(65 ILCS 5/11-94-1) (from Ch. 24, par. 11-94-1)
Sec. 11-94-1.
Any municipality with a population of less than 500,000 has the power to
construct or acquire and purchase or improve and operate natatoriums or
swimming pools, indoor or outdoor tennis courts, handball, racquetball or
squash courts, artificial ice skating
rinks and golf courses, or any other recreational facility or any combination
of facilities, borrow money and as evidence thereof to issue its
bonds payable solely from the revenue derived from the operation of the
natatoriums or swimming pools, indoor or outdoor tennis courts, handball,
racquetball or squash courts, artificial
ice skating rinks or golf courses, or any other recreational facility, or
any combination of said facilities,
as the case may be. These bonds may be issued in such amounts as may be
necessary to provide sufficient funds to pay all the cost of the
construction or acquisition and purchase or improvement of the natatoriums
or swimming pools, indoor or outdoor tennis courts, handball, racquetball
or squash courts, artificial ice skating
rinks or golf courses, or any other recreational facility or any combination
of facilities, including
engineering, legal, and other expenses, together with interest on the bonds
to a date 6 months subsequent to the estimated date of completion. In
addition such bonds may be issued for the purpose of paying or refunding
any unpaid obligations which are payable from the revenues of any of said
facilities referred to above or any combination thereof. The bonds are
negotiable instruments and shall be executed by the mayor or president, and
the municipal clerk.
In case an officer whose signature appears on the bonds, or coupons
attached thereto, ceases to hold his office before the delivery of the
bonds, his signature, nevertheless, shall be as valid and sufficient for
all purposes as if he had remained in office until the bonds were
delivered.
A municipality has the power to acquire by purchase, gift, or
condemnation, property necessary or appropriate for the purpose of
exercising the powers granted by this Section.
This amendatory Act of 1973 is not a limit upon any municipality which
is a home rule unit.
This amendatory Act of 1975 is not a limit upon any municipality which
is a home rule unit.
(Source: P.A. 79-437.)
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