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Illinois Compiled Statutes
Information maintained by the Legislative Reference Bureau Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide. Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.
MUNICIPALITIES (65 ILCS 5/) Illinois Municipal Code. 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.)
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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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65 ILCS 5/11-92-11
(65 ILCS 5/11-92-11) (from Ch. 24, par. 11-92-11)
Sec. 11-92-11.
The state and all counties, cities, villages, incorporated
towns and other municipal corporations, political subdivisions and public
bodies, and public officers of any thereof, all banks, bankers, trust
companies, savings banks and institutions, building and loan associations,
savings and loan associations, investment companies and other persons
carrying on a banking business, all insurance companies, insurance
associations and other persons carrying on an insurance business, and all
executors, administrators, guardians, trustees and other fiduciaries may
legally invest any sinking funds, moneys or other funds belonging to them
or within their control in any bonds, including refunding bonds, issued
pursuant to this law, it being the purpose of this section to authorize the
investment in such bonds of all sinking, insurance, retirement,
compensation, pension and trust funds, whether owned or controlled by
private or public persons or officers. Nothing contained in this section
may be construed as relieving any person, firm, or corporation from any
duty of exercising reasonable care in selecting securities for purchase or
investment.
(Source: Laws 1961, p. 576.)
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65 ILCS 5/Art. 11 Div. 93
(65 ILCS 5/Art. 11 Div. 93 heading)
DIVISION 93.
POWER TO ACQUIRE PIERS
AND BEACHES
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65 ILCS 5/11-93-1
(65 ILCS 5/11-93-1) (from Ch. 24, par. 11-93-1)
Sec. 11-93-1.
The corporate authorities of each municipality may acquire by
eminent domain private lands bordering upon public or navigable waters,
useful or desirable for bathing beaches and recreation piers.
(Source: Laws 1961, p. 576.)
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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
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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.)
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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.)
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65 ILCS 5/11-94-2
(65 ILCS 5/11-94-2) (from Ch. 24, par. 11-94-2)
Sec. 11-94-2.
Whenever the corporate authorities of a specified
municipality determine to construct or acquire and purchase or improve
natatoriums or swimming pools, indoor or outdoor tennis courts,
handball, racquetball or squash courts, artificial ice skating rinks or
golf courses, or any combination of said facilities and to issue bonds
under this Division 94 to pay the cost or purchase price thereof, the
corporate authorities shall adopt an ordinance describing in a general
way the contemplated project and refer to plans and specifications
therefor when the project is to be constructed. These plans and
specifications shall be filed in the office of the municipal clerk and
shall be open for inspection by the public.
This ordinance shall set out the estimated cost of the project,
determine the period of usefulness thereof, fix the amount of revenue
bonds to be issued, the maturities thereof, the interest rate, which
shall not exceed the greater of (i) the maximum rate authorized by the Bond
Authorization Act, as amended at the time of the making of the contract, or
(ii) 8% annually, payable annually or semi-annually and all
the details in connection with the bonds. However, from the effective
date of this amendatory Act of 1976 through and including June 30, 1977,
such interest rate shall not exceed 9%. The bonds shall mature within
the period of usefulness of the project as determined by the corporate
authorities. The ordinance may also contain such covenants and
restrictions upon the issuance of additional revenue bonds thereafter as
may be deemed necessary or advisable for the assurance of the payment of
the bonds thereby authorized. The ordinance shall also pledge 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 the golf courses, or any other
recreational facility or any combination of facilities as the case may
be, for the purpose of paying maintenance and operation costs, providing
an adequate depreciation fund, and paying the principal and the interest
of the bonds issued under this Division 94. The ordinance may also
pledge the revenue derived from the operation of existing natatoriums or
swimming pools, indoor or outdoor tennis courts, handball, racquetball
or squash courts, artificial ice skating rinks or golf courses, or any
combination of facilities.
Within 30 days after this ordinance has been passed it shall be
published at least once 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.
The publication or posting of the ordinance shall be accompanied by a
notice of (1) the specific number of voters required to sign a petition
requesting the question of constructing or acquiring and purchasing or
improving and operating such recreation facility and the issuance of bonds
to be submitted to the electors; (2) the time in which such 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, or posting of the ordinance, the ordinance shall be in
effect. But if within this 30 day period a petition is so filed, signed
by electors of the municipality numbering 10% or more of the number of
registered voters in the municipality asking that the question of
constructing or acquiring and purchasing or improving and operating such
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, and
the issuance of such bonds be submitted to the electors of the
municipality, the municipal clerk shall certify that question for
submission at an election in accordance with the general election law.
If a majority of the electors voting upon that question
vote in favor of constructing or acquiring and purchasing or improving
and operating 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, and the issuance of the bonds, the ordinances
shall be in effect. But if a majority of the votes cast are against
constructing or acquiring and purchasing or improving and operating 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, and the issuance of the bonds, the ordinance shall not go
into effect.
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.
This amendatory Act of 1975 is not a limit upon any municipality
which is a home rule unit.
(Source: P.A. 86-4; 87-767.)
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65 ILCS 5/11-94-3
(65 ILCS 5/11-94-3) (from Ch. 24, par. 11-94-3)
Sec. 11-94-3.
Bonds issued under this Division 94 shall be 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 facilities, as the
case may be, and shall not in any event constitute an indebtedness of
the municipality within the meaning of any constitutional or statutory
limitation. It shall be plainly stated on the face of each bond that
the bond has been issued under this Division 94 and that it does not
constitute an indebtedness of the municipality within any constitutional
or statutory limitation.
The bonds shall be sold in such manner and upon such terms as the
corporate authorities shall determine. If they are issued to bear
interest at the maximum annual rate authorized in Section 11-94-2, they
shall be sold for not less
than par and accrued interest. If they are issued to bear interest at a
rate of less than the maximum annual rate authorized in Section 11-94-2,
the minimum price at which they may be
sold shall be such that the interest cost to the municipality of the
proceeds of the bonds shall not exceed the maximum annual rate authorized
in Section 11-94-2, computed to
maturity, according to the standard table of bond values.
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. 79-1420.)
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65 ILCS 5/11-94-4
(65 ILCS 5/11-94-4) (from Ch. 24, par. 11-94-4)
Sec. 11-94-4.
Whenever revenue bonds are issued under this Division
94, all 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 facilities, as the
case may be, shall be deposited in a separate fund designated as the
natatorium or swimming pool, indoor or outdoor tennis courts, handball,
racquetball or squash courts, artificial ice skating rink or golf course
or recreational facilities fund of the municipality. This fund shall be
used only in paying the cost of operation and maintenance 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 in providing an adequate depreciation fund,
and in paying the principal of and interest upon the revenue bonds of
the municipality issued under this Division 94.
A depreciation fund is a fund for such replacements as may be
necessary from time to time for the continued effective and efficient
operation of the facility or facilities. Such a fund shall not be
allowed to accumulate beyond a reasonable amount necessary for that
purpose and shall not be used for extensions to the natatoriums or
swimming pools, indoor or outdoor tennis courts, handball, racquetball
or squash courts, artificial ice skating rinks or golf courses.
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. 81-1509.)
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65 ILCS 5/11-94-5
(65 ILCS 5/11-94-5) (from Ch. 24, par. 11-94-5)
Sec. 11-94-5.
Each municipality which issues bonds and constructs
or acquires or improves a facility under this Division 94 shall charge
for the use thereof at a rate which at all times is sufficient to pay
maintenance and operation costs, depreciation and the principal and
interest on the bonds. Such a municipality may make, enact, and enforce
all needful rules and regulations for the construction, acquisition,
improvement, extension, management, maintenance, care, and protection of
its 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, as the case may be, and for the use thereof. Charges or
rates for the use of the facility shall be established, revised,
maintained, and payable as the corporate authorities may determine by
ordinance.
While any bond issued under this Division 94 is outstanding, such a
municipality is required to maintain and operate its 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, as
long as it can do so out of the revenue derived from the operation
thereof. It shall not sell, lease, loan, mortgage or in any other
manner dispose 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, until all of the bonds so issued have
been paid in full, both principal and interest or until provision has
been made for the payment of all of the bonds and interests thereon in
full.
Such a municipality shall install and maintain a proper system of
accounts, showing the amount of revenue received from the operation of
its natatoriums or swimming pools, indoor or outdoor tennis courts,
handball, racquetball or squash courts, artificial ice skating rinks or
golf courses. At least once each year, the municipality shall have the
accounts properly audited. A report of this audit shall be open for
inspection at all times to any taxpayer, or to a holder of any bond or
coupon of any bond issued under this Division 94, or to their respective
representatives.
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. 81-1509.)
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