(55 ILCS 5/6-14001) (from Ch. 34, par. 6-14001)
Sec. 6-14001.
Judgments rendered in suits commenced prior to December
31, 1959. The County Board of any County having a population of less than
250,000 inhabitants and in which a Public Building Commission authorized by
the "Public Building Commission Act", approved July 5, 1955, as now or
hereafter amended, does not exist, by resolution may authorize the issuance
of funding bonds not to exceed $600,000 to fund any judgment or judgments
which have been or may be rendered in suits commenced prior to December 31,
1959, against said County for indebtedness duly audited and allowed prior
to such date and which are unpaid, and to pay which no funds are available.
The resolution authorizing the issuance of the funding bonds herein
authorized shall prescribe the date, maturity, rate of interest (which
shall not exceed the maximum rate authorized by the Bond Authorization Act,
as amended at the time of the making of the contract, payable
semi-annually), place of payment, and may
provide that the bonds may be registerable as to principal and other
details necessary and incident to the legal issuance thereof. Said
resolution shall also authorize and direct the levy of an annual tax
against the taxable property of said County sufficient to pay the interest
and principal of said bonds as it matures, in accordance with the
provisions of said resolution, which tax shall be included within the rate
limitation prescribed for county corporate purposes, and shall not be in
addition thereto and in excess thereof. Such tax shall be extended at the
same time and in the same manner as other taxes levied for county purposes,
except that if a general reduction in levies is required to keep the
maximum for corporate purposes within the statutory rate limitation the tax
levy provided for herein shall not be reduced. Said tax shall be collected
in the same manner as is provided for the collection of other taxes, and
when collected shall be paid into the county treasury to the credit of the
"Judgment Funding Fund", and used for the payment of the bonds and interest
herein authorized.
All such bonds shall be sold to the highest and best responsible bidder,
and notice of the time and place bids may be submitted shall be given by
publication in a newspaper of general circulation published in the county,
if there is one, and if none, then in a newspaper of general circulation
therein, such notice to be published once each week for three successive
weeks, the last publication to be at least one day prior to the time
specified in the notice. Any sale of bonds in violation of this
Division is void.
The validity of any funding bonds hereby authorized to be issued shall
remain unimpaired, although one or more of the officers executing the same
shall cease to be such officer or officers before delivery thereof.
Because the bonds herein authorized may be issued only for the purpose
of funding valid judgments theretofore rendered against the County by
Courts of record, the question of the issuance thereof need not be
submitted to the legal voters of the County for approval.
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
authorizing the issuance of funding bonds by counties to care for unpaid
judgments against the county, and providing for a tax levy for their
payment", approved July 28, 1941, 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 authorizing the issuance of funding bonds by counties
to care for unpaid judgments against the county, and providing for a tax
levy for their payment", approved July 28, 1941, that may appear to be or
to have been more restrictive than those Acts.
(Source: P.A. 86-962; 86-1028.)
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