(70 ILCS 1205/9.3-1) (from Ch. 105, par. 9.3-1)
Sec. 9.3-1.
Any park district has the power subject to the limitations of Sections
9.3-1 through 9.3-6 to acquire, construct and operate such revenue producing
recreation facilities and to extend or improve such facilities, borrow money
and as evidence thereof to issue its bonds, payable solely from the revenue
derived from the operation of such recreation facility or facilities. These
bonds may be issued in such amounts as may be necessary to provide sufficient
funds to pay all costs of acquisition or construction, or extension or improvement
of indoor or outdoor recreation facilities, including engineering, legal
and other expenses, together with interest on the bonds to a date six months
subsequent to the estimated date of completion. The bonds are negotiable
instruments and shall be executed by the President and Secretary of the
district and countersigned by the Treasurer.
(Source: P.A. 78-1256.)
|