70 ILCS 410/15.4

(70 ILCS 410/15.4) (from Ch. 96 1/2, par. 7120)

Sec. 15.4.

The bonds 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 annually or semiannually and shall mature within the period of
usefulness of the project as determined by the board, but in no event,
exceeding 40 years.

Each such bond shall be sold in such manner and upon such terms as the
board shall determine. If any such bond is issued to bear interest at the
maximum rate authorized by the Bond Authorization Act, as amended
at the time of the making of the contract, it shall be sold for not less
than par and accrued
interest. If it is 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
it may be sold shall be such that the
interest cost to the district of the proceeds of the bond 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.

(Source: P.A. 86-4.)