(70 ILCS 1710/14.1) (from Ch. 85, par. 1164.1)
Sec. 14.1.
Whenever necessary to maintain efficient and
continuous operation of Commission activities or responsibilities, the
Commission, through its treasurer, executive director, and such of
the other officers thereof as may be designated from time to time by
resolution of the Commission or of the executive committee acting
in behalf of the Commission pursuant to its authority under Section 9
of this Act, shall have the power to borrow money and to issue and
sell or pledge its notes or other evidences in indebtedness at a rate
of interest which 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)
9% per annum or 70% of the prime commercial
rate in effect at the time a contract is made, which may be secured
by a lien upon Commission revenue or upon the revenue or grants of any
project of the Commission, provided that any sums so borrowed shall
first be authorized by a resolution of the Commission or executive
committee thereof specifying the maximum amount to be borrowed and
such additional qualifications and restrictions thereon as the
Commission or executive committee deems advisable. In no event shall
the amounts borrowed by the Commission hereunder exceed in the
aggregate 10% of the Commission's total budget during any fiscal year,
nor shall the period of such loans, notes or other evidences of
indebtedness extend beyond the end of the fiscal year during which
they are issued or subscribed.
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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