Illinois Compiled Statutes 50 ILCS 455 — Medical Service Facility Revenue Bond Act.

This Act may be cited as the Medical Service Facility Revenue Bond Act

This Act may be cited as the Medical Service Facility Revenue Bond Act. (Source: P.A. 86-1475.)

In this Act, unless a different meaning clearly appears from the context, the following terms shall have the following meanings: (a) "Authority" means any municipality or county in this State

In this Act, unless a different meaning clearly appears from the context, the following terms shall have the following meanings: (a) "Authority" means any municipality or county in this State. (b) "Medical Service Facility" and "facility" means any building set aside for use as a medical or dental office or clinic, inc…

The purpose of this Act is to enable local governmental units to serve the needs of the public more effectively in the communities of this State in which the health and welfare of the people are endangered by the lack of adequate medical service by providing medical service facilities. (Source: P.A. 81-1529.)

An Authority has the power under this Act: (1) To construct, acquire by gift, purchase or lease, to reconstruct, improve, better or extend any facility, whether or not now or hereafter in existence, within or without the boundaries of the authority or partially within and partially without the authority, but in no even…

The exercise of all powers granted by this Act may be authorized, and bonds may be authorized to be issued under this Act for the purposes set forth in this Act, by resolution or ordinance of the governing body of the authority which may be adopted at the same meeting at which it is introduced and shall take effect imm…

Any resolution or ordinance authorizing the issuance of bonds under this Act may contain covenants as to (a) the use and disposition of the revenues and receipts from the facility for which the bonds are to be issued, including the creation and maintenance of reserves; (b) the issuance of other or additional bonds rela…

The bonds shall bear the signatures of such officers of the authority as may be designated in the resolution or ordinance authorizing such bonds and such signatures shall be the valid and binding signatures of the officers of the authority, notwithstanding that before the delivery thereof and payments therefor any or a…

All bonds issued under this Act have a lien upon the revenues and receipts derived from the facility for which the bonds have been issued, and the governing body may provide in the resolution or ordinance authorizing such bonds for the issuance of additional bonds to be equally and ratably secured by a lien upon such r…

All bonds issued under and pursuant to this Act shall be limited obligations of the authority payable solely out of the revenues and receipts derived from the facility with respect to which such bonds are issued. No holder of any bonds issued under this Act has the right to compel any exercise of taxing power of the au…

The authority, or any trustee on behalf of the authority, may invest any funds held by it pursuant to this Act in bonds, notes, certificates of indebtedness, treasury bills or other securities constituting direct obligations of the United States of America; in certificates of deposit or time deposits constituting direc…