(70 ILCS 810/33) (from Ch. 96 1/2, par. 6436)
Sec. 33.
The bonds issued pursuant to Sections 31 through 39 shall
bear interest at a rate not to exceed the maximum rate
authorized by the
Bond Authorization Act, as amended at the time of the making of the contract,
payable annually or
semi-annually and shall mature within the period of usefulness of the
project as determined by such board, but in no event, exceeding 40
years.
Each such bond shall be sold in such manner and upon such terms as
the board shall determine but shall be sold for not less than par and accrued
interest. The minimum price at which it may be sold
shall be such that the interest cost to the forest preserve district of
the proceeds of the bond shall not exceed the maximum
rate authorized
by the Bond Authorization Act, as amended, at the time of the making of
the contract,
computed to maturity,
according to the standard table of bond values.
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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