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65 ILCS 5/Art. 11 Div. 121

(65 ILCS 5/Art. 11 Div. 121 heading) DIVISION 121.

SUBWAY SYSTEM

65 ILCS 5/11-121-1

(65 ILCS 5/11-121-1) (from Ch. 24, par. 11-121-1)

Sec. 11-121-1.

Every municipality may construct or enter into contracts for
the construction of or to otherwise acquire in, under, upon, across, or
along the streets, alleys, and public places of the municipality, and in,
under, and upon any other property owned by the municipality or leased to
it for the purpose, subways for local transportation and other public
utility purposes and for any other municipal purpose. The term "subways" as
used in this Division 121, includes all tunnels, entrances, exits,
passageways, connections, approaches, inclines, elevators, stations, and
other structures, equipment, appliances, or appurtenant property,
appropriate to a system of such subways.

(Source: Laws 1961, p. 576.)

65 ILCS 5/11-121-2

(65 ILCS 5/11-121-2) (from Ch. 24, par. 11-121-2)

Sec. 11-121-2.

Every municipality may acquire in the manner provided for by
any law of eminent domain of this state, any real or personal property
necessary or convenient for the purpose of constructing and operating
subways, as provided in Section 11-121-1.

(Source: Laws 1961, p. 576.)

65 ILCS 5/11-121-3

(65 ILCS 5/11-121-3) (from Ch. 24, par. 11-121-3)

Sec. 11-121-3.

The cost of constructing or otherwise acquiring such
subways, or the property necessary or appropriate for the operation
thereof, or such part of that cost as may be just and reasonable, may be
levied in any municipality upon and collected from the property specially
benefited thereby, if any, in the manner provided by Article 9.

(Source: Laws 1961, p. 576.)

65 ILCS 5/11-121-4

(65 ILCS 5/11-121-4) (from Ch. 24, par. 11-121-4)

Sec. 11-121-4.

In order to defray the cost of such subways, or such
portion of the cost as may not be raised by special assessment, the
municipality may borrow money and issue its bonds or other obligations
therefor. Also it may use the available funds belonging to the
municipality, including the special funds accumulated from money received
by the municipality from street railroad companies and from the operation
of local transportation facilities within such municipality, including but
not limited to the operation of all subways owned by such municipality, and
accretions of interest thereon and principal thereof.

Furthermore, the municipality may borrow money for the purpose of paying
the cost of constructing such subways and of extending or improving such
subways and of any property and equipment useful therefor. To evidence the
obligation of the municipality to repay any money borrowed as aforesaid,
the municipality may, pursuant to ordinance adopted by the corporate
authorities, from time to time, issue and dispose of its interest bearing
revenue bonds or certificates and may also, from time to time, issue and
dispose of its interest bearing revenue bonds or certificates to refund any
revenue bonds or certificates at maturity or pursuant to redemption
provisions or at any time before maturity with the consent of the holders
thereof. All such revenue bonds and certificates shall be payable solely
from the revenues or income to be derived by the municipality from the
operation of local transportation facilities within such municipality,
including but not limited to the operation of all subways owned by such
municipality, it being intended that the revenues or income from any or all
of such local transportation operations may be pledged for the payment of
any such revenue bonds and certificates.

The money to be received by such municipality as reimbursement for the
initial depreciated cost of furnishing and installing transportation
equipment in such subways as defined and required to be paid by the grantee
in any ordinance granting the right to operate transportation facilities in
such municipality may also be pledged for the payment of any such revenue
bonds or certificates and where the amount of such payments to be paid
monthly has been agreed upon by such municipality and such grantee prior to
the issuance of such bonds or certificates, the amount of such monthly
payments so pledged shall not be reduced until all such bonds or
certificates shall have been paid.

These bonds and certificates may bear such date or dates, may mature at
such time or times not exceeding 40 years from their respective dates, and
bear interest at such rate or rates, not exceeding
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, payable
semiannually, may be in such form, and carry such registration privileges,
may be executed in such manner, may be payable in such place or places, may
be made subject to redemption in such manner and upon such terms with or
without premium as is stated on the face thereof, may be authenticated in
such manner and may contain such terms and covenants all as may be provided
in such ordinance. Notwithstanding the form or tenor thereof and in the
absence of an express recital on the face thereof that it is
non-negotiable, all such revenue bonds and certificates shall be negotiable
instruments. Pending the preparation and execution of any such revenue
bonds or certificates, temporary bonds or certificates may be issued with
or without interest coupons as may be provided by ordinance.

These revenue bonds or certificates may be issued without submission
thereof to the electors of the municipality for approval.

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.)