(70 ILCS 3105/21) (from Ch. 85, par. 1671)
Sec. 21.
For the purpose of acquisition of real property, or rights thereto, and
of constructing or acquiring solid waste disposal facilities, a district
may issue and sell bonds. However, no such bonds other than bonds payable
solely from the revenues derived by the district from the operation of such
facilities may be issued unless the proposition to issue bonds has been
submitted to the legal voters of the district at an election and has been
approved by a majority of those voting on the proposition. Such election is
subject to Section 22 of this Act.
No district shall become indebted in any manner or for any purpose, to
any amount including existing indebtedness in the aggregate exceeding 0.5%
of the full, fair cash value, as equalized or assessed by the Department of
Revenue, of the taxable property therein.
Before or at the time of issuing bonds, other than revenue bonds, the
district shall provide by ordinance for the collection of an annual tax,
within the limits of the taxes hereinbefore authorized, sufficient to pay
such bonds and the interest thereon as the same respectively become due.
Such bonds shall be divided into series, the first of which shall mature
not later than 5 years after the date of issue and the last of which shall
mature not later than 20 years after the date of issue; shall bear interest
at a rate or rates not exceeding the maximum rate authorized by the Bond
Authorization Act, as amended at the time of the making of the contract;
shall be in such form as the
district shall by resolution provide and shall be payable as to both
principal and interest from the proceeds of the annual levy of taxes
hereinbefore authorized to be levied, or so much thereof as will be
sufficient to pay the principal thereof and the interest thereon. Prior to
the authorization and issuance of such bonds the district may, with or
without notice, negotiate and enter into an agreement or agreements with
any bank, investment banker, trust company or insurance company or group
thereof whereunder the marketing of such bonds may be assured and
consummated. The proceeds of such bonds shall be deposited in a special
fund, to be kept separate and apart from all other funds of the
conservation district.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, 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 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 Act that may appear to be or to have been more restrictive than
those Acts.
(Source: P.A. 86-4.)
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