(65 ILCS 5/11-45.1-3) (from Ch. 24, par. 11-45.1-3)
Sec. 11-45.1-3.
The corporate authorities may expend corporate funds for
the purpose of acquiring, maintaining and operating cultural centers,
including but not limited to compensation of employees and payment of
operating expenses. The corporate authorities may issue revenue bonds
pursuant to ordinance adopted for such purpose. Such bonds shall be payable
solely from the revenues to be derived from the operation of the cultural
center. Such bonds shall mature at a time not exceeding 40 years from their
respective dates of issue and shall be in such form, carry such
registration privileges, be executed in such manner, be offered for sale in
such manner, and be payable at such place or places and under such
conditions and terms as may be provided in the ordinance or in any
subsequent ordinance adopted pursuant hereto for the purpose of refunding
or refinancing any bonds issued hereunder. The holder or holders of such
bonds may bring suit to compel the municipality to perform any covenant or
duty created by the ordinance authorizing their issuance. The bonds shall
bear interest at a rate not to exceed the maximum rate authorized by the
Bond Authorization Act, as amended at the time of the making of the contract.
The corporate authorities may receive gifts and donations for the
purpose of acquiring, operating and maintaining a cultural center and may
enter into contractual arrangements with any public body, private
corporation or foundation for the purpose of receiving such grants or
gifts. The corporate authorities may acquire and operate one or more
buildings or one or more sites as cultural centers pursuant to the powers
herein granted.
The foregoing provisions and powers may be administered by such special
commission, board, department, or bureau of the municipality or by any
existing commission, board, department or bureau of the municipality, as
may be provided by ordinance adopted by the corporate authorities.
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.
Any bonds issued under this Section as limited bonds as defined in Section
3
of
the Local Government Debt Reform Act shall comply with the requirements of the
Bond Issue Notification Act.
(Source: P.A. 89-655, eff. 1-1-97.)
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