(65 ILCS 5/11-12.1-2) (from Ch. 24, par. 11-12.1-2)
Sec. 11-12.1-2.
All bonds issued under the authority of this Division
12.1 shall bear interest at not more than the maximum rate authorized by
the Bond Authorization Act, as amended at the time of the making of the
contract, payable semi-annually, and may be sold by the corporate
authorities in such manner as they may deem best in the public interest;
provided, however, such bonds shall be sold at such price that the interest
cost of the proceeds therefrom will not exceed the maximum rate authorized
by the Bond Authorization Act, as amended at the time of the making of the
contract, based on the average maturity of such bonds and computed
according to standard tables of bond values. Such bonds shall be payable
solely and only from the revenues to be derived from loans of the proceeds
thereof, as hereinafter provided, to owners of property within any area
affected by a Conservation Plan approved by the municipality pursuant to
the "Urban Community Conservation Act", as amended, or the "Urban Renewal
Consolidation Act of 1961", as amended, and shall be secured by a pledge of
such loans and all security appertaining thereto.
Such bonds, when issued, shall have all of the qualities of negotiable
instruments under the Law Merchant and the Uniform Commercial Code. Such
bonds may bear such date, or dates, and may mature at such time, or times,
not exceeding 30 years from their date or dates, and may be in such form,
carry such registration privilege, may be payable at such place or places,
may be subject to such terms of redemption, prior to maturity, with or
without premium, as so stated on the face of the bond, and contain such
terms and covenants, all as may be provided by ordinance authorizing the
issuance of such bonds. Such bonds shall be executed by such officers as
the corporate authorities shall designate in the ordinance. Any bonds
bearing the signatures of officers in office at the date of signing thereof
shall be valid and binding for all purposes, notwithstanding that before
delivery thereof any or all such persons whose signatures appear thereon
shall cease to be such officers.
Each bond shall state upon its face that it is payable solely and only
from the revenues to be derived from purchased loans of the proceeds
thereof to the owners of property within any area affected by a
Conservation Plan approved by the municipality pursuant to the "Urban
Community Conservation Act", as amended, or the "Urban Renewal Consolidation
Act of 1961", as amended, and shall state upon its face that it
does not constitute an obligation of the city, village or incorporated town
within the meaning of any constitutional or statutory limitation or
provision.
The amendatory Acts of 1971, 1972 and 1973 are not a limit upon any
municipality which is a home rule unit.
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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