(70 ILCS 805/18.2) (from Ch. 96 1/2, par. 6336)
Sec. 18.2.
Whenever the board of commissioners of any such forest preserve
district determines to construct, equip, acquire, extend or improve any
such facility or facilities or any combination thereof and to issue bonds
pursuant to Sections 18.1 through 18.10 of this Act to pay the cost or
purchase price thereof, such board shall adopt an ordinance describing in a
general way the contemplated facility or facilities and setting forth the
estimated cost or purchase price. Any such ordinance shall be published
within 10 days after passage at least once in a newspaper published in such
district and having a general circulation therein to be designated by such
board, and no such ordinance shall take effect until 10 days after it is so
published. It shall not be 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. Such 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 such district for approval, notwithstanding the provisions of
Section 13 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,
acquired, 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 such 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 such forest preserve district. The president of
such 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: Laws 1968, p. 228.)
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