(20 ILCS 3510/4) (from Ch. 111 1/2, par. 8104)
Sec. 4.
Public corporation and private institution participation.
Any public corporation which is authorized to issue, sell and deliver its
public corporation securities (or, if the public corporation security
is in the form of a loan agreement, to execute and deliver the loan
agreement) under the laws of this State may issue, sell and deliver (or, in
the case of a loan agreement, execute and deliver) such securities to the
Authority under this Act; provided that, notwithstanding any other provision
of law to the contrary, any such public corporation may issue and sell (or,
in the case of a loan agreement, execute and deliver) any such public
corporation security by negotiated sale to the Authority, at any interest
rate (whether fixed or variable, and whether current or deferred), which
rate or rates may be established by an index or formula which may be
implemented by persons appointed or retained therefor by the Authority, and
at such price or prices to which the public corporation and the Authority
may agree. Any public corporation selling its public corporation security
to (or, in the case of a loan agreement, entering into a loan agreement
with) the Authority under this Act may pay any amount charged by the
Authority under this Act. Any private institution which is so
authorized may issue, sell and deliver its private institution securities
(or, if such private institution security shall be in the form of a loan
agreement, to execute and deliver such loan agreement) to the Authority
under this Act. The Authority shall have discretion to purchase such public
corporation securities and private institution securities (or, in the case
of a public corporation security or a private institution security in the
form of a loan agreement, execute and deliver and make the loan contemplated by
such loan agreement) as the Authority shall deem to be in the best
interests of furthering and accomplishing the purposes stated in this Act.
(Source: P.A. 86-976.)
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