(55 ILCS 5/6-5003) (from Ch. 34, par. 6-5003)
Sec. 6-5003.
Execution of bonds.
The bonds shall be executed by such
officials as may be provided in the resolution authorizing the issue. They
may be made registerable as to principal and may be made callable on any
interest payment date at par and accrued interest after notice has been
given at the time and in the manner provided in the resolution. The bonds
shall remain valid even though one or more of the officers executing the
bonds ceases to hold office before the bonds are delivered.
(Source: P.A. 86-962.)
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(55 ILCS 5/6-5004) (from Ch. 34, par. 6-5004)
Sec. 6-5004.
Sinking fund.
The resolution may provide for the
creation of a sinking fund to consist of the proceeds of the taxes levied
for the payment of the principal and interest upon these bonds. This fund
shall be faithfully applied to the purchase or payment of the bonds, and
the interest thereon, issued pursuant to the provisions of Sections 6-5001
through 6-5005.
(Source: P.A. 86-962.)
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(55 ILCS 5/6-5005) (from Ch. 34, par. 6-5005)
Sec. 6-5005.
Sale of bonds.
The bonds shall be sold to the highest
and best bidder at not less than their par value and accrued interest. The
county board shall advertise for proposals to purchase the bonds. Such
advertisement shall be published at least once in a newspaper having
circulation within the county at least 10 days prior to the date for
opening the bids. The county board may reserve the right to reject any and
all bids and to readvertise for bids.
(Source: P.A. 86-962.)
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(55 ILCS 5/6-5006) (from Ch. 34, par. 6-5006)
Sec. 6-5006.
Resolution and referendum on additional indebtedness.
For the purpose of purchasing voting machines, the county board of any
county having more than 500,000 inhabitants and in which county there has
been a favorable vote on the proposition of adopting voting machines as
provided by Article 24 of "The Election Code", as amended, may, by
resolution, incur an indebtedness and issue bonds therefor in the aggregate
of not more than $400,000 in addition to all bonded indebtedness authorized
for that purpose prior to July 1, 1953.
However, no resolution providing for the issuance of bonds as authorized
by Sections 6-5006 through 6-5010 shall be effective until it has been
submitted to referendum of the electors of that county. The board shall
certify the resolution and the proposition to the proper election officials
who shall submit the proposition at an election in accordance with the
general election law. In addition to the requirements of the general
election law, notice of the referendum shall also set forth the substance
of the resolution. If a majority of those voting upon the proposition at
such election vote in favor of issuing such bonds, then the resolution
shall immediately become effective.
(Source: P.A. 86-962.)
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