55 ILCS 5/6-14001
2021 Illinois Compiled Statutes|Chapter 55 - COUNTIES|55 ILCS 5/ - Counties Code.|Article 6 - Finance

 (from Ch. 34, par. 6-14001)Sec. 6-14001.         Judgments rendered in suits commenced prior to December  31, 1959. The County Board of any County having a population of less than  250,000 inhabitants and in which a Public Building Commission authorized by  the "Public Building Commission Act", approved July 5, 1955, as now or  hereafter amended, does not exist, by resolution may authorize the issuance  of funding bonds not to exceed $600,000 to fund any judgment or judgments  which have been or may be rendered in suits commenced prior to December 31,  1959, against said County for indebtedness duly audited and allowed prior  to such date and which are unpaid, and to pay which no funds are available.The resolution authorizing the issuance of the funding bonds herein  authorized shall prescribe the date, maturity, rate of interest (which  shall not exceed the maximum rate authorized by the Bond Authorization Act,  as amended at the time of the making of the contract, payable  semi-annually), place of payment, and may  provide that the bonds may be registerable as to principal and other  details necessary and incident to the legal issuance thereof. Said  resolution shall also authorize and direct the levy of an annual tax  against the taxable property of said County sufficient to pay the interest  and principal of said bonds as it matures, in accordance with the  provisions of said resolution, which tax shall be included within the rate  limitation prescribed for county corporate purposes, and shall not be in  addition thereto and in excess thereof. Such tax shall be extended at the  same time and in the same manner as other taxes levied for county purposes,  except that if a general reduction in levies is required to keep the  maximum for corporate purposes within the statutory rate limitation the tax  levy provided for herein shall not be reduced. Said tax shall be collected  in the same manner as is provided for the collection of other taxes, and  when collected shall be paid into the county treasury to the credit of the  "Judgment Funding Fund", and used for the payment of the bonds and interest  herein authorized.All such bonds shall be sold to the highest and best responsible bidder,  and notice of the time and place bids may be submitted shall be given by  publication in a newspaper of general circulation published in the county,  if there is one, and if none, then in a newspaper of general circulation  therein, such notice to be published once each week for three successive  weeks, the last publication to be at least one day prior to the time  specified in the notice. Any sale of bonds in violation of this  Division is void.The validity of any funding bonds hereby authorized to be issued shall  remain unimpaired, although one or more of the officers executing the same  shall cease to be such officer or officers before delivery thereof.Because the bonds herein authorized may be issued only for the purpose  of funding valid judgments theretofore rendered against the County by  Courts of record, the question of the issuance thereof need not be  submitted to the legal voters of the County for approval.With respect to instruments for the payment of money issued under this  Section or its predecessor either before, on, or after the effective date  of Public Act 86-4, it is and always has been the intention of the General  Assembly (i) that the Omnibus Bond Acts are and always have been  supplementary grants of power to issue instruments in accordance with the  Omnibus Bond Acts, regardless of any provision of this Division or "An Act  authorizing the issuance of funding bonds by counties to care for unpaid  judgments against the county, and providing for a tax levy for their  payment", approved July 28, 1941, that may appear to be or to have been  more restrictive than those Acts, (ii) that the provisions of this Section  or its predecessor are not a limitation on the supplementary authority  granted by the Omnibus Bond Acts, and (iii) that instruments issued under  this Section or its predecessor within the supplementary authority granted  by the Omnibus Bond Acts are not invalid because of any provision of this  Division or "An Act authorizing the issuance of funding bonds by counties  to care for unpaid judgments against the county, and providing for a tax  levy for their payment", approved July 28, 1941, that may appear to be or  to have been more restrictive than those Acts.    (Source: P.A. 86-962; 86-1028.)