HB4618eng 95TH GENERAL ASSEMBLY

HB4618 Engrossed LRB095 18511 HLH 44597 b

AN ACT concerning local government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Mid-America Medical District Act is amended by adding Section 27 as follows:

(70 ILCS 930/27 new)

Sec. 27. Finance; bonds. To obtain the funds necessary for financing the acquisition of land, the acquisition or construction of any building, and for the operation of the District as is set forth in this Act, the Commission may borrow money from any public or private agency, department, corporation, or person. In evidence of and as security for funds borrowed, the Commission may issue revenue bonds in its corporate capacity to be payable from the revenues derived from the operation of the institutions or buildings, owned, leased, or operated by or on behalf of the Commission, but the bonds shall in no event constitute an indebtedness of the Commission or a claim against the property of the Commission. Such bonds may be issued in such denominations as may be expedient, and in such amounts and at such rates of interest as the Commission shall deem necessary to provide sufficient funds to pay all the costs of acquiring land, the construction, acquisition, equipping, and operation of buildings within the district, including engineering and other expenses. The bonds shall be executed by the president of the Commission, attested by the secretary, and sealed with the Commission's corporate seal. In case either of those officers of the Commission who shall have signed or attested any of such bonds shall have ceased to be that officer before delivery of the bonds, the signature of the officer shall be valid and sufficient to the same effect as if the officer had remained in office at the time of the delivery. The Commission shall furnish the State Comptroller with a record of all bonds issued under this Act.