(65 ILCS 5/11-74-8) (from Ch. 24, par. 11-74-8)
Sec. 11-74-8.
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 the persons
whose signatures appear thereon have ceased to be officers of the
municipality issuing such bonds. The validity of the bonds is not dependent
on nor affected by the validity or regularity of any proceedings relating
to the acquisition, purchase, construction, reconstruction, improvement,
betterment or extension of the industrial project for which the bonds are
issued. The resolution authorizing the bonds may provide that the bonds
shall contain a recital that they are issued pursuant to this Division 74,
which recital is conclusive evidence of their validity and of the
regularity of their issuance.
(Source: P.A. 77-1453.)
|