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(70 ILCS 1205/6-5) (from Ch. 105, par. 6-5)
Sec. 6-5.
Such bonds or notes of a park district shall be issued when
authorized under
Sections 6-2, 6-3 or 6-4, hereof in the name of the district, signed by the
president and secretary, and countersigned by the treasurer, with the seal
of said district affixed. They shall bear interest at a rate not to exceed
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract,
payable semiannually and the principal shall be
payable at such time and place as may be determined by the board, not
exceeding 25 years from their date. The board of such district may sell
such bonds in any manner it deems for the best interests of the district,
at not less than par, and the proceeds thereof shall be used exclusively
for the purpose in this code authorized.
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. 96-321, eff. 8-11-09.)
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