(70 ILCS 1505/25.2) (from Ch. 105, par. 333.23c)
Sec. 25.2.
All bonds issued under authority of sections 25.1 to 25.9, both
inclusive, of this Act as now enacted and as may hereafter be amended,
shall bear interest at not more than the maximum rate
authorized by the
Bond Authorization Act, as amended at the time of the making of the contract, and may
be sold by the Commissioners in such manner as they deem best in the public
interest; provided, however, such bonds shall be sold at such price that
the interest cost of the proceeds therefrom will not exceed the maximum
rate authorized by the Bond Authorization Act, as amended at
the time of the making of the contract, based on the average maturity
of such bonds, and computed
according to standard tables of bond values. Such bonds shall be payable
solely and only from the revenues to be derived from the operation of any
or all of its parking facilities and shall be secured by a pledge of the
revenues of any or all of its parking facilities.
Such bonds when issued shall have all the qualities of negotiable
instruments under the Law Merchant and the Negotiable Instrument Law. Such
bonds may bear such date or dates and may mature at such time or times, not
exceeding forty years from their date or dates, and may be in such form,
carry such registration privilege, may be payable at such place or places,
may be subject to such terms of redemption, prior to maturity, with or
without premium, as so stated on the face of the bond, and contain such
terms and covenants, all as may be provided by ordinance authorizing the
issuance of such bonds. To secure the payment of any or all of such bonds
and for the purpose of setting forth the covenants and undertakings of the
Chicago Park District in connection with the issuance thereof and the
issuance of any additional bonds, as well as the use and application of the
revenue and income to be derived from the said facilities, the Chicago Park
District may execute and deliver a trust agreement or agreements. Such
bonds shall be executed by such officers as the Commissioners shall
designate in the said ordinance. Any bonds bearing the signatures of
officers in office at the date of signing thereof shall be valid and
binding for all purposes, notwithstanding that before delivery thereof any
or all such persons whose signatures appear thereon shall cease to be such
officers.
Each such bond shall state upon its face that it is payable solely and
only from the proceeds derived from the operation of the parking facility
or facilities constructed, acquired, erected, completed or equipped with
the proceeds of the sale of said bonds, and shall state upon its face that
it does not constitute a debt of the Chicago Park District within the
meaning of any constitutional or statutory limitation or provision.
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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