(70 ILCS 1310/8) (from Ch. 105, par. 327k)
Sec. 8.
Said bonds shall be issued in the name of the board of park
commissioners in such form and denomination and shall be payable at such
place and time, not exceeding twenty years, from the date thereof, as the
board of park commissioners may determine by ordinance duly adopted. Said
bonds shall be signed by the President, attested by the Secretary under the
corporate seal and countersigned by the Treasurer, and shall bear interest
at any rate not exceeding the maximum rate authorized
by the Bond Authorization Act, as amended at the time of the making of the
contract, payable
semi-annually, to be evidenced by interest coupons attached thereto. Such
bonds may be sold in such manner as shall be deemed advisable by the board
of park commissioners but not for less than the par value thereof and
accrued interest thereon; and the proceeds arising from the sale of said
bonds shall be set aside and kept in a separate fund and be used
exclusively for the uses and purposes set forth in this Act.
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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