Illinois General Assembly - Illinois Compiled Statutes

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60 ILCS 1/35-50.2

(60 ILCS 1/35-50.2)

Sec. 35-50.2.

Construction of senior citizens' housing; revenue bonds.

(a) For the purpose of defraying the cost of the construction, purchase,
improvement, extension, or equipping from time to time of senior citizens'
housing, including feasibility, engineering, legal, and other expenses,
together with interest on its revenue bonds, to the fullest extent
permitted by the provisions of Section 9 of the Local Government Debt
Reform Act, the township board, when authorized by a majority of the
votes cast on the proposition submitted in accordance with the general
election law under Section 35-50.3, may issue and sell revenue
bonds of the township payable solely from the net income and revenue
derived from the operation of the senior citizens' housing, after payment
of the costs of operation and maintenance of the senior citizens' housing
and provision for an adequate depreciation fund (if a depreciation fund is
deemed necessary by the township board).  The township board
may also from time to time issue revenue bonds to refund any such revenue
bonds, at the redemption price authorized, at maturity or at any time
before maturity, all as authorized in the ordinance of the township board
authorizing the refunded bonds.  The bonds shall bear interest at
a rate or rates not to exceed the maximum rate authorized by the Bond
Authorization Act, as amended at the time of the making of the contract for the
sale of the bonds, the interest shall be payable semi-annually, and the bonds
shall mature within the period of usefulness of the project involved, as
determined in the sole discretion of the township board and in any event not
more than 40 years from the dated date of the bonds.

(b) The bonds shall be sold in the manner determined by the township board
and, whenever the bonds are sold at a price less than par, they
shall be sold at a price and bear interest at a rate or rates such
that either the true interest cost (yield) or the net interest rate, as
selected by the township board, received on the sale of the bonds,
does not exceed the maximum rate otherwise authorized by the Bond
Authorization Act.  If any officer whose signature appears on the bonds or
coupons attached to the bonds ceases to be an officer before the delivery
of the bonds to the purchaser, his or her signature shall nevertheless be
valid and sufficient for all purposes to the same effect as if he or she
had remained in office until the delivery of the bonds.

(c) Notwithstanding the form or tenor of the bonds, and in the absence
of expressed recitals on the face of the bonds that the bonds are
non-negotiable, all bonds issued under this Section shall have all the
qualities of negotiable instruments under the law of this State.

(d) With respect to instruments for the payment of money issued under
Sections 35-50.1 through 35-50.6, including, without limitation, revenue bonds
of a township, it is the intention of the General Assembly (i) that the Omnibus
Bond Acts are supplementary grants of power to issue those instruments in
accordance with the Omnibus Bond Acts, regardless of any provision of Sections
35-50.1 through 35-50.6 that may appear to be more restrictive than those
Acts, (ii) that the provisions of Sections 35-50.1 through 35-50.6 are not a
limitation on the supplementary authority granted by the Omnibus Bond Acts, and
(iii) that instruments issued under Sections 35-50.1 through 35-50.6 within the
supplementary authority granted by the Omnibus Bond Acts are not invalid
because of any provision of Sections 35-50.1 through 35-50.6 that may appear to
be more restrictive than those Acts.

(e) Revenue bonds issued under Sections 35-50.1 through 35-50.6 shall be
payable solely from the net revenue derived from the operation of the senior
citizens' housing on account of which the revenue bonds are issued.  The
revenue bonds shall not in any event constitute an indebtedness of the township
within the meaning of any constitutional or statutory limitation, and it shall
be so stated on the face of each bond.

(f) Not less than 30 days before the making of a contract for the sale
of bonds to be issued under Sections 35-50.1 through 35-50.6, the township
board shall give written notice to the Executive Director of the Illinois
Housing Development Authority.  Within 30 days after receiving the notice the
Executive Director of the Illinois Housing Development Authority shall give
written notice to the township board stating whether it will finance the senior
citizens' housing.  If the Illinois Housing Development Authority notifies
the township board that it will not finance the senior citizens' housing, the
township may finance the senior citizens' housing or seek alternative financing
from any other available source.

(Source: P.A. 95-331, eff. 8-21-07.)