65 ILCS 5/ Illinois Municipal Code.

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65 ILCS 5/Art. 11 Div. 94

(65 ILCS 5/Art. 11 Div. 94 heading) DIVISION 94.

SWIMMING POOL, ARTIFICIAL ICE SKATING

RINK AND GOLF COURSE REVENUE BONDS

65 ILCS 5/11-94-1

(65 ILCS 5/11-94-1) (from Ch. 24, par. 11-94-1)

Sec. 11-94-1.

Any municipality with a population of less than 500,000 has the power to
construct or acquire and purchase or improve and operate natatoriums or
swimming pools, indoor or outdoor tennis courts, handball, racquetball or
squash courts, artificial ice skating
rinks and golf courses, or any other recreational facility or any combination
of facilities, borrow money and as evidence thereof to issue its
bonds payable solely from the revenue derived from the operation of the
natatoriums or swimming pools, indoor or outdoor tennis courts, handball,
racquetball or squash courts, artificial
ice skating rinks or golf courses, or any other recreational facility, or
any combination of said facilities,
as the case may be.  These bonds may be issued in such amounts as may be
necessary to provide sufficient funds to pay all the cost of the
construction or acquisition and purchase or improvement of the natatoriums
or swimming pools, indoor or outdoor tennis courts, handball, racquetball
or squash courts, artificial ice skating
rinks or golf courses, or any other recreational facility or any combination
of facilities, including
engineering, legal, and other expenses, together with interest on the bonds
to a date 6 months subsequent to the estimated date of completion.  In
addition such bonds may be issued for the purpose of paying or refunding
any unpaid obligations which are payable from the revenues of any of said
facilities referred to above or any combination thereof.  The bonds are
negotiable instruments and shall be executed by the mayor or president, and
the municipal clerk.

In case an officer whose signature appears on the bonds, or coupons
attached thereto, ceases to hold his office before the delivery of the
bonds, his signature, nevertheless, shall be as valid and sufficient for
all purposes as if he had remained in office until the bonds were
delivered.

A municipality has the power to acquire by purchase, gift, or
condemnation, property necessary or appropriate for the purpose of
exercising the powers granted by this Section.

This amendatory Act of 1973 is not a limit upon any municipality which
is a home rule unit.

This amendatory Act of 1975 is not a limit upon any municipality which
is a home rule unit.

(Source: P.A. 79-437.)

65 ILCS 5/11-94-1.1

(65 ILCS 5/11-94-1.1) (from Ch. 24, par. 11-94-1.1)

Sec. 11-94-1.1.

Whenever there are unpaid obligations previously issued which are
payable solely from the revenue of any existing recreational facility, the
unpaid obligations may be refunded
by the issue and exchange therefor of revenue bonds, to be issued under
this Division, with the consent of the respective holders of the unpaid
obligations.  The holders of revenue bonds issued under this Division,
whether (1) for refunding or (2) for construction, acquisition, purchase or
improvement, or both, have the same rights and privileges with respect to
payment and there is no distinction between revenue bonds issued for the
two purposes unless it is specifically provided in the ordinance
authorizing the issuance of bonds that the bonds, or such ones thereof as
may be specified, issued for such construction, acquisition, purchase or
improvement, shall, to the extent and in the manner prescribed, be
subordinated and be junior in standing, with respect to the payment of
principal and interest and the security thereof, to such other bonds
payable from the revenue of the facility or facilities specified in such
ordinance.  Whenever any unpaid obligations previously issued which are
payable solely from the revenue or any facility or facilities under this
Division are refunded, the unpaid obligations shall be surrendered and
exchanged for revenue bonds of a total principal amount which shall not be
more but may be less than the principal amount of the obligations exchanged
and the interest thereon to the date of exchange.  If any outstanding bonds
issued under the provisions of this Division 94 are to be paid or refunded
the ordinance shall state the means of paying or refunding such bonds.

This amendatory Act of 1973 is not a limit upon any municipality which
is a home rule unit.

This amendatory Act of 1975 is not a limit upon any municipality which
is a home rule unit.

(Source: P.A. 79-437.)