65 ILCS 5/ Illinois Municipal Code.

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65 ILCS 5/11-118-3

(65 ILCS 5/11-118-3) (from Ch. 24, par. 11-118-3)

Sec. 11-118-3.

Whenever revenue bonds have been issued under this Division
118, the entire revenue received thereafter from the operation of the
heating plant and system shall be deposited in a separate fund, designated
the heating fund of the municipality of ..... This revenue shall be used
only in paying the cost of maintenance and operation of the heating plant
and system and the principal of interest upon the bonds issued under this
Division 118.

Rates charged for heating shall be sufficient to pay the cost of
maintenance and operation and to pay the principal of and interest upon all
bonds issued under this Division 118, for the construction of the heating
plant and system. These rates shall not be reduced while any of these bonds
are unpaid.

Revenue bonds issued under this Division 118 may be redeemed at any
interest-paying date, by proceeding as follows: (1) a written notice shall
be mailed to the holder of such a bond 30 days prior to an interest-paying
date, notifying the holder that the bond will be redeemed on the next
interest-paying date; or (2) if the holder of such a bond is unknown, then
a notice describing the bond to be redeemed and the date of its redemption
shall be published 30 days prior to an interest-paying date 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. When notice has been
mailed to the holder of such a bond, or when notice has been published in a
newspaper, in case the holder of the bond is unknown, the bond shall cease
bearing interest from and after the next interest-paying date.

(Source: Laws 1961, p. 576.)

65 ILCS 5/11-118-4

(65 ILCS 5/11-118-4) (from Ch. 24, par. 11-118-4)

Sec. 11-118-4.

In case an officer whose signature appears on these bonds,
or the coupons attached thereto, ceases to hold his office before the
delivery of the bonds to the purchaser, his signature, nevertheless, shall
be valid and sufficient for all purposes, to the same effect as if he had
remained in his office until the delivery of the bonds. These bonds shall
have all the qualities of negotiable paper under the law merchant and the
negotiable instrument law.

(Source: Laws 1961, p. 576.)

65 ILCS 5/11-118-5

(65 ILCS 5/11-118-5) (from Ch. 24, par. 11-118-5)

Sec. 11-118-5.

The electors of a municipality may adopt and become
entitled to the benefits of this Division 118 in the following manner:
whenever a number equalling 1,000, or one-eighth, whichever is less, of
the electors of a municipality, voting at the last preceding election, petition
the circuit court for the
county in which that municipality is located, to order submitted
to a vote of the
electors of that municipality the proposition whether that municipality
shall adopt and become entitled to the benefits of this Division 118,
that court shall order this proposition certified and submitted
accordingly, at an election in accordance with the general election law. If the
proposition is not adopted at this election, it shall in like manner be
submitted to a vote of the electors of that municipality upon order of that court
upon like application at any succeeding
election.

(Source: P.A. 81-1489.)

65 ILCS 5/11-118-6

(65 ILCS 5/11-118-6) (from Ch. 24, par. 11-118-6)

Sec. 11-118-6.

If a majority of the votes
cast upon this proposition are in favor of the proposition, this
Division 118 is adopted by that municipality. The mayor or president
shall thereupon issue a proclamation declaring this Division 118 in
force in that municipality.

A municipality which has adopted "An Act authorizing cities, villages
and incorporated towns to issue revenue bonds for the purpose of
constructing a heating plant and system," filed July 29, 1939, as
amended, shall be treated as having adopted this Division 118 and bonds
issued under that Act shall be treated as having been issued under this
Division 118.

(Source: P.A. 81-1489.)

65 ILCS 5/Art. 11 Div. 119

(65 ILCS 5/Art. 11 Div. 119 heading) DIVISION 119.

REVENUE BONDS TO IMPROVE

LIGHT AND GAS PLANTS