(65 ILCS 5/11-23-14) (from Ch. 24, par. 11-23-14)
Sec. 11-23-14.
The corporate authorities of any such city availing itself
of the provisions of Section 11-23-13 shall adopt an ordinance describing
in a general way the building or buildings, or addition or extension
thereto, to be constructed, reconstructed, repaired, remodeled, extended,
equipped or improved. Such ordinance shall set out the estimated cost of
such construction, reconstruction, repair, remodeling, extension, equipment
or improvement and fix the amount of revenue bonds proposed to be issued,
the maturity, interest rate, and all details in respect thereof and may
contain such provisions and covenants which shall be part of the contract
between the city and the holders of such bonds as may be deemed necessary
and advisable as to the operation, maintenance, and management of the
hospital, the establishment and maintenance of sinking funds, reserve
funds, and other special funds, including construction funds, the fixing
and collecting of rents, fees and charges for the use of the facilities of
the hospital sufficient to produce revenue adequate to maintain such funds
and to pay the bonds at maturity and accruing interest thereon, the
issuance thereafter of additional bonds payable from the revenues derived
from the hospital, the kind and amount of insurance, including use and
occupancy insurance, to be carried, the cost of which shall be payable only
from the revenues derived from the hospital, and such other covenants
deemed necessary or desirable to assure the successful operation and
maintenance of the hospital and the prompt payment of the principal of and
interest upon the bonds so authorized. Revenue bonds issued under this
Division 23 shall be signed by the president and secretary of the hospital
board and by the mayor and city clerk or commissioner of accounts and
finance of the city and shall be payable from revenue derived from the
operation of the public hospital. These bonds shall not in any event
constitute an indebtedness of the city within the meaning of any
constitutional provision or limitation. It shall be plainly written or
printed on the face of each bond that the bond has been issued under the
provisions of Sections 11-23-13 and 11-23-14, that the bond, including the
interest thereon, is payable from the revenue pledged to the payment
thereof, and that it does not constitute an indebtedness or obligation of
the city within the meaning of any constitutional or statutory limitation
or provision. No holder of any such revenue bond has the right to compel
any exercise of the taxing power of the city to pay such bond or interest
thereon. This ordinance shall be published and shall take effect as
provided in Section 1-2-4.
(Source: Laws 1965, p. 847.)
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