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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 5/11-48.3-7
(65 ILCS 5/11-48.3-7) (from Ch. 24, par. 11-48.3-7)
Sec. 11-48.3-7.
Purchases made pursuant to this Division shall be made in
compliance with the "Local Government Prompt Payment Act", approved
September 21, 1985, as now or hereafter amended.
(Source: P.A. 86-279.)
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65 ILCS 5/11-48.3-8
(65 ILCS 5/11-48.3-8) (from Ch. 24, par. 11-48.3-8)
Sec. 11-48.3-8.
The Authority shall have the power to acquire and accept
by purchase, lease, gift or otherwise any property or rights from any
person or persons, any municipal corporation, body politic, or agency of
the State, or from the State itself, useful for its purposes, and to apply
for and accept grants, matching grants, loans or appropriations from the
State of Illinois or any agency or instrumentality thereof to be used for
any of the purposes of the Authority and to enter into any agreement with
the State of Illinois in relation to such grants, matching grants, loans or
appropriations.
(Source: P.A. 86-279.)
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65 ILCS 5/11-48.3-9
(65 ILCS 5/11-48.3-9) (from Ch. 24, par. 11-48.3-9)
Sec. 11-48.3-9.
The Authority shall have the power to apply for and
accept grants, matching grants, loans or appropriations from the federal
government or any agency or instrumentality thereof to be used for any of
the purposes of the Authority and to enter into any agreement with the
federal government in relation to such grants, matching grants, loans or
appropriations.
(Source: P.A. 86-279.)
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65 ILCS 5/11-48.3-10
(65 ILCS 5/11-48.3-10) (from Ch. 24, par. 11-48.3-10)
Sec. 11-48.3-10.
The Authority shall have the power to procure and enter
into contracts for any type of insurance and indemnity against loss or
damage to property from any cause, loss of use and occupancy, against
employers' liability, against any act of any member, officer or employee of
the Board or Authority in the performance of the duties of his or her
office or employment or any other insurable risk.
(Source: P.A. 86-279.)
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65 ILCS 5/11-48.3-11
(65 ILCS 5/11-48.3-11) (from Ch. 24, par. 11-48.3-11)
Sec. 11-48.3-11.
The Authority shall have continuing power to borrow
money for the purpose of carrying out and performing its duties and
exercising its powers under this Division.
For the purpose of evidencing the obligation of the Authority to repay
any money borrowed as aforesaid, the Authority may, pursuant to ordinance
adopted by the Board, from time to time issue and dispose of its interest
bearing revenue bonds, and may also from time to time issue and dispose of
its interest bearing revenue bonds to refund any bonds at maturity or
pursuant to redemption provisions or at any time before maturity with the
consent of the holders thereof. All such bonds shall be payable solely from
the revenues or income to be derived from the exhibitions, rentals and
leases and other authorized activities operated by it, and from funds, if
any, received and to be received by the Authority from any other source.
Such bonds may bear such date or dates, may mature at such time or times
not exceeding 40 years from their respective dates, may bear interest at
such rate or rates, not exceeding the maximum rate permitted by "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, may be in such form, may carry such registration
privileges, may be executed in such manner, may be payable at such place or
places, may be made subject to redemption in such manner and upon such
terms, with or without premium as is stated on the face thereof, may be
executed in such manner and may contain such terms and covenants, all as
may be provided in the ordinance. In case any officer whose signature
appears on any bond ceases (after attaching his or her signature) to hold
office, his or her signature shall nevertheless be valid and effective for
all purposes. The holder or holders of any bonds or interest coupons
appertaining thereto issued by the Authority may bring mandamus,
injunction, civil actions and proceedings to compel the performance and
observance by the Authority or any of its officers, agents or employees of
any contract or covenant made by the Authority with the holders of such
bonds or interest coupons and to compel the Authority and any of its
officers, agents or employees to perform any duties required to be
performed for the benefit of the holders of any such bonds or interest
coupons by the provisions of the ordinance authorizing their issuance, or
to enjoin the Authority and any of its officers, agents or employees from
taking any action in conflict with any such contract or covenant.
Notwithstanding the form and tenor of any such bonds and in the absence
of any express recital on the face thereof that it is non-negotiable, all
such bonds shall be negotiable instruments under the Uniform Commercial Code.
From and after the issuance of any bonds as herein provided it shall be
the duty of the corporate authorities of the Authority to fix and establish
rates, charges, rents and fees for the use of facilities acquired,
constructed, reconstructed, extended or improved with the proceeds of the
sale of said bonds sufficient at all times, with other revenues of the
Authority, to pay:
(a) The cost of maintaining, repairing, regulating and operating the
said facilities; and
(b) The bonds and interest thereon as they shall become due, and all
sinking fund requirements and other requirements provided by the ordinance
authorizing the issuance of the bonds or as provided by any trust agreement
executed to secure payment thereof.
To secure the payment of any or all of such bonds and for the purpose of
setting forth the covenants and undertakings of the Authority in connection
with the issuance thereof and the issuance of any additional bonds payable
from such revenue income to be derived from the exhibitions, office
rentals, air space leases and rentals, and other revenue, if any, the
Authority may execute and deliver a trust agreement or agreements; provided
that no lien upon any physical property of the Authority shall be created
thereby.
A remedy for any breach or default of the terms of any such trust
agreement by the Authority may be by mandamus, injunction, civil action
and proceedings in any court of competent jurisdiction to compel
performance and compliance therewith, but the trust agreement may prescribe
by whom or on whose behalf such action may be instituted.
Before any such bonds (excepting refunding bonds) are sold the entire
authorized issue, or any part thereof, shall be offered for sale as a unit
after advertising for bids at least 3 times in a daily newspaper of
general circulation published in the metropolitan area, the last
publication to be at least 10 days before bids are required to be filed.
Copies of such advertisement may be published in any newspaper or financial
publication in the United States. All bids shall be sealed, filed and
opened as provided by ordinance and the bonds shall be awarded to the
highest and best bidder or bidders therefor. The Authority shall have the
right to reject all bids and readvertise for bids in the manner provided
for in the initial advertisement. If no bids are received, however, such
bonds may be sold at not less than par value, without further advertising,
within 60 days after the bids are required to be filed pursuant to any
advertisement.
(Source: P.A. 86-279.)
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65 ILCS 5/11-48.3-12
(65 ILCS 5/11-48.3-12) (from Ch. 24, par. 11-48.3-12)
Sec. 11-48.3-12.
Under no circumstances shall any bonds
issued by the Authority be or become an indebtedness or
obligation of the State of Illinois or of any other political
subdivision of or municipality within the State, nor shall any
such bond or obligation be or become an indebtedness of the
Authority within the purview of any constitutional limitation
or provision, and it shall be plainly stated on the face of
each bond that it does not constitute such an indebtedness or
obligation but is payable solely from the revenues or income
as aforesaid.
(Source: P.A. 86-279.)
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65 ILCS 5/11-48.3-13
(65 ILCS 5/11-48.3-13) (from Ch. 24, par. 11-48.3-13)
Sec. 11-48.3-13.
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 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 issued pursuant to this Division, 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;
provided, however, that nothing contained in this Section may be construed
as relieving any person from any duty of exercising reasonable care in
selecting securities for investment.
(Source: P.A. 86-279.)
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65 ILCS 5/11-48.3-14
(65 ILCS 5/11-48.3-14) (from Ch. 24, par. 11-48.3-14)
Sec. 11-48.3-14.
The governing and administrative body of the
Authority shall be a Board consisting of 9 members and shall be known as
the Municipal Zoo Authority Board. The members of the Board shall be
individuals of generally recognized ability and integrity. They shall serve
without compensation, but shall be reimbursed for actual expenses incurred
by them in the performance of their duties. Any member of the Board,
however, who is appointed to the office of secretary or treasurer may
receive compensation for his or her services as such officer. No member of
the Board or employee of the Authority shall have any private financial
interest, profit or benefit in any contract, work or business of the
Authority or in the sale or lease of any property to or from the Authority.
(Source: P.A. 86-279.)
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