(605 ILCS 5/10-704) (from Ch. 121, par. 10-704)
Sec. 10-704.
An ordinance authorizing bonds under this Division of this
Article may contain provisions, which shall be part of the contract with
the holders of the bonds, as to (1) the dates, maturities, denominations,
rate of interest, places, and medium of payment of the bonds and other
details in connection with the bonds or their issuance, (2) the rates of
tolls and other charges to be charged by the municipality for transit over
or use of the bridge, and their segregation and application, (3) the
registration of the bonds as to principal only or as to both principal and
interest, and the interchangeability and exchangeability of the bonds, (4)
the redemption of the bonds, and the price at which they are redeemable,
(5) the setting aside of reserves or sinking funds and the regulation and
disposition thereof, (6) limitations upon the issuance of additional bonds
payable from the revenue of the bridge or upon the rights of the holders of
these additional bonds, and (7) other agreements with the holders of the
bonds or covenants or restrictions necessary or desirable to safeguard the
interests of these holders.
After the passage of an ordinance providing for the issuance of revenue
bonds under this Division of this Article, the ordinance shall be published
in the same manner and form as is required for other ordinances of the
municipality. The ordinance shall become effective 10 days after
publication, or, if approval of the plans and specifications by the
Department is subsequent thereto, upon the date of such approval.
(Source: Laws 1959, p. 196.)
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