55 ILCS 5/5-11002
2021 Illinois Compiled Statutes|Chapter 55 - COUNTIES|55 ILCS 5/ - Counties Code.|Article 5 - Powers And Duties Of County Boards

 (from Ch. 34, par. 5-11002)Sec. 5-11002.     Bonds.     All bonds issued under authority of this  Division 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, and may be sold by the county board in such  manner as they 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 the operation of any or all of its  parking facilities and shall be secured by a pledge of the revenues of any  or all of its parking facilities.Such bonds when issued shall have all 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. To secure the payment of any or all of such bonds  and for the purpose of setting forth the covenants and undertakings of the  county in connection with the issuance of any additional bonds, as well as  the use and application of the revenue and income to be derived from the  said facilities, the county board may execute and deliver a trust agreement  and agreements. Such bonds shall be executed by such officers as the county  board shall designate in the said 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 such bond shall state upon its face that it is payable solely and  only from the proceeds derived from the operation of the parking facility  or facilities and shall state upon its face that it does not constitute an  obligation of the county within the meaning of any constitutional or  statutory limitation or provision.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 construction, operation and maintenance of parking  facilities for motor vehicles by counties", approved July 13, 1955, 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  construction, operation and maintenance of parking facilities for motor  vehicles by counties", approved July 13, 1955, that may appear to be or to  have been more restrictive than those Acts.    (Source: P.A. 86-962; 86-1028.)