(70 ILCS 5/14.3) (from Ch. 15 1/2, par. 68.14c)
Sec. 14.3. Bond ordinance. Upon the approval of the general plan and
cost estimate for any such project by the Department of Transportation,
if required, the
Board of Commissioners of the authority shall provide by ordinance for the
acquisition or undertaking of such project, and for the issuance of bonds
of the authority payable from taxes to pay the cost of such project to the
authority or for costs with respect to rail facilities or related facilities as provided in Section 14.1. The ordinance shall prescribe all details of the bonds and shall
state the time or times when bonds, and the interest thereon, shall become
payable and the bonds shall be payable within not more than 20 years from
the date thereof. Any authority may agree or contract to sell, issue or
deliver bonds payable from taxes at such price and upon such terms as
determined by the Board of Commissioners of the Authority and as will not
cause the net effective interest rate to be paid by the Authority on the
issue of which such bonds are a part 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) the greater of 9% per annum
or 125% of the rate for the most recent date shown in the 20 G.O. Bonds
Index of average municipal bond yields as published in the most recent
edition of The Bond Buyer, published in New York, New York, (or any
successor publication or index, or if such publication or index is no
longer published, then any index of long term municipal tax-exempt bond
yields then selected by the Board of Commissioners of the Authority), at
the time the contract is made for such sale of the bonds. Subject to such
limitation, the interest rate or rates on such bonds may be established by
reference to an index or formula which may be implemented or administered
by persons appointed or retained therefor by the Authority. A contract is
made with respect to the sale of bonds when an Authority is contractually
obligated to issue or deliver such bonds to a purchaser who is
contractually obligated to purchase them, and, with respect to bonds
bearing interest at a variable rate or subject to payment upon periodic
demand or put or otherwise subject to remarketing by or for an Authority, a
contract is made on each date of change in the variable rate or such
demand, put or remarketing. The ordinance shall provide for the levy and
collection of a direct annual tax upon all the taxable property within
the corporate limits of such Authority, sufficient to meet the principal
and interest of the bonds as same mature, which tax shall be in addition
to and in excess of any other tax authorized to be levied by the
Authority.
The bonds may be issued in part under the authority of, and may be
additionally secured as provided in, the Local Government Debt Reform Act. Proceeds of bonds issued with respect to rail facilities or related facilities shall be provided to, or expended by the Authority for the benefit of, the Rail Authority.
A certified copy of the ordinance providing for the issuance of bonds
authorized by this Section shall be filed with the county clerk of each
county in which the authority or any portion thereof is situated and
shall constitute the basis for the extension and collection of the tax
necessary to pay the principal of and interest and premium, if any,
upon the bonds issued under the ordinance as the same mature.
The provisions of this amendatory Act of 1985 shall be cumulative and in
addition to any powers or authority granted in any other laws of the State,
and shall not be deemed to have repealed any provisions of existing laws.
This amendatory Act of 1985 shall be construed as a grant of power to public
corporations and shall not act as a limitation upon any sale of bonds
authorized pursuant to any other law. This amendatory Act of 1985 shall
not be construed as a limit upon any home rule unit of government.
(Source: P.A. 95-641, eff. 10-11-07.)
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