(55 ILCS 5/Div. 6-7 heading) Division 6-7.
Revenue Bonds - Hospitals
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(55 ILCS 5/6-7001) (from Ch. 34, par. 6-7001)
Sec. 6-7001.
Authorization for counties not home rule counties.
The county Board of any County which is not a home rule unit and
which has established a public hospital is authorized to issue and sell
revenue bonds payable from the revenue derived from the operation of the
hospital for the purpose of (1) constructing, reconstructing, repairing,
remodeling, extending, equipping, improving and acquiring a site or
sites for a hospital building or buildings, or (2) refunding any such
revenue bonds theretofore issued from time to time when deemed necessary
or advantageous in the public interest. These bonds shall be authorized
by an ordinance without submission thereof to the electors of the
county, shall mature at such time not to exceed 40 years from the date
of issue, and bear such rate of interest not to exceed the greater of (i)
the maximum rate authorized by the Bond Authorization Act, as amended at
the time of the making of the contract, or (ii) 9% per annum, payable
annually or semiannually as the County Board may determine, and may be sold
by the County Board in such manner as they deem best in the public
interest. However, such bonds shall be sold at such price that the interest
cost of the proceeds therefrom will not exceed the greater of (i) the
maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, or (ii) 9% per annum based on the
average maturity of such bonds and computed according to standard tables
of bond values.
No member of the County Board, Board of Directors of the public hospital
or its administration shall have any personal economic interest in any
bonds issued in accordance with this Division.
With respect to instruments for the payment of money issued under this
Section or its predecessor either before, on, or after the effective date
of Public Act 86-4, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in accordance with the
Omnibus Bond Acts, regardless of any provision of this Division or "An Act
in relation to the issuance of revenue bonds by certain counties for public
hospitals", approved June 29, 1973, that may appear
to be or to have been more restrictive than those Acts, (ii) that the
provisions of this Section or its predecessor are not a limitation on the
supplementary authority granted by the Omnibus Bond Acts, and (iii) that
instruments issued under this Section or its predecessor within the
supplementary authority granted by the Omnibus Bond Acts are not invalid
because of any provision of this Division or "An Act in relation to the
issuance of revenue bonds by certain counties for public hospitals",
approved June 29, 1973, that may appear to be or to have been more
restrictive than those Acts.
(Source: P.A. 86-962; 86-1028.)
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(55 ILCS 5/6-7002) (from Ch. 34, par. 6-7002)
Sec. 6-7002.
Ordinance.
The County Board of any such county availing
itself of the provisions of Section 6-7001 shall adopt an ordinance describing
in a general way the building or buildings, or addition or extension
thereto, to be constructed, reconstructed, repaired, remodeled, extended,
equipped or improved and the site or sites to be acquired. Such ordinance
shall set out the estimated cost of such construction, reconstruction, repair,
remodeling, extension, equipment, improvement or acquisition and fix the
amount of revenue bonds proposed to be issued, the maturity, interest rate,
and all details in respect thereof and may contain such provisions and
covenants which shall be part of the contract between the county and the
holders of such bonds as may be deemed necessary and advisable as to the
operation, maintenance, and management of the hospital, the establishment
and maintenance of sinking funds, reserve funds, and other special funds,
including construction funds, the fixing and collecting of rents, fees and
charges for the use of the facilities of the hospital sufficient to produce
revenue adequate to maintain such funds and to pay the bonds at maturity
and accruing interest thereon, the issuance thereafter of additional bonds
payable from the revenues derived from the hospital, the kind and amount of
insurance, including use and occupancy insurance, to be carried, the cost
of which shall be payable only from the revenues derived from the hospital,
and such other covenants deemed necessary or desirable to assure the
successful operation and maintenance of the hospital and the prompt payment
of the principal of interest upon the bonds so authorized. Revenue bonds
issued under this Division shall be signed by the Chairman of the County Board
and the County Clerk of the county and shall be payable from revenue
derived from the operation of the public hospital. These bonds shall not in
any event constitute an indebtedness of the county within the meaning of
any constitutional provision or limitation. It shall be plainly written or
printed on the face of each bond that the bond has been issued under the
provisions of this Division, that the bond, including the interest thereon, is
payable from the revenue pledged to the payment thereof, and that it does
not constitute an indebtedness or obligation of the county within the
meaning of any constitutional or statutory limitation or provision. No
holder of any such revenue bond has the right to compel any exercise of the
taxing power of the county to pay such bond or interest thereon.
(Source: P.A. 86-962.)
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(55 ILCS 5/6-7003) (from Ch. 34, par. 6-7003)
Sec. 6-7003.
Redemption of revenue bonds.
Revenue
bonds issued under this Division may be redeemed by the county
issuing them on such terms, at such time, upon such notice and with or
without premium all as may be provided in the ordinance authorizing them.
(Source: P.A. 86-962.)
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