(55 ILCS 5/6-15001) (from Ch. 34, par. 6-15001)
Sec. 6-15001.
Judgments rendered prior to December 1, 1942.
In all cases where any county having a population of 500,000 or
more inhabitants has incurred indebtedness prior to December 1, 1942 for
proper county purposes, such indebtedness being evidenced by claims that
shall have been audited and allowed by the county board, or evidenced by
judgments rendered prior to December 1, 1942 against such county, such
county may issue negotiable coupon bonds in the amount of such unpaid
claims or judgments, or both, for the purpose of paying same, and may levy
taxes upon all the taxable property in such county sufficient to pay the
principal of such bonds at maturity and to pay the interest thereon, as it
falls due, within the constitutional limitation of 75 cents per $100 of
valuation, without submitting the question of issuing such bonds and
levying such taxes to a vote of the people of such county. Such bonds shall
bear interest at a rate of not to exceed five per centum per annum and the
maturity thereof shall be determined by the county board within twenty
years from their date and such bonds shall be authorized by resolution
adopted by the county board prescribing all details of issue and
determining the amount of unpaid indebtedness incurred for proper county
purposes whether evidenced by judgments or claims, or both, which finding
shall be conclusive as to the amount and validity thereof.
Such bonds shall be sold for not less than their par value upon sealed
bids after such advertising as the county board may deem necessary,
provided, however, that said county board may reserve the right to reject
any and all bids therefor; or such bonds may be delivered by the county
board to the owners of such indebtedness evidenced by claims, or to the
holders of such judgments, on the basis of par for par, in full payment
therefor, and in either case the claims representing such indebtedness
shall be paid simultaneously upon the delivery of the bonds and the
judgments shall be satisfied and released simultaneously upon the delivery
of the bonds, and proper records shall be made showing such payment and
satisfaction thereof. Such payments may be made without any prior
appropriation therefor under any budget law.
Such bonds and coupons shall be payable in lawful money of the United
States of America at such place or places as may be fixed in the resolution
authorizing same and shall be signed in the manner and by the officials
directed by such resolution and such bonds may be issued in an amount,
including existing indebtedness, not to exceed the constitutional
limitation as to debt notwithstanding any statutory debt limitation to the
contrary.
The validity of any bonds hereby authorized to be issued shall remain
unimpaired although one or more of the officials executing such bonds shall
cease to be such officer or officers before the date of delivery thereof.
(Source: P.A. 86-962.)
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