70 ILCS 815/ Forest Preserve District Defective Bond Repayment Act.

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70 ILCS 815/0.01

(70 ILCS 815/0.01) (from Ch. 96 1/2, par. 6500)

Sec. 0.01.

Short title.

This Act may be cited as the

Forest Preserve District Defective Bond Repayment Act.

(Source: P.A. 86-1324.)

70 ILCS 815/1

(70 ILCS 815/1) (from Ch. 96 1/2, par. 6501)

Sec. 1.

When heretofore any forest preserve district has
received money from the sale of the bonds of the district where such bonds
are defective because issued and sold without a vote of the people of the
district for one or more purposes unauthorized without such vote, or one or
more purposes authorized without such vote, and one or more purposes
unauthorized without such vote, jointly, and the moneys so received, or a
part thereof, have been used by the district for a purpose for which bonds
were authorized to be issued and sold by the district without such vote,
such forest preserve district is hereby empowered to pay to the holder or
holders of such bonds the amount of money so received and actually used for
the purpose for which such bonds were authorized to be issued and sold
without such vote of the people; such payment to be made at such time or
times, in such amounts, or partial amounts, and with such rate of interest
as the commissioners of the district shall by ordinance determine, provided
such payments shall not be made before the bonds are due on the sale of
which the money was so received, or at a greater rate of interest than
named in said bonds.

For the purpose of providing for such payments, and until such payments
are fully made, the commissioners of any such district shall have power
annually to levy a tax, which shall be levied and collected in like manner
with the other taxes of the district: Provided, that in forest preserve
districts containing a population of two hundred thousand inhabitants, or
more, such tax may be levied and extended in addition to the tax for
general corporate purposes of three-twentieths (3/20) of one (1) mill on
the dollar of the assessed value of the taxable property of the district as
ascertained by the last equalized assessment for State and county purposes.

No such payments shall be made except to the actual holder or holders of
such bonds, and upon the production and cancellation of the bonds or
coupons on the sale of which the money for which payment is made, was so
received by the district.

(Source: Laws 1927, p. 547.)