2-32-720 Bond ordinance – Provisions for payment.

   The bond ordinance shall make provision for the payment of such bonds, both principal thereof and interest thereon until maturity, by the levy of a direct annual tax upon all the taxable property within said city sufficient for such purpose. A copy of such bond ordinance, as adopted, certified to by the city clerk, shall be filed in the offices of the county clerks of all those counties within which a part of the City of Chicago may be situated. Such bond ordinance, as so filed, shall constitute the authority for the several county clerks within which a part of the City of Chicago may be situated, in and for each of the years for which taxes are levied in said bond ordinance, to extend such taxes for collection against all the taxable property situated within the City of Chicago and situated within such several counties. The taxes so levied in and by such bond ordinance shall be extended annually by the several county clerks without limitation as to rate or amount and such taxes shall be in addition to and in excess of any and all other taxes levied or authorized to be levied by the city council. Such taxes so levied shall not be subject to repeal or abatement in any manner whatsoever until such time as all the bonds authorized under the terms of said bond ordinance and issued shall have been paid in full, both principal thereof and interest thereon up to and including the date of maturity.

(Prior code § 7-62)

2-32-730 Bond ordinance – Use of proceeds.

   The provisions of any bond ordinance shall constitute an appropriation of the amounts required as therein referred to and described and upon the delivery of the bonds therein authorized, the proceeds thereof shall be used solely and only for the purpose or purposes for which the bonds were authorized. Upon the adoption of any bond ordinance by the city council and its approval by the mayor, the same shall be published by the city clerk, in pamphlet form, and shall be in full force and effect upon its publication.

(Prior code § 7-63)

2-32-740 Refund bond ordinances.

   Any bonds authorized and issued pursuant to the provisions of any bond ordinance adopted pursuant to the provisions hereof and also any bonds issued and outstanding as of July 1, 1971, which by their terms are payable from taxes unlimited as to rate or amount and levied against all the taxable property within the City of Chicago, may be refunded prior to their maturity or at their maturity and including the refunding of matured coupons evidencing interest upon such unpaid bonds. Such refunding shall be by the issuance of refunding bond to be authorized by a refunding bond ordinance which shall be adopted in the manner and subject to the terms, conditions and provisions as herein required for the issuance of bonds for public purposes. Any such refunding shall be on the basis of an exchange of par for par for bonds and matured interest coupons to be refunded, or such refunding bonds may be sold at not less than par and the proceeds thereof be used for the purpose of paying maturing principal and matured interest coupons on such outstanding bonds as they become due.

   Refunding bonds which may be issued for the purpose of refunding outstanding bonds issued prior to July 1, 1971 and including past due coupons pertaining to bonds issued prior to July 1, 1971 shall not be deemed an indebtedness incurred by the City of Chicago without a referendum in accordance with the provisions of Section 6(k) of Article VII of the Constitution of Illinois generally effective July 1, 1971.

(Prior code § 7-64)

2-32-750 Bond issuance procedures – Statutory authority.

   Pursuant to the authority granted by Section 6 of Article VII of the Constitution of Illinois 1970, the procedures hereby established for the issuance of general obligation bonds, as herein provided for, shall be controlling and shall be complied with by the city council in the borrowing of money through the issuance of general obligation bonds of the city, notwithstanding anything to the contrary contained in the provisions of the Illinois Municipal Code of 1961, and all acts amendatory thereof and supplementary thereto and any other law or laws of the State of Illinois.

(Prior code § 7-65)

2-32-760 Judgment tax – Annual levy – Use of funds.

   The City of Chicago, acting by its city council, shall in the year 1980 and every year thereafter levy a tax upon all the taxable property in the municipality at a rate that will produce not to exceed $9,000,000.00 upon the valuation to be ascertained by the assessment of such property for the purposes of taxation in the year 1980, and every year thereafter. This tax, when levied, shall be for the purpose of paying tort judgments, judgments for damage to or for the taking of private property for public use, or any other judgments entered against the City of Chicago. This tax shall be levied and collected in the same manner as the general taxes of the municipality. It shall be known as the judgment tax and shall be in addition to the maximum of all other taxes which the municipality is now, or may be hereafter, authorized by law to levy upon the aggregate valuation of all taxable property within the City of Chicago.

   All money received from this tax shall be set apart in a separate fund and shall be used solely for the purpose of paying judgments as provided for in this ordinance. Judgments against the City of Chicago shall be paid out of this fund in order in which the judgments were obtained. This order of payment shall not apply to judgments of $1,000.00 or less, which judgments may be paid out of said order and in the order in which these judgments of $1,000.00 or less were obtained.

   Interest accrued on these judgments shall be paid with the principal thereof. However, the interest accrued to any particular date on all judgments payable out of this fund may be paid ratably at any time without payment of the principal thereof; warrants or notes issued in anticipation of the judgment tax shall be issued under the applicable provisions of the Illinois Revised Statutes and shall bear interest at a rate to be determined at the time of sale.

(Prior code § 7-66)

ARTICLE IX. WATER REVENUE BONDS (2-32-770 et seq.)

2-32-770 Issuance – Authorized when – Effect.

   The City of Chicago, acting by its city council, may, from time to time, borrow money for the purpose of paying the cost of constructing extensions, improvements, or both, to the existing Chicago Water System, and for the purpose of paying the principal of and accrued interest on interim notes issued pursuant to Sections 2-32-850 through 2-32-890 of this chapter to provide temporary financing for such extensions, improvements, or both, to the Chicago Water System, and in evidence of such borrowing, issue its water revenue bonds, which shall be payable both as to principal and interest solely and only from the revenues to be derived from the operation of the water system of said city, which water revenue bonds shall become due within 40 years of their date and shall not in any event constitute an indebtedness of said city within the meaning of any constitutional or statutory provision or limitation on indebtedness which may be incurred and the water revenue bonds shall not be payable from ad valorem taxes to be levied and extended against taxable property situated within the city. The procedures for the issuance of water revenue bonds shall be as substantially herein provided in Sections 2-32-780 through 2-32-840 of this chapter.

(Prior code § 7-67)