(50 ILCS 465/15)
Sec. 15.
Ordinance authorizing exercise of powers.
The exercise of any or
all powers granted by this Act shall be authorized and the bonds shall be
authorized to be issued under this Act for the purposes set forth in this Act,
by an ordinance adopted by the corporate authorities that takes effect
immediately upon adoption. The ordinance shall set forth a finding and
declaration (i) of the public purpose therefor and (ii) that the ordinance is
adopted pursuant to this Act, which finding and declaration shall be conclusive
evidence of the existence and sufficiency of the public purpose and of the
power to carry out and give effect to the public purpose.
The bonds shall bear interest at any rate or rates without regard to any
other law pertaining to interest rate limitations, may be payable at any time
or times, may be in one or more series, may bear any date or dates, may mature
at any time or times not exceeding 40 years from their respective dates, may be
payable in any medium of payment at any place or places, may carry any
registration privileges, may be subject to any terms of redemption at any
premiums, may be executed in any manner, may contain any terms, covenants, and
conditions, and may be in any form, either coupon or registered, that the
corporate authorities shall provide. The bonds may be sold at public or
private sale at any price, in any manner and upon any terms that the corporate
authorities may authorize, and may be issued to the purchaser or purchasers of
bonds sold under this Act. The bonds and interim notes shall be deemed to be
securities and negotiable instruments within the meaning of and for all
purposes of the Uniform Commercial Code.
(Source: P.A. 92-142, eff. 7-24-01.)
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