(620 ILCS 50/61) (from Ch. 15 1/2, par. 165)
Sec. 61.
If the resolution adopted by the county board or by petition,
provides for the issuance of revenue bonds or other evidence of
indebtedness, the retirement of the principal thereof and the interest
thereon, to be accomplished from sources other than direct county taxes,
the county board shall issue and sell such amounts of such bonds or other
evidences of indebtedness as the Commission shall determine and certify,
from time to time as being necessary to provide the means for accomplishing
the purposes for which such bonds or other evidences of indebtedness are to
be issued as set forth in said resolution. Such bonds or other evidence of
indebtedness shall be issued in conformity to the requirements and
provisions of the said resolution authorizing such issuance. The principal
of such bonds or other evidences of indebtedness shall be discharged within
thirty years after the date of the adoption of said resolution. Such bonds
or other evidences of indebtedness shall bear interest, payable
semi-annually, at a rate not to exceed that permitted in "An Act to
authorize public corporations to issue bonds, other evidences of indebtedness
and tax anticipation warrants subject to interest rate limitations set forth
therein", approved May 26, 1970, as now or hereafter amended. The
proceeds from the sale of each issue of bonds shall be deposited in the
county treasury and identified as "County Airports Revenue Bond Fund No.
....." Such proceeds shall be used only for the purposes stated in the said
resolution and as specified in the certificate of the Commission as in this
section provided. All such revenue bonds and other evidences of
indebtedness shall not, in any event, constitute or be deemed an
indebtedness of the county within the meaning of any constitutional
provisions or statutory limitations as to debt, and it shall be so stated
plainly on the face of each such bond or other evidence of indebtedness.
(Source: P.A. 90-655, eff. 7-30-98.)
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