(30 ILCS 395/2) (from Ch. 127, par. 308)
Sec. 2.
The Building Bond Board hereinafter called the Board is created to
consist of the Governor, the State Treasurer and the Attorney General. The
issuance, sale and retirement of bonds authorized by this Act shall be
under the general supervision and control of the Board.
The bonds shall bear interest, payable annually, from their date, at the
rate of not more than
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract. They shall be serial bonds and be
dated, issued and sold from time to time in such amounts as may be
necessary to provide sufficient money to make improvements provided for in
this Act. Each bond shall be in the denomination of $1000.00 or some
multiple thereof, and shall be made payable within 25 years from its date.
These bonds shall be signed by the Governor and attested by the Secretary
of State under the seal of the State and countersigned by the State
Treasurer. The signatures of the Governor and the Secretary of State may be
lithographed facsimile signatures. Interest coupons with lithographed
facsimile signatures of the Governor, Secretary of State and State
Treasurer may be attached to the bonds. The fact that an officer whose
signature or facsimile thereof appears on a bond or interest coupon no
longer holds such office at the time the bond or coupon is delivered shall
not invalidate such bond or interest coupon.
Pending the preparation and execution of any such bonds, temporary bonds
may be issued with or without interest coupons. The bonds shall be sold to
the highest and best bidders, for not less than their par value, upon
sealed bids. The Board shall, from time to time as bonds are to be sold,
advertise in at least 2 daily newspapers one of which is published in the
City of Springfield and one in the City of Chicago for proposals to
purchase the bonds. Each of such advertisements for proposals shall be
published at least 10 days prior to the date of the opening of the bids.
The Board may reserve the right to reject any and all bids. The bonds may,
at the request of owners, be registered with the Secretary of State. The
bonds shall be deposited with the State Treasurer and when sold the
proceeds of the bonds shall be paid into the State treasury and kept in a
separate fund which shall be known as the Universities Building Fund, which
separate fund is hereby created.
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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