60 ILCS 1/35-50.2
2021 Illinois Compiled Statutes|Chapter 60 - TOWNSHIPS|60 ILCS 1/ - Township Code.|Article 35 - Special Township Meetings

Sec. 35-50.2.       Construction of senior citizens' housing; revenue bonds.(a) For the purpose of defraying the cost of the construction, purchase,  improvement, extension, or equipping from time to time of senior citizens'  housing, including feasibility, engineering, legal, and other expenses,  together with interest on its revenue bonds, to the fullest extent  permitted by the provisions of Section 9 of the Local Government Debt  Reform Act, the township board, when authorized by a majority of the  votes cast on the proposition submitted in accordance with the general  election law under Section 35-50.3, may issue and sell revenue  bonds of the township payable solely from the net income and revenue  derived from the operation of the senior citizens' housing, after payment  of the costs of operation and maintenance of the senior citizens' housing  and provision for an adequate depreciation fund (if a depreciation fund is  deemed necessary by the township board).  The township board  may also from time to time issue revenue bonds to refund any such revenue  bonds, at the redemption price authorized, at maturity or at any time  before maturity, all as authorized in the ordinance of the township board  authorizing the refunded bonds.  The bonds shall bear interest at  a rate or rates not to exceed the maximum rate authorized by the Bond  Authorization Act, as amended at the time of the making of the contract for the  sale of the bonds, the interest shall be payable semi-annually, and the bonds  shall mature within the period of usefulness of the project involved, as  determined in the sole discretion of the township board and in any event not  more than 40 years from the dated date of the bonds.(b) The bonds shall be sold in the manner determined by the township board  and, whenever the bonds are sold at a price less than par, they  shall be sold at a price and bear interest at a rate or rates such  that either the true interest cost (yield) or the net interest rate, as  selected by the township board, received on the sale of the bonds,  does not exceed the maximum rate otherwise authorized by the Bond  Authorization Act.  If any officer whose signature appears on the bonds or  coupons attached to the bonds ceases to be an officer before the delivery  of the bonds to the purchaser, his or her signature shall nevertheless be  valid and sufficient for all purposes to the same effect as if he or she  had remained in office until the delivery of the bonds.(c) Notwithstanding the form or tenor of the bonds, and in the absence  of expressed recitals on the face of the bonds that the bonds are  non-negotiable, all bonds issued under this Section shall have all the  qualities of negotiable instruments under the law of this State.(d) With respect to instruments for the payment of money issued under  Sections 35-50.1 through 35-50.6, including, without limitation, revenue bonds  of a township, it is the intention of the General Assembly (i) that the Omnibus  Bond Acts are supplementary grants of power to issue those instruments in  accordance with the Omnibus Bond Acts, regardless of any provision of Sections  35-50.1 through 35-50.6 that may appear to be more restrictive than those  Acts, (ii) that the provisions of Sections 35-50.1 through 35-50.6 are not a  limitation on the supplementary authority granted by the Omnibus Bond Acts, and  (iii) that instruments issued under Sections 35-50.1 through 35-50.6 within the  supplementary authority granted by the Omnibus Bond Acts are not invalid  because of any provision of Sections 35-50.1 through 35-50.6 that may appear to  be more restrictive than those Acts.(e) Revenue bonds issued under Sections 35-50.1 through 35-50.6 shall be  payable solely from the net revenue derived from the operation of the senior  citizens' housing on account of which the revenue bonds are issued.  The  revenue bonds shall not in any event constitute an indebtedness of the township  within the meaning of any constitutional or statutory limitation, and it shall  be so stated on the face of each bond.(f) Not less than 30 days before the making of a contract for the sale  of bonds to be issued under Sections 35-50.1 through 35-50.6, the township  board shall give written notice to the Executive Director of the Illinois  Housing Development Authority.  Within 30 days after receiving the notice the  Executive Director of the Illinois Housing Development Authority shall give  written notice to the township board stating whether it will finance the senior  citizens' housing.  If the Illinois Housing Development Authority notifies  the township board that it will not finance the senior citizens' housing, the  township may finance the senior citizens' housing or seek alternative financing  from any other available source.       (Source: P.A. 95-331, eff. 8-21-07.)