(65 ILCS 5/8-3-15) (from Ch. 24, par. 8-3-15)
Sec. 8-3-15.
The corporate authorities of each municipality shall have
all powers necessary to enforce the collection of any tax imposed and collected
by such municipality, whether such tax was imposed pursuant to its home
rule powers or statutory authorization, including but not limited to subpoena
power and the power to create and enforce liens. No such lien shall affect
the rights of bona fide purchasers, mortgagees, judgment creditors or other
lienholders who acquire their interests in such property prior to the time
a notice of such lien is placed on record in the office of the recorder or
the registrar of titles of the county in which the property is located.
However, nothing in this Section shall permit a municipality to place a
lien upon property not located or found within its corporate boundaries. A
municipality creating a lien may provide that the procedures for its notice
and enforcement shall be the same as that provided in the Retailers'
Occupation Tax Act, as that Act existed prior to the adoption of the State Tax Lien Registration Act, for State tax liens, and
any recorder or registrar of titles with whom a notice of such lien is
filed shall treat such lien as a State tax lien for recording purposes.
(Source: P.A. 100-22, eff. 1-1-18 .)
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(65 ILCS 5/8-3-16) (from Ch. 24, par. 8-3-16)
Sec. 8-3-16.
The corporate authorities of any municipality may annually
levy, for emergency services and disaster operations as defined in the
Illinois Emergency Management Agency Act, a tax not
to exceed 0.05% of the full fair cash value, as equalized or assessed by
the Department of Revenue, of all of the taxable property in the municipality
for the current year. However, the amount collectible under a levy
shall in no event exceed 25¢ per capita. The annual tax shall be in addition
to the amount authorized to be levied for general corporate purposes.
(Source: P.A. 87-168.)
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(65 ILCS 5/8-3-17) (from Ch. 24, par. 8-3-17)
Sec. 8-3-17.
The corporate authorities of a municipality may not
impose a tax on any tuition or fees received by a public or private
post-secondary educational institution or on any student with respect to
his or her being enrolled in such an institution. This Section is a denial
and limitation under subsection (g) of Section 6 of Article VII of the
Illinois Constitution of the power of a home rule municipality to impose a
tax in violation of this Section.
(Source: P.A. 86-1476.)
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(65 ILCS 5/8-3-18)
Sec. 8-3-18.
A municipality, upon a majority vote of its governing
authority, may abate taxes levied for corporate purposes under Section 8-3-1 in
an
amount not to exceed 50% of the donation by a taxpayer who donates not less
than $10,000 to a qualified program. The abatement shall not exceed the tax
extension on the taxpayer's real property for the levy year in which the
donation is made.
For purposes of this Section, "qualified program" means a facility or a
program in an area designated as a target area by the governing authority
of the municipality for the creation or expansion of job training and
counseling programs, youth day care centers, congregate housing programs
for senior adults, youth recreation programs, alcohol and drug abuse
prevention, mental health counseling programs, domestic violence shelters,
and other programs, facilities or services approved by the governing
authority as qualified programs in a target area.
(Source: P.A. 88-389.)
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(65 ILCS 5/8-3-19)
Sec. 8-3-19. Home rule real estate transfer taxes.
(a) After the effective date of this amendatory Act of the 93rd General
Assembly and subject
to this Section, a home rule
municipality may impose or increase a tax or other fee on the privilege of
transferring title to real estate, on the privilege of transferring a beneficial interest
in real property, and on the
privilege of
transferring a controlling interest in a real estate entity, as the terms
"beneficial interest", "controlling interest", and "real estate entity" are
defined in Article 31 of
the Property Tax Code. Such a tax or other fee shall hereafter be referred to as a
real estate transfer tax.
(b) Before adopting a resolution
to submit the question of imposing or
increasing a real estate transfer tax to referendum,
the corporate authorities shall give public notice of and hold a public
hearing on the intent to
submit the question to referendum. This hearing may be part of a regularly
scheduled meeting of the corporate authorities. The
notice shall be published not more than 30 nor less than 10
days prior to the hearing in a newspaper of general circulation within the
municipality. The notice shall be published in the following form:
Notice of Proposed (Increased) Real Estate Transfer | ||
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A public hearing on a resolution to submit to | ||
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Any person desiring to appear at the public hearing | ||
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(c) A notice that includes any information not specified and required by
this Section is an invalid notice. All hearings shall be open to the
public. At the public hearing, the corporate authorities of the
municipality shall explain the
reasons for the proposed or increased real estate transfer tax and shall permit
persons
desiring to be heard an opportunity to present testimony within reasonable
time limits determined by the corporate authorities. A copy of the proposed
ordinance shall be made
available to the general public for
inspection before the public hearing.
(d) Except as provided in subsection (i), no
home rule municipality shall impose a new real estate transfer tax
after the
effective date of this amendatory Act of 1996 without prior approval by
referendum. Except as provided in subsection (i), no
home rule
municipality shall impose an increase of the rate of a current real estate
transfer tax without prior approval by referendum. A home rule municipality
may impose a new real estate transfer tax or may increase an existing real
estate transfer tax with prior referendum
approval. The referendum shall be
conducted as provided in subsection (e).
An existing ordinance or resolution imposing a real estate transfer tax may
be amended without approval by referendum if the amendment does not increase
the rate of the tax or add transactions on which the tax is imposed.
(e) The home rule municipality shall, by resolution, provide for submission
of the proposition to the voters. The home rule municipality shall certify
the resolution and the proposition to the proper election officials in
accordance with the general election law. If the proposition is to impose
a new real estate transfer tax, it shall be in substantially the following
form: "Shall
(name of municipality) impose a real estate transfer tax at a rate of
(rate) to be paid by the buyer (seller) of the real estate transferred, with
the revenue of the proposed transfer tax to be used for (purpose)?". If
the proposition is to increase an existing real estate transfer tax, it shall
be in
the following form: "Shall (name of municipality) impose a real estate
transfer tax increase of (percent increase) to establish a new
transfer tax rate of (rate) to be paid by the buyer (seller) of the real
estate transferred? The current rate of the real estate transfer tax is
(rate), and the revenue is
used for (purpose). The revenue from the increase is to be used for
(purpose).".
If a majority of the electors voting on the proposition vote in favor of
it, the municipality may impose or increase the municipal real estate transfer
tax or fee.
(f) Nothing in this amendatory Act of 1996 shall limit the purposes for
which real estate transfer tax revenues may be collected or expended.
(g) A home rule municipality may not impose real estate
transfer taxes other than as
authorized by this Section. This Section is a denial and limitation of home
rule powers and functions under subsection (g) of Section 6 of Article VII
of the Illinois Constitution.
(h) Notwithstanding subsection (g) of this Section, any real estate
transfer taxes adopted
by a municipality at any time prior to January 17, 1997 (the effective date of
Public Act 89-701)
and any amendments to any existing real estate transfer tax ordinance adopted
after that date, in accordance with the law in effect at the time of the
adoption of the amendments,
are not preempted by this amendatory
Act of the 93rd General Assembly.
(i) Within 6 months after the effective date of this amendatory Act of the 95th General Assembly, by ordinance adopted without a referendum, a home rule municipality with a population in excess of 1,000,000 may increase the rate of an existing real estate transfer tax by a rate of up to $1.50 for each $500 of value or fraction thereof, or in the alternative may impose a real estate transfer tax at a rate of up to $1.50 for each $500 of value or fraction thereof, which may be on the buyer or seller of real estate, or jointly and severally on both, for the sole purpose of providing financial assistance to the Chicago Transit Authority. All amounts collected under such supplemental tax, after fees for costs of collection, shall be provided to the Chicago Transit Authority pursuant to an intergovernmental agreement as promptly as practicable upon their receipt. Such municipality shall file a copy of any ordinance imposing or increasing such tax with the Illinois Department of Revenue and shall file a report with the Department each month certifying the amount paid to the Chicago Transit Authority in the previous month from the proceeds of such tax.
(Source: P.A. 95-708, eff. 1-18-08.)
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(65 ILCS 5/Art. 8 Div. 4 heading) DIVISION 4.
ISSUANCE OF BONDS
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(65 ILCS 5/8-4-1) (from Ch. 24, par. 8-4-1) Sec. 8-4-1. No bonds shall be issued by the corporate authorities of any municipality until the question of authorizing such bonds has been submitted to the electors of that municipality provided that notice of the bond referendum, if held before July 1, 1999, has been given in accordance with the provisions of Section 12-5 of the Election Code in effect at the time of the bond referendum, at least 10 and not more than 45 days before the date of the election, notwithstanding the time for publication otherwise imposed by Section 12-5, and approved by a majority of the electors voting upon that question. Notices required in connection with the submission of public questions on or after July 1, 1999 shall be as set forth in Section 12-5 of the Election Code. The clerk shall certify the proposition of the corporate authorities to the proper election authority who shall submit the question at an election in accordance with the general election law, subject to the notice provisions set forth in this Section. Notice of any such election shall contain the amount of the bond issue, purpose for which issued, and maximum rate of interest. In addition to all other authority to issue bonds, the Village of Indian Head Park is authorized to issue bonds for the purpose of paying the costs of making roadway improvements in an amount not to exceed the aggregate principal amount of $2,500,000, provided that 60% of the votes cast at the general primary election held on March 18, 2014 are cast in favor of the issuance of the bonds, and the bonds are issued by December 31, 2014. However, without the submission of the question of issuing bonds to the electors, the corporate authorities of any municipality may authorize the issuance of any of the following bonds: (1) Bonds to refund any existing bonded indebtedness; (2) Bonds to fund or refund any existing judgment | ||
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(3) In any municipality of less than 500,000 | ||
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(4) Bonds issued by any municipality under Sections | ||
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(5) Bonds issued by the board of education of any | ||
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(6) Bonds issued by any municipality under the | ||
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(7) Bonds to pay for the purchase of voting machines | ||
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(8) Bonds issued by any municipality under Sections | ||
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(9) Bonds issued by the corporate authorities of any | ||
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(10) Bonds issued under Section 8-4-26 of this | ||
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(11) Bonds issued under the provisions of the Special | ||
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(12) Bonds issued under Section 8-5-16 of this Code; (13) Bonds to finance the cost of the acquisition, | ||
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(14) Bonds issued by any municipality pursuant to | ||
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(15) Bonds issued under Sections 11-74.6-1 through | ||
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(16) Bonds issued under the Innovation Development | ||
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(Source: P.A. 102-587, eff. 1-1-22; 103-605, eff. 7-1-24.) |
(65 ILCS 5/8-4-2) (from Ch. 24, par. 8-4-2)
Sec. 8-4-2.
Such question shall be in substantially the following form:
Shall bonds in the amount of $....... be issued by the city (or YES village or incorporated town as the case may be) of .... for the
purpose of ............ (state purpose), bearing interest at the NO rate of not to exceed ....%?
(Source: P.A. 81-1489 .)
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(65 ILCS 5/8-4-3) (from Ch. 24, par. 8-4-3)
Sec. 8-4-3.
The corporate authorities of any municipality, without
submitting the question to the electors thereof for approval, may authorize
by ordinance the issuance of refunding bonds (1) to refund its bonds prior
to their maturity; (2) to refund its unpaid matured bonds; (3) to refund
matured coupons evidencing interest upon its unpaid bonds; (4) to refund
interest at the coupon rate upon its unpaid matured bonds that has accrued
since the maturity of these bonds; and (5) to refund its bonds which by
their terms are subject to redemption before maturity.
The refunding bonds may be made registerable as to principal and may
bear interest at a rate not to exceed the maximum rate authorized by the
Bond Authorization Act, as amended at the time of the making of the contract,
payable at such time and place as may be provided in the bond ordinance.
The refunding bonds shall remain valid even though one or more of the
officers executing the bonds cease to hold his or their offices before the
bonds are delivered.
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.)
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(65 ILCS 5/8-4-4) (from Ch. 24, par. 8-4-4)
Sec. 8-4-4.
The ordinance authorizing the refunding bonds shall prescribe
all details thereof and shall provide for the levy and collection of a
direct annual tax upon all the taxable property within the municipality
sufficient to pay the principal thereof and interest thereon as it matures.
This tax shall be in addition to and exclusive of the maximum of all other
taxes authorized to be levied by the municipality. Tax limitations
applicable to the municipality provided by this Code or by other Illinois
statutes shall not apply to taxes levied for payment of these refunding
bonds.
A certified copy of the bond ordinance shall be filed with the county
clerk of the county in which the municipality or any portion thereof is
situated, and shall constitute the authority for the extension and
collection of refunding bond and interest taxes as required by the
constitution.
(Source: Laws 1961, p. 576.)
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(65 ILCS 5/8-4-5) (from Ch. 24, par. 8-4-5)
Sec. 8-4-5.
The refunding bonds may be exchanged for the bonds to be
refunded on the basis of dollar for dollar for the par value of the bonds,
interest coupons, and interest not represented by coupons, if any. Instead
of this exchange, the refunding bonds may be sold at not less than their
par value and accrued interest. The proceeds received from their sale shall
be used to pay the bonds, interest coupons, and interest not represented by
coupons, if any. This payment may be made without any prior appropriation
therefor under Section 8-2-1 or 8-2-9.
Bonds and interest coupons which have been received in exchange or paid
shall be cancelled and the obligation for interest, not represented by
coupons, which has been discharged, shall be evidenced by a written
acknowledgment of the exchange or payment thereof.
(Source: Laws 1961, p. 576.)
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(65 ILCS 5/8-4-6) (from Ch. 24, par. 8-4-6)
Sec. 8-4-6.
The refunding bonds shall be of such form and denomination,
payable at such place, bear such date, and be executed by such officials as
may be provided by the corporate authorities of the municipality in the
bond ordinance. They shall mature within not to exceed 20 years from their
date, and may be made callable on any interest payment date at par and
accrued interest after notice has been given at the time and in the manner
provided in the bond ordinance.
If there is no default in payment of the principal of or interest upon
the refunding bonds, and if after setting aside a sum of money equal to the
amount of interest that will accrue on the refunding bonds, and a sum of
money equal to the amount of principal that will become due thereon, within
the next 6 months period, the treasurer and comptroller, if there is a
comptroller, of the municipality shall use the money available from the
proceeds of taxes levied for the payment of the refunding bonds in calling
them for payment, if, by their terms, they are subject to redemption.
However, a municipality may provide in the bond ordinance that, whenever
the municipality is not in default in payment of the principal of or
interest upon the refunding bonds and has set aside the sums of money
provided in this paragraph for interest accruing and principal maturing
within the next 6 months period, the money available from the proceeds of
taxes levied for the payment of refunding bonds shall be used, first, in
the purchase of the refunding bonds at the lowest price obtainable, but not
to exceed their par value and accrued interest, after sealed tenders for
their purchase have been advertised for as may be directed by the corporate
authorities thereof.
Refunding bonds called for payment and paid or purchased under this
section shall be marked paid and cancelled.
(Source: Laws 1961, p. 576.)
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(65 ILCS 5/8-4-7) (from Ch. 24, par. 8-4-7)
Sec. 8-4-7.
Whenever any refunding bonds are purchased or redeemed and
cancelled, as provided in Section 8-4-6, the taxes thereafter to be
extended for payment of the principal of and the interest on the remainder
of the issue shall be reduced in an amount equal to the principal of and
the interest that would have thereafter accrued upon the refunding bonds so
cancelled. A resolution shall be adopted by the corporate authorities of
the municipality finding these facts. A certified copy of this resolution
shall be filed with the county clerk specified in Section 8-4-4. Whereupon
the county clerk shall reduce and extend such tax levies in accordance
therewith.
Whenever refunding bonds are issued, proper reduction of taxes,
theretofore levied for the payment of the bonds refunded and next to be
extended for collection, shall be made by the county clerk upon receipt of
a certificate signed by the treasurer and the comptroller, if there is a
comptroller, of the municipality, showing the bonds refunded and the tax to
be abated.
(Source: Laws 1961, p. 576.)
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(65 ILCS 5/8-4-8) (from Ch. 24, par. 8-4-8)
Sec. 8-4-8.
Money which becomes available from taxes that were levied for
prior years for payment of bonds or interest coupons that were paid or
refunded before these taxes were collected, after payment of all warrants
that may have been issued in anticipation of these taxes, shall be placed
in the sinking fund account provided in this section. It shall be used to
purchase, call for payment, or to pay at maturity refunding bonds and
interest thereon as provided in Sections 8-4-3 through 8-4-9.
Money received from the proceeds of taxes levied for the payment of the
principal of and interest upon refunding bonds shall be deposited in a
special fund of the municipality. It shall be designated as the "Refunding
Bond and Interest Sinking Fund Account of ....." This fund shall be
faithfully applied to the purchase or payment of refunding bonds and the
interest thereon as provided in Sections 8-4-3 through 8-4-9.
If the money in this fund is not immediately necessary for the payment
or redemption of refunding bonds or if refunding bonds can not be purchased
before maturity, then, under the direction of the corporate authorities of
the municipality, the money may be invested by the treasurer and the
comptroller, if there is a comptroller, of the municipality, in bonds or
other interest bearing obligations of the United States or in bonds of the
State of Illinois or in general obligation bonds of the issuing
municipality.
The maturity date of the securities in which this money is invested
shall be prior to the due date of any issue of refunding bonds of the
investing municipality. The corporate authorities may sell these securities
whenever necessary to obtain cash to meet bond and interest payments.
(Source: Laws 1961, p. 576.)
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(65 ILCS 5/8-4-9) (from Ch. 24, par. 8-4-9)
Sec. 8-4-9.
The corporate authorities of a municipality may take any action
that may be necessary to inform the owners of unpaid bonds regarding the
financial condition of the municipality, the necessity of refunding its
unpaid bonds and readjusting the maturities thereof in order that
sufficient taxes may be collected to take care of these bonds, and thus
re-establish the credit of the municipality. The corporate authorities may
enter into any agreement required to prepare and carry out any refunding
plan and, without any previous appropriation therefor under Section 8-2-1
or 8-2-9, may incur and pay expenditures that may be necessary in order to
accomplish the refunding of the bonds of the municipality.
(Source: Laws 1961, p. 576.)
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(65 ILCS 5/8-4-10) (from Ch. 24, par. 8-4-10)
Sec. 8-4-10.
Sections 8-4-3 through 8-4-10 apply to all municipalities,
whether incorporated under a general or a special act, and shall constitute
complete authority for issuing refunding bonds without reference to other
laws, and shall be construed as conferring powers in addition to, but not
as limiting powers granted under other laws or under any other provisions
of this Code.
(Source: Laws 1961, p. 576.)
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(65 ILCS 5/8-4-11) (from Ch. 24, par. 8-4-11)
Sec. 8-4-11.
In every municipality there shall be a sinking fund
commission, composed of the mayor or president, as the case may be, the
chairman of the finance committee, and the comptroller, or if there is no
comptroller, the municipal clerk.
Sections 8-4-11 and 8-4-12 shall not be applicable to the refunding bond
and interest sinking fund account provided for in Section 8-4-8.
(Source: Laws 1961, p. 576.)
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(65 ILCS 5/8-4-12) (from Ch. 24, par. 8-4-12)
Sec. 8-4-12.
Whenever there is a sum in the municipality's sinking fund in
excess of the amount required for the payment of the municipality's bonded
indebtedness maturing in that, or the succeeding, fiscal year, and the
interest due in that period, the sinking fund commission may use this
excess in the purchase of unpaid bonds for the payment of which, at
maturity, the sinking fund was or shall be created, paying therefor no more
than the market price. When such bonds are so purchased, they shall be
cancelled, and thereafter no taxes for the payment of those bonds or the
interest thereon shall be levied. The money in a municipality's sinking
fund may be applied to the payment of such bonds without any further
appropriation by the municipality than is made under this section.
(Source: Laws 1961, p. 576.)
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(65 ILCS 5/8-4-13) (from Ch. 24, par. 8-4-13)
Sec. 8-4-13.
Every municipality incorporated by and operating under a
special charter may borrow money upon the credit of the municipality for
lawful corporate purposes, including the funding and refunding of any
judgment indebtedness heretofore or hereafter incurred, and may issue its
negotiable coupon bonds therefor in such form, of such denomination,
payable at such place and at such time or times, not exceeding 20 years
from their date, as the corporate authorities of the municipality may
prescribe by ordinance.
Every such municipality, prior to or at the time of issuing its bonds
under this section, shall provide for the collection of a direct annual tax
upon all of the taxable property of the municipality, which, in addition to
all other taxes, shall be sufficient to pay the interest on the bonds as it
falls due and also to pay the principal of the bonds within 20 years from
their date.
(Source: Laws 1961, p. 576.)
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(65 ILCS 5/8-4-14) (from Ch. 24, par. 8-4-14)
Sec. 8-4-14.
Without submitting the question to the legal voters thereof
for approval the corporate authorities of any municipality having a
population of less than 500,000 may by ordinance authorize the issue of
refunding revenue bonds, payable solely from the revenues of a
municipally-owned water utility, combined water and sewer utility, sewer
utility, gas utility, swimming pool or airport, to refund the principal or
accrued interest, or both, of its outstanding revenue bonds, revenue
certificates of indebtedness or revenue notes, prior to their maturity, and
the principal and accrued interest of its matured outstanding revenue
bonds, revenue certificates of indebtedness or revenue notes issued under
the provisions of any law of this State, and which by their terms are
payable solely from the revenues of a municipally-owned water utility,
combined water and sewer utility, sewer utility, gas utility, swimming pool
or airport. The refunding revenue bonds may be made registerable as to
principal and bear interest at a rate not to exceed
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, payable at such time or at
such place as may be provided for in the ordinance authorizing the issue
thereof.
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.)
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(65 ILCS 5/8-4-15) (from Ch. 24, par. 8-4-15)
Sec. 8-4-15.
The ordinance authorizing such refunding revenue bonds shall
prescribe all the details thereof and the bonds shall be in such form and
denomination, payable at such places, bear such date and be executed by
such officials as may be provided in the bond ordinance. The ordinance also
shall determine the period of usefulness of the utility. The refunding
revenue bonds shall mature within the determined period of usefulness of
the utility and shall mature, in any event, within not to exceed 40 years
from their date, and may be made callable on any interest payment date at a
price of par and accrued interest, after notice shall be given by
publication or otherwise at any time or times and in the manner as may be
provided for in the bond ordinance.
The ordinance may contain such covenants and restrictions upon the
issuance of additional refunding revenue bonds, or revenue bonds for the
improvement and extension of such utility or facility as may be deemed
necessary or advisable for the assurance of the payment of the refunding
revenue bonds thereby authorized. Such bonds shall be payable solely from
the revenues derived from such municipally-owned utility or facility and
such bonds shall not, in any event, constitute an indebtedness of the
municipality within the meaning of any constitutional or statutory
limitation, and it shall be plainly stated on the face of each bond that it
does not constitute an indebtedness of the municipality within the meaning
of any constitutional or statutory provision or
limitation.
The validity of any refunding revenue bonds shall remain unimpaired,
although one or more of the officials executing the same shall cease to be
such officer or officers before delivery thereof, and such bonds shall have
all the qualities of negotiable instruments under the Law Merchant and
Article 3 of the Uniform Commercial Code.
(Source: P.A. 90-655, eff. 7-30-98.)
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(65 ILCS 5/8-4-16) (from Ch. 24, par. 8-4-16)
Sec. 8-4-16.
If any revenue securities which are refunded are secured by an
indenture of mortgage or deed of trust, such indenture of mortgage or deed
of trust shall be properly released of record.
(Source: Laws 1961, p. 576.)
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(65 ILCS 5/8-4-17) (from Ch. 24, par. 8-4-17)
Sec. 8-4-17.
Whenever refunding revenue bonds are issued under this
Division 4, sufficient revenues received from the operation of the
municipally-owned utility or facility shall be set aside as collected and
be deposited in a separate fund, which shall be used only in paying the
cost of operation and maintenance of the utility or facility, providing an
adequate depreciation fund, and paying the principal of and interest upon
the revenue bonds issued that are payable by their terms only from such
revenues.
(Source: Laws 1961, p. 576.)
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(65 ILCS 5/8-4-18) (from Ch. 24, par. 8-4-18)
Sec. 8-4-18.
Rates charged for service and the use of the utility or
facility shall be sufficient at all times to pay the cost of operation and
maintenance, provide an adequate depreciation fund and pay the principal of
and interest upon all revenue bonds which by their terms are payable solely
from the revenues derived from the operation of the utility or facility.
(Source: Laws 1961, p. 576.)
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(65 ILCS 5/8-4-19) (from Ch. 24, par. 8-4-19)
Sec. 8-4-19.
Any holder of a bond or bonds, or of any of the coupons of any
bond or bonds of a municipality issued under Sections 8-4-14 through
8-4-23, may in any civil action, mandamus, injunction or other proceeding,
enforce and
compel performance of all duties required by this Division 4, including the
maintaining and collecting of sufficient rates for that purpose and the
application of income and revenue thereof.
(Source: P.A. 83-345.)
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(65 ILCS 5/8-4-20) (from Ch. 24, par. 8-4-20)
Sec. 8-4-20.
After the ordinance providing for the issuance of the
refunding revenue bonds has been passed, it shall be published at least
once within 10 days after its passage 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 ordinance shall not become
effective until 10 days after its publication.
(Source: Laws 1961, p. 576.)
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(65 ILCS 5/8-4-21) (from Ch. 24, par. 8-4-21)
Sec. 8-4-21.
Such refunding revenue bonds may be exchanged on a basis of
par for the securities to be refunded, or such bonds may be sold at not
less than their par value and accrued interest and the proceeds received
shall be used to pay the securities which are to be refunded thereby.
(Source: Laws 1961, p. 576.)
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