(65 ILCS 5/11-103-13) (from Ch. 24, par. 11-103-13)
Sec. 11-103-13.
Bonds issued under Section 11-103-12 shall be payable
solely from the revenue derived from the operation or leasing of the
airport, landing field, and facilities or appurtenances thereof. These
bonds shall not, in any event, constitute an indebtedness of the
municipality, within the meaning of any constitutional or statutory
limitation. Each bond shall plainly state on its face that it has been
issued under the provisions of Section 11-103-12 and that it does not
constitute an indebtedness of the municipality within any constitutional or
statutory limitation.
These bonds shall be sold in such manner and upon such terms as the
corporate authorities shall determine. If the bonds are issued to bear
interest at a rate not to exceed the maximum rate authorized by the Bond
Authorization Act, as amended at the time of the making of the contract,
they shall be sold for not less than par and accrued interest. If the bonds
are issued to bear interest at a rate of less than the maximum rate
authorized by the Bond Authorization Act, as amended at the time of the
making of the contract, the minimum price at which they may be sold shall
be such that the interest cost of the municipality of the proceeds of the
bonds shall not exceed the maximum rate authorized by the Bond
Authorization Act, as amended at the time of the making of the contract,
computed to maturity, according to the standard table of bond values.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, 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 Act that may appear
to be or to have been more restrictive than those Acts, (ii) that the
provisions of this Section are not a limitation on the supplementary
authority granted by the Omnibus Bond Acts, and (iii) that instruments
issued under this Section within the supplementary authority granted
by the Omnibus Bond Acts are not invalid because of any provision of
this Act that may appear to be or to have been more restrictive than
those Acts.
The amendatory Acts of 1971, 1972 and 1973 are not a limit upon any
municipality which is a home rule unit.
(Source: P.A. 86-4.)
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