(70 ILCS 200/20-30)
Sec. 20-30.
General obligation bonds;
conditions.
The
Authority may borrow money for the purpose of carrying
out its duties and exercising its powers under this Article, and
issue its
general obligation bonds as evidence of the indebtedness incurred. In addition
to other purposes, such bonds may be issued for the purpose of refunding
outstanding general obligation or revenue bonds of the Authority. Such
general obligation bonds shall be in the form, shall mature at the time
(no later than 40 years from the date of issuance), shall bear interest
at the rates (not to exceed the greater of (i) the maximum rate authorized
by the Bond Authorization Act, as amended at the
time of the making of the contract, or (ii) 8% per annum), shall be
executed
by the officers, and shall be sold in the manner that the Board shall
determine; except that if issued to bear interest at the greater of (i) the
maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, or (ii)
the rate of 8% per annum, the bonds shall
be sold for not less than par and accrued interest, and that the selling
prices of bonds bearing interest at a rate of less than
the greater of (i) the maximum rate authorized by the Bond Authorization Act,
as amended at the time of the making of the contract, or (ii) 8% per annum
shall be such that the interest cost to the Authority of the money received
from the sale of the bonds shall not exceed
the greater of (i) the maximum rate authorized by the Bond Authorization
Act, as amended at the time of the making of the contract, or (ii) 8%
annually computed to absolute maturity of the bonds in accordance with
standard tables of bond values. In case any officer whose signature appears
on any bond ceases, after affixing his signature, to hold office, his
signature shall nevertheless be valid and effective for all purposes.
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 Article 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 Article that may appear to be or to have been more restrictive
than
those Acts.
(Source: P.A. 90-328, eff. 1-1-98.)
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