60 ILCS 1/ Township Code.

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60 ILCS 1/280-35

(60 ILCS 1/280-35)

Sec. 280-35.

Notice to owners of unpaid bonds; refunding plan.

(a) The corporate authorities of a township may take any action that
may be necessary to inform the owners of unpaid bonds regarding the
financial condition of the township and the necessity of refunding its
unpaid bonds and readjusting the maturities of those bonds in order that
sufficient taxes may be collected to take care of these bonds and thus
re-establish the credit of the township.

(b) The corporate authorities may enter into any agreement required to
prepare and carry out any refunding plan and, without any previous
appropriation under any budget law, may incur and pay expenditures that may be
necessary in order to accomplish the refunding of the bonds of the township.

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

60 ILCS 1/280-40

(60 ILCS 1/280-40)

Sec. 280-40.

Application and construction.

This Article applies to any
township, regardless of the law under which it is organized and operating, and
constitutes complete authority for issuing refunding bonds under this Article
without reference to other laws. This Article shall be construed as conferring
powers in addition to, but not as limiting, powers granted under other laws.

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

60 ILCS 1/Art. 285

(60 ILCS 1/Art. 285 heading) ARTICLE 285.

TOWNSHIP BOND

MONEY REFUNDS

60 ILCS 1/285-5

(60 ILCS 1/285-5)

Sec. 285-5. Payment of bond fund balance to township.

(a)
Whenever
all the bonds
of any township have been fully paid and canceled and there remains in the
hands of the county collector of taxes or county treasurer, after the payment,
any balance to the credit of the bond fund of the township, the county
collector of taxes or county treasurer shall pay to the supervisor of the
township the balance of the fund in his hands, taking a receipt of the
supervisor for the payment, and the balance may be appropriated and expended in accordance with subsection (a) of Section 285-10.

(b) Beginning on the effective date of this amendatory Act of the 93rd General Assembly and through December 31, 2004, whenever all the bonds of any township have been fully paid and canceled and there remains any balance to the credit of the bond fund of the township, including any amounts that were in the bond fund prior to the payment in full and cancellation of the bonds, in the hands of the township supervisor (other than amounts paid to the supervisor under subsection (a)), the balance  may be appropriated and expended in accordance with subsection (b) of Section 285-10.

(Source: P.A. 93-1025, eff. 8-25-04.)