(70 ILCS 1205/9.1-3) (from Ch. 105, par. 9.1-3)
Sec. 9.1-3.
Bonds issued under Section 9.1-1 of this Article shall be
payable solely from the revenue derived from the operation of the golf
course, or courses, and shall not in any event constitute an indebtedness
of the park district within the meaning of any constitutional or statutory
limitation. It shall plainly state on the face of each bond that the bond
has been issued under Sections 9.1-1 through 9.1-6 of this Article, 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, to such persons and upon such
terms as the board shall determine. If they are issued to bear interest at
the maximum rate applicable at the time of issuance, they shall be sold for
not less than par and accrued interest. If they are issued to bear interest
at a rate less than the maximum rate applicable at the time of issuance,
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 applicable at the time of issuance, computed to maturity,
according to the standard table of bond values.
(Source: P.A. 76-244.)
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