(105 ILCS 5/1E-70)
(This Section scheduled to be repealed in accordance with 105 ILCS 5/1E-165) Sec. 1E-70.
Terms of bonds.
(a) Whenever the Authority desires or is required to issue Bonds as
provided in this Article, it shall adopt a resolution designating the
amount of the Bonds to be issued, the purposes for which the proceeds of
the Bonds are to be used, and the manner in which the proceeds shall be
held pending the application thereof. The Bonds shall be issued in the
corporate name of the Authority and shall bear such date or dates and
shall mature at such time or times, not exceeding 20 years from their
date, as the resolution may provide. The Bonds may be issued
as serial bonds payable in installments, as term bonds with sinking
fund installments, or as a combination of these as the Authority may
determine in the resolution. The Bonds shall be in such
denominations as the Authority may determine.
The Bonds
shall be in such form, carry such registration privileges, be
executed in such manner, be payable at such place or places, and
be subject to such terms of redemption at such redemption prices,
including premium, as the resolution may provide. The Bonds
shall be sold by the Authority at public or private sale, as determined by the
Authority.
(b) In connection with the issuance of its Bonds, the Authority may
enter into arrangements to provide additional security and liquidity for
the Bonds. These may include without limitation municipal bond
insurance, letters of credit, lines of credit by which the Authority may
borrow funds to pay or redeem its Bonds, and purchase or remarketing
arrangements for ensuring the ability of owners of the Authority's Bonds
to sell their Bonds or to have their Bonds redeemed. The Authority may enter
into
contracts and may agree to pay fees to persons providing the
arrangements, including from Bond proceeds, but only under circumstances
in which the total interest paid or to be paid on the Bonds, together
with the fees for the arrangements (being treated as if interest), would
not, taken together, cause the Bonds to bear interest, calculated to
their absolute maturity, at a rate in excess of the maximum rate allowed
by law.
The resolution of the Authority authorizing the issuance of its
Bonds may provide that interest rates may vary from time to time
depending upon criteria established by the Authority, which may include
without limitation a variation in interest rates as may be necessary to
cause the Bonds to be remarketable from time to time at a price equal to
their principal amount, and may provide for appointment of a national
banking association, bank, trust company, investment banker, or other
financial institution to serve as a remarketing agent in that
connection. The resolution of the Authority authorizing the issuance of
its Bonds may provide that alternative interest rates or provisions shall
apply during such times as the Bonds are held by a person providing a
letter of credit or other credit enhancement arrangement for those
Bonds.
(Source: P.A. 92-547, eff. 6-13-02.)
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