(70 ILCS 1205/9.2-3) (from Ch. 105, par. 9.2-3)
Sec. 9.2-3.
Bonds issued under Section 9.2-1 of this Article shall be
payable solely
from the revenue derived from the operation of the indoor or outdoor tennis
courts, handball, racquetball, or squash courts, or zoo and facilities, 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 9.2-1 through 9.2-6 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 rate of the maximum rate authorized by the Bond Authorization Act, as
amended
at the time of the making of the contract, they shall
be sold for not less than par and
accrued interest. If they are 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 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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