(55 ILCS 5/5-34003) (from Ch. 34, par. 5-34003)
Sec. 5-34003.
Resolution authorizing bonds and tax levy.
The
resolution or resolutions authorizing the Expressway 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 Expressway bonds. However, taxes provided to be levied for
payment of Expressway 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 the General Assembly shall have
appropriated and allotted to such County or Counties a sum sufficient to
retire the principal of and interest on bonded indebtedness due annually
arising from the issuance of said Expressway bonds, issued for the purpose
of constructing Expressways, in Counties having a population of more than
500,000 inhabitants, from general highway funds and/or funds made available
by Acts of Congress, in accordance with the provisions of the Federal Aid
Road Act of 1916, as amended and supplemented, and allotted to the several
Counties in accordance with the laws appertaining thereto, such funds shall
be paid into the Expressway bond and interest sinking fund account or
accounts, required to be created by Section 5-34006, which provisions
shall be deemed additional security for payment of the Expressway bonds and
interest thereon and shall be irrepealable by the Board of Commissioners so
long as any Expressway 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 State of Illinois 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, or to be
received, from the State of Illinois by such County during any calendar
year and deposited in the Expressway bond and interest sinking fund account
or accounts, equal the amount of taxes levied and next to be extended for
payment of principal of and interest on all Expressway bonds issued under
authority of this Division, the balance of the moneys received from the
State of Illinois during that calendar year shall be deposited in a special
account hereby required to be created and which shall be designated as the
Expressway bond and interest sinking fund account. 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 Expressway bond and interest
taxes as required by the constitution. A certified copy of the bond
resolution or resolutions shall also be filed with the Directors of the
Department of Central Management Services and the Department of
Transportation of this State.
(Source: P.A. 86-962.)
|