65 ILCS 5/11-12.1-2
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (from Ch. 24, par. 11-12.1-2)Sec. 11-12.1-2.         All bonds issued under the authority of this Division  12.1 shall bear interest at not more than the maximum rate authorized by  the Bond Authorization Act, as amended at the time of the making of the  contract, payable semi-annually, and may be sold by the corporate  authorities in such manner as they may deem best in the public interest;  provided, however, such bonds shall be sold at such price that the interest  cost of the proceeds therefrom will not exceed the maximum rate authorized  by the Bond Authorization Act, as amended at the time of the making of the  contract, based on the average maturity of such bonds and computed  according to standard tables of bond values. Such bonds shall be payable  solely and only from the revenues to be derived from loans of the proceeds  thereof, as hereinafter provided, to owners of property within any area  affected by a Conservation Plan approved by the municipality pursuant to  the "Urban Community Conservation Act", as amended, or the "Urban Renewal  Consolidation Act of 1961", as amended, and shall be secured by a pledge of  such loans and all security appertaining thereto.Such bonds, when issued, shall have all of the qualities of negotiable  instruments under the Law Merchant and the Uniform Commercial Code. Such  bonds may bear such date, or dates, and may mature at such time, or times,  not exceeding 30 years from their date or dates, and may be in such form,  carry such registration privilege, may be payable at such place or places,  may be subject to such terms of redemption, prior to maturity, with or  without premium, as so stated on the face of the bond, and contain such  terms and covenants, all as may be provided by ordinance authorizing the  issuance of such bonds. Such bonds shall be executed by such officers as  the corporate authorities shall designate in the ordinance. Any bonds  bearing the signatures of officers in office at the date of signing thereof  shall be valid and binding for all purposes, notwithstanding that before  delivery thereof any or all such persons whose signatures appear thereon  shall cease to be such officers.Each bond shall state upon its face that it is payable solely and only  from the revenues to be derived from purchased loans of the proceeds  thereof to the owners of property within any area affected by a  Conservation Plan approved by the municipality pursuant to the "Urban  Community Conservation Act", as amended, or the "Urban Renewal Consolidation  Act of 1961", as amended, and shall state upon its face that it  does not constitute an obligation of the city, village or incorporated town  within the meaning of any constitutional or statutory limitation or  provision.The amendatory Acts of 1971, 1972 and 1973 are not a limit upon any  municipality which is a home rule unit.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.)