65 ILCS 5/ Illinois Municipal Code.

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65 ILCS 5/11-92-4

(65 ILCS 5/11-92-4) (from Ch. 24, par. 11-92-4)

Sec. 11-92-4.

The city or village shall submit its plan for any construction
to be undertaken under this Division 92 for approval to: (a) the Department
of Natural Resources of the State of Illinois, and to
(b) the proper officials
of the United States Government.

(Source: P.A. 89-445, eff. 2-7-96.)

65 ILCS 5/11-92-5

(65 ILCS 5/11-92-5) (from Ch. 24, par. 11-92-5)

Sec. 11-92-5.

All right, title and interest of the State of Illinois in and
to submerged lands, naturally and artificially made or reclaimed lands,
both within the boundaries of the harbor and adjoining its outer or water
side, are hereby vested in the city or village for harbor and other public
purposes, and the same shall be under the jurisdiction of the city or
village. The harbor, and all real and personal property connected
therewith, owned and operated by a city or village under the provisions of
this Division 92, are exempt from taxation.

(Source: Laws 1961, p. 576.)

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.)