(20 ILCS 3515/9) (from Ch. 127, par. 729)
Sec. 9.
Bonds.
The bonds may be issued as serial bonds or as term
bonds or a combination of both types. All bonds issued by the State
authority shall be payable solely out of the revenues and receipts
derived from the leasing, financing or sale by the authority of the
environmental facilities financed with the proceeds thereof as may
be designated in the proceedings of the directing body under which the
bonds shall be authorized to be issued. Such bonds may be executed and
delivered by the authority at any time and from time to time, may be in
such amounts, may be in such form and denominations and of such terms
and maturities, may be in fully registered form or in bearer form
registrable either as to principal or interest or both, may bear such
conversion privileges and be payable in such installments and at such
time or times not exceeding 40 years from the date thereof, may be
payable at such place or places whether within or without the State of
Illinois, may bear interest at such rate or rates per annum without
regard to any interest rate limitation appearing in any other law, may
be payable at such time or times and at such place or places and
evidenced in such manner, may be executed by the manual or facsimile
signatures of such officers of the authority, and may contain such
provisions not inconsistent with this Act, all as shall be provided in
the proceedings of the directing body of the authority. If deemed
advisable by the directing body there may be retained in the proceedings
under which any bonds of the authority are authorized to be issued an
option to redeem all or any part thereof as may be specified in such
proceedings, at such price or prices and after such notice or notices
and on such terms and conditions as may be set forth in such
proceedings, but nothing herein contained shall be construed to confer
on the authority the right or option to redeem any bonds except as may
be provided in the proceedings under which they shall be issued. Any
bonds of the authority may be sold at public or private sale for such
price and in such manner and from time to time as may be determined by
the directing body of the authority, and the authority may pay all
expenses, premiums and commissions which its directing body may deem
necessary or advantageous in connection with the issuance thereof.
Issuance by the State authority of one or more series of bonds for one
or more purposes shall not preclude it from issuing other bonds in
connection with the same environmental facility or any other
environmental facility or for any other purpose under this Act, but
the proceedings whereunder any subsequent bonds may be issued shall
recognize and protect any prior pledge made for any prior issue of
bonds. Any bonds of the State authority at any time outstanding may at
any time and from time to time be refunded by the authority by the
issuance of its refunding bonds in such amount as the directing body may
deem necessary but not exceeding an amount sufficient to refund the
principal of the bonds so to be refunded, together with any unpaid
interest thereon and any premiums, commissions, service fees and other
expenses necessary to be paid in connection therewith. Any such
refunding may be effected whether the bonds to be refunded shall have
then matured or shall thereafter mature, either by sale of the refunding
bonds and the application of the proceeds thereof for the payment of the
bonds to be refunded thereby, or by the exchange of the refunding bonds
for the bonds to be refunded thereby with the consent of the holders of
the bonds so to be refunded, and regardless of whether or not the bonds
to be refunded were issued in connection with the same environmental
facility or separate environmental facilities or for any other
purpose under this Act, and regardless of whether or not the bonds
proposed to be refunded shall be payable on the same date or different
dates or shall be due serially or otherwise. All such bonds and the
interest coupons applicable thereto, if any, are hereby made and shall
be construed to be negotiable instruments.
The aggregate principal amount of bonds which may be issued and
outstanding under this Act by the State authority is $2,500,000,000. In
order to carry out the purposes expressed in paragraph (c) of Section 2
hereof, $75,000,000 of such amount shall be allocated by the State
authority for the issuance of bonds to finance environmental
facilities for small businesses. The State authority shall keep a record
of all bonds issued by it under this Act.
(Source: P.A. 89-460, eff. 5-24-96; 90-470, eff. 8-17-97.)
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