(70 ILCS 805/18.3) (from Ch. 96 1/2, par. 6337)
Sec. 18.3.
The bonds shall bear interest at a rate not to exceed the maximum
rate authorized by the Bond Authorization Act, as amended
at the time of the making of the contract, for bonds issued before January
1, 1972 and not to exceed the maximum
rate authorized by the Bond Authorization Act, as amended
at the time of the making of the contract, for bonds issued after January
1, 1972, payable annually or
semi-annually and shall mature within the period of usefulness of the
project as determined by such board, but in no event, exceeding 40 years.
Each such bond shall be sold in such manner and upon such terms as such
board shall determine. If any such bond is issued to bear interest at the
maximum rate authorized by the Bond Authorization Act, as amended,
at the time of the making of the contract, for bonds issued before January
1, 1972 and not to
exceed the maximum rate authorized by the Bond Authorization Act, as amended,
at the time of the making of the contract, for bonds
issued after January 1, 1972, it shall be
sold for not less than par and accrued interest. If it is issued to bear
interest at a rate of less than the maximum rate authorized
by the Bond Authorization Act, as amended, at the time of the making of
the contract, for bonds issued before
January 1, 1972 and not to exceed the maximum rate
authorized by the Bond Authorization Act, as amended, at the time of the
making of the contract, for bonds issued after
January 1, 1972, the minimum price at which it may be sold shall be such
that the interest cost to the forest preserve district of the proceeds of
the bond shall not exceed the maximum rate authorized
by the Bond Authorization Act, as amended at the time of the making of the
contract, for bonds issued
before January 1,
1972 or the maximum rate authorized by the Bond Authorization Act, as amended
at the time of the making of the contract, for bonds
issued after January 1, 1972, computed to
maturity, according to the standard table of bond values.
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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