(65 ILCS 5/11-103-11) (from Ch. 24, par. 11-103-11)
Sec. 11-103-11.
The corporate authorities of every municipality which
acquires or constructs an airport or landing field as provided in Section
11-103-1 may issue the municipality's negotiable bonds for the purpose of
purchasing any existing claims or liens against the fee of the property on
which the airport or landing field is located. These bonds shall be issued
for such denominations, maturable at such time, bearing such rate of
interest, not in excess of the maximum rate authorized by the Bond
Authorization Act, as amended at the time of the making of the contract,
and payable at such place as the corporate authorities may determine.
All bonds issued under this section shall be secured by the airport or
landing field property and shall be payable solely from this property or
the revenue derived from the operation or leasing of the airport, landing
field, and facilities, or appurtenances thereof. These bonds shall not, in
any event, constitute an indebtedness of the municipality within the
meaning of any constitutional or statutory limitation. Each bond shall
plainly state on its face that it has been issued under the provisions of
this section and that it does not constitute an indebtedness of the
municipality within any constitutional or statutory 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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