(75 ILCS 16/30-55.20)
Purchase or lease of property; construction of buildings.
(a) The board may purchase or lease real or
personal property and may construct an
appropriate building or buildings for the use of the library or libraries
established under this Act, using, at the board's option,
for all or part of the consideration to be paid through installments at
stated intervals during a certain period not to exceed 20 years, with
interest on the unpaid balance at any lawful rate for municipal corporations
in this State.
(b) The board may refund at any time any
installment contract entered
into under this Section by means
of a refunding loan agreement. The refunding loan agreement may provide for installment payments of
principal and interest to be made at stated intervals during a certain
period not to exceed 20 years from the date of the refunding loan
agreement, with interest on the unpaid principal balance at any lawful
rate for municipal corporations in this State. No
installment contract or refunding loan agreement for the same property
or construction project may exceed an aggregate of 20 years.
(Source: P.A. 87-1277.)