65 ILCS 5/11-74.5-5

(65 ILCS 5/11-74.5-5) (from Ch. 24, par. 11-74.5-5)

Sec. 11-74.5-5.

The exercise of any or all powers granted by this Division
shall be authorized and the bonds shall be authorized to be issued under
this Division for the purposes set forth in this Act, by an ordinance adopted
by the corporate authorities of a municipality which shall take effect
immediately
upon adoption.
Any such ordinance shall set forth a finding and declaration (i) of the
public purpose therefor and (ii) that such ordinance is adopted pursuant
to this Division, which finding and declaration shall be conclusive evidence
of the existence and sufficiency of the public purpose and of the
power to carry out and give effect to such public purposes.

The bonds shall bear interest at such  rate or rates (subject only to the
limitations set forth in paragraph (a) of Section 11-74.5-4 and without
regard to any other law pertaining to interest rate limitations),
may be payable at such time or times, may be in one or more series, may
bear such
date or dates, may mature at such time or times not exceeding 40 years from
their respective dates, may be payable in such medium of payment at such
place or places, may carry such registration privileges, may be subject
to such terms of redemption at such premiums, may be executed in such manner,
may contain such terms, covenants and conditions and may be in such form,
either coupon or registered, as the corporate authorities shall provide.
The bonds may be sold at public or private sale at such price, in such manner
and upon such terms as the corporate authorities may determine.  Pending
the preparation of definitive bonds and in anticipation thereof, interim
notes, in such form and with such provisions as may be authorized by the
corporate authorities, may be issued to the purchaser or purchasers of bonds
sold pursuant to this Division.  The bonds and interim notes shall be deemed
to be securities and negotiable instruments within the meaning and for all
purposes of the Uniform Commercial Code.

(Source: P.A. 90-706, eff. 8-7-98.)