(65 ILCS 5/11-26-4) (from Ch. 24, par. 11-26-4)
Sec. 11-26-4.
Every specified municipality may issue its bonds from time
to time in anticipation of its revenue from its maternity or lying-in
hospitals, dispensaries, and other auxiliary institutions. These bonds may
be authorized by an ordinance of the corporate authorities and may be
issued in one or more series, may bear such dates, mature at such times,
not exceeding 20 years from their respective dates, bear interest at such
rates not exceeding the maximum rate authorized by the Bond Authorization
Act, as amended at the time of the making of the contract, payable
semi-annually, be in such denominations, be in such form, either coupon or
registered, be executed in such manner,
be payable in such medium of payment, at such places, be subject to such
terms of redemption, with or without premium, and be declared or become due
before the maturity date, as the ordinance may provide. These bonds may be
repurchased by the municipality out of any available funds at a price not
to exceed the principal amount thereof and accrued interest, and all bonds
so repurchased shall be cancelled. Pending the preparation or execution of
definitive bonds, interim receipts or certificates or temporary bonds may
be delivered to the purchasers or pledgees of the bonds. The bonds bearing
the signatures of officers in office on the date of the signing thereof are
valid and binding obligations notwithstanding that before the delivery
thereof and payment therefor any or all of the persons whose signatures
appear thereon have ceased to be officers. No holder of any bond issued
under this section has the right to compel any exercise of the taxing power
of the municipality to pay the bond or the interest thereon. Each bond
issued under this section shall recite in substance that the bond,
including the interest thereon, is payable from the revenue pledged to the
payment thereof and that the bond does not constitute a debt of the
municipality issuing it.
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.
The amendatory Acts of 1971, 1972 and 1973 are not a limit upon any
municipality which is a home rule unit.
(Source: P.A. 86-4.)
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