70 ILCS 200/205-40
2021 Illinois Compiled Statutes|Chapter 70 - SPECIAL DISTRICTS|70 ILCS 200/ - Civic Center Code.|Article 205 - Peoria Civic Center

Sec. 205-40.         Bonds other than revenue  bonds; election; tax.  The Authority may, with the consent of the City Council expressed by  ordinance, and pursuant to referendum hereinafter provided borrow money  and incur an indebtedness and issue bonds therefor in the amount or  amounts not to exceed in the aggregate 2% of the total value of the  taxable property of the Authority as equalized or assessed by the  Department of Revenue for the purpose of exercising its  powers under this Article, including but not to be limited to the  purpose of  project planning, the purchasing, leasing, condemning or otherwise  acquiring site property, the construction and furnishing of all  buildings and other improvements directed pursuant to this Article  including  all reasonable landscape and site preparation and including interest on  its bonds for the period of construction and not exceeding one year  thereafter; and to issue general obligation 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 bonds  of the Authority, provided that any refunding bonds will not require  consent of the City Council. Such bonds shall be issued in the corporate  name of the Authority and they shall be sealed with the corporate seal  of the Authority and signed by the chairman and the secretary of the  Board, provided that the signature of the chairman may be his facsimile  signature. Coupons on all bonds shall bear the facsimile signatures of  the chairman and the secretary. Bonds may be made registrable as to  principal only on the books of the treasurer but coupons shall remain  transferable by delivery merely notwithstanding any such  registration.  The bonds shall bear interest at a rate or rates of not more than  the maximum rate authorized by the Bond Authorization Act, as amended at the  time of the making of the contract, and shall mature within 40 years from  the date of issuance, and may be made callable on any interest payment date  at par and accrued interest, after notice has been given, at the time and  in the manner and at such premium as may be provided in the bond  resolution. The proceeds of the sale of said bonds shall be received by the  treasurer of the Authority and expended by the Board for the purpose or  purposes provided in the bond resolution.Bonds may be sold upon such terms and in such manner as may be  designated by the Authority provided that no sale shall be made at less  than par and accrued interest and further provided that the principal of  and interest on any such bonds shall be made payable at such bank or  banks as may be designated by the Authority.No bonds, other than revenue bonds issued pursuant to Section 205-35, shall be issued by the Authority until the proposition to issue the same  has been submitted to and approved by a majority of the voters residing in the  City of Peoria voting upon the proposition at an  election in accordance with the general election law.  The Authority may  by resolution order such proposition submitted at a regular election in  accordance with the general election law, whereupon the recording officer  shall certify the resolution and the proposition to the proper election  officials for submission.  Any  proposition to issue bonds as herein set forth shall be in  substantially the following form:    --------------------------------------------------------------Shall bonds of the Peoria Civic Center      YESAuthority to the amount of Dollars ($....) ------------------be issued for the purpose of....?             NO--------------------------------------------------------------If a majority of the votes cast on the proposition are in the  affirmative, the Authority may levy and collect annually a sum  sufficient to pay for the annual principal and interest charges on such  bonds; provided, that such tax levy shall be reduced by a sum equal to  such grants or matching grants as the Authority shall receive, in any  year, for this purpose.Such taxes proposed by the Authority to be levied upon the taxable  property within the City of Peoria shall be levied in the ordinance  providing for the issuance of the bonds. Within 10 days after its  adoption, the ordinance shall be published at least once in a newspaper  published and having a general circulation within the City of Peoria.  After it has been so published, a certified copy of the ordinance shall  be filed with the county clerk and shall constitute the authority for  the county clerk annually to extend and collect the taxes necessary to  pay the principal of and the interest on the bonds so issued.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.)