60 ILCS 1/ Township Code.

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.

60 ILCS 1/Art. 280

(60 ILCS 1/Art. 280 heading) ARTICLE 280.

TOWNSHIP

REFUNDING BONDS

60 ILCS 1/280-5

(60 ILCS 1/280-5)

Sec. 280-5.

Refunding bonds.

(a) The corporate authorities of any township, without submitting the
question to the electors of the township for approval, may authorize by
ordinance the issuance of refunding bonds (i) to refund its bonds before their
maturity; (ii) to refund its unpaid matured bonds; (iii) to refund matured
coupons evidencing interest upon its unpaid bonds; (iv) to refund interest at
the coupon rate upon its unpaid matured bonds that has accrued since the
maturity of those bonds; and (v) to refund its bonds that by their terms are
subject to redemption before maturity.

(b) The refunding bonds may be made registerable as to principal and may
bear interest at a rate not to exceed 6% annually, payable at the time and
place provided in the bond ordinance.

(c) The refunding bonds shall remain valid even though one or more of
the officers executing the bonds ceases to hold that office before the
bonds are delivered.

(d) For purposes of this Article, "corporate authorities of a
township" means the board of officers who were authorized to issue the
bonds that are being refunded under this Article.

(Source: Laws 1941, vol. 2, p. 489; P.A. 88-62.)

60 ILCS 1/280-10

(60 ILCS 1/280-10)

Sec. 280-10.

Refunding bond ordinance; tax rate.

(a) The ordinance authorizing the refunding bonds shall prescribe all
details of the refunding bonds and shall provide for the levy and collection of
a direct annual tax upon all the taxable property within the township
sufficient to pay the principal of and interest on the refunding bonds as it
matures. This tax shall be in addition to and exclusive of the maximum of all
other taxes authorized to be levied by the township. Tax limitations applicable
to the township provided by other statutes of this State shall not apply to
taxes levied for payment of these refunding bonds.

(b) A certified copy of the bond ordinance shall be filed with the county
clerk of the county in which the township or any portion of the township is
situated and shall constitute the authority for the extension and
collection of refunding bond and interest taxes as required by the
Illinois Constitution.

(Source: Laws 1941, vol. 2, p. 489; P.A. 88-62.)

60 ILCS 1/280-15

(60 ILCS 1/280-15)

Sec. 280-15.

Exchange or sale of refunding bonds.

(a) The refunding bonds may be exchanged for the bonds to be refunded
on the basis of dollar for dollar for the par value of the bonds, interest
coupons, and interest not represented by coupons, if any. Instead of this
exchange, the refunding bonds may be sold at not less than their par value
and accrued interest. The proceeds received from their sale shall be used
to pay the bonds, interest coupons, and interest not represented by
coupons, if any. This payment may be made without any prior appropriation
for the payment under any budget law.

(b) Bonds and interest coupons that have been received in exchange or paid
shall be cancelled, and the obligation for interest, not represented by
coupons, that has been discharged shall be evidenced by a written
acknowledgment of the exchange or payment.

(Source: Laws 1941, vol. 2, p. 489; P.A. 88-62.)