Sec. 16. Levy for bonds.

207 words·~1 min read·/il/chapter-30/act-350/16

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A governmental unit may levy a tax for the payment of principal of and interest on general obligation bonds or limited bonds at any time prior to March 1 of the calendar year during which the tax will be collected. The county clerk shall accept the filing of the ordinance levying such tax notwithstanding that such time is subsequent to the end of the calendar year next preceding the calendar year during which such tax will be collected.

(b)The county clerk shall accept the electronic filing of any ordinance under subsection

(a)and any certificate abating taxes levied by an ordinance under subsection (a). If a governmental unit electronically files an ordinance under subsection

(a)or a certificate abating taxes levied by an ordinance under subsection (a), then the governmental unit shall maintain an original signed copy of the ordinance as long as the general obligation bonds or limited bonds remain outstanding.

(c)In extending taxes for general obligation bonds, the county clerk shall add to the levy for debt service on such bonds an amount sufficient, in view of all losses and delinquencies in tax collection, to produce tax receipts adequate for the prompt payment of such debt service.