(105 ILCS 5/1E-65)
(This Section scheduled to be repealed in accordance with 105 ILCS 5/1E-165) Sec. 1E-65.
Power to issue bonds.
(a) The Authority may incur indebtedness by the issuance of
negotiable full faith and credit general obligation bonds of the Authority in
an outstanding amount not to
exceed at any time, including existing indebtedness, 13.8% of the district's
most recent equalized assessed valuation, excluding Bonds
of the Authority that have been refunded, for (i) the purpose of providing the
district with moneys for
ordinary and necessary expenditures
and other operational needs of the district; (ii) payment or refunding of
outstanding debt obligations or tax anticipation warrants of the district, the
proceeds of which
were used to provide financing for the district;
(iii)
payment of fees for arrangements as provided in subsection (b) of Section
1E-70 of this Code; (iv) payment of interest on Bonds; (v) establishment of
reserves
to secure Bonds; (vi) the payment of costs of issuance of Bonds; (vii) payment
of principal of or interest or redemption premium on any Bonds or notes
of the Authority; and (viii) all other expenditures of the Authority incidental
to and necessary or convenient for carrying out its corporate purposes
and powers.
(b) The Authority may from time to time (i) issue Bonds to refund
any outstanding Bonds or notes of the Authority, whether the Bonds or
notes to be refunded have or have not matured or become redeemable, and
(ii) issue Bonds partly to refund Bonds or notes then outstanding and
partly for any other purpose set forth in this Section.
(c) Bonds issued in accordance with subsection (a) of this Section
are not subject to any other statutory limitation as to debt, including without
limitation that established by the Local Government Debt Limitation Act, and
may
be issued without referendum.
(Source: P.A. 92-547, eff. 6-13-02.)
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