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Newspaper
The Spectator
Location
Joliet, Illinois, United States of America
Date
Jan 02, 1958
Page
10
Taxpayers in townships and road districts with general obligation road bonds may see relief as Illinois law requires the county clerk to lower the tax rate on road bonds once funds from other sources are certified for annual principal and interest payments. The constitutional framework mandates a tax to retire such debt within 20 years.
Local hunters Larry Corcoran and Robert Lauterbach confirm good rabbit hunting in Joliet as snow supports tracking. Illinois Supreme Court clarifies that direct annual tax is needed to secure debt payments within 20 years, and correc tive 1957 legislation allows tax remission for road bonds when townships set aside funds. Example shows county clerk reducing 1957 road bond tax from ten to five cents per $100 valuation when a township allocates $8,000 from other sources for bond interest and principal.
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