(65 ILCS 5/8-1-14) (from Ch. 24, par. 8-1-14)
Sec. 8-1-14.
If at any time it is deemed expedient to convert into money
any tax anticipation warrants theretofore issued and purchased with public
funds pursuant to the provisions of Section 8-1-13, before receipt of the
taxes in anticipation of which the warrants were issued, the corporate
authorities of the municipality, by ordinance or resolution, may authorize
a resale of such warrants and adjust the interest rate thereon, or may
authorize the issuance and sale of a like principal amount of new warrants
for the same purpose and in anticipation of the same taxes as the original
warrants were issued. These new warrants may have any date subsequent to
the date of the original tax anticipation warrants. The new tax
anticipation warrants shall be of the denomination and shall bear interest
at the rate, not to exceed the statutory rate, that is authorized by the
ordinance or resolution specified in this section. In a municipality which
constitutes a school district, and in which the corporate authorities are
required annually to levy all school taxes, the issuance of such new
warrants in anticipation of school taxes, or the resale of such original
warrants with adjusted interest rate, shall be approved by the board of
education of that school district.
Simultaneously with the delivery of these new tax anticipation warrants,
a like principal amount of the original warrants that were issued against
the same tax that is anticipated by the new warrants shall be paid and
cancelled. The proceeds of the sale of these new tax anticipation warrants
shall be used first to restore to the fund or funds so invested in the
original tax anticipation warrants, money equivalent to the par value and
accrued interest of the original tax anticipation warrants and the balance,
if any, shall revert to the fund for the creation of which the tax so
anticipated was levied. Warrants resold or reissued pursuant to the
provisions of this section shall have the same incidents of priority with
respect to payment and shall be paid in all respects in the same manner as
other warrants issued in anticipation of the same tax and sold in the first
instance to any purchaser other than the issuing municipality.
When tax anticipation warrants are reissued they shall bear the index
numerical designation of the original warrants and shall be subnumbered
consecutively in the order of reissuance, and shall be paid in the direct
order of reissuance, beginning with the earliest subnumber.
In determining the priority of payment of more than one series of tax
anticipation warrants against the collection of the same tax, the various
series shall be treated as having been issued on the date of the original
issue of each series of warrants. The series prior in point of time as thus
determined shall be paid first.
(Source: Laws 1961, p. 576.)
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