(55 ILCS 5/5-11002) (from Ch. 34, par. 5-11002)
Sec. 5-11002.
Bonds.
All bonds issued under authority of this
Division shall bear interest at not more than the maximum rate authorized
by the Bond Authorization Act, as amended at the time of the making of the
contract, and may be sold by the county board in such
manner as they deem best in the public interest; provided, however, such
bonds shall be sold at such price that the interest cost of the proceeds
therefrom will not exceed the maximum rate authorized by the Bond
Authorization Act, as amended at the time of the making of the contract,
based on the average maturity of such bonds, and computed according to
standard tables of bond values. Such bonds shall be payable solely and only
from the revenues to be derived from the operation of any or all of its
parking facilities and shall be secured by a pledge of the revenues of any
or all of its parking facilities.
Such bonds when issued shall have all the qualities of negotiable
instruments under the Law Merchant and the Uniform Commercial Code.
Such bonds may bear such date or dates and may mature at such time or
times, not exceeding 30 years from their date or dates, and may be in such
form, carry such registration privilege, may be payable at such place or
places, may be subject to such terms of redemption, prior to maturity, with
or without premium, as so stated on the face of the bond, and contain such
terms and covenants, all as may be provided by ordinance authorizing the
issuance of such bonds. To secure the payment of any or all of such bonds
and for the purpose of setting forth the covenants and undertakings of the
county in connection with the issuance of any additional bonds, as well as
the use and application of the revenue and income to be derived from the
said facilities, the county board may execute and deliver a trust agreement
and agreements. Such bonds shall be executed by such officers as the county
board shall designate in the said ordinance. Any bonds bearing the
signatures of officers in office at the date of signing thereof shall be
valid and binding for all purposes, notwithstanding that before delivery
thereof any or all such persons whose signatures appear thereon shall cease
to be such officers.
Each such bond shall state upon its face that it is payable solely and
only from the proceeds derived from the operation of the parking facility
or facilities and shall state upon its face that it does not constitute an
obligation of the county within the meaning of any constitutional or
statutory limitation or provision.
With respect to instruments for the payment of money issued under this
Section or its predecessor either before, on, or after the effective date
of Public Act 86-4, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in accordance with the
Omnibus Bond Acts, regardless of any provision of this Division or "An Act
in relation to the construction, operation and maintenance of parking
facilities for motor vehicles by counties", approved July 13, 1955, that
may appear to be or to have been more restrictive than those Acts, (ii)
that the provisions of this Section or its predecessor are not a limitation
on the supplementary authority granted by the Omnibus Bond Acts, and (iii)
that instruments issued under this Section or its predecessor within the
supplementary authority granted by the Omnibus Bond Acts are not invalid
because of any provision of this Division or "An Act in relation to the
construction, operation and maintenance of parking facilities for motor
vehicles by counties", approved July 13, 1955, that may appear to be or to
have been more restrictive than those Acts.
(Source: P.A. 86-962; 86-1028.)
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