(30 ILCS 385/3) (from Ch. 121, par. 102-3)
Sec. 3.
The governing body of the governmental unit shall issue the bonds of the
governmental unit not exceeding the amount named in the resolution. Such
bonds shall become due not more than 30 years after their date, shall be in
denominations of $100 or any multiple thereof, and shall bear interest, at
a rate not exceeding 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 at a rate not exceeding 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 semiannually, as shall be determined by the governing body.
Such bonds shall be sold in competitive bids; and the governing body may,
if it is of the opinion that the bids are unsatisfactory, reject the bids
and re-advertise and solicit other bids.
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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