(50 ILCS 450/1) (from Ch. 85, par. 921) Sec. 1. This Act shall be known and may be cited as the "Medical Service Facility Act". (Source: P.A. 76-660.)

(50 ILCS 450/2) (from Ch. 85, par. 922) Sec. 2. As used in this Act, unless the context otherwise requires, the terms specified in Sections 2.1 through 2.3 have the meanings ascribed to them in those Sections. (Source: P.A. 76-660.)

(50 ILCS 450/2.1) (from Ch. 85, par. 922.1) Sec. 2.1. "Corporate authority" means the county board of a county, the city council of a city, or the board of trustees of a village or incorporated town. (Source: P.A. 86-1028.)

(50 ILCS 450/2.2) (from Ch. 85, par. 922.2) Sec. 2.2. "Medical service facility" means any building set aside for use as a medical or dental office or clinic, including the land appurtenant thereto and furnishings and equipment useful for its function. (Source: P.A. 76-660.)

(50 ILCS 450/2.3) (from Ch. 85, par. 922.3) Sec. 2.3. "Doctor" means a person licensed to practice medicine in all of its branches or dentistry in this State. (Source: P.A. 76-660.)

(50 ILCS 450/3) (from Ch. 85, par. 923) Sec. 3. The purpose of this Act is to enable local governmental units to serve the needs of the public more effectively in the several 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 for lease in order to make settlement in the community more attractive to doctors. (Source: P.A. 76-660.)

(50 ILCS 450/4) (from Ch. 85, par. 924) Sec. 4. The corporate authority of any county having less than 200,000 inhabitants or of any municipality may by resolution: (1) provide for the acquisition, construction and equipping of a medical service facility within the county or municipality, as the case may be, to be leased to one or more doctors; (2) provide for the incurrence of an indebtedness for that purpose; (3) provide for the issuance of general obligation bonds as security for that debt; and (4) levy a tax, in addition to all other taxes, for the purpose of amortizing such bonds and specify a maximum rate at which such tax may be extended in relation to the value of all taxable property in the county or municipality, as the case may be, as equalized or assessed by the Department of Revenue. However, no resolution providing for the issuance of bonds or the levy of taxes authorized by this Act shall be effective until it has been submitted to a referendum of the electors of the acting county or municipality in accordance with the general election law. The question in such referendum shall specify the maximum rate at which the proposed tax may be extended. If a majority of those voting upon the proposition at such referendum vote in favor of issuing such bonds and levying such taxes, then the resolution shall immediately become effective. (Source: P.A. 81-1489; 81-1509.)

(50 ILCS 450/5) (from Ch. 85, par. 925) Sec. 5. The resolution authorizing the issuance of such bonds shall specify the total amount of bonds to be issued, the form and denomination of the bonds, the date they are to bear, the place where they are payable, the date or dates of maturity, which shall not be more than 20 years after the date the bonds bear, the rate of interest which shall not exceed the rate permitted in "An Act to authorize public corporations to issue bonds, other evidences of indebtedness and tax anticipation warrants subject to interest rate limitations set forth therein", approved May 26, 1970, as now or hereafter amended and the dates on which interest is payable. The tax authorized to be levied and collected under this Act shall be extended annually against all the taxable property within the county or municipality, as the case may be, at such a rate that the proceeds of the tax, when combined with the rental income derived from the medical service facility, will be sufficient to pay the principal of the bonds at maturity and to pay the interest thereon as it falls due. (Source: P.A. 82-902.)

(50 ILCS 450/6) (from Ch. 85, par. 926) Sec. 6. The bonds shall be executed by such officials as may be provided in the resolution authorizing the issue. They may be made registerable as to principal and may be made callable on any interest payment date at par and accrued interest after notice has been given at the time and in the manner provided in the resolution. The bonds shall remain valid even though one or more of the officers executing the bonds ceases to hold office before the bonds are delivered. (Source: P.A. 76-660.)

(50 ILCS 450/7) (from Ch. 85, par. 927) Sec. 7. The resolution may provide for the creation of a sinking fund to consist of the proceeds of the taxes levied under this Act and the rental income derived from the medical service facility. This fund shall be faithfully applied to the purchase or payment of bonds issued under this Act and the interest thereon. (Source: P.A. 76-660.)

(50 ILCS 450/8) (from Ch. 85, par. 928) Sec. 8. The bonds shall be sold to the highest and best bidder at not less than their par value and accrued interest. The corporate authority shall advertise for proposals to purchase the bonds. Such advertisement shall be published at least once in a newspaper having circulation within the county or municipality, as the case may be, at least 10 days before the date for opening the bids. The corporate authority may reserve the right to reject any and all bids and to readvertise for bids. (Source: P.A. 76-660.)

(50 ILCS 450/9) (from Ch. 85, par. 929) Sec. 9. The corporate authority may lease or rent the medical service facility on terms that may be fixed and revised from time to time with consideration being given both to the need for revenue to reduce the tax rate required for the amortization of the bonds and to the overall purpose of providing better medical service for the community. (Source: P.A. 76-660.)

(50 ILCS 450/10) (from Ch. 85, par. 930) Sec. 10. The corporate authority may mortgage the medical service facility in favor of the holders of bonds issued under this Act. Property acquired under this Act is exempt from taxation. (Source: P.A. 76-660.)