(70 ILCS 810/32) (from Ch. 96 1/2, par. 6435)
Sec. 32.
Whenever the board determines to construct, equip, acquire, extend
or improve any recreational facility or facilities or any combination thereof
and to issue bonds pursuant to Sections 31 through 39 of this Act to
pay the cost or purchase price thereof, such board shall adopt an
ordinance describing in a general way the contemplated facility or
facilities and setting forth the estimated cost or purchase price. Any
such ordinance shall be published within 10 days after passage at least
once in a newspaper published in such district and having a general
circulation therein to be designated by such board, and no such
ordinance shall take effect until 10 days after it is so published. It
shall not be necessary that the ordinance refer to plans and
specifications nor that there be on file for public inspection prior to
adoption of such ordinance detailed plans and specifications of such
contemplated facility or facilities or any combination thereof. Such
board may provide that the ordinance authorizing the issuance of any
such bonds shall be effective, operative and valid without the
submission thereof to the voters of such district for approval,
notwithstanding the provisions of Section 21 of this Act.
Any such ordinance shall prescribe the method of defraying the cost
of the contemplated facility or facilities and fix the amount of the
revenue bonds proposed to be issued, the interest rate and the
maturities thereof. Such bonds shall be in such form and be executed in
such manner, be payable in such medium of payment at such place or
places, be subject to such terms of redemption, prior to maturity, with
or without premium, and may be made registrable as to principal, all as
such ordinance may provide. The ordinance shall also pledge the revenue
derived from the operation of such facility or facilities, or any
combination thereof, constructed, equipped, acquired, extended or
improved in whole or in part with the proceeds of such bonds for the
purpose of paying maintenance and operation costs and paying the
principal and interest of such bonds so issued for the facility or
facilities. The ordinance may contain such covenants which shall be a
part of the contract between the district and the holders of such bonds
with respect to creating accounts and the application of the flow of
funds through such accounts, and the restrictions upon the issuance of
additional revenue bonds thereafter, all as such board may deem
necessary or advisable for the assurance of the payment of the bonds
thereby authorized.
Such bonds shall be executed by the president and by the secretary or
treasurer of the board of such forest preserve district. The president
of such board may execute such bonds by his facsimile signature which
may be imprinted, engraved or otherwise reproduced on such bonds and on
the interest coupons attached thereto. Any bonds bearing the signature
or facsimile of an officer in office at the date of signing thereof are
valid and binding for all purposes, notwithstanding that before delivery
thereof, such person whose signature or facsimile appears thereon has
ceased to hold such office.
(Source: P.A. 80-320.)
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