(55 ILCS 5/5-1083) (from Ch. 34, par. 5-1083)
Sec. 5-1083.
Purchase or lease of property.
A county board may purchase or
lease any real estate or personal property for public purposes under contracts
providing for payment in installments over a period of time of not more than
20 years in the case of real estate, and not more than 10 years in the case of
personal property, with interest on the unpaid balance owing not to exceed the
maximum rate authorized by the Bond Authorization Act, as amended at the time
of the making of the contract. The indebtedness incurred under this Section
when aggregated with existing indebtedness may not exceed the debt limits
provided in Section 5-1012.
With respect to instruments for the payment of money issued under this
Section or its predecessor 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 Act or "An Act to
revise the law in relation to counties", approved March 31, 1874, that may
appear to be or to have been more restrictive than those Acts, (ii) that
the provisions of this Section or its predecessor are not a limitation on
the supplementary authority granted by the Omnibus Bond Acts, and (iii)
that instruments issued under this Section or its predecessor within the
supplementary authority granted by the Omnibus Bond Acts are not invalid
because of any provision of this Act or "An Act to revise the law in
relation to counties", approved March 31, 1874, that may appear to be or to
have been more restrictive than those Acts.
(Source: P.A. 92-651, eff. 7-11-02.)
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