(65 ILCS 55/1) (from Ch. 24, par. 808.1)
Sec. 1.
Any city, village or incorporated town which has heretofore entered
into an agreement with the Federal government or any agency thereof for the
construction, extension, improvement or repair of streets, or of a sewerage
system or water system with the aid of a Federal grant, may, for the
purpose of raising its portion of the funds necessary for such
construction, extension, improvement or repair, provide a special tax or
special assessment of the property benefited, and to anticipate the
collection of such special tax or special assessment, or any installment
thereof, may issue bonds, payable out of such special tax or special
assessment, bearing interest at a rate not more than
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, nor less
than 3 1/2% per annum.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in accordance with the
Omnibus Bond Acts, regardless of any provision of this Act that may appear
to be or to have been more restrictive than those Acts, (ii) that the
provisions of this Section are not a limitation on the supplementary
authority granted by the Omnibus Bond Acts, and (iii) that instruments
issued under this Section within the supplementary authority granted
by the Omnibus Bond Acts are not invalid because of any provision of
this Act that may appear to be or to have been more restrictive than
those Acts.
(Source: P.A. 86-4.)
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