(110 ILCS 805/3-33.4) (from Ch. 122, par. 103-33.4)
Sec. 3-33.4.
Working cash fund; tax to pay bond principal and interest.
The board by resolution, before or at the time of issuing the bonds, shall
provide for the levy and collection of a direct annual tax upon all the
taxable property within the district sufficient to pay the principal
thereof at maturity and to pay the interest thereon as it falls due, which
tax shall be in addition to the maximum amount of all other taxes, either
educational or operations and maintenance fund taxes, now or hereafter
authorized and in addition to any limitations upon the levy of taxes
provided by this Act. All monies derived from any tax levied pursuant to
this Section when received by the community college treasurer, shall be set
apart in a fund specified by the State Board and used in the manner provided
in this Section. The bonds may be issued redeemable at the option of
the board of the district issuing them on any interest payment date upon
terms and in the manner provided in the bond resolution. Upon the filing in
the office of the county clerk of each county in which any part of the
community college district is situated of a certified copy of such
resolution or ordinance, as the case may be, the county clerk shall extend
the tax therein provided for. The resolution or ordinance, as the case may
be, shall be in force upon its passage.
(Source: P.A. 89-281, eff. 8-10-95.)
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