60 ILCS 1/ Township Code.

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60 ILCS 1/170-50

(60 ILCS 1/170-50)

Sec. 170-50.

Revenue bonds.

(a) The board of directors may issue and sell revenue bonds payable from the
revenue derived from the operation of the hospital for the purpose of (i)
constructing, reconstructing, repairing, remodeling, extending, equipping,
improving, and acquiring a site or sites for a hospital building or buildings
or (ii) refunding any revenue bonds previously issued from time to time
in relation to the operation of the hospital when deemed necessary or
advantageous in the public interest.  These bonds shall be authorized by a
resolution without submission of the resolution to the electors of the
township, shall mature at a time not to exceed 40 years from the date of issue
and bear a rate of interest not to 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, payable annually or semi-annually as the
board of directors may determine, and may be sold by the board of directors in
the manner they deem best in the public interest. The bonds shall, however, be
sold at a price so that the interest cost of the proceeds from the sale will
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 based on the average maturity of the bonds and computed
according to standard tables of bond values.

(b) With respect to instruments for the payment of money issued under this
Section either before, on, or after June 6, 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 Article 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 Article that may appear to be or
to have been more restrictive than those Acts.

(Source: P.A. 86-4; 88-62.)

60 ILCS 1/170-55

(60 ILCS 1/170-55)

Sec. 170-55.

Resolution describing building and site.

(a) The board of directors of any hospital availing itself of the provisions
of Section 170-50 shall adopt a resolution describing in a general way the
building or buildings (or addition or extension to the building or buildings)
to be constructed, reconstructed, repaired, remodeled, extended, equipped, or
improved and the site or sites to be acquired.  The resolution shall set out
the estimated cost of the construction, reconstruction, repair, remodeling,
extension, equipment, improvement, or acquisition and fix the amount of revenue
bonds proposed to be issued and the maturity, interest rate, and all details
concerning the bonds.  The resolution may contain provisions and covenants that
shall be part of the contract between the board of directors and the holders of
the bonds deemed necessary and advisable as to the operation, maintenance, and
management of the hospital, including (i) the establishment and maintenance of
sinking funds, reserve funds, and other special funds, including construction
funds; (ii) the fixing and collecting of rents, fees, and charges for the use
of the facilities of the hospital sufficient to produce revenue adequate to
maintain the funds and to pay the bonds at maturity and accruing interest on
the bonds; (iii) the issuance thereafter of additional bonds payable from the
revenues derived from the hospital; (iv) the kind and amount of insurance,
including use and occupancy insurance, to be carried, the cost of which shall
be payable only from the revenues derived from the hospital; and (v) other
covenants deemed necessary or desirable to assure the successful operation and
maintenance of the hospital and the prompt payment of the principal and
interest upon the bonds authorized.

(b) Revenue bonds issued under this Article shall be signed by the chairman
of the board of directors and the secretary of the board of directors and shall
be payable from revenue derived from the operation of the hospital.  These
bonds shall not in any event constitute an indebtedness of the hospital or the
township within the meaning of any constitutional or statutory provision or
limitation. It shall be plainly written or printed on the face of each bond (i)
that the bond has been issued under the provisions of this Article, (ii) that
the bond, including the interest on the bond, is payable from the revenue
pledged to the payment of the principal of and interest on the bond, and (iii)
that it does not constitute an indebtedness or obligation of the hospital or
township within the meaning of any constitutional or statutory provision or
limitation.  No holder of any revenue bond issued under this Article has the
right to compel any exercise of the taxing power of the hospital or township to
pay the bond or interest on the bond.

(Source: P.A. 82-230; 88-62.)

60 ILCS 1/170-60

(60 ILCS 1/170-60)

Sec. 170-60.

Redemption of bonds.

Revenue bonds issued under Section 170-50
may be redeemed by the hospital issuing them on terms, at a time, upon notice
and with or without a premium as provided in the resolution authorizing them.

(Source: P.A. 82-230; 88-62.)