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55 ILCS 5/6-9002

(55 ILCS 5/6-9002) (from Ch. 34, par. 6-9002)

Sec. 6-9002.

Resolution.

Such bonds shall be authorized by a
resolution to be adopted by the county board or the board of county
commissioners (as the case may be). Said resolution shall describe the
principal, interest or both, to be paid, fix the details of the refunding
bonds, including the date, denominations, place of payment, rate of
interest and maturity of the bonds so authorized to be issued pursuant to
the provisions of this Division, and such resolution shall provide for the
levy of a tax sufficient to pay principal of and interest on said refunding
bonds as the same mature. The refunding bonds shall bear interest
at a rate not to exceed the maximum rate authorized by the Bond Authorization
Act, as amended at the time of the making of the contract,
payable annually or semiannually, and may mature at such time or times,
(but not more than twenty years from date of bonds) as the resolution shall
fix. Such bonds shall be signed by the Chairman of the Board, be attested
by the County Clerk with the seal of the County attached, and be registered
by the County Treasurer. The coupons attached to said bonds may be executed
with the lithographed or facsimile signature of the County Treasurer.

With respect to instruments for the payment of money issued under this
Section or its predecessor either before, on, or after the effective date
of Public Act 86-4, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in accordance with the
Omnibus Bond Acts, regardless of any provision of this Division or "An Act
to authorize counties having a population of less than two hundred thousand
to issue refunding bonds", approved April 22, 1933, that may appear to be
or to have been more restrictive than those Acts, (ii) that the provisions
of this Section or its predecessor are not a limitation on the
supplementary authority granted by the Omnibus Bond Acts, and (iii) that
instruments issued under this Section or its predecessor within the
supplementary authority granted by the Omnibus Bond Acts are not invalid
because of any provision of this Division or "An Act to authorize counties
having a population of less than two hundred thousand to issue refunding
bonds", approved April 22, 1933, that may appear to be or to have been more
restrictive than those Acts.

(Source: P.A. 86-962; 86-1028.)

55 ILCS 5/6-9003

(55 ILCS 5/6-9003) (from Ch. 34, par. 6-9003)

Sec. 6-9003.

Sale or exchange of bonds.

Such refunding bonds may be
exchanged par for par for principal, interest or both, described in the
authorizing resolution, or may be sold at not less than their par value,
and the proceeds of the sale shall be used only for the purpose of paying
such principal, interest or both.

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

55 ILCS 5/6-9004

(55 ILCS 5/6-9004) (from Ch. 34, par. 6-9004)

Sec. 6-9004.

Tax for principal and interest.

It
shall be the duty of the County Clerk, annually, to extend a tax
upon all of the taxable property in the county sufficient to pay maturing
principal of and interest on said refunding bonds. Said tax shall not be
subject to any statutory limitations now or hereafter enacted relative to
taxes which may be extended for county purposes.

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

55 ILCS 5/Div. 6-10

(55 ILCS 5/Div. 6-10 heading) Division 6-10.

Refunding Bonds - Tax Levy

55 ILCS 5/6-10001

(55 ILCS 5/6-10001) (from Ch. 34, par. 6-10001)

Sec. 6-10001.

Refunding bonds.

The corporate authorities of any county,
without submitting the question to the electors thereof for approval, may
authorize by ordinance the issuance of refunding bonds (1) to refund its
bonds prior to their maturity; (2) to refund its unpaid matured bonds; (3)
to refund matured coupons evidencing interest upon its unpaid bonds; (4) to
refund interest at the coupon rate upon its unpaid matured bonds that has
accrued since the maturity of those bonds; and (5) to refund its bonds
which by their terms are subject to redemption before maturity.

The refunding bonds may be made registerable as to principal and may
bear interest at a rate not to exceed 6% annually, payable at
such time and place as may be provided in the bond ordinance.

The refunding bonds shall remain valid even though one or more of the
officers executing the bonds ceases to hold his or their offices before the
bonds are delivered.

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