55 ILCS 5/ Counties Code.

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55 ILCS 5/6-8001

(55 ILCS 5/6-8001) (from Ch. 34, par. 6-8001)

Sec. 6-8001.

Bonds for excess claim against county.

When any
county has audited or allowed claims for county expenses
or county purposes that are outstanding and that, when added to
the sum levied for county purposes, exceed the
sum of 25 cents on the $100 valuation of property, the county board may, by
an order entered of record setting forth substantially the amount of
the outstanding claims, provide for the submission of the
question of issuing the bonds of the county for such sum as may be
reasonably necessary for the purpose to a vote of the people of the
county at a regular election after the passage of the
resolution.  The county board shall certify the resolution and the
proposition to the proper election officials, who shall submit the
proposition at a regular election in accordance with the general election
law.

The county board of any county having a population in excess of 200,000
may issue bonds for the purpose of paying claims for county expenses or
county purposes audited or allowed by the county board without submitting
the question of issuing the bonds to a vote of the people of the county.
These bonds shall mature within 10 years from the date of issuance.  The
aggregate principal amount of bonds to pay such claims that may ever be
issued without being authorized by referendum shall not exceed $2,500,000.

(Source: P.A. 86-962; 87-895.)

55 ILCS 5/6-8002

(55 ILCS 5/6-8002) (from Ch. 34, par. 6-8002)

Sec. 6-8002.

Form of votes.

The votes in favor of the proposition
to issue bonds, at an election, shall be "For issuing bonds," and
those against shall be "Against issuing bonds," and if a majority of the
votes cast upon the question are "For issuing bonds" then the county
board shall have power to cause to be issued bonds of said county in
accordance with the terms of the order in Section 6-8001.

(Source: P.A. 86-962.)

55 ILCS 5/6-8003

(55 ILCS 5/6-8003) (from Ch. 34, par. 6-8003)

Sec. 6-8003.

Signature on bonds.

The bonds issued under the authority
of this Division shall be signed in the name of the county by the chairman
of the board of county commissioners in counties not under township
organization and by the chairman of the county board in counties under
township organization, and shall be countersigned by the county clerk and
shall have the seal of the county attached thereto.

(Source: P.A. 86-962.)

55 ILCS 5/6-8004

(55 ILCS 5/6-8004) (from Ch. 34, par. 6-8004)

Sec. 6-8004.

Payment of interest.

The bonds issued by authority of
this Division shall be payable at such time or times as the county board
may in said order determine not exceeding, however, twenty years from the
date of issue and shall bear interest at such rate per annum as shall by
said order be fixed not exceeding five per cent.

(Source: P.A. 86-962.)

55 ILCS 5/6-8005

(55 ILCS 5/6-8005) (from Ch. 34, par. 6-8005)

Sec. 6-8005.

Sale of bonds.

The said bonds or such as may be necessary
shall be sold to the highest bidder under the direction of the county board
by receiving sealed bids therefor, but no bond shall be sold for less than
par and accrued interest and at least fifteen days notice of the time and
place of receiving bids for such bonds shall be given by the county clerk
by publication thereof for at least two successive weeks in some newspaper
of general circulation in said county.

(Source: P.A. 86-962.)

55 ILCS 5/6-8006

(55 ILCS 5/6-8006) (from Ch. 34, par. 6-8006)

Sec. 6-8006.

Proceeds to be separate fund.

The money realized from
the sale of said bonds, or any of them shall be kept as a separate fund and
disbursed only for the purpose for which they were issued: Provided, that
any surplus that may remain after the payment of all demands against said
funds may be used for other county purposes.

(Source: P.A. 86-962.)

55 ILCS 5/6-8007

(55 ILCS 5/6-8007) (from Ch. 34, par. 6-8007)

Sec. 6-8007.

Amount of taxes.

The county board of each county issuing
bonds under the provisions of this Division shall include in
the amounts of all taxes to be raised for county purposes in each year a
sum sufficient to pay the accruing interest on such bonds and also a
sufficient sum to be set apart as a sinking fund to be accumulated and used
for the payment of the principal of said bonds at their maturity.

(Source: P.A. 86-962.)

55 ILCS 5/Div. 6-9

(55 ILCS 5/Div. 6-9 heading) Division 6-9.

Refunding Bonds - Counties

Under 200,000 Population

55 ILCS 5/6-9001

(55 ILCS 5/6-9001) (from Ch. 34, par. 6-9001)

Sec. 6-9001.

Issuance of refunding bonds.

Whenever
any county having a population of less than 200,000, has
outstanding bonds issued for any purpose authorized by law which are
binding and subsisting legal obligations, and it has no money with which to
pay the principal of or interest on such bonds, such county is hereby
authorized to issue its refunding bonds for the purpose of paying such
principal or interest, or both.

(Source: P.A. 86-962.)