(50 ILCS 50/35)
    Sec. 35. Bonds.
    (a) A local unit of government may issue bonds under the Special Assessment Supplemental Bond and Procedures Act to finance energy projects under a property assessed clean energy program.
    (b) Bonds issued under subsection (a) shall not be general obligations of the local unit of government, but shall be secured by the following as provided by the governing body in the resolution or ordinance approving the bonds:
        (1) payments of assessments on benefited property
    
within the PACE area or areas specified; and
        (2) if applicable, revenue sources or reserves
    
established by the local unit of government from bond proceeds or other lawfully available funds.
    (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 without notice.
    (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 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.
    (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 employment.
    (g) A program administrator can assign its rights to purchase the bonds to a third party (the "bond purchaser").
    (h) A program administrator shall retain a law firm to give a bond opinion for the benefit of the program administrator or bond purchaser.
(Source: P.A. 100-77, eff. 8-11-17.)