(605 ILCS 5/10-703) (from Ch. 121, par. 10-703)
Sec. 10-703.
Without limiting any other powers granted in this Division of
this Article, each municipality has the power to provide for the payment of
the cost of acquiring or constructing any bridge or for the payment of any
portion of the cost by one or more issues of revenue bonds of the
municipality, payable solely from the net revenue of the bridge so acquired
or constructed. These bonds shall be authorized by ordinance of the
corporate authorities of the municipality and shall be in substantially the
form set forth in the ordinance. The bonds may be serial or term;
redeemable, with or without premium, or non-redeemable; shall bear interest
at a rate not exceeding the maximum rate authorized by the Bond Authorization
Act, as amended at the time of the making of the contract,
payable at such
times as may be
provided; shall mature at such times not exceeding the life of the bridge,
for the acquisition or construction of which they are issued, as estimated
by the corporate authorities, but in no event exceeding 40 years; and shall
be issued in such amounts and at such place as shall be prescribed in the
ordinance authorizing their issuance.
The bonds shall be signed by such officers as the corporate authorities
shall determine, and coupon bonds shall have attached thereto interest
coupons bearing the facsimile signatures of such officers as the corporate
authorities shall determine; all as shall be prescribed in the ordinance
authorizing the bonds. The bonds may be issued and delivered,
notwithstanding the fact that an officer signing the bonds, or whose
facsimile signature appears upon any of the coupons has ceased to hold his
office at the time that the bonds are actually delivered.
The bonds of the municipality may be sold in such manner, at such times,
and at such prices as the corporate authorities may determine, but no sale
shall be made at a price which would make the interest cost to maturity on
the money received therefor computed with relation to the absolute maturity
of the bonds in accordance with standard tables of bond values, exceed the
maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract. The principal of and interest upon
the bonds shall be payable
solely from the net revenue derived from the operation of the bridge
acquired or constructed with proceeds of the sale of the bonds. No bond
issued pursuant to this Division of this Article shall constitute an
indebtedness of a municipality within the meaning of any constitutional,
statutory, or charter limitation. It shall be plainly stated on the face of
each bond in substance that the bond has been issued under the provisions
of this Division of this Article and that the taxing power and general
credit of the municipality issuing the bond are not pledged to the payment
of the bond, or interest thereon, and that the bond and the interest
thereon are payable solely from the net revenue of the bridge to acquire or
construct which the bond is issued.
The cost of the bridge or improvement thereto shall include interest
during construction, and for not exceeding 12 months thereafter, and also
all engineering, legal, architectural, traffic surveying, and other
expenses incident to the construction and the acquisition of the necessary
property, and incident to the financing thereof, including the cost of
acquiring existing franchises, rights, plans, and works of and relating to
the bridge. If the proceeds of the bonds issued shall exceed the cost as
finally determined, the excess shall be applied to the payment, purchase,
or redemption of the bonds. Bonds and interest coupons issued under this
Division of this Article shall possess all the qualities of negotiable
instruments.
No ordinance pursuant to this section shall become effective until after
the plans and specifications relating to the project have been submitted to
and approved by the Department.
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.
(Source: P.A. 86-4.)
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