(105 ILCS 5/1E-75)
(This Section scheduled to be repealed in accordance with 105 ILCS 5/1E-165) Sec. 1E-75.
Tax levy.
(a) Before or at the time of issuing any Bonds, the Authority shall
provide by resolution for the levy and collection of a direct annual tax
upon all the taxable property located within the district without
limit as to rate or amount sufficient to pay and discharge the principal
thereof at maturity or on sinking fund installment dates and to pay the
interest thereon as it falls due. The taxes as levied shall also
include additional amounts to the extent that the collections in
the prior years were insufficient to pay and discharge the principal
thereof at maturity, sinking fund installments, if any, and
interest thereon as it fell due, and the amount so collected shall be
placed in the debt service reserve fund. The tax shall be in addition
to and exclusive of the maximum of all taxes that the Authority or
the district is authorized by law to levy for
any and all school purposes. The resolution shall be in force
upon its adoption.
(b) The levy shall be for the sole benefit of the holders of the
Bonds, and the holders of the Bonds shall have a security interest in
and lien upon all rights, claims, and interests of the Authority arising
pursuant to the levy and all present and future proceeds of the levy
until the principal of and sinking fund installments and interest on the
Bonds are paid in full. All proceeds from the levy shall be deposited
by each county collector directly in the debt service fund established
pursuant to Section 1E-80 of this Code, shall be applied solely for the payment
of principal of and sinking fund installments and interest on the Bonds, and
shall not be used for any other purpose.
(c) Upon the filing in the office of the county clerk of each
county where the school district is located of a duly certified copy of the
resolution, it shall be the duty of each county clerk to extend the
tax provided for in the resolution, including an amount determined by the
Authority to cover loss and cost of collection and also deferred
collections and abatements in the amount of the taxes as
extended on the collectors' books. The tax shall be separate and apart
from all other taxes of the Authority or the district and shall be
separately identified by the collectors.
(Source: P.A. 92-547, eff. 6-13-02.)
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