(65 ILCS 5/11-45.1-5) (from Ch. 24, par. 11-45.1-5)
Sec. 11-45.1-5.
For the purpose of acquiring and constructing a cultural center as
provided in this division, or for the equipping of any such cultural
center, any municipality may borrow money and issue its negotiable bonds
thereon, pledging the full faith and credit of the municipality. Such
bonds shall bear interest at not to exceed
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, but no such
bonds shall be issued unless the proposition to issue the bonds is first
submitted to the electors of the municipality and approved by a majority
of the electors voting thereon. The municipal clerk shall certify the
proposition to the proper election authority who shall submit the proposition
to a vote of the electors. The form of such proposition shall be in
accordance with the provisions of Section 8-4-2 of this Code.
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.
(Source: P.A. 86-4.)
|