(55 ILCS 5/6-10001) (from Ch. 34, par. 6-10001)
Sec. 6-10001.
Refunding bonds.
The corporate authorities of any county,
without submitting the question to the electors thereof for approval, may
authorize by ordinance the issuance of refunding bonds (1) to refund its
bonds prior to their maturity; (2) to refund its unpaid matured bonds; (3)
to refund matured coupons evidencing interest upon its unpaid bonds; (4) to
refund interest at the coupon rate upon its unpaid matured bonds that has
accrued since the maturity of those bonds; and (5) to refund its bonds
which by their terms are subject to redemption before maturity.
The refunding bonds may be made registerable as to principal and may
bear interest at a rate not to exceed 6% annually, payable at
such time and place as may be provided in the bond ordinance.
The refunding bonds shall remain valid even though one or more of the
officers executing the bonds ceases to hold his or their offices before the
bonds are delivered.
(Source: P.A. 86-962.)
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(55 ILCS 5/6-10002) (from Ch. 34, par. 6-10002)
Sec. 6-10002.
Ordinance.
The ordinance authorizing the refunding
bonds shall prescribe all details thereof and shall provide for the levy
and collection of a direct annual tax upon all the taxable property within
the county sufficient to pay the principal thereof and interest thereon as
it matures. This tax shall be in addition to and exclusive of the maximum
of all other taxes authorized to be levied by the county. Tax limitations
applicable to the county provided by statutes of this State shall not apply
to taxes levied for payment of these refunding bonds. However, taxes
provided to be levied for payment of refunding bonds of any county shall
not be in excess of the constitutional limitation of 75¢ per $100 valuation
unless that excess is authorized by a vote of the people of the county.
A certified copy of the bond ordinance shall be filed with the county
clerk of the county and shall constitute the authority for the extension
and collection of refunding bond and interest taxes as required by the
constitution.
(Source: P.A. 86-962.)
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