(70 ILCS 410/15.3) (from Ch. 96 1/2, par. 7119)
Sec. 15.3.
Whenever the Board of Trustees of any district determines to construct,
equip, extend or improve any such facility or facilities or any combination
thereof and to issue bonds pursuant to Sections 15.2 through 15.9 of this
Act to pay the cost thereof, such board shall adopt an ordinance describing
in a general way the contemplated facility or facilities and setting forth
the estimated cost. Any such ordinance shall be published within 10 days
after passage at least once in a newspaper published in the district and
having a general circulation therein to be designated by the board, and no
such ordinance shall take effect until 10 days after it is so published. It
is not necessary that the ordinance refer to plans and specifications nor
that there be on file for public inspection prior to adoption of such
ordinance detailed plans and specifications of such contemplated facility
or facilities or any combination thereof. The board may provide that the
ordinance authorizing the issuance of any such bonds shall be effective,
operative and valid without the submission thereof to the voters of the
district for approval, notwithstanding the provisions of Section 15 and
Section 15.1 of this Act.
Any such ordinance shall prescribe the method of defraying the cost of
the contemplated facility or facilities and fix the amount of the revenue
bonds proposed to be issued, the interest rate and the maturities thereof.
Such bonds shall be in such form and be executed in such manner, be payable
in such medium of payment at such place or places, be subject to such terms
of redemption, prior to maturity, with or without premium, and may be made
registrable as to principal, all as such ordinance may provide. The
ordinance shall also pledge the revenue derived from the operation of such
facility or facilities, or any combination thereof, constructed, equipped,
extended or improved in whole or in part with the proceeds of such bonds
for the purpose of paying maintenance and operation costs and paying the
principal and interest of such bonds so issued for the facility or
facilities. The ordinance may contain such covenants which shall be a part
of the contract between the district and the holders of such bonds with
respect to creating accounts and the application of the flow of funds
through such accounts, and the restrictions upon the issuance of additional
revenue bonds thereafter, all as the board may deem necessary or advisable
for the assurance of the payment of the bonds thereby authorized.
Such bonds shall be executed by the president and by the secretary or
treasurer of the board of the district. The president of the board may
execute such bonds by his facsimile signature which may be imprinted,
engraved or otherwise reproduced on such bonds and on the interest coupons
attached thereto. Any bonds bearing the signature or facsimile of an
officer in office at the date of signing thereof are valid and binding for
all purposes, notwithstanding that before delivery thereof, such person
whose signature or facsimile appears thereon has ceased to hold such
office.
(Source: P.A. 77-1330.)
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