(65 ILCS 5/8-4-14) (from Ch. 24, par. 8-4-14)
Sec. 8-4-14.
Without submitting the question to the legal voters thereof
for approval the corporate authorities of any municipality having a
population of less than 500,000 may by ordinance authorize the issue of
refunding revenue bonds, payable solely from the revenues of a
municipally-owned water utility, combined water and sewer utility, sewer
utility, gas utility, swimming pool or airport, to refund the principal or
accrued interest, or both, of its outstanding revenue bonds, revenue
certificates of indebtedness or revenue notes, prior to their maturity, and
the principal and accrued interest of its matured outstanding revenue
bonds, revenue certificates of indebtedness or revenue notes issued under
the provisions of any law of this State, and which by their terms are
payable solely from the revenues of a municipally-owned water utility,
combined water and sewer utility, sewer utility, gas utility, swimming pool
or airport. The refunding revenue bonds may be made registerable as to
principal and 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, payable at such time or at
such place as may be provided for in the ordinance authorizing the issue
thereof.
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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