(105 ILCS 5/1E-90)
(This Section scheduled to be repealed in accordance with 105 ILCS 5/1E-165)
Bond anticipation notes.
(a) After the issuance of
Bonds has been authorized, the Authority shall have power to
issue from time to time, pursuant to a resolution or resolutions of the
Authority, negotiable bond anticipation notes of the Authority in anticipation
issuance of Bonds.
(b) Bond anticipation notes shall mature not later than 2 years
after the date of issuance, may be made redeemable prior to their
maturity, and may be sold in such manner, in such denominations, and at such
price or prices and shall bear interest at such rate or rates not to
exceed the maximum annual rate authorized by law,
as a resolution authorizing the
issuance of the bond anticipation notes may provide.
(c) The bond anticipation notes may be made payable as to both
principal and interest from the proceeds of the Bonds. The Authority may
provide for payment of interest on the bond anticipation notes from
direct annual taxes upon all the taxable property located within the
district that are authorized to be levied annually for
that purpose without limit as to rate or amount sufficient to pay the
interest as it falls due, in the manner, subject to the security
interest and lien, and with the effect provided in Section 1E-75 of this Code.
(d) The Authority is authorized to issue renewal notes in the event
it is unable to issue Bonds to pay outstanding bond anticipation notes,
on terms the Authority deems reasonable.
(e) A debt service fund shall be established in the manner provided
in Section 1E-80 of this Code by the Authority for the bond anticipation notes,
and the proceeds of any tax levy made pursuant to this Section shall be
deposited in the fund upon receipt.
(Source: P.A. 92-547, eff. 6-13-02