(c) A pledge of assessments, funds, or contractual rights made by a
governing body in connection with the issuance of bonds by a local unit of government under
this Act constitutes a statutory lien on the assessments, funds, or contractual rights so pledged in
favor of the person or persons to whom the pledge is given, without further action by the
governing body. The statutory lien is valid and binding against all other persons, with or
(d) Bonds of one series issued under this Act may be secured on a parity with
bonds of another series issued by the local unit of government or the Authority pursuant to the terms of a master indenture or master resolution entered into or adopted by the governing body of the
local unit of government or the Authority.
(e) Bonds issued under this Act are subject to the Bond Authorization Act and the Registered Bond Act.
(f) Bonds issued under this Act further essential public and governmental purposes, including, but not limited to, reduced energy costs, reduced greenhouse gas emissions,
economic stimulation and development, improved property valuation, and increased
(g) A program administrator can assign its rights to purchase the bonds to a third party.
(h) A law firm shall be retained to give a bond opinion in connection with any bond issued under this Act.
(i) Bonds issued by the Authority under this Act and pursuant to subsection (d) of Section 825-65 of
the Illinois Finance Authority Act shall not be entitled to the benefits of Section 825-75 of the
Illinois Finance Authority Act.
(Source: P.A. 100-77, eff. 8-11-17; 100-980, eff. 1-1-19