(50 ILCS 455/5) (from Ch. 85, par. 2405)
Sec. 5.
The exercise of all powers granted by this Act may be authorized,
and bonds may be authorized to be issued under this Act for the purposes
set forth in this Act, by resolution or ordinance of the governing body
of the authority which may be adopted at the same meeting at which it is
introduced and shall take effect immediately upon adoption.
The bonds shall bear interest at such rate or rates, payable at such times,
may be in one or more series, may bear such date or dates, may mature at
such time or times not exceeding 40 years from their respective dates, may
be payable in such medium of payment at such place or places, may carry
such registration privileges, may be subject to such terms of redemption
at such premiums, may be executed in such manner, may contain such terms,
covenants and conditions, and may be in such form, either coupon or registered,
as such resolution or ordinance may provide or as may be subsequently determined
by the governing body before the bonds are issued. The bonds may be sold
at public or private sale in such manner and upon such terms as may be deemed
advisable by the governing body of the authority. Pending the preparation
of the definitive bonds, interim receipts or certificates in such form and
with such provisions as the governing body of the authority may determine,
may be issued to the purchaser or purchasers of bonds sold pursuant to this
Act. The bonds and interim receipts or certificates shall be deemed to
be securities and negotiable instruments within the meaning and for all
purposes of the "Uniform Commercial Code".
(Source: P.A. 81-1529.)
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