(55 ILCS 5/6-17001) (from Ch. 34, par. 6-17001)
Sec. 6-17001.
Judgments rendered prior to August 7, 1947.
In all cases where any county having a population of 500,000 or more
inhabitants has incurred indebtedness prior to August 7, 1947 for proper
county purposes, such indebtedness being evidenced by judgments rendered
prior to August 7, 1947 against such county,
such county may issue negotiable coupon bonds in such an amount not
exceeding $3,000,000 as is necessary 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 evidenced by judgments, 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. The County Board shall from time to time as bonds are to be sold,
advertise in a daily newspaper of general circulation of such county for
proposals to purchase such bonds, at least ten days prior to the opening of
the bids. The County Board may reserve the right to reject any and all
bids. 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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