(105 ILCS 5/19-23)
(from Ch. 122, par. 19-23)
Reduction of tax for payment of bonds refunded-Use of tax receipts.
Whenever refunding bonds are issued, proper reduction of taxes
theretofore levied for the payment of the bonds refunded and next to be
extended for collection shall be made by the county clerk upon receipt of a
certificate signed by the treasurer of the school district, or by the
president and clerk or other corresponding officers of the school district,
showing the bonds refunded and the tax to be abated.
Money which becomes available from taxes that were levied for prior
years for payment of bonds or interest coupons that were paid or refunded
before those taxes were collected, after payment of all warrants that may
have been issued in anticipation of these taxes, shall be placed in the
sinking fund account provided in Section 19-24. It shall be used to
purchase, call for payment, or to pay at maturity refunding bonds and
interest thereon as herein provided.
(Source: Laws 1961, p. 31