(70 ILCS 1860/10) (from Ch. 19, par. 293)
Sec. 10.
All bonds, whether general obligation or revenue, shall be sold by
the Board in such manner as the Board shall determine. However, if any
bonds are issued to bear interest at the maximum rate of interest allowed
by Section 8 or 9, whichever may be applicable, the bonds shall be sold for
not less than par and accrued interest. The selling price of bonds bearing
interest at a rate less than the maximum allowable interest rate per annum
shall be such that the interest cost to the District of the money received
from the bond sale shall not exceed the maximum annual interest rate
allowed by Section 8 or 9, whichever may be applicable, computed to
absolute maturity of such bonds according to standard tables of bond
values.
(Source: Laws 1961, p. 2688.)
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