(70 ILCS 200/205-40)
Sec. 205-40.
Bonds other than revenue
bonds; election; tax.
The Authority may, with the consent of the City Council expressed by
ordinance, and pursuant to referendum hereinafter provided borrow money
and incur an indebtedness and issue bonds therefor in the amount or
amounts not to exceed in the aggregate 2% of the total value of the
taxable property of the Authority as equalized or assessed by the
Department of Revenue for the purpose of exercising its
powers under this Article, including but not to be limited to the
purpose of
project planning, the purchasing, leasing, condemning or otherwise
acquiring site property, the construction and furnishing of all
buildings and other improvements directed pursuant to this Article
including
all reasonable landscape and site preparation and including interest on
its bonds for the period of construction and not exceeding one year
thereafter; and to issue general obligation bonds as evidence of the
indebtedness incurred. In addition to other purposes, such bonds may be
issued for the purpose of refunding outstanding general obligation bonds
of the Authority, provided that any refunding bonds will not require
consent of the City Council. Such bonds shall be issued in the corporate
name of the Authority and they shall be sealed with the corporate seal
of the Authority and signed by the chairman and the secretary of the
Board, provided that the signature of the chairman may be his facsimile
signature. Coupons on all bonds shall bear the facsimile signatures of
the chairman and the secretary. Bonds may be made registrable as to
principal only on the books of the treasurer but coupons shall remain
transferable by delivery merely notwithstanding any such
registration.
The bonds shall bear interest at a rate or rates of not more than
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, and shall mature within 40 years from
the date of issuance, and may be made callable on any interest payment date
at par and accrued interest, after notice has been given, at the time and
in the manner and at such premium as may be provided in the bond
resolution. The proceeds of the sale of said bonds shall be received by the
treasurer of the Authority and expended by the Board for the purpose or
purposes provided in the bond resolution.
Bonds may be sold upon such terms and in such manner as may be
designated by the Authority provided that no sale shall be made at less
than par and accrued interest and further provided that the principal of
and interest on any such bonds shall be made payable at such bank or
banks as may be designated by the Authority.
No bonds, other than revenue bonds issued pursuant to Section 205-35, shall be issued by the Authority until the proposition to issue the same
has been submitted to and approved by a majority of the voters residing in the
City of Peoria voting upon the proposition at an
election in accordance with the general election law. The Authority may
by resolution order such proposition submitted at a regular election in
accordance with the general election law, whereupon the recording officer
shall certify the resolution and the proposition to the proper election
officials for submission. Any
proposition to issue bonds as herein set forth shall be in
substantially the following form:
--------------------------------------------------------------------------------------------------------------------- Shall bonds of the Peoria Civic Center YES Authority to the amount of Dollars ($....) ---------------------------------------------------------------- be issued for the purpose of....? NO---------------------------------------------------------------------------------------------------------------------
If a majority of the votes cast on the proposition are in the
affirmative, the Authority may levy and collect annually a sum
sufficient to pay for the annual principal and interest charges on such
bonds; provided, that such tax levy shall be reduced by a sum equal to
such grants or matching grants as the Authority shall receive, in any
year, for this purpose.
Such taxes proposed by the Authority to be levied upon the taxable
property within the City of Peoria shall be levied in the ordinance
providing for the issuance of the bonds. Within 10 days after its
adoption, the ordinance shall be published at least once in a newspaper
published and having a general circulation within the City of Peoria.
After it has been so published, a certified copy of the ordinance shall
be filed with the county clerk and shall constitute the authority for
the county clerk annually to extend and collect the taxes necessary to
pay the principal of and the interest on the bonds so issued.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of Public Act 86-4, 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 Article 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 Article that may appear to be or to have been more restrictive
than
those Acts.
(Source: P.A. 90-328, eff. 1-1-98.)
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