(65 ILCS 5/11-74-8) (from Ch. 24, par. 11-74-8)
Sec. 11-74-8.
The bonds bearing the signatures of officers in office on the date of
the signing thereof are valid and binding obligations, notwithstanding that
before the delivery thereof and payment therefor any or all the persons
whose signatures appear thereon have ceased to be officers of the
municipality issuing such bonds. The validity of the bonds is not dependent
on nor affected by the validity or regularity of any proceedings relating
to the acquisition, purchase, construction, reconstruction, improvement,
betterment or extension of the industrial project for which the bonds are
issued. The resolution authorizing the bonds may provide that the bonds
shall contain a recital that they are issued pursuant to this Division 74,
which recital is conclusive evidence of their validity and of the
regularity of their issuance.
(Source: P.A. 77-1453.)
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(65 ILCS 5/11-74-9) (from Ch. 24, par. 11-74-9)
Sec. 11-74-9.
All bonds issued under this Division 74 have a lien upon the income and
revenues delivered by the municipality with respect to the industrial project
for which the bonds have been issued, and
the governing body may provide in the resolution or resolutions
authorizing such bonds for the issuance of additional bonds to be
equally and ratably secured by a lien upon such income and revenues or may provide
that the lien upon such income and revenues for future bonds is subordinate.
(Source: P.A. 81-1376.)
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(65 ILCS 5/11-74-10) (from Ch. 24, par. 11-74-10)
Sec. 11-74-10.
No holder of any bonds issued under this Division 74 has the right to
compel any exercise of taxing power of the municipality to pay the bonds or
the interest thereon, and the bonds do not constitute an indebtedness of
the municipality or a loan of credit thereof within the meaning of any
constitutional or statutory provision. It shall be plainly stated on the
face of each bond that it has been issued under the provisions of this
Division 74 and that it does not constitute an indebtedness of the
municipality or a loan of credit thereof within the meaning of any
constitutional or statutory provision.
(Source: P.A. 77-1453.)
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(65 ILCS 5/11-74-11) (from Ch. 24, par. 11-74-11)
Sec. 11-74-11.
The corporate authorities of a municipality issuing bonds pursuant to
this Division 74 shall prescribe and collect revenues with respect to an industrial
project and shall revise such from time to time whenever necessary so
that such revenues are always
sufficient to pay when due all bonds and interest thereon for the
payment of which such revenues are pledged, including reserves therefor.
(Source: P.A. 81-1376.)
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(65 ILCS 5/11-74-12) (from Ch. 24, par. 11-74-12)
Sec. 11-74-12.
It is not necessary for any municipality proceeding under this Division
74 to obtain any certificate of convenience or necessity, franchise,
license, permit, or other authorization from any bureau, board, commission,
or other lay instrumentality of this State in order to acquire, construct,
purchase, reconstruct, improve, better or extend any industrial project or
for the issuance of bonds in connection therewith.
(Source: P.A. 77-1453.)
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(65 ILCS 5/11-74-13) (from Ch. 24, par. 11-74-13)
Sec. 11-74-13.
The powers conferred by this Division 74 are in addition and
supplemental to, and the limitations imposed by this Division 74 shall not
affect, the powers conferred by any other law. Industrial project may be
acquired, purchased, constructed, reconstructed, improved, bettered and
extended, and bonds may be issued under this Division 74 for such purposes,
notwithstanding that any other law may provide for the acquisition,
purchase, construction, reconstruction, improvement, betterment and
extension of a like industrial project, or the issuance of bonds for like
purposes, and without regard to the requirements, restrictions, limitation
or other provisions contained in any other law.
This amendatory Act of 1971 does not apply to any municipality which is
a home rule unit.
(Source: P.A. 77-1453.)
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(65 ILCS 5/11-74-14) (from Ch. 24, par. 11-74-14)
Sec. 11-74-14.
Disclosure of interest.
Any member of the corporate authority
of a municipality shall disclose any pecuniary interest in any employment,
financing, agreement or other contract made under the provisions of this
Division 74 before any action by the corporate authority on it, and shall
not vote on any such matter. Notwithstanding the provisions of any other
law, any financing agreement or other contract made or procured in conformity
with the provisions of this Section shall not be void by reason of the pecuniary
interest of any member of the corporate authority of the municipality therein;
nor shall such person be subject to any penalty by reason of the making
or procuring thereof.
(Source: P.A. 81-1376.)
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(65 ILCS 5/Art. 11 Div. 74.1 heading) DIVISION 74.1.
ACQUIRING LAND FOR INDUSTRIAL PURPOSES
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