(50 ILCS 445/7) (from Ch. 85, par. 877)
Sec. 7.
Bonds issued under authority of this Act bearing signatures of
persons who are officers of the authority on the date of issuance are valid
and binding obligations even if at the time the bonds are delivered and
paid for any of the persons whose signatures appear on the bonds have
ceased to be officers of the authority. The validity of the bonds does not
depend on nor is it affected by the validity or regularity of any
proceedings relating to the acquisition, purchase, construction,
rebuilding, improvement or extension of the industrial project
for which
the bonds are issued. The resolution authorizing the bonds may provide that
the bonds contain a provision that they are issued under authority of this
Act. Such a provision is conclusive evidence of the validity or regularity
of the issuance of the bonds.
(Source: P.A. 82-686.)
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