(65 ILCS 5/11-141-2) (from Ch. 24, par. 11-141-2)
Sec. 11-141-2.
Every municipality may construct or acquire, and may improve, extend,
and operate a sewerage system either within or without the corporate limits
thereof. Every municipality also may, when determined by its corporate
authorities to be in the public interest and necessary for the protection
of the public health, enter into and perform contracts, whether long-term
or short-term, with any industrial establishment for the provision and
operation by the municipality of sewerage facilities to abate or reduce the
pollution of waters caused by discharges of industrial wastes by the
industrial establishment and the payment periodically by the industrial
establishment to the municipality of amounts at least sufficient, in the
determination of such corporate authorities, to compensate the municipality
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 municipality may borrow money from the United States Government or
any agency thereof, 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, may issue its
revenue bonds, payable solely from the revenue derived from the operation
of the sewerage system by that municipality. These bonds may be issued with
maturities not exceeding 40 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 6 months
subsequent to the estimated date of completion. These bonds shall bear
interest at a rate of not more than
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, payable semi-annually, may
be made registerable as to principal, and may be made callable on any
interest payment date at a price of par and accrued interest under such
terms and conditions as may be fixed by the ordinance authorizing the
issuance of the bonds. Bonds issued under this Division 141 are negotiable
instruments. They shall be executed by the mayor or president of the
municipality and by the municipal clerk and shall be sealed with the
corporate seal of the municipality. 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 corporate authorities shall determine, except that the selling
price shall be such that the interest cost to the municipality of the
proceeds of the bonds 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 the standard table of bond values.
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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