(70 ILCS 1520/3) (from Ch. 105, par. 333.40)
Sec. 3.
Money received from the proceeds of taxes levied for payment of
principal of and interest upon such bonds shall be deposited in a special
fund of such park district suitably designated for identification and such
fund shall be faithfully applied to the payment of bonds and interest
thereon for which such taxes were levied.
If such money is not immediately necessary for the payment of said bonds
or if such bonds cannot be purchased before maturity then said money may be
invested under the direction of the commissioners in bonds or other
interest bearing obligations of the United States or bonds of the State of
Illinois.
The maturity date of the invested securities shall be prior to the due
date of the bonds for the payment of which said money was collected. Such
securities may be sold when ordered by the commissioners if necessary to
obtain cash to meet bond and interest payments.
Prior to the maturity of the bonds after setting aside a sum of money
equal to the amount of interest that will accrue thereon within the next
six months period from the time it is proposed to purchase and/or redeem
any such bonds, or the commissioners may require that said sum of money may
be equal to the amount of interest that will so accrue within the next
twelve months' period, the treasurer of the park district shall use the
money available from the proceeds of taxes levied for payment of the bonds,
first in the purchase of such bonds at the lowest price obtainable, but not
to exceed their par value and accrued interest after sealed tenders for
their purchase shall have been advertised for as may be directed by the
commissioners and thereafter such money shall be used by that official in
calling such bonds for payment if, by their terms, they are subject to
redemption.
Bonds called for payment and paid, or purchased, shall be marked paid
and cancelled.
Whenever any bonds are purchased and/or redeemed and cancelled, the
taxes thereafter to be extended for payment of interest shall be reduced in
an amount equal to the interest that thereafter would have accrued upon
such bonds so cancelled, and a resolution shall be adopted by the
commissioners finding such facts and a certified copy thereof shall be
filed in the office of the county clerk of Cook County whereupon it shall
be the duty of such official to reduce and extend such tax levies in
accordance therewith.
(Source: Laws 1935, p. 1019.)
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