Illinois General Assembly - Illinois Compiled Statutes

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30 ILCS 350/15.01

(30 ILCS 350/15.01)

Sec. 15.01.

Limited bonds.

A governmental unit is authorized
to issue limited bonds payable from the debt service extension base, as defined
in the Property Tax Extension Limitation Law, as provided in this amendatory
Act of 1995. Bonds authorized by Public Act 88-503 and issued under Section
20a
of the
Chicago Park District Act for aquarium or museum projects shall not be issued
as limited bonds.
A
governmental unit issuing limited bonds authorized by this Section shall
provide in the bond ordinance that the bonds are issued as
limited
bonds and are also issued pursuant to applicable law, other than this
amendatory Act of 1995, enabling the governmental unit to issue bonds. This
amendatory Act of 1995 shall not change the rate, amount, purposes,
limitations,
source of funds for payment of principal or interest, or method of
payment or defeasance of the bonds that a governmental unit may issue under any
applicable law; provided, that limited bonds that are otherwise to be issued as
general obligation bonds may be payable solely from the debt service extension
base. This amendatory Act of 1995
provides no additional authority to any governmental unit to issue bonds that
the governmental unit is not otherwise authorized to issue by a law other than
this amendatory Act of 1995.

(Source: P.A. 89-385, eff. 8-18-95; 89-449, eff. 6-1-96.)