(30 ILCS 405/7) (from Ch. 127, par. 457)
Sec. 7.
Each year, after this Act becomes fully operative, and until all of the
bonds issued as herein provided have been retired, there is levied a direct
annual tax upon all real and personal property in this State subject to
taxation for such amount as shall be necessary and sufficient to pay the
interest, as it shall accrue, on all bonds issued under this Act and also
to pay and discharge the principal of such bonds at par value, as such
bonds fall due; and the amounts of such direct annual tax shall be
appropriated for that specific purpose.
The proceeds of this tax shall be paid into the Anti-Pollution Bond
Retirement and Interest Fund in the State treasury.
The required rate of direct annual tax shall be fixed each year by the
officers charged by law with fixing the rate for State taxes on the
valuation of real and personal property in this State subject to taxation
in accordance with the provisions of the statutes in such cases. If,
however, money has been transferred from the General Revenue Fund to the
Anti-Pollution Bond Retirement and Interest Fund for the same purpose for
which this direct annual tax is levied and imposed, such officers shall in
fixing the rate of the direct annual tax make proper allowance in the
amount of money so transferred and funds received from other sources in
reduction of the tax levied under this Section, and the tax levied under
this Section shall be abated in that amount.
(Source: P.A. 76-2460.)
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