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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.
COUNTIES (55 ILCS 5/) Counties Code. 55 ILCS 5/6-14001
(55 ILCS 5/6-14001) (from Ch. 34, par. 6-14001)
Sec. 6-14001.
Judgments rendered in suits commenced prior to December
31, 1959. The County Board of any County having a population of less than
250,000 inhabitants and in which a Public Building Commission authorized by
the "Public Building Commission Act", approved July 5, 1955, as now or
hereafter amended, does not exist, by resolution may authorize the issuance
of funding bonds not to exceed $600,000 to fund any judgment or judgments
which have been or may be rendered in suits commenced prior to December 31,
1959, against said County for indebtedness duly audited and allowed prior
to such date 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, payable
semi-annually), 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.
All such bonds shall be sold to the highest and best responsible bidder,
and notice of the time and place bids may be submitted shall be given by
publication in a newspaper of general circulation published in the county,
if there is one, and if none, then in a newspaper of general circulation
therein, such notice to be published once each week for three successive
weeks, the last publication to be at least one day prior to the time
specified in the notice. Any sale of bonds in violation of this
Division is void.
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 Division or "An Act
authorizing the issuance of funding bonds by counties to care for unpaid
judgments against the county, and providing for a tax levy for their
payment", approved July 28, 1941, 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 authorizing the issuance of funding bonds by counties
to care for unpaid judgments against the county, and providing for a tax
levy for their payment", approved July 28, 1941, 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. 6-15
(55 ILCS 5/Div. 6-15 heading)
Division 6-15.
Bonds for Certain Unpaid
Judgments or Claims -
Counties over 500,000 Population
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55 ILCS 5/6-15001
(55 ILCS 5/6-15001) (from Ch. 34, par. 6-15001)
Sec. 6-15001.
Judgments rendered prior to December 1, 1942.
In all cases where any county having a population of 500,000 or
more inhabitants has incurred indebtedness prior to December 1, 1942 for
proper county purposes, such indebtedness being evidenced by claims that
shall have been audited and allowed by the county board, or evidenced by
judgments rendered prior to December 1, 1942 against such county, such
county may issue negotiable coupon bonds in the amount of such unpaid
claims or judgments, or both, 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 whether evidenced by judgments or claims, or both, 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 after such advertising as the county board may deem necessary,
provided, however, that said county board may reserve the right to reject
any and all bids therefor; or such bonds may be delivered by the county
board to the owners of such indebtedness evidenced by claims, or to the
holders of such judgments, on the basis of par for par, in full payment
therefor, and in either case the claims representing such indebtedness
shall be paid simultaneously upon the delivery of the bonds and 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 5/6-15002
(55 ILCS 5/6-15002) (from Ch. 34, par. 6-15002)
Sec. 6-15002.
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 5/6-15003
(55 ILCS 5/6-15003) (from Ch. 34, par. 6-15003)
Sec. 6-15003.
Validity of claims or judgments funded by bonds.
The holder of any such bonds shall not be obligated to inquire into
the validity of the claims or judgments 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 claims or judgments so funded, and the power to issue such bonds.
(Source: P.A. 86-962.)
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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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