(70 ILCS 2805/32g) (from Ch. 42, par. 443g)
Sec. 32g.
Bonds provided for in this article shall be issued in such
amounts as may be necessary to provide sufficient funds to pay all costs of
acquisition, including engineering, legal, and other expenses, together
with interest to a date six months subsequent to the estimated date of
completion. Bonds issued under this article are negotiable instruments.
They shall be executed by the president and by the district clerk and shall
be sealed with the corporate seal of the district. In case any of the
officers whose signatures appear on the bonds, or coupons attached thereto,
ceases to hold his office before delivery of the bonds, his signature
nevertheless shall be valid and sufficient for all purposes the same as if
he had remained in office until the delivery of the bonds. The bonds shall
be sold in such manner as the trustee shall determine except that, if
issued to bear interest at the rate of six per cent annually, the bonds
shall be sold for not less than par and accrued interest, and except that
the selling price of bonds bearing less than six per cent interest shall be
such that the interest cost to the district of the money received from the
bond sale shall not exceed six per cent annually computed to maturity
according to standard tables of bond values.
(Source: Laws 1945, p. 726.)
|