Illinois Compiled Statutes
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5 ILCS 70/8
(5 ILCS 70/8)
(from Ch. 1, par. 1107)
Omnibus Bond Acts.
(a) A citation to the Omnibus Bond Acts is a citation to all of the
following Acts, collectively, as amended from time to time: the Bond
Authorization Act, the Registered Bond Act, the Municipal Bond Reform Act,
the Local Government Debt Reform Act, subsection (a) of Section 1-7 of the
Property Tax Extension Limitation Act (now repealed),
subsection (a) of Section 18-190 of the Property Tax Code,
the Uniform Facsimile Signature of Public Officials Act, the Local Government
Bond Validity Act, the Illinois Finance Authority Act, the Public Funds
Investment Act, the Local
Government Credit Enhancement Act, the Local Government Defeasance of Debt
Law, the Intergovernmental Cooperation Act, the Local
Government Financial Planning and Supervision Act, the Special Assessment
Supplemental Bond and Procedures Act, Section 12-5 of the Election Code, the State University Certificates of Participation Act, and
any similar Act granting additional
powers to governmental entities generally, whether enacted before, on, or
after June 6, 1989 (the effective date of Public Act 86-4).
(b) The General Assembly recognizes that the proliferation of governmental
entities has resulted in the enactment of hundreds of statutory provisions
relating to the borrowing and other powers of governmental entities. The
General Assembly addresses and has addressed problems common to all such
governmental entities so that they have equal access to the municipal bond
market. It has been, and will continue to be, the intention of the General
Assembly to enact legislation applicable to governmental entities in an
omnibus fashion, as has been done in the provisions of the Omnibus Bond Acts.
(c) It is and always has been the intention of the General Assembly that
the Omnibus Bond Acts are and always have been supplementary grants of
power, cumulative in nature and in addition to any power or authority
granted in any other laws of the State. The Omnibus Bond Acts are
supplementary grants of power when applied in connection with any similar
grant of power or limitation contained in any other law of the State,
whether or not the other law is enacted or amended after an Omnibus Bond
Act or appears to be more restrictive than an Omnibus Bond Act, unless the
General Assembly expressly declares in such other law that a specifically
named Omnibus Bond Act does not apply.
(d) All instruments providing for the payment of money executed
by or on behalf of any governmental entity organized by or under
the laws of this State, including without limitation the State, to carry
out a public governmental or proprietary function, acting through its
corporate authorities, or which any governmental entity has assumed or
agreed to pay, which were:
(1) issued or authorized to be issued by proceedings
adopted by such corporate authorities before June 6, 1989 (the effective date of Public Act 86-4);
(2) issued or authorized to be issued in accordance
with the procedures set forth in or pursuant to any authorization contained in any of the Omnibus Bond Acts; and
(3) issued or authorized to be issued for any purpose
authorized by the laws of this State, are valid and legally binding obligations of the governmental entity issuing such instruments, payable in accordance with their terms.
(Source: P.A. 100-201, eff. 8-18-17.)