(60 ILCS 1/280-10)
Sec. 280-10.
Refunding bond ordinance; tax rate.
(a) The ordinance authorizing the refunding bonds shall prescribe all
details of the refunding bonds and shall provide for the levy and collection of
a direct annual tax upon all the taxable property within the township
sufficient to pay the principal of and interest on the refunding bonds 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 township. Tax limitations applicable
to the township provided by other statutes of this State shall not apply to
taxes levied for payment of these refunding bonds.
(b) A certified copy of the bond ordinance shall be filed with the county
clerk of the county in which the township or any portion of the township is
situated and shall constitute the authority for the extension and
collection of refunding bond and interest taxes as required by the
Illinois Constitution.
(Source: Laws 1941, vol. 2, p. 489; P.A. 88-62.)
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(60 ILCS 1/280-15)
Sec. 280-15.
Exchange or sale of refunding bonds.
(a) The refunding bonds may be exchanged for the bonds to be refunded
on the basis of dollar for dollar for the par value of the bonds, interest
coupons, and interest not represented by coupons, if any. Instead of this
exchange, the refunding bonds may be sold at not less than their par value
and accrued interest. The proceeds received from their sale shall be used
to pay the bonds, interest coupons, and interest not represented by
coupons, if any. This payment may be made without any prior appropriation
for the payment under any budget law.
(b) Bonds and interest coupons that have been received in exchange or paid
shall be cancelled, and the obligation for interest, not represented by
coupons, that has been discharged shall be evidenced by a written
acknowledgment of the exchange or payment.
(Source: Laws 1941, vol. 2, p. 489; P.A. 88-62.)
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(60 ILCS 1/280-20)
Sec. 280-20.
Form of refunding bonds; use of tax proceeds.
(a) The refunding bonds shall be of a form and denomination, payable at a
place, bear a date, and be executed by officials as provided by the corporate
authorities of the township in the bond ordinance. They shall mature within not
more than 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 ordinance.
(b) If there is no default in payment of the principal of or interest upon
the refunding bonds and if, after setting aside a sum of money equal to the
amount of interest that will accrue on the refunding bonds and a sum of
money equal to the amount of principal that will become due on the
refunding bonds within the next 6 months period, then the treasurer of the
township shall use the money available from the proceeds of taxes levied for
the payment of the refunding bonds in calling them for payment if, by their
terms, they are subject to redemption. A township may, however, provide in the
bond ordinance that whenever the township is not in default in payment of the
principal of or interest upon the refunding bonds and has set aside the
sums of money provided in this paragraph for interest accruing and
principal maturing within the next 6 months period, the money available
from the proceeds of taxes levied for the payment of refunding bonds shall
be used first in the purchase of the refunding bonds at the lowest price
obtainable (but not to exceed their par value and accrued interest) after
sealed tenders for their purchase have been advertised for as
directed by the corporate authorities of the township.
(c) Refunding bonds called for payment and paid or purchased under this
Section shall be marked paid and cancelled.
(Source: Laws 1941, vol. 2, p. 489; P.A. 88-62.)
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(60 ILCS 1/280-25)
Sec. 280-25.
Abatement of taxes.
(a) Whenever any refunding bonds are purchased and cancelled under Section
280-20, 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 the interest that would have thereafter accrued upon the
refunding bonds cancelled. A resolution shall be adopted by the corporate
authorities of the township finding these facts. A certified copy of this
resolution shall be filed with the county clerk specified in Section 280-10,
whereupon the county clerk shall reduce and extend the tax levies in
accordance with the resolution.
(b) Whenever refunding bonds are issued, proper reduction of taxes
previously levied for the payment of the bonds refunded and next to be
extended for collection shall be made by the county clerk upon receipt of
a certificate signed by the supervisor or other corresponding officer of
the township showing the bonds refunded and the tax to be abated.
(Source: Laws 1941, vol. 2, p. 489; P.A. 88-62.)
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