(70 ILCS 520/7.1) (from Ch. 85, par. 6157.1)
Sec. 7.1.
Any unit of local government which is authorized to issue,
sell and
deliver its local government securities under any provision of the Illinois
Constitution or laws of this State may issue, sell, and deliver such local
government securities to the Authority as provided by this Act, provided
that and notwithstanding any other provision of law to the contrary, any
such unit of local government may issue and sell any such local government
security at any interest rate, which rate or rates may be established by
an index or formula which may be implemented by persons appointed or
retained therefor, payable at such time or times and at such price or
prices to which the unit of local government and the Authority may agree.
Any unit of local government may pay any amount charged by the Authority.
Any unit of local government may pay out of the proceeds of its local
government securities or out of any other moneys or funds available to it
for such purposes any costs, fees, interest deemed necessary, premiums or
revenues incurred or required for financing or refinancing this program,
including without limitation any fees charged by the Authority and its
share, as determined by the Authority, of any costs, fees, interest deemed
necessary, premiums or revenues incurred or required pursuant to this Act.
All local government securities purchased by the Authority pursuant to this
Act shall upon delivery to the Authority be accompanied by an approving
opinion of bond counsel as to the validity of such securities. The
Authority shall have discretion to purchase or otherwise acquire those
local government securities as it shall deem to be in the best interest of
its financing program for all units of local government taken as a whole.
(Source: P.A. 86-1455.)
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