(65 ILCS 5/11-102-6) (from Ch. 24, par. 11-102-6)
Sec. 11-102-6.
Every municipality specified in Section 11-102-1 may from
time to time issue its bonds in anticipation of its revenue from such an
airport or airports or from any buildings, structures, or facilities
thereof or relating thereto to accomplish any of the purposes of this
Division 102 and to refund such bonds. These bonds may be authorized by
ordinance and may be issued in one or more series, may bear such dates,
mature at such time or times, not exceeding 40 years from their respective
dates, bear interest at such rates, not exceeding the maximum rate
authorized by the Bond Authorization Act, as amended at the time of the
making of the contract, payable semi-annually, be in such denominations, be
in such form, either coupon or registered, be executed in such manner, be
payable in such medium of payment, at such places, be subject to such terms
of redemption, with or without premium, and may be made registrable as to
principal or as to both principal and interest, as the ordinance may
provide. These bonds may be issued without submission
thereof to the electors of the municipality for approval. The bonds shall
have all the qualities of negotiable paper under the law merchant and the
negotiable instruments law. The bonds shall be sold at a price, so that the
interest cost of the proceeds thereof shall not exceed
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract,
payable semi-annually, computed to maturity according to standard tables of
bond values and shall be sold in such manner and at such time as the
corporate authorities of such municipality shall determine. Pending the
preparation or execution of definitive bonds, interim receipts or
certificates or temporary bonds may be delivered to the purchasers or
pledgees of these bonds. These bonds bearing the signatures of officers in
office on the date of the signing thereof shall be valid and binding
obligations notwithstanding that before the delivery thereof and payment
therefor any or all the persons whose signatures appear thereon cease to be
officers. No holder of any bond issued under this section shall ever have
the right to compel any exercise of taxing power of the municipality to pay
the bond or the interest thereon. Each bond issued under this section shall
recite in substance that the bond, including the interest thereon, is
payable from the revenue pledged to the payment thereof and that the bond
does not constitute a debt of the municipality issuing the bond within any
statutory or constitutional limitation.
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.
The amendatory Acts of 1971, 1972 and 1973 are not a limit upon any
municipality which is a home rule unit.
(Source: P.A. 86-4.)
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