55 ILCS 5/5-34003
2021 Illinois Compiled Statutes|Chapter 55 - COUNTIES|55 ILCS 5/ - Counties Code.|Article 5 - Powers And Duties Of County Boards

 (from Ch. 34, par. 5-34003)Sec. 5-34003.     Resolution authorizing bonds and tax levy.     The  resolution or resolutions authorizing the Expressway bonds shall prescribe  all the details thereof and shall provide for the levy of a direct annual  tax upon all the taxable property within the county to pay the principal  thereof and interest thereon as it matures. This tax shall be in addition  to and exclusive of the maximum of all other taxes authorized to be levied  by the county. Tax limitations applicable to the county provided by this  Code and by other statutes of this State shall not apply to taxes levied  for payment of Expressway bonds. However, taxes provided to be levied for  payment of Expressway bonds shall not be in excess of the constitutional  limitation of seventy-five cents per $100 valuation unless that excess is  authorized by a vote by the people of the county. Such resolution or  resolutions shall also provide that when the General Assembly shall have  appropriated and allotted to such County or Counties a sum sufficient to  retire the principal of and interest on bonded indebtedness due annually  arising from the issuance of said Expressway bonds, issued for the purpose  of constructing Expressways, in Counties having a population of more than  500,000 inhabitants, from general highway funds and/or funds made available  by Acts of Congress, in accordance with the provisions of the Federal Aid  Road Act of 1916, as amended and supplemented, and allotted to the several  Counties in accordance with the laws appertaining thereto, such funds shall  be paid into the Expressway bond and interest sinking fund account or  accounts, required to be created by Section 5-34006, which provisions  shall be deemed additional security for payment of the Expressway bonds and  interest thereon and shall be irrepealable by the Board of Commissioners so  long as any Expressway bonds and interest thereon are unpaid. If more than  one bond resolution is adopted under the authority of this Division, each  such allotment of moneys from the State of Illinois shall be apportioned  among the sinking fund accounts for such bond issues in proportion to the  principal amount of each issue. If, and when, the moneys received, or to be  received, from the State of Illinois by such County during any calendar  year and deposited in the Expressway bond and interest sinking fund account  or accounts, equal the amount of taxes levied and next to be extended for  payment of principal of and interest on all Expressway bonds issued under  authority of this Division, the balance of the moneys received from the  State of Illinois during that calendar year shall be deposited in a special  account hereby required to be created and which shall be designated as the  Expressway bond and interest sinking fund account. A certified copy of the  bond resolution or resolutions adopted under authority of this Division  shall be filed with the County Clerk of the county and shall constitute  authority for the extension and collection of Expressway bond and interest  taxes as required by the constitution. A certified copy of the bond  resolution or resolutions shall also be filed with the Directors of the  Department of Central Management Services and the Department of  Transportation of this State.    (Source: P.A. 86-962.)