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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 5/11-92-11
(65 ILCS 5/11-92-11) (from Ch. 24, par. 11-92-11)
Sec. 11-92-11.
The state and all counties, cities, villages, incorporated
towns and other municipal corporations, political subdivisions and public
bodies, and public officers of any thereof, all banks, bankers, trust
companies, savings banks and institutions, building and loan associations,
savings and loan associations, investment companies and other persons
carrying on a banking business, all insurance companies, insurance
associations and other persons carrying on an insurance business, and all
executors, administrators, guardians, trustees and other fiduciaries may
legally invest any sinking funds, moneys or other funds belonging to them
or within their control in any bonds, including refunding bonds, issued
pursuant to this law, it being the purpose of this section to authorize the
investment in such bonds of all sinking, insurance, retirement,
compensation, pension and trust funds, whether owned or controlled by
private or public persons or officers. Nothing contained in this section
may be construed as relieving any person, firm, or corporation from any
duty of exercising reasonable care in selecting securities for purchase or
investment.
(Source: Laws 1961, p. 576.)
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65 ILCS 5/Art. 11 Div. 93
(65 ILCS 5/Art. 11 Div. 93 heading)
DIVISION 93.
POWER TO ACQUIRE PIERS
AND BEACHES
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65 ILCS 5/11-93-1
(65 ILCS 5/11-93-1) (from Ch. 24, par. 11-93-1)
Sec. 11-93-1.
The corporate authorities of each municipality may acquire by
eminent domain private lands bordering upon public or navigable waters,
useful or desirable for bathing beaches and recreation piers.
(Source: Laws 1961, p. 576.)
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65 ILCS 5/Art. 11 Div. 94
(65 ILCS 5/Art. 11 Div. 94 heading)
DIVISION 94.
SWIMMING POOL, ARTIFICIAL ICE SKATING
RINK AND GOLF COURSE REVENUE BONDS
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65 ILCS 5/11-94-1
(65 ILCS 5/11-94-1) (from Ch. 24, par. 11-94-1)
Sec. 11-94-1.
Any municipality with a population of less than 500,000 has the power to
construct or acquire and purchase or improve and operate natatoriums or
swimming pools, indoor or outdoor tennis courts, handball, racquetball or
squash courts, artificial ice skating
rinks and golf courses, or any other recreational facility or any combination
of facilities, borrow money and as evidence thereof to issue its
bonds payable solely from the revenue derived from the operation of the
natatoriums or swimming pools, indoor or outdoor tennis courts, handball,
racquetball or squash courts, artificial
ice skating rinks or golf courses, or any other recreational facility, or
any combination of said facilities,
as the case may be. These bonds may be issued in such amounts as may be
necessary to provide sufficient funds to pay all the cost of the
construction or acquisition and purchase or improvement of the natatoriums
or swimming pools, indoor or outdoor tennis courts, handball, racquetball
or squash courts, artificial ice skating
rinks or golf courses, or any other recreational facility or any combination
of facilities, including
engineering, legal, and other expenses, together with interest on the bonds
to a date 6 months subsequent to the estimated date of completion. In
addition such bonds may be issued for the purpose of paying or refunding
any unpaid obligations which are payable from the revenues of any of said
facilities referred to above or any combination thereof. The bonds are
negotiable instruments and shall be executed by the mayor or president, and
the municipal clerk.
In case an officer whose signature appears on the bonds, or coupons
attached thereto, ceases to hold his office before the delivery of the
bonds, his signature, nevertheless, shall be as valid and sufficient for
all purposes as if he had remained in office until the bonds were
delivered.
A municipality has the power to acquire by purchase, gift, or
condemnation, property necessary or appropriate for the purpose of
exercising the powers granted by this Section.
This amendatory Act of 1973 is not a limit upon any municipality which
is a home rule unit.
This amendatory Act of 1975 is not a limit upon any municipality which
is a home rule unit.
(Source: P.A. 79-437.)
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