(605 ILCS 5/6-514) (from Ch. 121, par. 6-514)
Sec. 6-514.
Whenever any county has elected to abandon township
organization and the newly elected county board has created road districts
as provided by law, and any township therein which has boundaries that were
the same as the boundaries of a road district so created, has outstanding
bonds for road purposes, and which bonds, or any part thereof, are past due
and no funds are available to pay the same, then such county board may,
upon the petition of the highway commissioner and road district clerk of
such road district, omit the levy of taxes to pay such debts as
contemplated by Section 25-25 of the Township
Code, provided such highway
commissioner and road district clerk shall
proceed to authorize, issue and exchange, as contemplated by Sections 6-515
through 6-522 of this Article of this Code, refunding bonds for such
past due road bonds of the township. When any such refunding bonds are
proposed to be issued, a plan therefor shall be submitted to the county
board and such refunding bonds shall not be issued unless such plan shall
have been approved by such board.
If such refunding bonds shall not have been issued as contemplated by
such plan within one year subsequent to the date of presentation of the
plan to the board, then the county board shall cause taxes to be levied and
extended against all of the taxable property situated within the territory
which previously constituted such township in an amount sufficient to pay
principal of and interest on such past due bonds. However, if the refunding
bonds are issued, then the county board shall not levy taxes to pay such
indebtedness, but the county clerk annually in manner and form provided by
law shall cause taxes to be extended, and same shall be collected in
amounts sufficient to pay such refunding bonds so issued by the highway
commissioner and road district clerk as herein contemplated.
If such highway commissioner and road district clerk petition such board
for authority to issue refunding bonds to take up and retire any bonds
issued by such prior existing township which are not then due, such
officers shall have authority to issue such refunding bonds if the county
board shall find that it is for the best interests of such road district
that same be issued. Such refunding bonds to take up and retire bonds not
then due shall be issued pursuant to procedure similar to that herein
provided for the issuance of refunding bonds to take up and retire past due
bonds.
Nothing herein contained shall be construed to impair the obligation of
outstanding township road bonds.
(Source: P.A. 88-670, eff. 12-2-94.)
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