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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.
MUNICIPALITIES (65 ILCS 5/) Illinois Municipal Code. 65 ILCS 5/8-4.1-6
(65 ILCS 5/8-4.1-6) (from Ch. 24, par. 8-4.1-6)
Sec. 8-4.1-6.
The corporate authorities are
authorized and may covenant and contract with the holders of Revenue Bonds
to levy, charge and collect moneys pledged as security for the payment of
Revenue Bonds in amounts sufficient to provide for the prompt payment of
the principal of and interest on such Bonds, and to provide an additional
amount of money, as debt service coverage, computed as a percentage of the
amount of principal and interest scheduled to be payable in any given year.
(Source: P.A. 85-158.)
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65 ILCS 5/8-4.1-7
(65 ILCS 5/8-4.1-7) (from Ch. 24, par. 8-4.1-7)
Sec. 8-4.1-7.
The proceeds of Bonds may be used
to provide for the payment of interest upon such Bonds for a period not to
exceed the greater of 2 years or a period ending 6 months after the
estimated date of completion of the acquisition and construction of the
project or accomplishment of the purpose for which such Bonds are issued.
In addition it shall be lawful for the corporate authorities of any
municipality issuing Bonds to appropriate money for the purpose of paying
interest on such Bonds during the period described above. Such
appropriation may be made in the ordinance authorizing such Bonds and shall
be fully effective upon the effective date of such ordinance without any
further notice, publication or approval whatsoever.
(Source: P.A. 85-158.)
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65 ILCS 5/8-4.1-8
(65 ILCS 5/8-4.1-8) (from Ch. 24, par. 8-4.1-8)
Sec. 8-4.1-8.
Bonds authorized by
Applicable Law may be issued in one or more series, bear such date or
dates, become due at such time or times within the period of years provided
by Applicable Law, bear interest payable at such intervals and at such rate
or rates as authorized under Section 2 of "An Act to authorize public
corporations to issue bonds, other evidences of indebtedness and tax
anticipation warrants subject to interest rate limitations set forth
therein," approved May 26, 1970, as now or hereafter amended, which rates
may be fixed or variable, be in such denominations, be in such form, either
coupon or registered or book-entry, carry such conversion, registration, and
exchange privileges, be subject to defeasance upon such terms, have such
rank or priority, be executed in such manner, be payable in such medium of
payment at such place or places within or without the State of Illinois, be
subject to such terms of redemption with or without premium, and be sold in
such manner at private or public sale and at such price as the corporate
authorities shall determine. Whenever such bonds are sold at a price less
than par, they shall be sold at such price and bear interest at such rate
or rates such that the net interest rate received upon the sale of such
Bonds does not exceed the maximum rate determined under Section 2 of "An
Act to authorize public corporations to issue bonds, other evidences of
indebtedness and tax anticipation warrants subject to interest rate
limitations set forth therein", approved May 26, 1970, as now or hereafter
amended.
(Source: P.A. 85-158.)
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65 ILCS 5/8-4.1-9
(65 ILCS 5/8-4.1-9) (from Ch. 24, par. 8-4.1-9)
Sec. 8-4.1-9.
Any redemption premium
payable upon the redemption of Bonds may be payable from the proceeds of
refunding Bonds which may be issued under Applicable Law for the purpose of
refunding such Bonds, from any other lawfully available source or from both
proceeds and such other sources.
(Source: P.A. 85-158.)
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65 ILCS 5/8-4.1-10
(65 ILCS 5/8-4.1-10) (from Ch. 24, par. 8-4.1-10)
Sec. 8-4.1-10.
In addition to the
authority otherwise available to invest funds, corporate authorities may
authorize and upon such authorization the Treasurer of any municipality may
invest proceeds of Bonds or money on deposit in any debt service or reserve
fund or account relating to Bonds in obligations the interest upon which is
tax exempt under the provisions of Section 103 of the Internal Revenue Code
of 1986, as amended, or successor code or provision, subject to such
tax-exempt obligations being rated at the time of purchase within the 4
highest general classifications established by a rating service of
nationally recognized expertise in rating bonds of states and the political
subdivisions thereof.
(Source: P.A. 85-158.)
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