(70 ILCS 925/35)
Sec. 35.
Bonds.
To obtain the funds necessary for financing the
acquisition of land, for the acquisition, construction, maintenance, and
rehabilitation of facilities and equipment within the District, and for the
operation of the District as set forth in this Act, the Commission may
borrow money from any public or private agency, department, corporation, or
person. In evidence of and as security for funds borrowed, the Commission may
issue revenue bonds in its corporate capacity to be payable from the
revenues derived from the operation of the institutions or buildings
owned, leased, or operated by or on behalf of the Commission, but the
bonds shall in no event constitute an indebtedness of the Commission or a claim
against the property of the Commission. The bonds may be issued in such
denominations as may be expedient, in such amounts, and at such rates of
interest as the Commission shall deem necessary to provide sufficient funds to
pay all the costs authorized under this Section. The bonds shall be executed by
the President of the Commission, attested by the Secretary, and sealed with the
Commission's corporate seal. If either of those officers of the
Commission who shall have signed or attested any of the bonds shall
have ceased to be such officer before delivery of the bonds, the
signature of the officer shall be valid and sufficient to the same
effect as if the officer had remained in office at the time of
delivery. The Commission shall furnish the State Comptroller
with a record of all bonds issued under this Act.
(Source: P.A. 92-870, eff. 1-3-03.)
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