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Illinois Compiled Statutes
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MUNICIPALITIES (65 ILCS 5/) Illinois Municipal Code. 65 ILCS 5/11-94-1.1
(65 ILCS 5/11-94-1.1) (from Ch. 24, par. 11-94-1.1)
Sec. 11-94-1.1.
Whenever there are unpaid obligations previously issued which are
payable solely from the revenue of any existing recreational facility, the
unpaid obligations may be refunded
by the issue and exchange therefor of revenue bonds, to be issued under
this Division, with the consent of the respective holders of the unpaid
obligations. The holders of revenue bonds issued under this Division,
whether (1) for refunding or (2) for construction, acquisition, purchase or
improvement, or both, have the same rights and privileges with respect to
payment and there is no distinction between revenue bonds issued for the
two purposes unless it is specifically provided in the ordinance
authorizing the issuance of bonds that the bonds, or such ones thereof as
may be specified, issued for such construction, acquisition, purchase or
improvement, shall, to the extent and in the manner prescribed, be
subordinated and be junior in standing, with respect to the payment of
principal and interest and the security thereof, to such other bonds
payable from the revenue of the facility or facilities specified in such
ordinance. Whenever any unpaid obligations previously issued which are
payable solely from the revenue or any facility or facilities under this
Division are refunded, the unpaid obligations shall be surrendered and
exchanged for revenue bonds of a total principal amount which shall not be
more but may be less than the principal amount of the obligations exchanged
and the interest thereon to the date of exchange. If any outstanding bonds
issued under the provisions of this Division 94 are to be paid or refunded
the ordinance shall state the means of paying or refunding such bonds.
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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65 ILCS 5/11-94-2
(65 ILCS 5/11-94-2) (from Ch. 24, par. 11-94-2)
Sec. 11-94-2.
Whenever the corporate authorities of a specified
municipality determine to construct or acquire and purchase or improve
natatoriums or swimming pools, indoor or outdoor tennis courts,
handball, racquetball or squash courts, artificial ice skating rinks or
golf courses, or any combination of said facilities and to issue bonds
under this Division 94 to pay the cost or purchase price thereof, the
corporate authorities shall adopt an ordinance describing in a general
way the contemplated project and refer to plans and specifications
therefor when the project is to be constructed. These plans and
specifications shall be filed in the office of the municipal clerk and
shall be open for inspection by the public.
This ordinance shall set out the estimated cost of the project,
determine the period of usefulness thereof, fix the amount of revenue
bonds to be issued, the maturities thereof, the interest rate, which
shall not exceed the greater of (i) the maximum rate authorized by the Bond
Authorization Act, as amended at the time of the making of the contract, or
(ii) 8% annually, payable annually or semi-annually and all
the details in connection with the bonds. However, from the effective
date of this amendatory Act of 1976 through and including June 30, 1977,
such interest rate shall not exceed 9%. The bonds shall mature within
the period of usefulness of the project as determined by the corporate
authorities. The ordinance may also contain such covenants and
restrictions upon the issuance of additional revenue bonds thereafter as
may be deemed necessary or advisable for the assurance of the payment of
the bonds thereby authorized. The ordinance shall also pledge 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 the golf courses, or any other
recreational facility or any combination of facilities as the case may
be, for the purpose of paying maintenance and operation costs, providing
an adequate depreciation fund, and paying the principal and the interest
of the bonds issued under this Division 94. The ordinance may also
pledge the revenue derived from the operation of existing natatoriums or
swimming pools, indoor or outdoor tennis courts, handball, racquetball
or squash courts, artificial ice skating rinks or golf courses, or any
combination of facilities.
Within 30 days after this ordinance has been passed it shall be
published at least once in one or more newspapers published in the
municipality, or, if no newspaper is published therein, then in one or
more newspapers with a general circulation within the municipality. In
municipalities with less than 500 population in which no newspaper is
published, publication may instead be made by posting a notice in 3
prominent places within the municipality.
The publication or posting of the ordinance shall be accompanied by a
notice of (1) the specific number of voters required to sign a petition
requesting the question of constructing or acquiring and purchasing or
improving and operating such recreation facility and the issuance of bonds
to be submitted to the electors; (2) the time in which such petition must
be filed; and (3) the date of the prospective referendum. The municipal
clerk shall provide a petition form to any individual requesting one.
If no petition is filed with the municipal clerk within 30 days after
the publication, or posting of the ordinance, the ordinance shall be in
effect. But if within this 30 day period a petition is so filed, signed
by electors of the municipality numbering 10% or more of the number of
registered voters in the municipality asking that the question of
constructing or acquiring and purchasing or improving and operating such
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, and
the issuance of such bonds be submitted to the electors of the
municipality, the municipal clerk shall certify that question for
submission at an election in accordance with the general election law.
If a majority of the electors voting upon that question
vote in favor of constructing or acquiring and purchasing or improving
and operating 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, and the issuance of the bonds, the ordinances
shall be in effect. But if a majority of the votes cast are against
constructing or acquiring and purchasing or improving and operating 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, and the issuance of the bonds, the ordinance shall not go
into effect.
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.
This amendatory Act of 1975 is not a limit upon any municipality
which is a home rule unit.
(Source: P.A. 86-4; 87-767.)
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65 ILCS 5/11-94-3
(65 ILCS 5/11-94-3) (from Ch. 24, par. 11-94-3)
Sec. 11-94-3.
Bonds issued under this Division 94 shall be 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 facilities, as the
case may be, and shall not in any event constitute an indebtedness of
the municipality within the meaning of any constitutional or statutory
limitation. It shall be plainly stated on the face of each bond that
the bond has been issued under this Division 94 and that it does not
constitute an indebtedness of the municipality within any constitutional
or statutory limitation.
The bonds shall be sold in such manner and upon such terms as the
corporate authorities shall determine. If they are issued to bear
interest at the maximum annual rate authorized in Section 11-94-2, they
shall be sold for not less
than par and accrued interest. If they are issued to bear interest at a
rate of less than the maximum annual rate authorized in Section 11-94-2,
the minimum price at which they may be
sold shall be such that the interest cost to the municipality of the
proceeds of the bonds shall not exceed the maximum annual rate authorized
in Section 11-94-2, computed to
maturity, according to the standard table of bond values.
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. 79-1420.)
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65 ILCS 5/11-94-4
(65 ILCS 5/11-94-4) (from Ch. 24, par. 11-94-4)
Sec. 11-94-4.
Whenever revenue bonds are issued under this Division
94, all 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 facilities, as the
case may be, shall be deposited in a separate fund designated as the
natatorium or swimming pool, indoor or outdoor tennis courts, handball,
racquetball or squash courts, artificial ice skating rink or golf course
or recreational facilities fund of the municipality. This fund shall be
used only in paying the cost of operation and maintenance 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 in providing an adequate depreciation fund,
and in paying the principal of and interest upon the revenue bonds of
the municipality issued under this Division 94.
A depreciation fund is a fund for such replacements as may be
necessary from time to time for the continued effective and efficient
operation of the facility or facilities. Such a fund shall not be
allowed to accumulate beyond a reasonable amount necessary for that
purpose and shall not be used for extensions to the natatoriums or
swimming pools, indoor or outdoor tennis courts, handball, racquetball
or squash courts, artificial ice skating rinks or golf courses.
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. 81-1509.)
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