(50 ILCS 465/35)
Sec. 35.
Bonds; obligations of the Authority.
All bonds issued under
this Act shall be limited obligations of the Authority issuing the same,
payable solely from the (i) bond proceeds, (ii) revenues and receipts derived
from the home mortgage loans or from any notes or other obligations of persons
with respect to which the bonds are issued and secured by a mortgage, pledge,
security interest, insurance agreement, or indenture of trust of or with
respect to such home mortgage loans, (iii) certain insurance proceeds which
may relate to the bonds or the home mortgage loans, (iv) participation
fees, or (v) certain reserve funds. No Authority shall have any right
or authority to levy taxes to pay any of the principal of, redemption premium,
if any, or interest on any bonds issued pursuant to this Act or any
judgment against an Authority on account of the bonds. No holder of any bonds
issued under this Act shall have the right to compel any exercise of
the taxing power of any Authority to pay the bonds, the interest, or redemption
premium, if any, on the bonds, and the bonds shall not constitute an
indebtedness of the Authority, or a loan of the faith and credit of the
Authority, within the meaning of any constitutional or statutory provision, nor
shall the bonds be construed to create any moral obligation on the part of the
Authority to provide for the payment of the bonds. It shall be plainly stated
on the face of each bond that it has been issued under the provisions of this
Act and that it does not constitute an indebtedness of the Authority, or a loan
of the faith and credit of the Authority, within the meaning of any
constitutional or statutory provision. Bonds may be issued pursuant to this
Act without regard to (i) any statutory limitation as to bonded indebtedness
and shall not be included in computing total bonded indebtedness within the
meaning of any statutory limitation, (ii) any requirement of competitive
bidding or procedure for award of contracts applicable by any statute, (iii)
any requirement of publication of ordinance or other documents, or (iv) any
requirement of referendum or petition.
(Source: P.A. 92-142, eff. 7-24-01.)
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