(60 ILCS 1/170-55)
Sec. 170-55.
Resolution describing building and site.
(a) The board of directors of any hospital availing itself of the provisions
of Section 170-50 shall adopt a resolution describing in a general way the
building or buildings (or addition or extension to the building or buildings)
to be constructed, reconstructed, repaired, remodeled, extended, equipped, or
improved and the site or sites to be acquired. The resolution shall set out
the estimated cost of the construction, reconstruction, repair, remodeling,
extension, equipment, improvement, or acquisition and fix the amount of revenue
bonds proposed to be issued and the maturity, interest rate, and all details
concerning the bonds. The resolution may contain provisions and covenants that
shall be part of the contract between the board of directors and the holders of
the bonds deemed necessary and advisable as to the operation, maintenance, and
management of the hospital, including (i) the establishment and maintenance of
sinking funds, reserve funds, and other special funds, including construction
funds; (ii) the fixing and collecting of rents, fees, and charges for the use
of the facilities of the hospital sufficient to produce revenue adequate to
maintain the funds and to pay the bonds at maturity and accruing interest on
the bonds; (iii) the issuance thereafter of additional bonds payable from the
revenues derived from the hospital; (iv) the kind and amount of insurance,
including use and occupancy insurance, to be carried, the cost of which shall
be payable only from the revenues derived from the hospital; and (v) other
covenants deemed necessary or desirable to assure the successful operation and
maintenance of the hospital and the prompt payment of the principal and
interest upon the bonds authorized.
(b) Revenue bonds issued under this Article shall be signed by the chairman
of the board of directors and the secretary of the board of directors and shall
be payable from revenue derived from the operation of the hospital. These
bonds shall not in any event constitute an indebtedness of the hospital or the
township within the meaning of any constitutional or statutory provision or
limitation. It shall be plainly written or printed on the face of each bond (i)
that the bond has been issued under the provisions of this Article, (ii) that
the bond, including the interest on the bond, is payable from the revenue
pledged to the payment of the principal of and interest on the bond, and (iii)
that it does not constitute an indebtedness or obligation of the hospital or
township within the meaning of any constitutional or statutory provision or
limitation. No holder of any revenue bond issued under this Article has the
right to compel any exercise of the taxing power of the hospital or township to
pay the bond or interest on the bond.
(Source: P.A. 82-230; 88-62.)
|