(70 ILCS 215/4) (from Ch. 85, par. 1250.4)
Sec. 4.
The bonds shall mature not more than 10 years from the date of
issuance, but shall be callable sooner at the option of the Authority, and
shall 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, payable
semiannually.
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.)
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