(65 ILCS 5/8-1-16) (from Ch. 24, par. 8-1-16)
Sec. 8-1-16.
In any municipality with a population of 500,000 or more the
corporate authorities may levy a tax annually upon all the taxable property
in the municipality at a rate that will produce not to exceed $4,500,000
upon the valuation to be ascertained by the assessment of such property for
purposes of taxation for the year in which each such levy is made. This
tax, if levied, shall be for the purpose of paying judgments entered
against the municipality prior to January 1, 1941, and tort judgments and
judgments for damage to or for the taking of private property for public
use entered after January 1, 1941. This tax shall be levied and collected
in the same manner as the general taxes of the municipality. It shall be
known as the judgment tax and shall be in addition to the maximum of all
other taxes which the municipality is now, or may be hereafter, authorized
by law to levy upon the aggregate valuation of all taxable property within
the municipality.
All money received from this tax shall be set apart in a separate fund
and shall be used solely for the purpose of paying judgments as provided
for in this section. Judgments against the municipality shall be paid out
of this fund in the order in which the judgments were obtained. This order
of payment shall not apply to judgments of $1000 or less, which judgments
may be paid out of said order and in the order in which these judgments of
$1000 or less were obtained.
Interest accrued on these judgments shall be paid with the principal
thereof. However, the interest accrued to any particular date on all
judgments payable out of this fund may be paid ratably at any time without
payment of the principal thereof. Warrants issued in anticipation of the
judgment tax under the provisions of Sections 8-1-11 and 8-1-12 shall bear
interest at a rate not to exceed the maximum rate authorized by the Bond
Authorization Act, as amended at the time of the making of the contract.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, 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 Act that may appear to be or to
have been more restrictive than those Acts, (ii) that the provisions of
this Section are not a limitation on the supplementary authority granted by
the Omnibus Bond Acts, and (iii) that instruments issued under this Section
within the supplementary authority granted by the Omnibus Bond Acts are not
invalid because of any provision of this Act that may appear to be or to
have been more restrictive than those Acts.
(Source: P.A. 86-4.)
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