(65 ILCS 5/11-118-2) (from Ch. 24, par. 11-118-2)
Sec. 11-118-2.
The corporate authorities of any municipality availing
itself of the provisions of this Division 118, shall adopt an ordinance
describing in a general way the heating plant and system to be constructed
and refer to the plans and specifications prepared for that purpose, which
shall be open to the inspection of the public. This ordinance shall set out
the estimated cost of the heating plant and system and fix the amount of
bonds proposed to be issued, maturity, interest rate, and all details in
respect thereof. Revenue bonds issued under this Division 118 shall be
payable solely from the revenue derived from the heating plant and system.
These bonds shall not in any event constitute an indebtedness of the
municipality within the meaning of the constitutional provisions or
limitations. It shall be plainly stated on the face of each bond that the
bond has been issued under the provisions of this Division 118 and that it
does not constitute an indebtedness of the municipality within any
constitutional or statutory limitation.
After this ordinance has been adopted, it shall be published as provided
in Section 1-2-4. After the expiration of 10 days from the date of this
publication, the ordinance shall be in effect.
(Source: Laws 1961, p. 576.)
|
(65 ILCS 5/11-118-3) (from Ch. 24, par. 11-118-3)
Sec. 11-118-3.
Whenever revenue bonds have been issued under this Division
118, the entire revenue received thereafter from the operation of the
heating plant and system shall be deposited in a separate fund, designated
the heating fund of the municipality of ..... This revenue shall be used
only in paying the cost of maintenance and operation of the heating plant
and system and the principal of interest upon the bonds issued under this
Division 118.
Rates charged for heating shall be sufficient to pay the cost of
maintenance and operation and to pay the principal of and interest upon all
bonds issued under this Division 118, for the construction of the heating
plant and system. These rates shall not be reduced while any of these bonds
are unpaid.
Revenue bonds issued under this Division 118 may be redeemed at any
interest-paying date, by proceeding as follows: (1) a written notice shall
be mailed to the holder of such a bond 30 days prior to an interest-paying
date, notifying the holder that the bond will be redeemed on the next
interest-paying date; or (2) if the holder of such a bond is unknown, then
a notice describing the bond to be redeemed and the date of its redemption
shall be published 30 days prior to an interest-paying date in one or more
newspapers published in the municipality, or, if no newspaper is published
therein, then in one or more newspapers with a general circulation within
the municipality. In municipalities with less than 500 population in which
no newspaper is published, publication may instead be made by posting a
notice in 3 prominent places within the municipality. When notice has been
mailed to the holder of such a bond, or when notice has been published in a
newspaper, in case the holder of the bond is unknown, the bond shall cease
bearing interest from and after the next interest-paying date.
(Source: Laws 1961, p. 576.)
|
(65 ILCS 5/11-118-4) (from Ch. 24, par. 11-118-4)
Sec. 11-118-4.
In case an officer whose signature appears on these 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 his office until the delivery of the bonds. These bonds shall
have all the qualities of negotiable paper under the law merchant and the
negotiable instrument law.
(Source: Laws 1961, p. 576.)
|