70 ILCS 1205/11.1-6
2021 Illinois Compiled Statutes|Chapter 70 - SPECIAL DISTRICTS|70 ILCS 1205/ - Park District Code.|Article 11.1 - Powers (Continued) Operation And Maintenance Of Harbors For Recreational Purposes

 (from Ch. 105, par. 11.1-6)Sec. 11.1-6.         The park district has power to borrow money by issuing its bonds in  anticipation of its revenue from such harbor or from any buildings,  structures or facilities to accomplish any of the purposes of this Article  and to refund such bonds.  Such bonds shall be authorized by ordinance and  may be issued in one or more series, and bear dates of maturity at such  time or times not to exceed 40 years from their respective dates, bear  interest at such rates not exceeding the maximum rate  authorized by the  Bond Authorization Act, as amended at the time of the making of the contract, payable  semi-annually, be in such denominations, be in such form either coupon or  registered, be executed in such manner, be payable in such medium of  payment at such place, be subject to such terms of redemption with or  without premium, and may be registrable as to principal or as to both  principal and interest as the ordinance may provide.The bonds are negotiable instruments.The bonds shall be sold at a price so that the interest cost of the  proceeds thereof shall not exceed the maximum applicable interest rate per  annum, payable semi-annually, computed to maturity according to standard  tables of bond values, and shall be sold in such manner and at such time as  the Park Commissioners shall determine.Pending the preparation or execution of definitive bonds, interim  receipts or certificates or temporary bonds may be delivered to the  purchasers or pledgees of these bonds.  These bonds bearing the signature of  officers in office on the date of the signing thereof shall be valid and  binding obligations notwithstanding that before delivery thereof and  payment therefor any or all of the persons whose signatures appear thereon  cease to be such officers.No holder of any bond issued under this law shall ever have the right to  compel any exercise of taxing power of the park district to pay the bond or  interest thereon.  Each bond issued under this Article is payable solely  from the revenue derived from the operation of the harbor and facilities.  The bond shall not in any event constitute a debt of the park district  within any statutory or constitutional limitations, and this shall be  plainly stated on the face of each bond.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.)