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Illinois Compiled Statutes
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MUNICIPALITIES (65 ILCS 5/) Illinois Municipal Code. 65 ILCS 5/11-92-6
(65 ILCS 5/11-92-6) (from Ch. 24, par. 11-92-6)
Sec. 11-92-6.
The city or village has power to borrow money by issuing
its bonds in anticipation of its revenue from such harbor or from any
buildings, structures or facilities to accomplish any of the purposes of
this Division 92 and to refund such bonds. Such bonds shall be authorized
by ordinance and may be issued in one or more series, and bear dates of
maturity at such time or times not to exceed 40 years from their respective
dates, bear interest at such rates not exceeding the maximum rate
authorized by the Bond Authorization Act, as amended at the time of the
making of the contract, payable semi-annually, be in such denominations, be
in such form either coupon or registered, be executed in such manner, be
payable in such medium of payment at such place, be subject to such terms
of redemption with or without premium, and may be registerable as to
principal or as to both principal and interest as the ordinance may provide.
The bonds are negotiable instruments. The bonds shall be sold at a price
so that the interest cost of the proceeds thereof shall not exceed 7% per
annum, payable semi-annually, computed to maturity according to standard
tables of bond values, and shall be sold in such manner and at such time as
the city or village shall determine.
Pending the preparation or execution of definitive bonds, interim
receipts or certificates or temporary bonds may be delivered to the
purchasers or pledgees of these bonds. These bonds bearing the signature of
officers in office on the date of the signing thereof shall be valid and
binding obligations notwithstanding that before delivery thereof and
payment therefor any or all of the persons whose signatures appear thereon
cease to be such officers.
No holder of any bond issued under this law shall ever have the right to
compel any exercise of taxing power of the city or village to pay the bond
or interest thereon. Each bond issued under this Division 92 is payable
solely from the revenue derived from the operation of the harbor and
facilities. The bond shall not in any event constitute a debt of the city
or village within any statutory or constitutional limitations, and this
shall be plainly stated on the face of each bond.
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 5/11-92-7
(65 ILCS 5/11-92-7) (from Ch. 24, par. 11-92-7)
Sec. 11-92-7.
The corporate authorities of any city or village availing
under this Division 92 shall adopt an ordinance describing in a general way
the harbor and facilities thereof, or relating thereto, to be constructed,
enlarged, improved, operated and maintained as a harbor for the use and
benefit of the public, and refer to the general plans and specifications
therefor prepared for that purpose. These plans and specifications shall be
open to the inspection of the public. Any such ordinance shall set out the
estimated cost of the harbor or facilities thereof, or relating thereto,
and shall fix the maximum amount of revenue bonds proposed to be issued
therefor. This amount shall not exceed the estimated cost of the harbor and
facilities, including engineering, legal and other expenses, together with
interest cost to a date 12 months subsequent to the estimated date of
completion. Such ordinance may contain such covenants which shall be part
of the contract between the city or village and the holders of such bonds
and the trustee, if any, for the bondholders having such rights and duties
as may be provided therein for the enforcement and protection of such
covenants as may be deemed necessary and advisable as to:
(a) The issuance of additional bonds that may thereafter be issued
payable from the revenues derived from the operation of such harbor or
buildings, structures and facilities, and for the payment of the principal
and interest on such bonds;
(b) The regulations as to the use of any such harbor and facilities to
assure the efficient use and occupancy thereof;
(c) Kind and amount of insurance to be carried, including use and
occupancy insurance, cost of which shall be payable only from the revenues
derived from the harbor and facilities;
(d) Operation, maintenance, management, accounting and auditing,
employment of harbor engineers and consultants, and keeping of records,
reports and audits of any such harbor and facilities;
(e) The obligation of the city or village to maintain the harbor and
facilities in good condition and to operate same in an economical and
efficient manner;
(f) Providing for setting aside any sinking funds, reserve funds,
depreciation funds and such other special funds as may be found needful and
the regulation and disposition thereof;
(g) Providing for the setting aside of a sinking fund into which shall
be payable from the revenues of such harbor and facilities from month to
month as such revenues are collected such sums as will be sufficient to pay
the accruing interest and retire the bonds at maturity;
(h) Agreeing to fix and collect fees and rents and other charges for the
use of such harbor or facilities, sufficient together with other available
money to produce revenue adequate to pay the bonds at maturity and accruing
interest and reserves therefor, and sufficient to pay cost of maintenance,
operation and depreciation thereof in such order of priority as shall be
provided by the ordinance authorizing the bonds;
(i) Fixing procedure by which the terms of any contract with the holders
of the bonds may be amended, the amount of bonds the holders of which must
consent thereto, and the manner in which consent may be given;
(j) Providing the procedure for refunding such bonds;
(k) Providing whether and to what extent and upon what terms and
conditions, if any, the holder of bonds or coupons issued under such
ordinance, or the trustee, if any, therefor may
by action, mandamus, injunction or other proceedings, enforce
or compel the
performance of all duties required by this Division 92, including the
fixing, maintaining and collecting of such fees, rates or other charges for
the use of the harbor or other facilities, or for any service rendered by
the city or village in the operation thereof as will be sufficient,
together with other available money, to pay the principal of and interest
upon these revenue bonds as they become due and reserves therefor and
sufficient to pay the cost of maintenance and operation and depreciation of
the harbor and facilities in the order of priority as provided in the
ordinance authorizing the bonds and application of the income and revenue
thereof;
(m) Such other covenants as may be deemed necessary or desirable to
assure a successful and profitable operation of the harbor and facilities,
and prompt payment of the principal of and interest upon the bonds so
authorized.
(Source: P.A. 83-345.)
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65 ILCS 5/11-92-8
(65 ILCS 5/11-92-8) (from Ch. 24, par. 11-92-8)
Sec. 11-92-8.
The corporate authorities may enter into a trust
agreement to secure payment of the bonds issued under the provisions of
Section 11-92-7.
After the ordinance has been adopted, it shall within 10 days after
its passage be published once in a newspaper published and having a
general circulation in the city or village, or, if there is no such
newspaper, then in a newspaper having a general circulation in the
county wherein such city or village, or the greater or greatest portion
in area of the city or village, lies.
The publication of the ordinance shall be accompanied by a notice of (1)
the specific number of voters required to sign a petition requesting the
submission to the electors of the question of acquiring and operating
or constructing and operating a harbor project and issuing bonds for such
project; (2) the time in which the petition must be filed; and (3) the date
of the prospective referendum. The municipal clerk shall provide a petition
form to any individual requesting one.
If no petition is filed with the municipal clerk within 30 days after
the publication of the ordinance, the ordinance shall be in effect.
However, if within 30 days after the publication of the ordinance a
petition is filed with the clerk of the city or village signed by
electors of the city or village numbering 10% or
more of the number of
registered voters in the city or
village,
asking that the question of acquiring and operating or constructing and
operating such harbor project and the issuance of the bonds for the
harbor project be submitted to the electors of the city or village, the
municipal clerk shall certify that question for submission at an election
in accordance with the general election law.
The question shall be in substantially the
following form:
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Shall the City (or Village) YES of .... issue revenue - - - - - - - - - - - - - - - - - - - - - - - - -
bonds for acquiring (or constructing) a harbor? NO - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
If a majority of the electors voting upon that question vote in favor of
the issuance of the bonds, the ordinance shall be in effect, otherwise
the ordinance shall not become effective.
(Source: P.A. 87-767 .)
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65 ILCS 5/11-92-9
(65 ILCS 5/11-92-9) (from Ch. 24, par. 11-92-9)
Sec. 11-92-9.
Whenever revenue bonds are issued and outstanding under this
Division 92, the entire revenue received from the operation of the harbor
or facilities thereof or relating thereto shall be deposited in a separate
fund which shall be used only in paying the principal and interest of these
revenue bonds and reserves therefor and the cost of maintenance, operation
and depreciation of the harbor and facilities in such order of priority as
shall be provided by the respective ordinances authorizing revenue bonds.
However, no priority accorded by such an ordinance may be impaired by a
subsequent ordinance authorizing revenue bonds unless specifically so
permitted by a covenant of the kind authorized to be included in an
ordinance by Section 11-92-7. Such revenue in excess of requirements for
payment of principal of and interest upon these bonds and reserves and for
payment of cost of maintenance, operation and depreciation of the harbor
and facilities may be used for rehabilitation of the harbor and facilities,
necessary reconstruction and expansion, construction of new facilities or
for retirement of any outstanding bonds issued for harbor purposes. After
all such bonds have been paid, such revenues may be transferred to the
general corporate fund of the city or village and may be used for the
maintenance, operation, repair and development of the harbor or facilities
or for any corporate purposes.
(Source: Laws 1961, p. 576.)
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65 ILCS 5/11-92-10
(65 ILCS 5/11-92-10) (from Ch. 24, par. 11-92-10)
Sec. 11-92-10.
The city or village has the power to secure grants and loan,
or either, from the United States Government, or any agency thereof, for
financing the planning, establishment and construction, enlargement and
improvement of any harbor or any part thereof, authorized by this law. For
such purposes it may issue and sell or pledge to the United States
Government, or any agency thereof, all or any part of the revenue bonds
authorized under this law, and execute contracts and documents and do all
things that may be required by the United States Government, or any agency
thereof, provided that such contracts and documents do not conflict with
the provisions of any ordinance authorizing and securing the payment of
outstanding bonds of the city or village theretofore issued that are
payable from the revenues derived from the operation of the harbor or
facilities.
(Source: Laws 1961, p. 576.)
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