted by the Omnibus Bond Acts are not
invalid because of any provision of this Section or "An Act to authorize
counties having a population of less than 500,000 to issue funding bonds to
pay judgments rendered against such counties prior to May 1, 1961, and
providing for a tax levy for their payment", approved August 21, 1961, that
may appear to be or to have been more restrictive than those Acts.
(Source: P.A. 86-962; 86-1028.)
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55 ILCS 5/6-16002
(55 ILCS 5/6-16002) (from Ch. 34, par. 6-16002)
Sec. 6-16002.
Judgments rendered prior to January 1, 1964.
The
County Board of any County having a population of less than
500,000 inhabitants, by resolution may authorize the issuance of funding
bonds not to exceed $1,400,000 to fund any judgment or judgments which have
been rendered prior to January 1, 1964, against said County, and which are
unpaid, and to pay which no funds are available.
The resolution authorizing the issuance of the funding bonds herein
authorized shall prescribe the date, maturity, rate of interest (which
shall not exceed the maximum rate authorized by the Bond Authorization
Act, as amended at the time of the making of the contract), place of
payment, and may provide that the bonds may
be registerable as to principal and other details necessary and incident to
the legal issuance thereof. Said resolution shall also authorize and direct
the levy of an annual tax against the taxable property of said County
sufficient to pay the interest and principal of said bonds as it matures,
in accordance with the provisions of said resolution, which tax shall be
included within the rate limitation prescribed for county corporate
purposes, and shall not be in addition thereto and in excess thereof. Such
tax shall be extended at the same time and in the same manner as other
taxes levied for county purposes, except that if a general reduction in
levies is required to keep the maximum for corporate purposes within the
statutory rate limitation the tax levy provided for herein shall not be
reduced. Said tax shall be collected in the same manner as is provided for
the collection of other taxes, and when collected shall be paid into the
county treasury to the credit of the "Judgment Funding Fund," and used for
the payment of the bonds and interest herein authorized.
The bonds shall be sold to the highest and best responsible bidder
therefor. Notice of the time and place bids will be publicly opened shall
be given by publication in a newspaper having general circulation in the
county issuing such bonds, once each week for 3 successive weeks, the last
publication to be at least one week prior to the time specified in the
notice for the opening of bids.
The validity of any funding bonds hereby authorized to be issued shall
remain unimpaired, although one or more of the officers executing the same
shall cease to be such officer or officers before delivery thereof.
Because the bonds herein authorized may be issued only for the purpose
of funding valid judgments theretofore rendered against the County by
courts of record, the question of the issuance thereof need not be
submitted to the legal voters of the County for approval.
With respect to instruments for the payment of money issued under this
Section or its predecessor either before, on, or after the effective date
of Public Act 86-4, 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 Section or "An Act
to authorize the County Board of any County having a population of less
than 500,000 inhabitants, to issue funding bonds to pay judgments rendered
against such counties prior to January 1, 1964, and providing for a tax
levy for their payment", approved August 13, 1963, that may appear
to be or to have been more restrictive than those Acts, (ii) that the
provisions of this Section or its predecessor are not a limitation on
the supplementary authority granted by the Omnibus Bond Acts, and (iii)
that instruments issued under this Section or its predecessor within the
supplementary authority granted by the Omnibus Bond Acts are not invalid
because of any provision of this Section or "An Act to authorize the County
Board of any County having a population of less than 500,000 inhabitants,
to issue funding bonds to pay judgments rendered against such counties
prior to January 1, 1964, and providing for a tax levy for their payment",
approved August 13, 1963, that may appear to be or to have been more
restrictive than those Acts.
(Source: P.A. 86-962; 86-1028.)
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55 ILCS 5/Div. 6-17
(55 ILCS 5/Div. 6-17 heading)
Division 6-17.
Bonds to Pay Judgments -
Counties over 500,000 Population
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55 ILCS 5/6-17001
(55 ILCS 5/6-17001) (from Ch. 34, par. 6-17001)
Sec. 6-17001.
Judgments rendered prior to August 7, 1947.
In all cases where any county having a population of 500,000 or more
inhabitants has incurred indebtedness prior to August 7, 1947 for proper
county purposes, such indebtedness being evidenced by judgments rendered
prior to August 7, 1947 against such county,
such county may issue negotiable coupon bonds in such an amount not
exceeding $3,000,000 as is necessary for the purpose of paying same, and
may levy taxes upon all the taxable property in such county sufficient to
pay the principal of such bonds at maturity and to pay the interest
thereon, as it falls due, within the constitutional limitation of 75 cents
per $100 of valuation, without submitting the question of issuing such
bonds and levying such taxes to a vote of the people of such county. Such
bonds shall bear interest at a rate of not to exceed five per centum per
annum and the maturity thereof shall be determined by the county board
within twenty years from their date and such bonds shall be authorized by
resolution adopted by the county board prescribing all details of issue and
determining the amount of unpaid indebtedness incurred for proper county
purposes evidenced by judgments, which finding shall be conclusive as to
the amount and validity thereof.
Such bonds shall be sold for not less than their par value upon sealed
bids. The County Board shall from time to time as bonds are to be sold,
advertise in a daily newspaper of general circulation of such county for
proposals to purchase such bonds, at least ten days prior to the opening of
the bids. The County Board may reserve the right to reject any and all
bids. The judgments shall be satisfied and released simultaneously upon the
delivery of the bonds, and proper records shall be made showing such
payment and satisfaction thereof. Such payments may be made without any
prior appropriation therefor under any budget law.
Such bonds and coupons shall be payable in lawful money of the United
States of America at such place or places as may be fixed in the resolution
authorizing same and shall be signed in the manner and by the officials
directed by such resolution and such bonds may be issued in an amount,
including existing indebtedness, not to exceed the constitutional
limitation as to debt notwithstanding any statutory debt limitation to the
contrary.
The validity of any bonds hereby authorized to be issued shall remain
unimpaired although one or more of the officials executing such bonds shall
cease to be such officer or officers before the date of delivery thereof.
(Source: P.A. 86-962.)
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55 ILCS 5/6-17002
(55 ILCS 5/6-17002) (from Ch. 34, par. 6-17002)
Sec. 6-17002.
Bond resolution; tax levy.
The
resolution authorizing such bonds shall provide for the levy
and collection of a direct annual tax upon all the taxable property in said
county sufficient to pay the principal thereof and interest on such bonds
as the same respectively falls due, which tax for payment of such principal
and interest shall be in addition to the maximum rate of taxation for all
other county purposes now or hereafter permitted by the statutes of this
state, and a certified copy of such bond resolution shall be filed with the
county clerk of such county and it shall be the duty of such county clerk
annually when extending taxes of said county levied for county purposes to
extend taxes sufficient for the purpose of paying the principal of and
interest on the bonds therein authorized as directed in and by said
resolution, which tax so extended by such county clerk shall not be subject
to any statutory limitation as to rate or amount and shall be in addition
to the statutory maximum rate of taxation for all other county purposes.
(Source: P.A. 86-962.)
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55 ILCS 5/6-17003
(55 ILCS 5/6-17003) (from Ch. 34, par. 6-17003)
Sec. 6-17003.
Bondholder's rights.
The holder of
any such bonds shall not be obligated to inquire into
the validity of the judgment funded thereby but shall be entitled to rely
upon the proceedings taken pursuant to the provisions of this Division
with respect thereto as establishing the validity of such judgments
so funded, and the power to issue such bonds.
(Source: P.A. 86-962.)
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