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have such rank or
priority, be executed in such manner, be |
payable in such medium of payment
at such place or places |
within or without the State of Illinois, make
provision for a |
corporate trustee within or without the State with respect
to |
such bonds, prescribe the rights, powers and duties thereof to |
be
exercised for the benefit of the governmental unit and the |
protection of
the bondholders, provide for the holding in |
trust, investment and use of
moneys, funds and accounts held |
under an ordinance, provide for assignment
of and direct |
payment of the moneys to pay such bonds or to be deposited
into |
such funds or accounts directly to such trustee, be subject to |
such
terms of redemption with or without premium, and be sold |
in such manner at
private or public sale and at such price, all |
as the governing body shall
determine. Whenever such bonds are |
sold at price less than par, they
shall be sold at such price |
and bear interest at such rate or rates such
that either the |
true interest cost (yield) or the net interest rate, as may
be |
selected by the governing body, received upon the sale of such |
bonds
does not exceed the maximum rate otherwise authorized by |
applicable law.
Except for an ordinance required to be |
published by applicable law in
connection with a backdoor |
referendum, any bond ordinance adopted by a
governing body |
under applicable law shall, in all instances, become effective
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immediately without publication or posting or any further act |
or requirement.
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(Source: P.A. 96-787, eff. 8-28-09; 96-1077, eff. 7-16-10.)
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