65 ILCS 5/ Illinois Municipal Code.

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65 ILCS 5/11-76.2-2

(65 ILCS 5/11-76.2-2) (from Ch. 24, par. 11-76.2-2)

Sec. 11-76.2-2.

Upon action being duly adopted pursuant to Section 11-76.2-1
above, a public hearing shall be held by the corporate authorities at a
time and place to be designated by them upon such proposal, pursuant to
notice of public hearing duly published in a newspaper of general circulation
published in said municipality or if no such newspaper
is so published then in a newspaper published in the county in which said
municipality is wholly or partially situated that has a general circulation
in said municipality.  Said notice shall be so published not less than 15
days nor more than 30 days prior to the date of the hearing; and shall set
forth a legal description of the property or properties to be so exchanged,
as well as the property or properties that the municipality is to receive
through such exchange, and the proposed terms and conditions otherwise of such exchange.

(Source: P.A. 81-858.)

65 ILCS 5/11-76.2-3

(65 ILCS 5/11-76.2-3) (from Ch. 24, par. 11-76.2-3)

Sec. 11-76.2-3.

After the conclusion of said public hearing, the corporate
authorities of the municipality may by a 3/4 vote of the corporate authorities
then holding office authorize the exchange as proposed, or as modified as
they may find desirable after the holding of the hearing.
In case an exchange is so authorized, the authorization shall be by ordinance,
wherein findings shall be made as follows: (1) that the premises to be conveyed
by the municipality under such exchange, in the opinion of the city council
or board of trustees are no longer needed by the municipality for the public
interest; (2) that the premises to be received by the municipality under
such exchange will prove useful to the municipality and will be for the
public interest; and (3) that the total value of the substitutional premises
is approximately equal to or exceeds the value of the premises for which
same are being exchanged, as determined by the corporate authorities, taking
into consideration the long term best interest of the public.

(Source: P.A. 81-858.)

65 ILCS 5/11-76.2-4

(65 ILCS 5/11-76.2-4) (from Ch. 24, par. 11-76.2-4)

Sec. 11-76.2-4.

When the ordinance has been adopted, an exchange agreement
entered into and consideration
secured, as provided under such authorized exchange, the mayor or president,
and the municipal clerk, may convey the real estate to be given by the municipality
under such exchange and transfer same, by proper deed of conveyance, stating
therein the consideration therefor, with the seal of the municipality.

(Source: P.A. 81-858.)

65 ILCS 5/Art. 11 Div. 77

(65 ILCS 5/Art. 11 Div. 77 heading) DIVISION 77.

LEASES WITH STATE AND FEDERAL

GOVERNMENTS

65 ILCS 5/11-77-1

(65 ILCS 5/11-77-1) (from Ch. 24, par. 11-77-1)

Sec. 11-77-1.

The corporate authorities in every municipality, incorporated
under any law of this state, have the power, by ordinance:

(1) To convey, grant, transfer, or sell to the United

States of America, or to any proper agency thereof, any real or personal property owned by the municipality, upon such terms as may be agreed upon by the corporate authorities, or in consideration of a grant or loan of money by the United States of America, or any agency thereof, for the construction, extension, or improvement of any public works project or municipal building;

(2) To lease from the United States of America, or

any proper agency thereof, any real or personal property for use for any municipal purpose, for any period of time not exceeding 50 years, with or without an option to buy the property and with or without a clause to the effect that title to the leased property shall vest in the municipality at the expiration of the lease;

(3) To pay for the use of this leased property in

accordance with the terms of the lease; and

(4) To authorize any municipal official to enter into

such a lease and to sign it on behalf of the municipality, and to execute any deed or other evidence of transfer of title on behalf of the municipality, to effect or evidence any exercise of the powers granted by this section.

Such a lease may be entered into without making a

previous appropriation for the expense thereby incurred, notwithstanding the prohibitions contained in Sections 8-1-6 and 8-1-7. An obligation to pay incurred under such a lease shall not be an indebtedness of the municipality within the meaning of any constitutional or statutory limitation upon municipal indebtedness, but the obligation shall be a current expense of the year in which it is paid.

(Source: Laws 1961, p. 576.)