(105 ILCS 5/34-24) (from Ch. 122, par. 34-24)
Sec. 34-24.
Numbering of warrants - Setting apart taxes - Interest.
Warrants drawn and issued under Section 34-23 shall be numbered
consecutively in the order of their issuance and shall show upon their face
that they are payable solely from said taxes when collected, and not
otherwise, and that payment thereof will be made in the order of their
issuance, beginning with the warrant having the lowest number, and shall be
received by any collector of taxes in payment of taxes against which they
are issued. Such taxes against which the warrants are drawn shall be set
apart and held for their payment, as herein provided. Such warrants shall
bear interest, payable out of the taxes against which they are drawn, at
the rate of not to exceed the maximum rate authorized by the Bond Authorization
Act, as amended at the time of the making of the contract,
if issued before
July 1, 1971 and if
issued thereafter at the rate of not to exceed the maximum rate
authorized by the Bond Authorization Act, as amended at the time of the
making of the contract, from the date
of their issuance until paid, or until notice is given by publication in a
newspaper or otherwise that the money for their payment is available and
that they will be paid on presentation.
Reissued warrants shall bear the index numerical designation of the
original warrant, shall be subnumbered consecutively in the order of
reissuance, and shall be paid in the direct order of reissuance, beginning
with the earliest subnumber. All warrants so reissued shall be paid prior
to the payment of any warrant, or any reissuance thereof, issued
subsequently to the date of issuance of such original warrant and in
anticipation of the collection of the same tax.
Any such outstanding warrants may be paid in the order of their
issuance, beginning with the warrants having the lowest number.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, 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 Act that may appear to be or to have
been more restrictive than those Acts, (ii)
that the provisions of this Section are not a limitation on the
supplementary authority granted by the Omnibus Bond
Acts,
and (iii) that instruments issued under this
Section within the supplementary authority granted by the Omnibus Bond Acts
are not invalid
because of any provision of this Act that may appear to be or to have been
more restrictive than those Acts.
(Source: P.A. 86-4.)
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