(70 ILCS 820/5) (from Ch. 96 1/2, par. 6555)
Sec. 5.
Whenever any refunding bonds are purchased and cancelled, as
provided in section 4 of this Act, the taxes thereafter to be extended
for payment of the principal of and the 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 so
cancelled. A resolution shall be adopted by the corporate authorities of
the forest preserve district finding these facts. A certified copy of this
resolution shall be filed with the county clerk specified in section 2 of
this Act. Whereupon the county clerk shall reduce and extend such tax
levies in accordance therewith.
Whenever refunding bonds are issued, proper reduction of taxes,
theretofore 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 treasurer of the forest preserve district, or
by the president and secretary or other corresponding officers of the
forest preserve district, showing the bonds refunded and the tax to be
abated.
(Source: Laws 1941, vol. 2, p. 454.)
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