Illinois Compiled Statutes
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COUNTIES55 ILCS 5/Div. 6-9
(55 ILCS 5/) Counties Code.
(55 ILCS 5/Div. 6-9 heading)
Refunding Bonds - Counties
Under 200,000 Population
55 ILCS 5/6-9001
(55 ILCS 5/6-9001)
(from Ch. 34, par. 6-9001)
Issuance of refunding bonds.
any county having a population of less than 200,000, has
outstanding bonds issued for any purpose authorized by law which are
binding and subsisting legal obligations, and it has no money with which to
pay the principal of or interest on such bonds, such county is hereby
authorized to issue its refunding bonds for the purpose of paying such
principal or interest, or both.
(Source: P.A. 86-962.)
55 ILCS 5/6-9002
(55 ILCS 5/6-9002)
(from Ch. 34, par. 6-9002)
Such bonds shall be authorized by a
resolution to be adopted by the county board or the board of county
commissioners (as the case may be). Said resolution shall describe the
principal, interest or both, to be paid, fix the details of the refunding
bonds, including the date, denominations, place of payment, rate of
interest and maturity of the bonds so authorized to be issued pursuant to
the provisions of this Division, and such resolution shall provide for the
levy of a tax sufficient to pay principal of and interest on said refunding
bonds as the same mature. The refunding bonds shall bear interest
at a rate 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 semiannually, and may mature at such time or times,
(but not more than twenty years from date of bonds) as the resolution shall
fix. Such bonds shall be signed by the Chairman of the Board, be attested
by the County Clerk with the seal of the County attached, and be registered
by the County Treasurer. The coupons attached to said bonds may be executed
with the lithographed or facsimile signature of the County Treasurer.
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 counties having a population of less than two hundred thousand
to issue refunding bonds", approved April 22, 1933, 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 counties
having a population of less than two hundred thousand to issue refunding
bonds", approved April 22, 1933, that may appear to be or to have been more
restrictive than those Acts.
(Source: P.A. 86-962; 86-1028.)
55 ILCS 5/6-9003
(55 ILCS 5/6-9003)
(from Ch. 34, par. 6-9003)
Sale or exchange of bonds.
Such refunding bonds may be
exchanged par for par for principal, interest or both, described in the
authorizing resolution, or may be sold at not less than their par value,
and the proceeds of the sale shall be used only for the purpose of paying
such principal, interest or both.
(Source: P.A. 86-962.)
55 ILCS 5/6-9004
(55 ILCS 5/6-9004)
(from Ch. 34, par. 6-9004)
Tax for principal and interest.
shall be the duty of the County Clerk, annually, to extend a tax
upon all of the taxable property in the county sufficient to pay maturing
principal of and interest on said refunding bonds. Said tax shall not be
subject to any statutory limitations now or hereafter enacted relative to
taxes which may be extended for county purposes.
(Source: P.A. 86-962.)