(70 ILCS 3010/2a) (from Ch. 42, par. 319.2a)
Sec. 2a.
Every sanitary district has the power to construct or acquire,
and to improve, extend, and operate a sewerage system. Any sanitary district
that owns and operates or that may hereafter own and operate a sewerage
system also has the power, when determined by its board of trustees to be
in the public interest and necessary for the protection of the public health,
to enter into and perform contracts, whether long-term or short-term, with
any industrial establishment for the provision and operation by the sanitary
district of sewerage facilities to abate or reduce the pollution of water
caused by discharges of industrial wastes by the industrial establishment
and the payment periodically by the industrial establishment to the sanitary
district of amounts at least sufficient, in the determination of such board
of trustees, to compensate the sanitary district for the cost of providing
(including payment of principal and interest charges, if any), and of operating
and maintaining the sewerage facilities serving such industrial establishment.
Every sanitary district has the power to borrow money from the Reconstruction
Finance Corporation, the Public Works Administration, or from any other
source, for the purpose of improving or extending or for the purpose of
constructing or acquiring and improving and extending a sewerage system
and as evidence thereof, to issue its revenue bonds, payable solely from
the revenue derived from the operation of the sewerage system by that sanitary
district. These bonds may be issued for maturities not exceeding forty
years from the date of the bonds, and in such amounts as may be necessary
to provide sufficient funds to pay all the costs of the improvement or extension
or construction or acquisition and improvement and extension of the sewerage
system, including engineering, legal and other expenses, together with interest,
to a date six months subsequent to the estimated date of completion. These
bonds shall bear interest at a rate not exceeding that permitted by "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 amended, payable semiannually.
Bonds issued under this Act are negotiable
instruments. They shall be executed by the presiding officer and clerk
of the sanitary district and shall be sealed with the sanitary district's
corporate seal.
In case any officer whose signature appears on the bonds or coupons ceases
to hold that office before the bonds are delivered, his signature, nevertheless,
shall be valid and sufficient for all purposes, the same as though he had
remained in office until the bonds were delivered. The bonds shall be sold
in such manner and upon such terms as the board of trustees shall
determine.
(Source: P.A. 83-591.)
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