(55 ILCS 5/Div. 6-12 heading) Division 6-12.
Funding Bonds - Counties
under 5,000 Population
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(55 ILCS 5/6-12001) (from Ch. 34, par. 6-12001)
Sec. 6-12001.
Authorization.
Any county having a population of less
than 5,000 inhabitants is authorized to issue bonds for the purpose of
paying claims against such county, which were incurred on or before January
1, 1964 for any purpose or purposes for which the county is obligated to
pay or provide funds to pay. Such bonds may be issued in an amount,
including existing indebtedness, in excess of any statutory limitation as
to debt, but not to exceed the constitutional debt limitation, without
submitting the proposition of issuing the bonds or the levying of a tax to
pay the same to the voters of said county.
(Source: P.A. 86-962.)
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(55 ILCS 5/6-12002) (from Ch. 34, par. 6-12002)
Sec. 6-12002.
Resolution establishing validity of claims.
Before any such county avails itself of the provisions of this
Division, the county board shall examine and consider the claims
proposed to be paid and if it appears that such claims were
incurred on or before January 1, 1964 for any purpose or purposes
for which the county is obligated to pay or provide funds to pay,
it shall adopt a resolution so declaring and set forth and describe
in detail such claims; the adoption of such resolution shall
establish the validity of such claims for the purpose of this Division.
(Source: P.A. 86-962.)
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(55 ILCS 5/6-12003) (from Ch. 34, par. 6-12003)
Sec. 6-12003.
Issuance of bonds; maturity.
All bonds
issued under the provisions of this Division shall be signed
in the name of the county by the chairman of the county board and shall be
countersigned by the county clerk and shall have the seal of the county
attached thereto. Such bonds shall mature at such time or times as is fixed
by said county board provided that all of such bonds shall mature within 20
years from their date and bear interest at not to exceed the maximum rate
authorized by the Bond Authorization Act, as amended at the time of the
making of the contract, payable annually or semi-annually, and may be sold
as the county board may direct at not less than par and accrued interest,
and the proceeds derived from the sale thereof shall be used solely and
only for the payment of such claims, or the bonds may be exchanged par for
par for such claims, such bonds may be delivered from time to time or all
at one time.
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
to authorize any county having a population of less than 5,000 to issue
funding bonds and to provide for the validation of claims to
be paid by or
from the proceeds of such bonds, and to provide for a tax to pay the
principal and interest of said bonds", approved August 15, 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 Division or "An Act to authorize any
county having a population of less than 5,000 to issue funding bonds and to
provide for the validation of claims to be paid by or from the proceeds of
such bonds, and to provide for a tax to pay the principal and interest of
said bonds", approved August 15, 1961, that may appear to be or to have
been more restrictive than those Acts.
(Source: P.A. 90-655, eff. 7-30-98.)
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(55 ILCS 5/6-12004) (from Ch. 34, par. 6-12004)
Sec. 6-12004.
Bond resolution; tax levy.
Such
bonds may be issued at any time and
from time to time and at
the time of issuing any such bonds, the county board shall provide by
resolution the date of maturity of each bond, the rate of interest, and
shall also provide in said resolution for the collection of a direct annual
tax upon all the taxable property within such county sufficient to pay and
discharge the principal of any such bonds at maturity, and to pay the
interest thereon as it falls due. A certified copy of such resolution shall
be filed in the office of the county clerk, as tax extension officer of
said county, and he shall extend the tax therein provided for each of the
years while any of such bonds are outstanding. Such tax shall be in
addition to any and all other taxes now or hereafter authorized to be
levied by such county within the Constitutional limitation, and shall not
be included in any statutory limitation of rate or amount but shall be
excluded therefrom and be in excess thereof.
(Source: P.A. 86-962.)
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(55 ILCS 5/6-12005) (from Ch. 34, par. 6-12005)
Sec. 6-12005.
Existing statutes.
This Division shall not be
construed as repealing or modifying any existing statute with respect to
the issuance of bonds, but shall be deemed to be additional authority to
issue funding bonds. The purchaser of any such bonds shall not be obligated
to inquire into the validity of the claims funded by reason of the issue of
such bonds; and all such bonds issued hereunder shall be valid obligations
of the issuing county.
(Source: P.A. 86-962.)
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