Sec. 280-40. General obligation bonds.
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/il/chapter-70/act-200/280-40A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 280-40. General obligation bonds. The Authority may borrow money for the purpose of carrying out its duties and exercising its powers under this Article, and issue its general obligation bonds as evidence of the indebtedness incurred. In addition to other purposes, such bonds may be issued for the purpose of refunding outstanding general obligation or revenue bonds of the Authority. Such general obligation bonds shall be in the form, shall mature at the time (no later than 40 years from the date of issuance), shall bear interest at the rates (not to exceed the greater of
(i)the maximum rate authorized by the Bond Authorization Act, as amended at the time of the making of the contract, or
(ii)8% per annum), shall be executed by the officers and shall be sold in the manner as the Board shall determine; except that if issued to bear interest at the greater of
(i)the maximum rate authorized by the Bond Authorization Act, as amended at the time of the making of the contract, or
(ii)the rate of 8% per annum, the bonds shall be sold for not less than par and accrued interest, and that the selling prices of bonds bearing interest at a rate of less than the greater of
(i)the maximum rate authorized by the Bond Authorization Act, as amended at the time of the making of the contract, or
(ii)8% per annum shall be such that the interest cost to the Authority of the money received from the sale of the bonds shall not exceed the greater of
(i)the maximum rate authorized by the Bond Authorization Act, as amended at the time of the making of the contract, or
(ii)8% annually computed to absolute maturity of the bonds in accordance with standard tables of bond values. In case any officer whose signature appears on any bond ceases, after affixing his signature, to hold office, his signature shall nevertheless be valid and effective for all purposes.
With respect to instruments for the payment of money issued under this Section either before, on, or after the effective date of Public Act 86-4, it is and always has been the intention of the General Assembly
(i)that the Omnibus Bond Acts are and always have been supplementary grants of power to issue instruments in accordance with the Omnibus Bond Acts, regardless of any provision of this Article that may appear to be or to have been more restrictive than those Acts,
(ii)that the provisions of this Section are not a limitation on the supplementary authority granted by the Omnibus Bond Acts, and
(iii)that instruments issued under this Section within the supplementary authority granted by the Omnibus Bond Acts are not invalid because of any provision of this Article that may appear to be or to have been more restrictive than those Acts.