Cook County issues bonds pursuant to the County’s home rule powers under the 1970 Constitution of the State of Illinois and an authorizing Ordinance adopted by the Cook County Board of Commissioners.
Bond funds are used to finance various county projects and to refinance outstanding bonds. General Obligation bonds are secured by the County’s General Obligation Unlimited Tax pledge and benefit from a designated property tax levy that is unlimited as to rate or amount. Under County Ordinance, funds raised by such levies are remitted directly from the County Treasurer to the designated trustee for the bonds. Accordingly, these levied amounts do not pass through, nor are they set-off from, the County’s General Fund or related operating accounts.