70 ILCS 200/255-45
2021 Illinois Compiled Statutes|Chapter 70 - SPECIAL DISTRICTS|70 ILCS 200/ - Civic Center Code.|Article 255 - Springfield Metropolitan Exposition And Auditorium Authority

Sec. 255-45.         Borrowing; general obligation and revenue bonds; backdoor  referendum.  The Authority may borrow money for the purpose of carrying out  its duties and exercising its powers under this Article, and issue its general  obligation and revenue bonds as evidence of the indebtedness incurred.  In addition to other purposes, such bonds may be issued for the purpose  of refunding outstanding general obligation or revenue bonds of the  Authority.  Such general obligation and revenue bonds shall be in the  form, shall mature at the time (no later than 40 years from the date of  issuance), shall bear interest at the rates (not to exceed  the maximum rate authorized by the Bond Authorization Act, as amended at the  time of the making of the contract), shall be executed by the officers  and shall be sold in the manner as the Board shall determine; except that  if issued to bear interest at the maximum rate authorized by the Bond  Authorization Act, as amended at the time of the making of the contract,  the bonds shall be sold for not less than par and accrued interest, and  that the selling prices of bonds bearing interest at a rate of less than  the maximum rate authorized by the Bond Authorization Act, as amended at the  time of the making of the contract, shall be such that the interest cost to  the Authority of the money received from the sale of the bonds shall not exceed  the maximum rate authorized by the Bond Authorization Act, as amended at the  time of the making of the contract, computed to absolute maturity  of the bonds in accordance with standard tables of bond values.  In case  any officer whose signature appears on any bond ceases, after affixing  his signature, to hold office, his signature shall nevertheless be valid  and effective for all purposes.Before any such bonds (for which a  referendum is not required by Section 255-50) may be  authorized to be issued, the Board shall by ordinance propose the  issuance of the bonds.  This ordinance shall set forth the total  principal amount of bonds proposed to be issued and shall in a general  way describe the purpose for which the bonds are to be issued.  After  this ordinance has been passed by the Board it shall within 10 days be  published once in a newspaper published and having a general circulation  within the metropolitan area.  The publication of the ordinance shall include  a notice of (1) the specific number of voters required to sign a petition  requesting that the question of the adoption of the ordinance be submitted  to the electors of the metropolitan area; (2) the time in which the petition  must be filed; and (3) the date of the prospective referendum.  The Secretary  of the Board shall provide a petition form to any individual requesting one.If within 30 days after the publication of the ordinance proposing  the issuance of bonds for which a referendum is not required by Section  255-50, a petition signed by  registered voters of the metropolitan area equal to 10% or more of the  registered voters in the metropolitan area, is filed with the Secretary  of the Board asking for a referendum on the proposition to issue the  bonds, the Board shall certify the proposition, in the form provided by  Section 255-50, to the proper election officials in accordance with the  general election law. If no such petition or no valid petition is filed  within 30 days after the  publication of the ordinance, it shall then be in effect.  If such a  petition is so filed the ordinance proposing the issuance of the bonds  shall not be in effect and the bonds proposed by the ordinance shall not  be issued until the proposition has been approved by a majority of the  voters of the metropolitan area voting on the proposition.When the ordinance proposing the issuance of the bonds is in effect,  the Board may by ordinance authorize the issuance of such bonds setting  forth the maturity schedule, interest rate, form and other details of  the bonds and their issuance.  A copy of the ordinance so authorizing the  issuance of the bonds certified by the secretary shall be filed in the  office of the county clerk.With respect to instruments for the payment of money issued under this  Section 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 Article 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 Article that may appear to be or to have been more restrictive  than those Acts.    (Source: P.A. 90-328, eff. 1-1-98; 90-655, eff. 7-30-98.)