70 ILCS 1205/9-2a
2021 Illinois Compiled Statutes|Chapter 70 - SPECIAL DISTRICTS|70 ILCS 1205/ - Park District Code.|Article 9 - Powers (Continued) Swimming Pools--Airport Grants--Airports

 (from Ch. 105, par. 9-2a)Sec. 9-2a.         Whenever any park district determines to acquire real estate  for the purposes of Section 9-2, it may borrow money, and as evidence thereof  issue its bonds payable solely from revenue other than the taxes specified  in Section 9-2b. These bonds may be issued, as provided in this Section,  in such amounts as may be necessary to provide sufficient amounts to pay  all the costs of construction or expansion of the airport and landing field,  including the engineering, legal, and other expenses,  together with interest on the bonds to a date 6 months subsequent to the  estimated date of completion and initial funding of required bond reserve  funds. The bonds are negotiable instruments and shall be executed by the  president and secretary of the district and countersigned by the treasurer  of the district.Whenever any park district determines to establish or expand for said district  an airport and landing field for aircraft as provided in Section  9-2 of this Code, and to issue revenue bonds under this Section 9-2a to  pay the cost thereof, its board shall adopt an ordinance describing in a  general way the contemplated project and refer to plans and specifications  therefor. These plans and specifications shall be filed in the office of  the secretary of the district and shall be open for inspection by the public.This ordinance shall set out the estimated cost of the project, determine  the period of usefulness thereof, fix the amount of revenue bonds to be  issued, the maturities thereof, the interest rate, which shall 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) 8% per annum payable annually  or semi-annually,  and all the  details in connection  with the bonds.  The bonds shall mature within the period of usefulness  of the project as determined by the board.  The ordinance may also contain  such covenants and restrictions upon the issuance of additional revenue  bonds thereafter as may be deemed necessary or advisable for the assurance  of the payment of the bonds thereby authorized.  The ordinance shall also  pledge the revenue derived from the operation of the airport and landing  field, for the purpose of paying maintenance and operation costs, providing  an adequate depreciation fund, and paying the principal and interest of  the bonds issued hereunder.With respect to instruments for the payment of money issued under this  Section either before, on, or after the effective date of this amendatory  Act of 1989, 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 Act that may appear  to be or to have been more restrictive than those Acts, (ii) that the  provisions of this Section are not a limitation on the supplementary  authority granted by the Omnibus Bond Acts, and (iii) that instruments  issued under this Section within the supplementary authority granted  by the Omnibus Bond Acts are not invalid because of any provision of  this Act that may appear to be or to have been more restrictive than  those Acts.    (Source: P.A. 86-4.)