(20 ILCS 3805/14) (from Ch. 67 1/2, par. 314)
Sec. 14.
The Authority may from time to time issue its negotiable
bonds and notes in such principal amount, as, in the opinion of the
Authority, shall be necessary to provide sufficient funds for achieving
its corporate purposes, including the making of mortgage or other loans
for the acquisition, construction and rehabilitation of housing to
be occupied by low and moderate
income persons, for the acquisition, construction and rehabilitation
of community
facilities as provided in
this Act and for the acquisition,
construction and rehabilitation of housing related
commercial facilities; the acquisition of land and land development;
the purchase of
residential mortgages from lending institutions; the making of loans to
lending institutions; the payment of interest on bonds and notes of the
Authority; the establishment of reserves to secure such bonds and notes;
and all other expenditures of the Authority incidental to and necessary
or convenient to carrying out its corporate purposes and powers, including
the reimbursement of the Authority for expenditures made by it from other
funds for achieving its corporate purposes set forth in this Section. The
bonds and notes of the Authority may be issued as general obligations of
the Authority payable from such revenues, funds and obligations of the
Authority
as the resolution authorizing issuance of the bonds or notes shall
provide, or may be issued as limited obligations with a claim for payment
solely from such revenues, funds and obligations as the resolution
authorizing issuance of the bonds or notes shall provide. The Authority is
specifically granted the power and authority to issue Affordable Housing
Program Trust Fund Bonds or Notes, provided that the use of the proceeds
thereof is subject to the limitation provided in the Illinois Affordable
Housing Act. Except for such limitation and the dedication and pledge of Trust
Fund Moneys provided for in that Act, Affordable Housing Program Trust Fund
Bonds or Notes shall be treated in all respects as, and shall be entitled to
all the benefits, rights, grants and authorizations in respect of, bonds and
notes issued pursuant and subject to the provisions of this Act. The
Authority shall have no taxing power.
(Source: P.A. 88-93.)
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