(70 ILCS 3010/3a) (from Ch. 42, par. 319.3a)
Sec. 3a.
Whenever the board of trustees of a sanitary district determines
to improve or extend or to construct or acquire and improve and extend a
sewerage system and to issue bonds, under this Act, for the payment of the
cost thereof, the board of trustees shall adopt an ordinance describing,
in a general way, the contemplated project. It shall not be necessary that
the ordinance refer to plans and specifications nor that there be on file
for public inspection prior to the adoption of such ordinance detailed plans
and specifications of the project.
Whenever a sanitary district has been directed by an order issued under
the "Environmental Protection Act", as now or hereafter amended, to abate
its discharge of untreated or inadequately treated sewage, this fact shall
be set out in the ordinance, unless said order to abate said discharge has
been reversed on appeal.
The ordinance shall set out the estimated cost of the project, determine
the period of usefulness thereof and fix the amount of revenue bonds proposed
to be issued, the maturity or maturities, the interest rate, which shall
not exceed the greater of (i) the maximum rate authorized by the Bond
Authorization Act, as amended at the time of the making of the contract, or
(ii) 8% annually, and all the details in connection with the bonds.
The ordinance may contain such covenants and restrictions upon the issuance
of additional revenue bonds thereafter, which will share equally the revenue
of the sewerage system, as may be deemed necessary or advisable for the
assurance of the payment of the bonds first issued. The board of trustees
may also provide in the ordinance authorizing the issuance of bonds under
this Act that the bonds, or such ones thereof as may be specified, shall,
to the extent and in the manner prescribed be subordinated and be junior
in standing with respect to the payment of principal and interest and the
security thereof, to such other bonds as are designated in the ordinance.
The ordinance shall pledge the revenue derived from the operation of the
sewerage system for the purpose of paying the cost of operation and maintenance
of the system, providing an adequate depreciation fund and paying the principal
and interest on the bonds of the sanitary district issued under this Act.
Every sanitary district is authorized to issue refunding revenue bonds to
refund, pay or discharge all or any part of its outstanding
revenue bonds, including interest thereon, if any, in arrears or about to
become due. The relevant provisions in this Act pertaining to revenue bonds
shall be equally applicable in the authorization and issuance of refunding
revenue bonds, including their terms and security, the bond ordinance, rates,
and other aspects of the bonds.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in accordance with the
Omnibus Bond Acts, regardless of any provision of this Act that may appear
to be or to have been more restrictive than those Acts, (ii) that the
provisions of this Section are not a limitation on the supplementary
authority granted by the Omnibus Bond Acts, and (iii) that instruments
issued under this Section within the supplementary authority granted
by the Omnibus Bond Acts are not invalid because of any provision of
this Act that may appear to be or to have been more restrictive than
those Acts.
(Source: P.A. 86-4.)
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