(55 ILCS 5/6-27002) (from Ch. 34, par. 6-27002)
Sec. 6-27002.
Bond issue.
For the purpose of
creating such fund, any such county by
resolution of its county board may incur an indebtedness and issue bonds
therefor in an amount or amounts not exceeding in the aggregate $9,000,000
in addition to bonds in the amount of $11,000,000 heretofore authorized and
issued for that purpose. Such bonds shall bear interest at a rate of not
more than the maximum rate authorized by the Bond Authorization Act, as
amended at the time of the making of the contract, and
shall mature within 20 years from the date
thereof. The county board may provide that the resolution or resolutions
authorizing the issue of such bonds shall be operative, effective and
valid, without the submission thereof to the voters of such county for
approval in accordance with the requirements of Section 5-1008. The
county board of such county shall, before or at the
time of issuing such bonds, provide for the collection of a direct annual
tax upon all the taxable property of such county sufficient to pay and
discharge the principal thereof at maturity and to pay the interest thereon
as it falls due.
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
to provide for the creation, setting aside, maintenance and administration
of a working cash fund in counties having a population of five hundred
thousand or more inhabitants", filed June 28, 1930, 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 to provide for the creation, setting aside, maintenance and
administration of a working cash fund in counties having a population of
five hundred thousand or more inhabitants", filed June 28, 1930, 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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