(605 ILCS 5/6-519) (from Ch. 121, par. 6-519)
Sec. 6-519.
Whenever any refunding bonds are purchased and cancelled, as
provided in Section 6-518, the taxes thereafter to be extended for payment
of the principal of and interest on the remainder of the issue shall be
reduced in an amount equal to the principal of and the interest that would
have thereafter accrued upon the refunding bonds so cancelled, if a
resolution has been adopted by the highway commissioner and the road
district clerk of the road district finding these facts and a certified
copy of the resolution has been filed with the county clerk specified in
Section 6-516.
Whenever refunding bonds are issued, proper reduction of taxes
theretofore levied for the payment of the bonds refunded and next to be
extended for collection, shall be made by the county clerk upon receipt of
a certificate signed by the clerk of the road district, showing the bonds
refunded and the tax to be abated.
(Source: Laws 1959, p. 196.)
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