(70 ILCS 1510/9) (from Ch. 105, par. 333.28d)
Sec. 9.
The financing of the acquisition, construction, reconstruction,
improvement, betterment or extension of any project may be authorized to
be issued under the Project Sections to provide funds for such purpose or
purposes or for the refunding of bonds theretofore issued under the Project
Sections, by ordinance of the commissioners which may be adopted at the
same meeting at which it is introduced by a majority of all commissioners
then in office and shall take effect immediately upon adoption. The bonds
shall bear interest at such rate or rates without regard to any limitation
in any other law, may be payable at such times, may be in one or more series,
may bear such date or dates, may mature at such time or times not exceeding
40 years from their respective dates, may be payable in such medium of payment
at such place or places, may carry such registration privileges, may be subject
to such terms of redemption, may be executed in such manner, may contain
such terms, covenants, and conditions, and may be in such form, either coupon
or registered, as such ordinance or subsequent ordinances may provide.
The bonds may be sold in such manner and upon such terms as may be deemed
advisable by the commissioners. Pending the preparation of the definitive
bonds, interim receipts or certificates in such form and with such provisions
as the commissioners may determine may be issued to the purchaser or purchasers
of bonds sold pursuant to the Project Sections. The bonds and interim receipts
or certificates are fully negotiable within the meaning and for all purposes
of the Uniform Commercial Code.
(Source: P.A. 82-493.)
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