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(20 ILCS 3501/820-25)
Sec. 820-25.
Unit of Local Government Participation.
Any unit of local
government is authorized to voluntarily participate in this program. Any unit
of local government which is authorized to issue, sell and deliver its local
government securities under any provision of the Constitution or laws of the
State may issue, sell and deliver such local government securities to the
Authority under
this Article; provided that and notwithstanding
any other provision of law to the contrary, any such unit of local government
may issue and sell any such local government security at any interest rate or
rates, which rate or rates may be established by an index or formula which may
be implemented by persons appointed or retained therefor, payable at such time
or times, and at such price or prices to which the unit of local government and
the Authority may agree. Any unit of local government may pay any amount
charged by the Authority pursuant to
this Article.
Any unit of local government participating in this program may pay out of the
proceeds of its local government securities or out of any other moneys or funds
available to it for such purposes any costs, fees, interest deemed necessary,
premium or reserves incurred or required for financing or refinancing this
program, including without limitation any fees charged by the Authority
pursuant
to
this Article and its share, as determined by the
Authority, of any costs, fees, interest deemed necessary, premium or reserves
incurred or required pursuant to
Section 820-20 of this Act. All local
government securities purchased or otherwise acquired by the Authority pursuant
to this Act shall upon delivery to the Authority be accompanied by an approving
opinion of bond counsel as to the validity of such securities. The Authority
shall have discretion to purchase or otherwise acquire those local government
securities, as it shall deem to be in the best interest of its financing
program
for all units of local government taken as a whole.
(Source: P.A. 93-205, eff. 1-1-04.)
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