55 ILCS 5/6-16002
2021 Illinois Compiled Statutes|Chapter 55 - COUNTIES|55 ILCS 5/ - Counties Code.|Article 6 - Finance

 (from Ch. 34, par. 6-16002)Sec. 6-16002.     Judgments rendered prior to January 1, 1964.     The  County Board of any County having a population of less than  500,000 inhabitants, by resolution may authorize the issuance of funding  bonds not to exceed $1,400,000 to fund any judgment or judgments which have  been rendered prior to January 1, 1964, against said County, 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), 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.The bonds shall be sold to the highest and best responsible bidder  therefor. Notice of the time and place bids will be publicly opened shall  be given by publication in a newspaper having general circulation in the  county issuing such bonds, once each week for 3 successive weeks, the last  publication to be at least one week prior to the time specified in the  notice for the opening of bids.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 Section or "An Act  to authorize the County Board of any County having a population of less  than 500,000 inhabitants, to issue funding bonds to pay judgments rendered  against such counties prior to January 1, 1964, and providing for a tax  levy for their payment", approved August 13, 1963, 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 Section or "An Act to authorize the County  Board of any County having a population of less than 500,000 inhabitants,  to issue funding bonds to pay judgments rendered against such counties  prior to January 1, 1964, and providing for a tax levy for their payment",  approved August 13, 1963, that may appear to be or to have been more  restrictive than those Acts.    (Source: P.A. 86-962; 86-1028.)