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Illinois Compiled Statutes
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COUNTIES (55 ILCS 5/) Counties Code. 55 ILCS 5/6-7002
(55 ILCS 5/6-7002) (from Ch. 34, par. 6-7002)
Sec. 6-7002.
Ordinance.
The County Board of any such county availing
itself of the provisions of Section 6-7001 shall adopt an ordinance describing
in a general way the building or buildings, or addition or extension
thereto, to be constructed, reconstructed, repaired, remodeled, extended,
equipped or improved and the site or sites to be acquired. Such ordinance
shall set out the estimated cost of such construction, reconstruction, repair,
remodeling, extension, equipment, improvement or acquisition and fix the
amount of revenue bonds proposed to be issued, the maturity, interest rate,
and all details in respect thereof and may contain such provisions and
covenants which shall be part of the contract between the county and the
holders of such bonds as may be deemed necessary and advisable as to the
operation, maintenance, and management of the hospital, the establishment
and maintenance of sinking funds, reserve funds, and other special funds,
including construction funds, the fixing and collecting of rents, fees and
charges for the use of the facilities of the hospital sufficient to produce
revenue adequate to maintain such funds and to pay the bonds at maturity
and accruing interest thereon, the issuance thereafter of additional bonds
payable from the revenues derived from the hospital, the kind and amount of
insurance, including use and occupancy insurance, to be carried, the cost
of which shall be payable only from the revenues derived from the hospital,
and such other covenants deemed necessary or desirable to assure the
successful operation and maintenance of the hospital and the prompt payment
of the principal of interest upon the bonds so authorized. Revenue bonds
issued under this Division shall be signed by the Chairman of the County Board
and the County Clerk of the county and shall be payable from revenue
derived from the operation of the public hospital. These bonds shall not in
any event constitute an indebtedness of the county within the meaning of
any constitutional provision or limitation. It shall be plainly written or
printed on the face of each bond that the bond has been issued under the
provisions of this Division, that the bond, including the interest thereon, is
payable from the revenue pledged to the payment thereof, and that it does
not constitute an indebtedness or obligation of the county within the
meaning of any constitutional or statutory limitation or provision. No
holder of any such revenue bond has the right to compel any exercise of the
taxing power of the county to pay such bond or interest thereon.
(Source: P.A. 86-962.)
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55 ILCS 5/6-7003
(55 ILCS 5/6-7003) (from Ch. 34, par. 6-7003)
Sec. 6-7003.
Redemption of revenue bonds.
Revenue
bonds issued under this Division may be redeemed by the county
issuing them on such terms, at such time, upon such notice and with or
without premium all as may be provided in the ordinance authorizing them.
(Source: P.A. 86-962.)
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55 ILCS 5/Div. 6-8
(55 ILCS 5/Div. 6-8 heading)
Division 6-8.
Bonds - Payment of Outstanding Indebtedness
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55 ILCS 5/6-8001
(55 ILCS 5/6-8001) (from Ch. 34, par. 6-8001)
Sec. 6-8001.
Bonds for excess claim against county.
When any
county has audited or allowed claims for county expenses
or county purposes that are outstanding and that, when added to
the sum levied for county purposes, exceed the
sum of 25 cents on the $100 valuation of property, the county board may, by
an order entered of record setting forth substantially the amount of
the outstanding claims, provide for the submission of the
question of issuing the bonds of the county for such sum as may be
reasonably necessary for the purpose to a vote of the people of the
county at a regular election after the passage of the
resolution. The county board shall certify the resolution and the
proposition to the proper election officials, who shall submit the
proposition at a regular election in accordance with the general election
law.
The county board of any county having a population in excess of 200,000
may issue bonds for the purpose of paying claims for county expenses or
county purposes audited or allowed by the county board without submitting
the question of issuing the bonds to a vote of the people of the county.
These bonds shall mature within 10 years from the date of issuance. The
aggregate principal amount of bonds to pay such claims that may ever be
issued without being authorized by referendum shall not exceed $2,500,000.
(Source: P.A. 86-962; 87-895.)
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55 ILCS 5/6-8002
(55 ILCS 5/6-8002) (from Ch. 34, par. 6-8002)
Sec. 6-8002.
Form of votes.
The votes in favor of the proposition
to issue bonds, at an election, shall be "For issuing bonds," and
those against shall be "Against issuing bonds," and if a majority of the
votes cast upon the question are "For issuing bonds" then the county
board shall have power to cause to be issued bonds of said county in
accordance with the terms of the order in Section 6-8001.
(Source: P.A. 86-962.)
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55 ILCS 5/6-8003
(55 ILCS 5/6-8003) (from Ch. 34, par. 6-8003)
Sec. 6-8003.
Signature on bonds.
The bonds issued under the authority
of this Division shall be signed in the name of the county by the chairman
of the board of county commissioners in counties not under township
organization and by the chairman of the county board in counties under
township organization, and shall be countersigned by the county clerk and
shall have the seal of the county attached thereto.
(Source: P.A. 86-962.)
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