105 ILCS 5/34A-503
2021 Illinois Compiled Statutes|Chapter 105 - SCHOOLS|105 ILCS 5/ - School Code.|Article 34A - School Finance Authority

 (from Ch. 122, par. 34A-503)Sec. 34A-503.     Tax levy.(a) Before or at the time of issuing any Bonds, the Authority shall provide by resolution for the levy and collection of a direct annual tax upon all  the taxable property located within the school district without limit as  to rate or amount sufficient to pay  and discharge the principal thereof at maturity or on sinking fund installment  dates and to pay the interest thereon as it falls due.  The taxes as levied  shall also include such additional amounts to the extent that the collections  in the prior years were insufficient to pay and discharge such principal  thereof at maturity, such sinking fund installments, if any, and interest  thereon as it fell due and the amount so collected shall be placed in the  debt service reserve fund.   Such tax shall be in  addition to and exclusive of the maximum of all taxes  which the Authority, the Board or the City Council of the City is now, or  may hereafter be, authorized by law to levy for any and all school purposes.  Any such resolution shall be in force upon its adoption.(b) Such levy shall be for the sole benefit of the holders of the Bonds  and the holders of the Bonds shall have a security interest in, and lien  upon, all rights, claims and interests of the Authority arising pursuant  to such levy and all present and future proceeds of such levy until principal  of and sinking fund installments and interest on the Bonds are paid in full.  All proceeds from such levy shall be deposited by each county collector  directly in the debt service funds established pursuant to Section  34A-504 hereof and shall be applied solely for the payment of principal of and  sinking fund installments and interest on the Bonds and shall not be used for  any other purpose.A levy with respect to Bonds issued prior to July 1, 1993 (or to refund or  continue the refunding of Bonds issued prior to July 1, 1993) shall be for the  sole benefit of holders of Bonds issued prior to July 1, 1993 (or to refund or  continue the refunding of Bonds issued prior to July 1, 1993).  A levy with  respect to Bonds issued on or after July 1, 1993 (other than to refund or to  continue the refunding of Bonds issued prior to July 1, 1993) shall be for the  sole benefit of owners of Bonds issued on or after July 1, 1993 (other than to  refund or to continue the refunding of Bonds issued prior to July 1, 1993).  Proceeds of taxes levied under this Section shall be deposited in the debt  service fund relating to the Bonds with respect to which the taxes were  levied.(c) Upon the filing in the office of the county clerk of each county wherein  the Board is located of a duly certified copy of any such ordinance, it  shall be the duty of each such county clerk to extend the tax therein provided  for, including an amount determined by the Authority to cover loss and cost  of collection and also deferred collections thereof and abatements in the  amount of such taxes as extended on the collectors' books.  The tax shall  be separate and apart from all other taxes of the Authority, the Board and  the City and shall be separately identified by the collectors.    (Source: P.A. 88-511.)