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Illinois Compiled Statutes
Information maintained by the Legislative Reference Bureau Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide. Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.
() 65 ILCS 5/11-74.5-9
(65 ILCS 5/11-74.5-9) (from Ch. 24, par. 11-74.5-9)
Sec. 11-74.5-9.
All bonds issued under this Division shall be limited obligations
of the municipality issuing the same, payable solely from the (i) bond proceeds,
(ii) revenues and receipts derived from the home mortgage loans or from
any notes or other obligations of persons
with respect to which such bonds are issued and secured by a mortgage, pledge,
security interest, insurance agreement or indenture of trust of or with
respect to such home mortgage loans, (iii) certain insurance proceeds which
may relate to the bonds or the home mortgage loans, (iv) participation
fees, or (v) certain reserve funds. No municipality shall have any right
or authority to levy taxes to pay any of the principal of, redemption premium,
if any, or interest on any bonds issued pursuant to this Division or any
judgment against a municipality on account thereof. No holder of any bonds
issued under this Division shall have the right to compel any exercise of
the taxing power of a municipality to pay the bonds, the interest or redemption
premium, if any, thereon, and the bonds shall not constitute an indebtedness
of such municipality, or a loan of the faith and credit thereof, within
the meaning of any constitutional or statutory provision, nor shall the
bonds be construed to create
any moral obligation on the part of such municipality to provide for the
payment of such bonds. It shall be plainly stated on the face of each bond
that it has been issued under the provisions of this Division and that it
does not constitute an indebtedness of the municipality, or a loan of the
faith and credit thereof, within the meaning of any constitutional or statutory
provision. Bonds may be issued pursuant to this Division without regard
to (1) any statutory limitation as to bonded indebtedness and shall not
be included in computing total bonded indebtedness within the meaning of
any statutory limitation, (ii) any requirement of competitive bidding or procedure
for award of contracts applicable by any statute, (iii) any requirement of
publication of ordinance or other documents, or (iv) any requirement of
referendum or petition.
(Source: P.A. 81-580.)
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65 ILCS 5/11-74.5-10
(65 ILCS 5/11-74.5-10) (from Ch. 24, par. 11-74.5-10)
Sec. 11-74.5-10.
Neither the members of the corporate authorities of a
municipality, nor any official or employee thereof, nor any person executing
bonds issued under this Division shall be liable personally for payment
of the bonds or the interest or redemption premium, if any, thereon or be
subject to any personal liability or accountability by reason of the issuance
thereof.
(Source: P.A. 81-580.)
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65 ILCS 5/11-74.5-11
(65 ILCS 5/11-74.5-11) (from Ch. 24, par. 11-74.5-11)
Sec. 11-74.5-11.
One or more municipalities (whether or
not any of them are home rule units) may join together or cooperate with
one another in the exercise, either jointly or otherwise, of any one or
more of the powers conferred upon municipalities under this Division or
other enabling acts or powers. Such joint or cooperative action shall be
taken only in accordance with and pursuant to a written agreement
entered into between or among such cooperating parties.
(Source: P.A. 81-580.)
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65 ILCS 5/11-74.5-12
(65 ILCS 5/11-74.5-12) (from Ch. 24, par. 11-74.5-12)
Sec. 11-74.5-12.
Notwithstanding any other provision of law, bonds issued
pursuant to this Division shall be legal investments for all trust funds,
insurance companies, savings and loan associations, investment companies
and banks, both savings and commercial, and shall be legal investments for
executors, administrators, trustees and all other fiduciaries. Such bonds
shall be legal investments for state school funds and for any funds which
may be invested in county, municipal or school district bonds, and such
bonds shall be deemed to be securities which may properly and legally be
deposited with, and received by, any state or municipal officer or by any
agency or political subdivision of the State for any purpose for which the
deposit of bonds or obligations of the State is now, or may hereafter, be
authorized by law, including deposits to secure public funds.
(Source: P.A. 81-580.)
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65 ILCS 5/11-74.5-13
(65 ILCS 5/11-74.5-13) (from Ch. 24, par. 11-74.5-13)
Sec. 11-74.5-13.
Notwithstanding the provisions of any other Act, a member
of the corporate authorities, or an officer or employee of the municipality,
may be an officer, employee or stockholder of a lending institution or lender
participating in a residential housing finance plan of the corporate authorities
provided such member (if a member of such corporate authorities) declares
such position or interest at a regular meeting of the corporate authorities prior to
passage of an ordinance establishing the plan and abstains from voting on
such ordinance.
(Source: P.A. 81-580.)
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65 ILCS 5/11-74.5-14
(65 ILCS 5/11-74.5-14) (from Ch. 24, par. 11-74.5-14)
Sec. 11-74.5-14.
The powers conferred by this Division are in addition
and supplemental to, and the limitations imposed by this Division shall
not affect, the powers conferred upon municipalities by any other law.
This Division is not a limitation upon the powers of home rule units. Home
mortgage loans may be acquired, purchased and financed, and bonds may be
issued under this Division for such purposes, notwithstanding that any other
law or power may provide for the acquisition, purchase and financing of
like home mortgage loans, or the issuance of bonds for like purposes, and
without regard to the requirements, restrictions, limitations or other provisions
contained in any law, including
any law relating to any requirement of competitive bidding or restriction
imposed on the sale or disposition of property or award of contracts. Nothing
in this Division shall be deemed or construed to prohibit the exercise of
the powers conferred upon municipalities in connection with the financing
of federally assisted housing for persons of low and moderate income.
(Source: P.A. 81-580.)
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