| |
Illinois Compiled Statutes
Information maintained by the Legislative Reference Bureau Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide. Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.
() 55 ILCS 5/Div. 5-33
(55 ILCS 5/Div. 5-33 heading)
Division 5-33.
Super Highways -
Counties over 500,000 Population
|
55 ILCS 5/5-33001
(55 ILCS 5/5-33001) (from Ch. 34, par. 5-33001)
Sec. 5-33001.
Superhighway bonds.
Any county in this State having a
population of 500,000 or more inhabitants, by one or more resolutions of
its county board adopted from time to time, may incur indebtedness
and issue bonds for the purpose of constructing superhighways, which bonds
are hereinafter referred to as superhighway bonds, in an amount or amounts
not exceeding in the aggregate seventy million dollars without submitting
the question to the voters of such county for approval. The superhighway
bonds may be made registerable as to principal and may bear interest at a
rate not to exceed four per centum annually, payable at such time and place
as may be provided in the bond resolution or resolutions. The superhighway
bonds shall remain valid even though one or more of the officers executing
the bond ceases to hold his or their offices before the bonds are
delivered.
The bonds shall be sold to the highest and best bidder for not less than
their par value, upon sealed bids. The County Board shall, from time to
time, as bonds are to be sold, advertise in a daily newspaper of general
circulation in such county for proposals to purchase the bonds. Each of
such advertisements for proposals shall be published at least 10 days prior
to the date of the opening of the bids. The County Board may reserve the
right to reject any and all bids.
(Source: P.A. 86-962.)
|
55 ILCS 5/5-33002
(55 ILCS 5/5-33002) (from Ch. 34, par. 5-33002)
Sec. 5-33002.
Resolution authorizing bonds and tax levy.
The
resolution or resolutions authorizing the superhighway bonds
shall prescribe all the details thereof and shall provide for the levy of
a direct annual tax upon all the taxable property within the county to pay
the principal thereof and interest thereon as it matures. This tax shall
be in addition to and exclusive of the maximum of all other taxes authorized
to be levied by the county. Tax limitations applicable to the county provided
by this Code and by other statutes of this State shall not
apply to taxes levied for payment of superhighway bonds. However, taxes
provided to be levied for payment of superhighway bonds shall not be in
excess of the constitutional limitation of seventy-five cents per $100
valuation unless that excess is authorized by a vote by the people of the
county. Such resolution or resolutions shall also provide that when
received, each of said county's allotments of moneys from the Motor Fuel
Tax Fund of this State shall, except as hereinafter provided, be paid into
the superhighway bond and interest sinking fund account or accounts
required to be created by Section 5-33005, which
provision shall be deemed additional security for payment of the
superhighway bonds and interest thereon and shall be irrepealable by the
county board so long as any superhighway bonds and interest thereon are
unpaid. If more than one bond resolution is adopted under the authority of
this Division, each such allotment of moneys from the Motor
Fuel Tax Fund shall be apportioned among the sinking fund accounts for such
bond issues in proportion to the principal amount of each issue. If and
when the moneys received from the Motor Fuel Tax Fund by such county during
any calendar year and deposited in the superhighway bond and interest
sinking fund account or accounts equal the amount of taxes levied and next
to be extended for principal of and interest on all superhighway bonds
issued under authority of this Division, the balance
of the moneys received from the Motor Fuel Tax Fund during that calendar
year may be used by such county for such other purposes as permitted by
law. A certified copy of the bond resolution or resolutions adopted
under authority of this Division shall be filed with the county
clerk of the county and shall constitute authority for the extension and
collection of superhighway bond and interest taxes as required by the
constitution. A certified copy of the bond resolution or resolutions shall
also be filed with the Director of the Department of Central Management
Services of this State.
(Source: P.A. 86-962.)
|
55 ILCS 5/5-33003
(55 ILCS 5/5-33003) (from Ch. 34, par. 5-33003)
Sec. 5-33003.
Form and denomination of bonds; maturity.
The
superhighway bonds shall be of such form and denomination,
payable at such place, bear such date, and be executed by such officials as
may be provided by the County Board in the bond resolution or resolutions.
They shall mature within not to exceed 20 years from their date, and may be
made callable on any interest payment date at par and accrued interest
after notice has been given at the time and in the manner provided in the
bond resolution or resolutions. If there is no default in payment of
principal or of interest on the superhighway bonds, and after setting aside
a sum of money equal to the amount of interest that will accrue on the
superhighway bonds, and a sum of money equal to the amount of principal
that will become due thereon within the next six months period, the
Treasurer and Comptroller, if there is a Comptroller, of the county shall
use the moneys available from the proceeds of the taxes levied for the
payment of superhighway bonds and the moneys available from the Motor Fuel
Tax Fund applicable to such bonds in calling them for payment, if, by their
terms, they are subject to redemption. Superhighway bonds called for
payment and paid shall be marked paid and cancelled.
(Source: P.A. 86-962.)
|
55 ILCS 5/5-33004
(55 ILCS 5/5-33004) (from Ch. 34, par. 5-33004)
Sec. 5-33004.
Reduction of taxes on payment of bonds called.
Whenever any superhighway bonds are
called for payment and paid as provided in Section 5-33005, the taxes
thereafter to be extended
for payment of the principal of and interest on the remainder of the issue
shall be reduced in an amount equal to the principal of and interest that
would have thereafter accrued upon the superhighway bonds so called for
payment and paid. A resolution or resolutions shall be adopted by the County
Board finding these facts and a certified copy or copies thereof shall be
filed with the County Clerk and with the Director of the Department of
Central Management Services of this State. The County
Clerk shall thereupon reduce and extend
such tax levies in accordance with said resolution or resolutions. To the
extent that moneys from the Motor Fuel Tax Fund have actually been paid
into the superhighway bond and interest sinking fund account or accounts
required to be created by Section 5-33005, the
taxes next to be extended for principal of and interest on said bonds shall
be abated, or reduced, as the case may
be. Prior to the extension of each year's taxes the County Board of such
county shall adopt a resolution or resolutions finding such facts and shall
file a certified copy or copies thereof with the county clerk. Thereupon
the county clerk shall abate or reduce, as the case may be, and extend such
tax levies in accordance therewith.
(Source: P.A. 86-962.)
|
55 ILCS 5/5-33005
(55 ILCS 5/5-33005) (from Ch. 34, par. 5-33005)
Sec. 5-33005.
Deposit of proceeds.
Moneys received from the proceeds
of taxes levied for the payment of principal of and interest on
superhighway bonds, and moneys received from the Motor Fuel Tax Fund
applicable to such shall be deposited in a special account hereby required
to be created and which shall be designated as the "Superhighway Bond and
Interest Sinking Fund Account of the County of ....." If more than one
resolution authorizing superhighway bonds is adopted, a separate sinking
fund account shall be created for the superhighway bonds issued pursuant to
such resolution. The moneys in each such sinking fund account shall be
faithfully applied to the payment of superhighway bonds and interest
thereon as provided in this Division. If the moneys in such sinking fund
account or accounts is not immediately necessary for the payment of
superhighway bonds and interest thereon, then, under the direction of the
County Board of the county, the moneys may be invested by the treasurer and
the comptroller, if there is a comptroller of the county, in bonds or other
interest bearing obligations of the United States or in bonds of the State
of Illinois. The maturity date of the securities in which these moneys are
invested shall be prior to the due date of the particular issue of
superhighway bonds of the investing county. The County Board may cause
these securities to be sold whenever necessary to obtain cash to meet bond
and interest payments.
(Source: P.A. 86-962.)
|
55 ILCS 5/5-33006
(55 ILCS 5/5-33006) (from Ch. 34, par. 5-33006)
Sec. 5-33006.
Joint construction by county and city.
The proceeds
of the superhighway bonds authorized under this Division may also be used
to pay a portion of the cost of superhighways constructed jointly by such
county and by any city located in the County and by the State of Illinois,
or jointly by such county and by the State of Illinois, or both.
(Source: P.A. 86-962.)
|
55 ILCS 5/5-33007
(55 ILCS 5/5-33007) (from Ch. 34, par. 5-33007)
Sec. 5-33007.
Definition.
As used in this Division, the term
"superhighways" means streets, avenues, roads and drives constituting
limited access roadways, with all auxiliary streets, avenues, roads,
drives, bridges, viaducts, underpasses, and approaches for ingress and
egress to and from the main thoroughfares of such streets, avenues, roads,
and drives, and other necessary or appropriate appurtenances thereto, to
facilitate the movement of through traffic, to be constructed in accordance
with the resolutions of the County Board heretofore or hereafter approved
by the Department of Public Works and Buildings or the Department of
Transportation of the State of Illinois.
(Source: P.A. 86-962.)
|
55 ILCS 5/5-33008
(55 ILCS 5/5-33008) (from Ch. 34, par. 5-33008)
Sec. 5-33008.
Additional powers conferred.
This Division
shall be construed as conferring powers in addition to but not as limiting
powers granted under other laws.
(Source: P.A. 86-962.)
|
55 ILCS 5/5-33009
(55 ILCS 5/5-33009) (from Ch. 34, par. 5-33009)
Sec. 5-33009.
Any unexpended funds remaining after the retirement of bonds
sold pursuant to this Division 5-33 may be used by the county for any
highway construction, reconstruction or maintenance purposes.
(Source: P.A. 87-145.)
|
|
|
|