55 ILCS 5/ Counties Code.

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55 ILCS 5/6-10007

(55 ILCS 5/6-10007) (from Ch. 34, par. 6-10007)

Sec. 6-10007.

Procedure by corporate authorities to effectuate
refunding plan. The corporate authorities of a county may take any action
that may be necessary to inform the owners of unpaid bonds regarding the
financial condition of the county, the necessity of refunding its unpaid
bonds and readjusting the maturities thereof in order that sufficient taxes
may be collected to take care of these bonds, and thus re-establish the
credit of the county. The corporate authorities may enter into any
agreement required to prepare and carry out any refunding plan and, without
any previous appropriation therefor under any budget law, may incur and pay
expenditures that may be necessary in order to accomplish the refunding of
the bonds of the county.

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

55 ILCS 5/6-10008

(55 ILCS 5/6-10008) (from Ch. 34, par. 6-10008)

Sec. 6-10008.

Applicability.

This Division shall apply to
any county regardless of the law under which it is organized and operating,
and shall constitute complete authority for issuing refunding bonds as
herein provided without reference to other laws. This Division
shall be construed as conferring powers in addition to, but not as limiting
powers granted under other laws.

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

55 ILCS 5/Div. 6-11

(55 ILCS 5/Div. 6-11 heading) Division 6-11.

Funding Bonds - Counties

under 70,000 Population

55 ILCS 5/6-11001

(55 ILCS 5/6-11001) (from Ch. 34, par. 6-11001)

Sec. 6-11001.

Resolution directing issuance of bonds.

If no petition
for referendum is filed as provided in this Division, or if such petition
is filed and election is had and a majority of the voters voting on the
proposition vote in favor thereof, then the county board may adopt a
resolution directing the issuance of any or all of the bonds described in
the resolution of intention, fixing the details thereof and levying a tax
to pay the same. The bonds shall mature at such time or times as is fixed
in said resolution but not more than 20 years from the date of such bonds,
shall bear interest at not more than the maximum rate authorized by the
Bond Authorization Act, as amended at the time of the making of the
contract, payable annually or semi-annually, and be payable at such place
or places as shall be fixed in said resolution, and shall be signed in the
manner and by the officials directed by the resolution to sign the same.
The amount of such bonds which may be issued shall not be subject to any
statutory debt limitation. Any of the bonds authorized pursuant to the
provisions of this Division may be exchanged for at least a like par amount of
the claims described in the resolution of intention, or said bonds, or some
of them, may be sold for not less than the par value thereof and the
proceeds used to pay at least a like par amount of such claims, provided,
however, said bonds may be delivered from time to time or all at one time.

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 Division or "An Act
to authorize any county having a population of less than 70,000 to issue
funding bonds and to provide for the validation of claims to be paid by or
from the proceeds of such bonds", filed June 19, 1939, 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 Division or "An Act to authorize any
county having a population of less than 70,000 to issue funding bonds and
to provide for the validation of claims to be paid by or from the proceeds
of such bonds", filed June 19, 1939, that may appear to be or to have been
more restrictive than those Acts.

(Source: P.A. 86-962; 86-1028.)

55 ILCS 5/6-11002

(55 ILCS 5/6-11002) (from Ch. 34, par. 6-11002)

Sec. 6-11002.

Extension of tax to pay funding bonds.

It shall
be the duty of such county clerk annually when extending
taxes for other corporate purposes to extend taxes for the purpose of
paying the principal of and interest on the bonds therein authorized as
directed in and by said resolution. Such tax shall not be subject to any
statutory limitation as to rate or amount.

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

55 ILCS 5/6-11003

(55 ILCS 5/6-11003) (from Ch. 34, par. 6-11003)

Sec. 6-11003.

Bondholder's rights.

The holder of any such bonds shall
not be obligated to inquire into the validity of the claims funded, 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 the items funded and the power to issue such bonds. The
adoption of the resolution, which declares the intention of the county
board to issue funding bonds under the provisions of this Division, shall
be deemed a validation of the claims therein set forth insofar as there may
be any question as to the legality of any or all of the same.

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

55 ILCS 5/6-11004

(55 ILCS 5/6-11004) (from Ch. 34, par. 6-11004)

Sec. 6-11004.

Partial invalidity.

The invalidity of any Section or
portion of this Division shall not affect the remainder hereof. This
Division shall not be construed as repealing or modifying any existing
statute with respect to the issuance of bonds, but shall be deemed to be
additional authority to issue funding bonds.

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