(20 ILCS 3110/6) (from Ch. 127, par. 213.6)
Sec. 6.
Bonds.
(a) Interest. All such bonds shall mature within 40 years from date,
and shall bear interest at not more than
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, and may be sold by
the Authority in such manner as they may deem to be in the best public
interest. Such bonds shall be sold at such price that the interest cost of
the proceeds therefor will not exceed
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, computed according to
standard tables of bond values.
(b) From what source payable. Such bonds shall be payable solely and
only from (1) revenues to be derived from the operation of any such
facilities acquired, constructed, completed, remodeled or equipped in whole
or in part with the proceeds of such bonds; and (2) income to be derived
from rental leases to State Departments, boards, commissions or other
agencies, or from leases to others as provided above.
(c) Execution and registration of bonds. Such bonds shall be executed
by such officers of the Authority as shall be designated by the Authority,
and shall be registered by the Auditor of Public Accounts or the
Comptroller as his successor of the State of Illinois. Any bonds bearing
the signature of officers in office at the date of signing thereof shall be
valid and binding for all purposes, notwithstanding that before delivery
thereof any or all such persons whose signatures appear thereon shall have
ceased to be such officers.
(d) Provisions contained in bond. Each such bond shall state upon its
face that it is payable solely from revenues derived from the operation of
facilities acquired, constructed, completed, remodeled or equipped in whole
or in part with the proceeds of the sale of such bonds, including income to
be derived from rental leases as provided above. Each bond shall state upon
its face that it does constitute State debt of the State of Illinois within
the meaning of the provisions of the Constitution and statutes of the State
of Illinois.
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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