(55 ILCS 5/5-33003) (from Ch. 34, par. 5-33003)
Sec. 5-33003.
Form and denomination of bonds; maturity.
The
superhighway bonds shall be of such form and denomination,
payable at such place, bear such date, and be executed by such officials as
may be provided by the County Board in the bond resolution or resolutions.
They shall mature within not to exceed 20 years from their date, 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
bond resolution or resolutions. If there is no default in payment of
principal or of interest on the superhighway bonds, and after setting aside
a sum of money equal to the amount of interest that will accrue on the
superhighway bonds, and a sum of money equal to the amount of principal
that will become due thereon within the next six months period, the
Treasurer and Comptroller, if there is a Comptroller, of the county shall
use the moneys available from the proceeds of the taxes levied for the
payment of superhighway bonds and the moneys available from the Motor Fuel
Tax Fund applicable to such bonds in calling them for payment, if, by their
terms, they are subject to redemption. Superhighway bonds called for
payment and paid shall be marked paid and cancelled.
(Source: P.A. 86-962.)
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