(70 ILCS 2805/26e) (from Ch. 42, par. 437e)
Sec. 26e.
Bonds provided for such drainage system shall be issued in such
amounts as may be necessary to provide sufficient funds to pay all costs of
acquisition, including engineering, legal, and other expenses, together
with interest to a date 6 months subsequent to the estimated date of
completion. Bonds issued for such drainage system are negotiable
instruments. They shall be executed by the president and by the district
clerk and shall be sealed with the corporate seal of the district. In case
any of the officers whose signatures appear on the bonds, or coupons
attached thereto, ceases to hold his office before delivery of the bonds,
his signature nevertheless shall be valid and sufficient for all purposes
the same as if he had remained in office until the delivery of the bonds.
The bonds shall be sold in such manner as the trustees shall determine
except that, if issued to bear interest at
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, the
bonds shall be sold for not less than par and accrued interest, and except
that the selling price of bonds bearing less than
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract shall be such
that the interest cost to the district of the money received from the bond
sale 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 standard tables 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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