(70 ILCS 1205/9-1b) (from Ch. 105, par. 9-1b)
Sec. 9-1b.
Bonds issued under Section 9-1 hereof shall be payable solely from the
revenue derived from the operation of the swimming pool, or the artificial
ice skating rink, and shall not in any event constitute an indebtedness of
the park district within the meaning of any constitutional or statutory
limitation. It shall be plainly stated on the face of each bond that the
bond has been issued under Sections 9-1 to 9-1f hereof, inclusive, and
that it does not constitute an indebtedness of the park district within any
constitutional or statutory limitation.
The bonds shall be sold in such manner and upon such terms as the board
shall determine. The minimum price at which they may be sold shall be such
that the interest cost to the park district 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.
(Source: P.A. 86-4.)
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