(65 ILCS 5/11-71-1) (from Ch. 24, par. 11-71-1)
Sec. 11-71-1. Any municipality is hereby authorized to:
(a) Acquire by purchase or otherwise, own, construct, |
| equip, manage, control, erect, improve, extend, maintain and operate motor vehicle parking lot or lots, garage or garages constructed on, above and/or below ground level, public off-street parking facilities for motor vehicles, parking meters, and any other revenue producing facilities, hereafter referred to as parking facilities, necessary or incidental to the regulation, control and parking of motor vehicles, as the corporate authorities may from time to time find the necessity therefor exists, and for that purpose may acquire property of any and every kind or description, whether real, personal or mixed, by gift, purchase or otherwise. Any municipality which has provided or does provide for the creation of a plan commission under Division 12 of this Article 11 shall submit to and receive the approval of the plan commission before establishing or operating any such parking facilities;
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(b) Maintain, improve, extend and operate any such
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| parking facilities and charge for the use thereof;
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(c) Enter into contracts dealing in any manner with
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| the objects and purposes of this Division 71, including the leasing of space on, or in connection with, parking meters for advertising purposes. Any contract for such advertising shall prohibit any interference with traffic control, shall prohibit placing any advertising sign or device on parking meters that exceeds the dimensions of 8 by 12 inches and shall contain such other provisions as the corporate authorities deem necessary in the public interest. All revenues derived from any such contract shall be used exclusively for traffic regulation and maintenance of streets within the municipality;
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(d) Acquire sites, buildings and facilities by gift,
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| lease, contract, purchase or condemnation under power of eminent domain, and pledge the revenues thereof for the payment of any revenue bonds issued for such purpose as provided in this Division 71. In all cases where property or rights are acquired or sought to be acquired by condemnation, the procedure shall be, as nearly as may be, like that provided for the exercise of the right of eminent domain under the Eminent Domain Act, and the fee or such lesser interest in land may be acquired as the municipality may deem necessary;
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(e) Finance the acquisition, construction,
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| maintenance and/or operation of such parking facilities by means of general tax funds, special assessments, special taxation, revenue bonds, parking fees, special charges, rents or by any combination of such methods; and
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(f) Borrow money and issue and sell revenue bonds in
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| such amount or amounts as the corporate authorities may determine for the purpose of acquiring, completing, erecting, constructing, equipping, improving, extending, maintaining or operating any or all of its parking facilities, and refund and refinance the same from time to time as often as it shall be advantageous and to the public interest to do so.
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If any part of the financing of the acquisition and/or construction of
such parking facilities is done by means of special assessments or special
taxation, the provisions of Division 2 of Article 9 of this Code shall be
followed with respect to the special assessments or special taxation for
such purpose.
(Source: P.A. 94-1055, eff. 1-1-07.)
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(65 ILCS 5/11-71-2) (from Ch. 24, par. 11-71-2)
Sec. 11-71-2.
All bonds issued under authority of this Division 71 shall
bear interest at not more than the greater of (i) the maximum rate
authorized by the Bond Authorization Act, as amended at the time of the
making of the contract, or (ii) 8% per annum and may be sold by the
corporate authorities in such manner as they deem best in the public
interest. However, such bonds shall be sold at such price that the interest
cost of the proceeds therefrom will not exceed the greater of (i) the
maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, or (ii) 8% per annum, based on the
average maturity of such bonds, and computed according to standard tables
of bond values. Such bonds shall be payable solely and only from the
revenues to be derived from the operation of any or all of its parking
facilities and shall be secured by a pledge of the revenues of any or all
of its parking facilities, except as otherwise provided in paragraph (c) of
Section 11-71-1.
Such bonds when issued shall have all the qualities of negotiable
instruments under the Law Merchant and the Uniform Commercial Code. Such
bonds may bear such date or dates and may mature at such time or times, not
exceeding 30 years from their date or dates, and may be in such form, carry
such registration privilege, may be payable at such place or places, may be
subject to such terms of redemption, prior to maturity, with or without
premium, as so stated on the face of the bond, and contain such terms and
covenants, all as may be provided by ordinance authorizing the issuance of
such bonds. Such bonds shall be executed by such officers as the corporate
authorities shall designate in the ordinance. Any bonds bearing the
signatures of officers in office at the date of signing thereof shall be
valid and binding for all purposes, notwithstanding that before delivery
thereof any or all such persons whose signatures appear thereon shall cease
to be such officers.
Each such bond shall state upon its face that it is payable solely and
only from the proceeds derived from the operation of the parking facility
or facilities, except as otherwise provided in paragraph (c) of Section
11-71-1, and shall state upon its face that it does not constitute an
obligation of the municipality within the meaning of any constitutional or
statutory limitation or provision.
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 5/11-71-3) (from Ch. 24, par. 11-71-3)
Sec. 11-71-3.
The corporate authorities of any such municipality availing
of the provisions of this Division 71, other than that concerning
advertising on parking meters, shall adopt an ordinance describing in a
general way the contemplated project and refer to plans and specifications
therefor, which shall be placed on file in the office of the clerk of such
municipality, and which shall be open for the inspection of the public.
Such ordinance shall state the estimated cost of such project, and the
method or methods of financing such project and the amount or proportion of
cost of such project to be financed by each of such methods. If part or all
of such project is to be financed by means of revenue bonds, the ordinance
also shall fix the amount of the revenue bonds proposed to be issued, the
maturity or maturities, the interest rate, and all details in respect
thereof and shall contain such covenants and restrictions as may be deemed
necessary or advisable by the corporate authorities. Without limiting the
generality of the foregoing, such ordinance shall contain such provisions
as may be determined by the corporate authorities as to:
(a) The issuance of additional revenue bonds that may thereafter be
issued payable from the revenues derived from the operation of any such
parking facilities and for the payment of the principal and interest upon
such bonds;
(b) The regulation as to the use of any such parking facilities to
assure the maximum use or occupancy thereof;
(c) The kind and amount of insurance to be carried, including use and
occupancy insurance, the cost of which shall be payable only from the
revenues to be derived from the project;
(d) Operation, maintenance, management, accounting and auditing, and the
keeping of records, reports and audits of any such parking facilities;
(e) The obligation of the municipality to maintain the project in good
condition and to operate the same in an economical and efficient manner;
(f) Such other provisions as may be deemed necessary or desirable to
assure a successful and profitable operation of the project and prompt
payment of principal of and interest upon any revenue bonds so authorized.
If any part of such project is to be financed by means of special
assessments or special taxation, any ordinances or other procedures
required under Division 2 of Article 9 of this Code shall be adopted and
followed.
After the ordinance has been adopted and approved, it shall be published
once in a newspaper published and having general circulation in such
municipality, or if there be no such newspaper published in such
municipality, then the ordinance should be posted in at least 5 of the most
public places in such municipality, and shall become effective 10 days
after publication or posting thereof.
(Source: Laws 1963, p. 2256.)
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(65 ILCS 5/11-71-12) (from Ch. 24, par. 11-71-12)
Sec. 11-71-12.
In addition to the other powers granted under this
Division 71, the corporate authorities of any municipality may, by
ordinance, provide for the issuance of its general obligation bonds for
the purpose of acquiring, constructing, equipping, and improving motor
vehicle parking lots or garages constructed on, above or below ground
level or at all such levels, public off-street parking facilities for
motor vehicles and other parking facilities necessary or incidental to
the regulation, control and parking of motor vehicles. Such facilities
may be constructed or located in other public buildings or structures.
Such bonds may be used to finance in whole or in part such improvements.
Bonds issued pursuant to this Section must be payable within 20 years
and the interest on such bonds may not exceed the maximum rate authorized
by the Bond Authorization Act, as amended at the time of the making of the
contract. The interest may be made payable at such times (annually or
semi-annually) as the ordinance prescribes. Before or at the time of issuance
of bonds under this Section, the corporate authorities of the
municipality shall provide, by ordinance, for the levy and collection of
a direct annual tax upon all the taxable property within the
municipality in an amount sufficient to meet the principal and interest
of the bonds as they mature, which tax shall be in addition to that
otherwise authorized to be levied and collected for corporate purposes.
The corporate authorities of the municipality, in determining the costs
of such improvements, may include the estimated costs of issuance of
such bonds, engineering, inspection, fiscal and legal expenses, and
interest which it estimates will accrue during construction period and
for 6 months thereafter on money that is borrowed or money that is
estimated will be borrowed.
No bonds may be issued or tax levied under this Section until the
question whether such bonds should be issued and such tax levied has
been certified by the municipal clerk and submitted to the qualified
electors of the municipality at an election in accordance with the general
election law and unless a majority of those voting on the proposition
approve the issuance of bonds and levy of tax. When providing by ordinance
for the bond issue and tax levy, the corporate authorities of the
municipality shall also order the submission of the question to the electors.
If the proposition for issuance of bonds under this Section has been
approved, such bonds shall be issued in accordance with Division 4 of
Article 8 of this Act.
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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(65 ILCS 5/11-74-2) (from Ch. 24, par. 11-74-2)
Sec. 11-74-2.
Whenever used in this Division 74, unless a different
meaning clearly appears from the context:
(1) "Industrial project" means any: (a) capital project, including one or
more buildings and other structures, improvements, machinery and equipment
whether or not on the same site or sites now existing or hereafter
acquired, suitable for use by any manufacturing, industrial, research,
transportation or commercial enterprise, including but not limited to use
as a factory, mill, processing plant, assembly plant, packaging plant,
fabricating plant, office building, industrial distribution center,
warehouse, repair, overhaul or service facility, freight terminal, research
facility, test facility, railroad facility, or commercial facility, and
including also the sites thereof and other rights in land therefor whether
improved or unimproved, site preparation and landscaping, and all
appurtenances and facilities incidental thereto such as utilities, access
roads, railroad sidings, truck docking and similar facilities, parking
facilities, dockage, wharfage, and other improvements necessary or
convenient thereto; (b) land, buildings, machinery or equipment
comprising an addition to or renovation, rehabilitation or improvement of
any existing capital project; (c) construction, remodeling or conversion
of a structure to be leased to the Illinois Department of Corrections for
the purposes of its serving as a correctional institution or facility
pursuant to paragraph (c) of Section 3-2-2 of the Unified Code of
Corrections; (d) construction, remodeling or conversion of a structure
to be leased to the Department of Central Management Services for the
purpose of serving as a State facility pursuant to Section 405-320
of the
Department of Central Management Services Law; or (e) use or disposal of surplus real estate owned by the municipality.
(2) "Municipality" includes any city, village or incorporated town in this
State.
(Source: P.A. 102-239, eff. 8-3-21.)
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(65 ILCS 5/11-74-4) (from Ch. 24, par. 11-74-4)
Sec. 11-74-4.
In addition to powers which it may now have, any
municipality has the power under this Division 74:
(1) To construct, acquire by gift, lease or purchase, reconstruct,
improve, better or extend, or to finance the construction, acquisition,
reconstruction, improvement, betterment, or extension of any industrial
project within or without the municipality or partially within or partially
without the municipality, but in no event further than 10 miles from the
territorial boundaries of such municipality, and to acquire by gift, lease
or purchase lands or rights in land in connection therewith.
(2) To issue its bonds to finance in whole or in part the cost of
the acquisition, purchase, construction, reconstruction, improvement,
betterment or extension of any industrial project. The municipality need
not acquire or hold title to such industrial project. The governing body
of the municipality in determining such cost may include all cost and estimated
cost of the issuance of such bonds, all engineering, inspection, fiscal
and legal expenses, and interest which it is estimated will accrue during
the construction period and for 6 months thereafter on money borrowed or
which it is estimated will be borrowed pursuant to this Division 74.
(3) To rent, lease, sell or otherwise dispose of such industrial project
to any enterprise, concern or other entity referred to in subsection (1)
of Section 11-74-2 or to loan the proceeds of its bonds to any such
enterprise, concern or entity (which may include corporations, partnerships
or individuals engaged in business or commerce) in such manner that rents
or other payments to be derived with respect to the industrial project
shall be fixed and revised from time to time so as to produce income and
revenues sufficient to provide for the prompt payment of interest upon all
bonds issued under this Division 74, and to create a sinking fund to pay
the principal of such bonds when due, and to provide for the operation and
maintenance of such industrial project and for an adequate depreciation
account in connection therewith.
(4) To pledge to the punctual payment of bonds authorized under this
Division 74 and interest thereon the income and revenues to be received
with respect to such industrial project (including improvements, betterments or
extensions thereto thereafter constructed or acquired) sufficient to pay
such bonds and interest as they become due and to create and maintain
reasonable reserves therefor.
(5) To mortgage or grant a security interest in such industrial project
in favor of the holder or holders of bonds issued therefor.
(6) To sell and convey such industrial project, including without limitation
the sale and conveyance thereof subject to a mortgage or security interest as
provided in this Division 74, for such price and at such time as the
governing body of the municipality may determine. However, no sale or
conveyance of such industrial project shall ever be made in such manner
as to impair the rights or interests of the holder or holders of any
bonds issued for the construction, purchase, improvement or extension of
any such industrial project.
(7) To issue its bonds to refund in whole or in part, bonds
theretofore issued by such municipality under authority of this Division 74.
(8) To establish a municipal industrial development commission to exercise
those powers enumerated in subsections (1), (3) and (6) and expressly including
the power of said industrial development commission to acquire, hold title
to, develop and sell real estate to promote and enhance the purpose of
this Division 74 as set forth in Section 11-74-3.
All municipalities shall be exempt from the payment of taxes with respect
to property acquired by any municipality pursuant to the provisions of
this Division 74 while such property is owned by the municipality, but the
occupant of such property shall be subject to taxation as if he were the
owner of such property.
(Source: P.A. 84-946.)
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