65 ILCS 5/ Illinois Municipal Code.

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65 ILCS 5/11-75-2

(65 ILCS 5/11-75-2) (from Ch. 24, par. 11-75-2)

Sec. 11-75-2.

The lease provided for in Section 11-75-1 by its terms shall
specify the purpose for which the leased space may be used. If the purpose
is to erect in the space a building above or around a building owned by the
municipality, the lease (1) shall contain a reasonably accurate description
of the building to be erected and of the manner in which it shall be
imposed upon or around the existing building of the municipality, (2) shall
contain a provision granting to the lessor municipality the option of
renting for municipal use from the lessee any part of the building to be
erected and stating the terms upon which this option may be exercised as
well as the rent which, after exercise of this option, shall be paid by the
municipality, and (3) shall contain a provision granting to the
municipality the option to purchase for municipal use the entire building
to be erected in the space leased and stating the terms upon which this
option may be exercised and the price which shall be paid for the building
by the municipality in the event it exercises its option to purchase.

(Source: Laws 1961, p. 576.)

65 ILCS 5/11-75-3

(65 ILCS 5/11-75-3) (from Ch. 24, par. 11-75-3)

Sec. 11-75-3.

Any building erected in the space leased, by exercise of the
power granted by Section 11-75-1, which is above or around buildings
located on land owned or otherwise held by the municipality shall be
operated, as far as practicable, separately and apart from any building
owned or operated by the municipality. No liability shall in any manner
attach to the municipality by reason of the erection or operation of the
building in the space so leased.

(Source: Laws 1961, p. 576.)

65 ILCS 5/11-75-4

(65 ILCS 5/11-75-4) (from Ch. 24, par. 11-75-4)

Sec. 11-75-4.

Such lease shall be signed in the name of the municipality by
the mayor or president and shall be attested by the municipal clerk under
the corporate seal. The lease shall also be executed by the lessee in such
manner as may be necessary to bind him. After being so executed, the lease
shall be duly acknowledged and thereupon shall be recorded in the office of
the recorder of the county in which is located the land involved
in the lease.

(Source: P.A. 83-358.)