(70 ILCS 2105/15.2) (from Ch. 42, par. 398.2)
Sec. 15.2.
Bonds issued under Section 15.1 shall be payable solely from
the revenue derived from the operation of the land or facilities for which
the bonds were issued. These bonds shall not in any event constitute an
indebtedness of the conservancy district, within the meaning of any
constitutional or statutory limitation. Each bond shall plainly state on
its face that it has been issued under the provisions of Section 15.1 and
15.2 of this Act and that it does not constitute an indebtedness of the
conservancy district within any constitutional or statutory limitation.
These bonds shall be sold in such manner and upon such terms as the
board of trustees shall determine. If the bonds are 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, they shall be sold for not less
than par and accrued interest. If the bonds are 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, the minimum
price at which they may be sold shall be such that the interest cost to the
municipality of the proceeds of the bonds shall not exceed the maximum rate
authorized by the Bond Authorization Act, as amended at the time of the
making of the contract, 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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