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Illinois Compiled Statutes
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MUNICIPALITIES (65 ILCS 5/) Illinois Municipal Code. 65 ILCS 5/11-118-5
(65 ILCS 5/11-118-5) (from Ch. 24, par. 11-118-5)
Sec. 11-118-5.
The electors of a municipality may adopt and become
entitled to the benefits of this Division 118 in the following manner:
whenever a number equalling 1,000, or one-eighth, whichever is less, of
the electors of a municipality, voting at the last preceding election, petition
the circuit court for the
county in which that municipality is located, to order submitted
to a vote of the
electors of that municipality the proposition whether that municipality
shall adopt and become entitled to the benefits of this Division 118,
that court shall order this proposition certified and submitted
accordingly, at an election in accordance with the general election law. If the
proposition is not adopted at this election, it shall in like manner be
submitted to a vote of the electors of that municipality upon order of that court
upon like application at any succeeding
election.
(Source: P.A. 81-1489.)
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65 ILCS 5/11-118-6
(65 ILCS 5/11-118-6) (from Ch. 24, par. 11-118-6)
Sec. 11-118-6.
If a majority of the votes
cast upon this proposition are in favor of the proposition, this
Division 118 is adopted by that municipality. The mayor or president
shall thereupon issue a proclamation declaring this Division 118 in
force in that municipality.
A municipality which has adopted "An Act authorizing cities, villages
and incorporated towns to issue revenue bonds for the purpose of
constructing a heating plant and system," filed July 29, 1939, as
amended, shall be treated as having adopted this Division 118 and bonds
issued under that Act shall be treated as having been issued under this
Division 118.
(Source: P.A. 81-1489.)
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65 ILCS 5/Art. 11 Div. 119
(65 ILCS 5/Art. 11 Div. 119 heading)
DIVISION 119.
REVENUE BONDS TO IMPROVE
LIGHT AND GAS PLANTS
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65 ILCS 5/11-119-1
(65 ILCS 5/11-119-1) (from Ch. 24, par. 11-119-1)
Sec. 11-119-1.
Every city or village owning and operating its electric
light plant and system or its gas plant and system, may pay for improving,
enlarging or extending the plant and system by the issuance and sale of
revenue bonds. These bonds shall bear interest at a rate of not to exceed
the maximum rate authorized by the Bond Authorization Act, as amended at
the time of the making of the contract,
payable semi-annually, and shall mature within the period of usefulness of
the project for which they are issued, such period of usefulness to be
determined by the corporate authorities, but in no event more than 30 years
from the date of completion of the project. The bonds shall be sold in such
manner as the corporate authorities shall determine, except that if issued
to bear interest at the rate of 7% annually, the bonds shall be sold for
not less than par and accrued interest, and except that the selling price
of bonds bearing less than 7% interest shall be such that the interest cost
to the municipality of the money received from the sale of such bonds,
shall not exceed 7% annually, computed to maturity according to standard
tables of bond values.
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 5/11-119-2
(65 ILCS 5/11-119-2) (from Ch. 24, par. 11-119-2)
Sec. 11-119-2.
The corporate authorities of any city or village availing
itself of the provisions of this Division 119 shall adopt an ordinance
describing in a general way the improvements or extensions to be made. It
shall not be necessary that the ordinance refer to plans and specifications
nor that there be on file for public inspection prior to the adoption of
such ordinance detailed plans and specifications of the project. The
ordinance shall set out the estimated cost of the improvements or
extensions and shall fix the amount of bonds proposed to be issued, the
maturity, interest rate, and all details in respect thereof. Such
ordinance, at the option of the municipality, may contain provisions which
shall be part of the contract with the holders of the bonds as to: (1) The
registration of the bonds as to principal only, or as to both principal and
interest, and the interchangeability and exchangeability of the bonds. (2)
The redemption of the bonds prior to maturity and the price, either at par
or at a premium, at which they are redeemable. (3) The setting aside of
reserves or sinking funds, and the regulation or disposition thereof. (4)
Limitations upon the issuance of additional bonds payable from the revenues
of the system, or upon the rights of the holders of these additional bonds.
(5) Other agreements with the holders of the bonds, or covenants or
restrictions necessary or desirable to safeguard the interests of these
holders. After the ordinance has been adopted and approved it shall be
published once in a newspaper published and having a general circulation in
the municipality, or if there is no such newspaper, copies of the ordinance
shall be posted in at least 4 public places within the municipality. The
ordinance shall be in effect after the expiration of 10 days from the date
of this publication.
Bonds issued under this Division 119 shall be payable solely from the
revenue derived from the electric light plant and system, or the gas plant
and system, as the case may be, and these bonds shall not in any event
constitute an indebtedness of the municipality within the meaning of any
constitutional or statutory limitation; provided, that bonds issued under
this Division 119 may also be payable from funds pledged by the
municipality issuing such bonds pursuant to the Illinois Finance Authority Act,
and, notwithstanding such
pledge of such
funds, 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 it has been issued under the provisions of this
Division 119 and that it does not constitute an indebtedness of the
municipality within any constitutional or statutory limitation.
(Source: P.A. 93-205, eff. 1-1-04.)
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65 ILCS 5/11-119-3
(65 ILCS 5/11-119-3) (from Ch. 24, par. 11-119-3)
Sec. 11-119-3.
Whenever bonds are issued under this Division 119,
sufficient revenue received thereafter from the operation of the electric
light plant and system, or the gas plant and system, as the case may be, to
pay the cost of maintenance and operation of the plant and system, and the
principal of and interest on all obligations payable from the revenues of
such plant and system, including the bonds issued hereunder, without
limiting the generality of the foregoing, shall be deposited in a separate
fund, designated as the electric light fund of ...., or the gas fund of
...., as the case may be. This fund shall be used only in paying (1) the
cost of maintenance and operation of the plant and system, (2) principal of
and interest upon obligations, in whatever form, of the municipality
theretofore issued that are payable by their terms from this revenue, and
(3) bonds issued under this Division 119.
Rates charged for electric current or gas shall be sufficient to pay the
cost of maintenance and operation and to pay the principal of and interest
upon all of the specified bonds and obligations.
(Source: Laws 1961, p. 576.)
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65 ILCS 5/11-119-4
(65 ILCS 5/11-119-4) (from Ch. 24, par. 11-119-4)
Sec. 11-119-4.
Revenue bonds issued hereunder at the option of the
municipality, may be made callable prior to their maturity at a price of
par and accrued interest, or at a stated premium, provided that in the
event such bonds, or any of them, are so made callable, it shall be so
stated on the face of each such bond.
Revenue bonds issued under the provisions of this Division 119 may be
refunded in accordance with the provisions of Sections 8-4-14 through
8-4-23.
(Source: Laws 1961, p. 576.)
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65 ILCS 5/11-119-5
(65 ILCS 5/11-119-5) (from Ch. 24, par. 11-119-5)
Sec. 11-119-5.
In case any officer whose signature appears on the specified
bonds or the coupons attached thereto ceases to hold his office before the
delivery of the bonds to the purchaser, his signature nevertheless shall be
valid and sufficient for all purposes, to the same effect as if he had
remained in office until the delivery of the bonds. The specified bonds
shall have all the qualities of negotiable paper under the law merchant and
Article 3 of the Uniform Commercial Code.
(Source: P.A. 76-828.)
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65 ILCS 5/Art. 11 Div. 119.1
(65 ILCS 5/Art. 11 Div. 119.1 heading)
DIVISION 119.1.
JOINT MUNICIPAL ELECTRIC POWER AGENCIES
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65 ILCS 5/11-119.1-1
(65 ILCS 5/11-119.1-1) (from Ch. 24, par. 11-119.1-1)
Sec. 11-119.1-1.
This Division shall be known and may be cited as the
Illinois Joint Municipal Electric Power Act.
(Source: P.A. 83-997.)
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