(70 ILCS 1270/6) (from Ch. 105, par. 255.24)
Sec. 6.
Money which becomes available from taxes that were levied for prior
years for payment of bonds or interest coupons that were paid or refunded
before those taxes were collected, after payment of all warrants that may
have been issued in anticipation of these taxes, shall be placed in the
sinking fund account provided in this section. It shall be used to
purchase, call for payment, or to pay at maturity refunding bonds and
interest thereon as herein provided.
Money received from the proceeds of taxes levied for the payment of the
principal of and interest upon refunding bonds shall be deposited in a
special fund of the park district. It shall be designated as the "Refunding
Bond and Interest Sinking Fund Account of ...." This fund shall be
faithfully applied to the purchase or payment of refunding bonds and the
interest thereon as provided in this Act.
If the money in this fund is not immediately necessary for the payment
of refunding bonds or if refunding bonds can not be purchased before
maturity, then, under the direction of the corporate authorities of the
park district, the money may be invested by the treasurer of the park
district, in bonds or other interest bearing obligations of the United
States or in bonds of the State of Illinois.
The maturity date of the securities in which this money is invested
shall be prior to the due date of any issue of refunding bonds of the
investing park district. The corporate authorities may sell these
securities whenever necessary to obtain cash to meet bond and interest
payments.
(Source: Laws 1941, vol. 2, p. 458.)
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