§ 764. Issuance of bonds; bond anticipation notes.
144 words·~1 min read·
/de/title-9/chapter-7-park-districts/subchapter-v-bonds-powers-to-issue-terms/764·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Whenever the commission shall have authorized the issuance of bonds by an ordinance duly adopted pursuant to lawful authority, the commission may borrow money in anticipation of the issuance of such bonds so authorized and, for such purpose, may issue, and from time to time, renew negotiable bond anticipation notes of the commission of an aggregate principal amount not exceeding the principal amount of such bonds authorized by such ordinance. The commission shall authorize such notes by a resolution or resolutions which shall determine the date on which such notes are to be payable, the maximum principal amount thereof and the rate or maximum rate of interest to be borne thereby and the manner of their signing.
The faith and credit of the commission are hereby pledged to the payment of the principal of and interest on any notes issued pursuant to this section.