(55 ILCS 5/5-33005) (from Ch. 34, par. 5-33005)
Sec. 5-33005.
Deposit of proceeds.
Moneys received from the proceeds
of taxes levied for the payment of principal of and interest on
superhighway bonds, and moneys received from the Motor Fuel Tax Fund
applicable to such shall be deposited in a special account hereby required
to be created and which shall be designated as the "Superhighway Bond and
Interest Sinking Fund Account of the County of ....." If more than one
resolution authorizing superhighway bonds is adopted, a separate sinking
fund account shall be created for the superhighway bonds issued pursuant to
such resolution. The moneys in each such sinking fund account shall be
faithfully applied to the payment of superhighway bonds and interest
thereon as provided in this Division. If the moneys in such sinking fund
account or accounts is not immediately necessary for the payment of
superhighway bonds and interest thereon, then, under the direction of the
County Board of the county, the moneys may be invested by the treasurer and
the comptroller, if there is a comptroller of the county, in bonds or other
interest bearing obligations of the United States or in bonds of the State
of Illinois. The maturity date of the securities in which these moneys are
invested shall be prior to the due date of the particular issue of
superhighway bonds of the investing county. The County Board may cause
these securities to be sold whenever necessary to obtain cash to meet bond
and interest payments.
(Source: P.A. 86-962.)
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