(55 ILCS 5/6-7001) (from Ch. 34, par. 6-7001)
Sec. 6-7001.
Authorization for counties not home rule counties.
The county Board of any County which is not a home rule unit and
which has established a public hospital is authorized to issue and sell
revenue bonds payable from the revenue derived from the operation of the
hospital for the purpose of (1) constructing, reconstructing, repairing,
remodeling, extending, equipping, improving and acquiring a site or
sites for a hospital building or buildings, or (2) refunding any such
revenue bonds theretofore issued from time to time when deemed necessary
or advantageous in the public interest. These bonds shall be authorized
by an ordinance without submission thereof to the electors of the
county, shall mature at such time not to exceed 40 years from the date
of issue, and bear such rate of interest 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) 9% per annum, payable
annually or semiannually as the County Board may determine, and may be sold
by the County Board in such manner as they deem best in the public
interest. However, such bonds shall be sold at such price that the interest
cost of the proceeds therefrom will 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) 9% per annum based on the
average maturity of such bonds and computed according to standard tables
of bond values.
No member of the County Board, Board of Directors of the public hospital
or its administration shall have any personal economic interest in any
bonds issued in accordance with this Division.
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 Division or "An Act
in relation to the issuance of revenue bonds by certain counties for public
hospitals", approved June 29, 1973, 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 Division or "An Act in relation to the
issuance of revenue bonds by certain counties for public hospitals",
approved June 29, 1973, that may appear to be or to have been more
restrictive than those Acts.
(Source: P.A. 86-962; 86-1028.)
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