(70 ILCS 1205/11.1-6) (from Ch. 105, par. 11.1-6)
Sec. 11.1-6.
The park district has power to borrow money by issuing its bonds in
anticipation of its revenue from such harbor or from any buildings,
structures or facilities to accomplish any of the purposes of this Article
and to refund such bonds. Such bonds shall be authorized by ordinance and
may be issued in one or more series, and bear dates of maturity at such
time or times not to exceed 40 years from their respective dates, bear
interest at such rates not exceeding the maximum rate
authorized by the
Bond Authorization Act, as amended at the time of the making of the contract, payable
semi-annually, be in such denominations, be in such form either coupon or
registered, be executed in such manner, be payable in such medium of
payment at such place, be subject to such terms of redemption with or
without premium, and may be registrable as to principal or as to both
principal and interest as the ordinance may provide.
The bonds are negotiable instruments.
The bonds shall be sold at a price so that the interest cost of the
proceeds thereof shall not exceed the maximum applicable interest rate per
annum, payable semi-annually, computed to maturity according to standard
tables of bond values, and shall be sold in such manner and at such time as
the Park Commissioners shall determine.
Pending the preparation or execution of definitive bonds, interim
receipts or certificates or temporary bonds may be delivered to the
purchasers or pledgees of these bonds. These bonds bearing the signature of
officers in office on the date of the signing thereof shall be valid and
binding obligations notwithstanding that before delivery thereof and
payment therefor any or all of the persons whose signatures appear thereon
cease to be such officers.
No holder of any bond issued under this law shall ever have the right to
compel any exercise of taxing power of the park district to pay the bond or
interest thereon. Each bond issued under this Article is payable solely
from the revenue derived from the operation of the harbor and facilities.
The bond shall not in any event constitute a debt of the park district
within any statutory or constitutional limitations, and this shall be
plainly stated on the face of each bond.
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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