§ 11-74.2-18

Illinois § 11-74.2-18

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 65: MUNICIPALITIES
• Act 65 ILCS 5/: Illinois Municipal Code.
• Art.: Art 11 prec Div 74.2 - Commercial Blight Areas

Text

The revenue bonds issued pursuant to this Division shall be sold to the highest and best bidder at not less than their par value and accrued interest. The municipality shall, from time to time as bonds are to be sold, advertise for proposals to purchase the bonds. Each such advertisement may be published in such newspapers and journals as the corporate authorities may determine but must be published at least once in a newspaper having a general circulation in the municipality at least 10 days prior to the date of the opening of the bids. The municipality may reserve the right to reject any and all bids and readvertise for bids. Revenue bonds issued solely for the purpose of financing a commercial project may, notwithstanding the foregoing provisions of this Section, be sold at private sale without advertisement at not less than par and accrued interest. The bonds may be issued without submitting any proposition to the electorate by referendum or otherwise. Any bonds issued under this Section as limited bonds as defined in Section 3 of the Local Government Debt Reform Act shall comply with the requirements of the Bond Issue Notification Act.

Legislative History

(Source: P.A. 89-655, eff. 1-1-97.)