(70 ILCS 1605/40)
Sec. 40.
Bonds.
The board of the District created under this Act may
issue and sell revenue bonds, payable from the revenue derived from
taxes imposed under Section 30, for any of the purposes enumerated in this Act
or for the purpose of refunding
any revenue bonds
theretofore issued from time to time when considered necessary or
advantageous in the public interest. These bonds shall be authorized by
an ordinance without submission thereof to the electors of the
District, shall mature at any time not to exceed 40 years from the date
of issue, shall bear any rate of interest not to exceed
the maximum rate authorized by the Bond Authorization Act, as amended at
the time of the making of the contract,
that the board may
determine, and may be sold by the board in any manner
that it deems best in the public interest. However, the bonds shall be
sold at any price that the interest cost of the proceeds therefrom will
not exceed the maximum rate authorized by the Bond
Authorization Act, as amended at the time of the making of the contract,
based on the average maturity of the bonds and computed
according to standard tables of bond values. No member of the board
shall have any personal economic interest in any
bonds issued in accordance with this Section.
The board of the District, when availing
itself of the provisions of this Section, shall adopt an ordinance
describing in a general way the purposes for which the bonds will be issued.
The ordinance shall fix the amount of revenue bonds proposed
to be issued, the maturity, interest rate, and all details in respect
thereof, including any provision for redemption prior to maturity, with
or without premium, and upon any notice that may be provided by the
ordinance.
Revenue bonds issued under this Section shall be signed by the
chairman and secretary of the board or any other officers that the board
may by ordinance direct to sign the bonds, and shall be payable from
revenue derived from taxes imposed under Section 30. These
bonds may not in any event constitute an indebtedness of the
District within the meaning of any constitutional provision or
limitation. It shall be plainly written or printed on the face of each
bond that the bond has been issued under the provisions of this Section,
that the bond, including the interest thereon, is payable from the
revenue pledged to the payment thereof, and that it does not constitute
an indebtedness or obligation of the District within the
meaning of any constitutional or statutory limitation or provision. No
holder of any such revenue bond may compel any exercise of the taxing
power of the District to pay the bond or interest thereon.
The District may not issue any bonds under this Section unless a public
hearing, with adequate notice to the public, is held prior to the issuance
of the bonds. Notice of the hearing giving the purpose, time, and place of
the hearing shall be published at least once, not more than 30 nor less
than 15 days before the hearing, in one or more newspapers published in
the District.
(Source: P.A. 91-103, eff. 7-13-99.)
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