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55 ILCS 5/6-15003

(55 ILCS 5/6-15003) (from Ch. 34, par. 6-15003)

Sec. 6-15003.

Validity of claims or judgments funded by bonds.

The holder of any such bonds shall not be obligated to inquire into
the validity of the claims or judgments funded thereby but shall be
entitled to rely upon the proceedings taken pursuant to the provisions of
this Division with respect thereto as establishing the validity
of such claims or judgments so funded, and the power to issue such bonds.

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

55 ILCS 5/Div. 6-16

(55 ILCS 5/Div. 6-16 heading) Division 6-16.

Bonds to Pay Certain Judgments -

Counties under 500,000 Population

55 ILCS 5/6-16001

(55 ILCS 5/6-16001) (from Ch. 34, par. 6-16001)

Sec. 6-16001.

Judgments rendered prior to May 1, 1961.

The County
Board of any County having a population of less than 500,000 inhabitants,
by resolution may authorize the issuance of funding bonds not to exceed
$225,000 to fund any judgment or judgments which have been rendered prior
to May 1, 1961, against said County for indebtedness duly audited and
allowed prior to August 21, 1961, and which are unpaid, and to pay which no
funds are available.

The resolution authorizing the issuance of the funding bonds herein
authorized shall prescribe the date, maturity, rate of interest (which
shall not exceed the maximum rate authorized by the Bond Authorization
Act, as amended at the time of the making of the contract), place
of payment, and may provide that the bonds may
be registerable as to principal and other details necessary and incident to
the legal issuance thereof. Said resolution shall also authorize and direct
the levy of an annual tax against the taxable property of said County
sufficient to pay the interest and principal of said bonds as it matures,
in accordance with the provisions of said resolution, which tax shall be
included within the rate limitation prescribed for county corporate
purposes, and shall not be in addition thereto and in excess thereof. Such
tax shall be extended at the same time and in the same manner as other
taxes levied for county purposes, except that if a general reduction in
levies is required to keep the maximum for corporate purposes within the
statutory rate limitation the tax levy provided for herein shall not be
reduced. Said tax shall be collected in the same manner as is provided for
the collection of other taxes, and when collected shall be paid into the
county treasury to the credit of the "Judgment Funding Fund," and used for
the payment of the bonds and interest herein authorized.

The bonds shall be sold to the highest and best responsible bidder
therefor. Notice of the time and place bids will be publicly opened shall
be given by publication in a newspaper having general circulation in the
county issuing such bonds, one each week for 3 successive weeks, the last
publication to be at least one week prior to the time specified in the
notice for the opening of bids.

The validity of any funding bonds hereby authorized to be issued shall
remain unimpaired, although one or more of the officers executing the same
shall cease to be such officer or officers before delivery thereof.

Because the bonds herein authorized may be issued only for the purpose
of funding valid judgments theretofore rendered against the County by
courts of record, the question of the issuance thereof need not be
submitted to the legal voters of the County for approval.

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 Section or "An Act
to authorize counties having a population of less than 500,000 to issue
funding bonds to pay judgments rendered against such counties prior to May
1, 1961, and providing for a tax levy for their payment", approved August
21, 1961, 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 Section or "An Act to authorize
counties having a population of less than 500,000 to issue funding bonds to
pay judgments rendered against such counties prior to May 1, 1961, and
providing for a tax levy for their payment", approved August 21, 1961, that
may appear to be or to have been more restrictive than those Acts.

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