(310 ILCS 10/20) (from Ch. 67 1/2, par. 20)
Sec. 20.
Bonds of an Authority shall be authorized by its resolution and
may be issued in one or more series and shall bear such date or dates,
mature at such time or times, bear interest at such rate or rates not
exceeding the maximum rate permitted in "An Act to authorize public corporations
to issue bonds, other evidences of indebtedness and tax anticipation warrants
subject to interest rate limitations set forth therein", approved May 26,
1970, as now or hereafter amended, be
in such denomination or
denominations, be in such form, either coupon or registered, carry such
conversion or registration privileges, have such rank or priority, be
executed in such manner, be payable in such medium of payment at such place
or places, and be subject to such terms of redemption (with or without
premium) as such resolution or its trust indenture or the bonds so issued
may provide.
The bonds may be sold at not less than par and accrued interest, at
public or private sale.
In case any of the commissioners or officers of the Authority whose
signatures appear on any bonds or coupons, shall cease to be such
commissioners or officers before the delivery of such bonds, such
signatures shall, nevertheless, be valid and sufficient for all purposes,
the same as if such commissioners or officers had remained in office until
such delivery. Any bonds issued pursuant to this Act shall be fully
negotiable.
In any suit, action or proceedings involving the validity or
enforceability of any bond of an Authority or the security therefor, any
such bond reciting in substance that it has been issued by the Authority to
aid in financing a housing project to provide dwelling accommodations for
persons of low income or to aid in slum clearance or land assembly for
redevelopment purposes or for any other purposes authorized by this Act
shall be conclusively deemed to have been issued for a project of such
character and said project shall be conclusively deemed to have been
planned, located and constructed in accordance with the purposes and
provisions of this Act.
(Source: P.A. 82-902.)
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