(55 ILCS 5/6-8004) (from Ch. 34, par. 6-8004)
Sec. 6-8004.
Payment of interest.
The bonds issued by authority of
this Division shall be payable at such time or times as the county board
may in said order determine not exceeding, however, twenty years from the
date of issue and shall bear interest at such rate per annum as shall by
said order be fixed not exceeding five per cent.
(Source: P.A. 86-962.)
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(55 ILCS 5/6-8005) (from Ch. 34, par. 6-8005)
Sec. 6-8005.
Sale of bonds.
The said bonds or such as may be necessary
shall be sold to the highest bidder under the direction of the county board
by receiving sealed bids therefor, but no bond shall be sold for less than
par and accrued interest and at least fifteen days notice of the time and
place of receiving bids for such bonds shall be given by the county clerk
by publication thereof for at least two successive weeks in some newspaper
of general circulation in said county.
(Source: P.A. 86-962.)
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(55 ILCS 5/6-8006) (from Ch. 34, par. 6-8006)
Sec. 6-8006.
Proceeds to be separate fund.
The money realized from
the sale of said bonds, or any of them shall be kept as a separate fund and
disbursed only for the purpose for which they were issued: Provided, that
any surplus that may remain after the payment of all demands against said
funds may be used for other county purposes.
(Source: P.A. 86-962.)
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(55 ILCS 5/6-8007) (from Ch. 34, par. 6-8007)
Sec. 6-8007.
Amount of taxes.
The county board of each county issuing
bonds under the provisions of this Division shall include in
the amounts of all taxes to be raised for county purposes in each year a
sum sufficient to pay the accruing interest on such bonds and also a
sufficient sum to be set apart as a sinking fund to be accumulated and used
for the payment of the principal of said bonds at their maturity.
(Source: P.A. 86-962.)
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(55 ILCS 5/Div. 6-9 heading) Division 6-9.
Refunding Bonds - Counties
Under 200,000 Population
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