35 ILCS 200/20-225
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 7 - Tax Collection

Sec. 20-225.         Bonds for reimbursement of illegal tax collections on  pollution control facilities.  When a taxing district, prior to January 1,  1988, issued its full faith and credit bonds for reimbursement of illegal tax  collections on pollution control facilities, as set out in this Section, it may  issue additional bonds for purposes of refunding those bonds, whether in  advance of or at maturity or prior redemption, and whether by exchange, payment  or establishment of an irrevocable escrow.  The principal amount of the  refunding bonds may exceed the principal amount of the bonds being refunded.The full faith and credit bonds, hereinafter referred to as the "Bonds", may  have been issued by the taxing district whenever and as often as the current  aggregate amount of the taxes to be deducted and the deducted taxes set forth  in the Certificate equaled or exceeded $10,000, for the purpose of (i) reducing  the amount of the taxes to be deducted by depositing proceeds of the Bonds with  the collector, (ii) reimbursing its treasury for all or a portion of the  deducted taxes for which no Bonds were previously issued, (iii) paying the  expenses of issuing the Bonds, (iv) paying interest on the Bonds, or (v) any  combination thereof. Any Certificate issued not more than 6 months prior to the  issuance of the Bonds shall be conclusive evidence of all the facts set forth  therein and any error or inaccuracy therein or any failure of future events to  conform to the Certificate shall not affect the validity of the Bonds in any  manner.The Bonds issued under this Section shall not count as indebtedness, or act  as a limitation on the amount of indebtedness permitted to be issued by any  taxing district, under the provisions of any law regarding limitations on  indebtedness. The Bonds shall bear interest at a rate or rates authorized by  the Bond Authorization Act, shall mature within 20 years after the  date of the issuance thereof and shall be sold at a price of not less than  par plus accrued interest to the date of delivery of the Bonds. The  denomination of the Bonds and the manner of sale shall be determined by the  taxing district.In order to authorize and issue the Bonds, the governing body or corporate  authorities of the taxing district shall adopt an ordinance or resolution  fixing the amount of Bonds, the date thereof, the maturities thereof, the  rate or rates of interest thereof, the place or places of payment, the manner  of execution and the denomination or denominations thereof and providing  for the levy and collection of a direct annual tax upon all the taxable  property in the taxing district sufficient to pay the principal and interest  on the Bonds to maturity. Notwithstanding the provisions of any other law  to the contrary, the ordinance or resolution shall not be required to be  published and shall be effective immediately upon passage and approval.  Upon the filing in the office of the county clerk of each county in which  any portion of the taxing district is located of a certified copy of the  ordinance or resolution, each county clerk shall extend the tax therefor  in addition to and in excess of all other taxes authorized to be levied by or  on behalf of such taxing district.This Section is cumulative and constitutes complete authority for the  issuance of the Bonds notwithstanding any other statute or law to the contrary.This Section does not apply to taxing districts located entirely within a  county with 3,000,000 or more inhabitants.    (Source: P.A. 87-17; 88-455.)