(310 ILCS 10/8.16) (from Ch. 67 1/2, par. 8.16)
Sec. 8.16.
A Housing Authority may, subject to written approval from
the Department, borrow money or other
property and accept contributions, capital grants, gifts, donations,
services or other financial assistance from the United States of
America, the Housing and Home Finance Agency, or any other agency or
instrumentality, corporate or otherwise of the United States of America,
the State, or any municipality, county or other public body, or from any
source, public or private, for or in aid of any of the purposes of a
conservation plan in a conservation area contemplated or undertaken by
it, and to these ends, subject to written approval from the Department,
comply with such conditions and enter into
such agreements (including loan contracts and contracts for financial
aid), upon such covenants, terms and conditions as it may deem
necessary, convenient or desirable.
The Authority subject to written approval from the Department may issue
debentures, notes, special
certificates or other evidences of indebtedness, including refunding
notes or other obligations issued for the purpose of paying or retiring
or in exchange for notes or other obligations previously issued by it to
the United States of America, or any agency or instrumentality thereof,
the State, or any county, municipality or other public body or to any
other sources, public or private, in order to secure loans for or in aid
of the purpose of a conservation plan in a conservation area
contemplated or undertaken by it: provided, that any debentures, notes,
special certificates, or other evidences of indebtedness, issued to the
United States of America, or any agency or instrumentality thereof, the
State, or any county, municipality, or other public body, or to any
other sources, public or private, shall be payable solely out of
proceeds from the sale of real property acquired for a conservation plan
in a conservation area undertaken by it or out of any revenue from the
operation and management, or demolition, of existing housing or other
buildings or improvements located on any real property acquired by the
Authority pursuant to a conservation plan in a conservation area
pursuant to this Act, or out of capital grants which the Authority may
receive from the United States of America or any agency or
instrumentality thereof, or out of any local grant-in-aid as defined in
Section 110 of the Act of Congress, approved July 15, 1949, being Public
Law 171, 81st Congress, known as the "Housing Act of 1949," as amended,
which a municipality, county, commission, district authority or other
subdivision or public body of the State or any other entity may make in
connection with the implementation of a conservation plan for a
conservation area as defined in this Act.
Neither the Commissioners of the Authority nor any person executing
such evidences of indebtedness, nor the members of the Department, shall
be liable personally thereon by reason
of the issuance thereof. Such evidences of indebtedness (and the same
shall so state on their face) shall not be payable out of any funds or
properties of the Authority other than those enumerated in this Section:
Such obligations shall not constitute an indebtedness within the meaning
of any constitutional or statutory debt limitation or restriction.
(Source: P.A. 81-1509.)
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