65 ILCS 5/ Illinois Municipal Code.

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65 ILCS 5/11-74.5-8

(65 ILCS 5/11-74.5-8) (from Ch. 24, par. 11-74.5-8)

Sec. 11-74.5-8.

Any pledge made to secure bonds shall be valid and binding
from the time when the pledge is made.  The revenues and receipts or property
or interests in property pledged and thereafter received by a municipality
or trustee shall immediately be subject to the lien of such pledge without
any physical delivery thereof or further act, and the lien of any such pledge
shall be valid and binding as against all parties having claims of any kind
in tort, contract or otherwise against such municipality or trustee irrespective
of whether the parties have notice thereof.  Neither the ordinance, nor
any other instrument
by which a pledge is created, need be recorded.

(Source: P.A. 81-580.)

65 ILCS 5/11-74.5-9

(65 ILCS 5/11-74.5-9) (from Ch. 24, par. 11-74.5-9)

Sec. 11-74.5-9.

All bonds issued under this Division shall be limited obligations
of the municipality issuing the same, payable solely from the (i) bond proceeds,
(ii) revenues and receipts derived from the home mortgage loans or from
any notes or other obligations of persons
with respect to which such bonds are issued and secured by a mortgage, pledge,
security interest, insurance agreement or indenture of trust of or with
respect to such home mortgage loans, (iii) certain insurance proceeds which
may relate to the bonds or the home mortgage loans,  (iv) participation
fees, or (v) certain reserve funds.  No municipality shall have any right
or authority to levy taxes to pay any of the principal of, redemption premium,
if any, or interest on any bonds issued pursuant to this Division or any
judgment against a municipality on account thereof.  No holder of any bonds
issued under this Division shall have the right to compel any exercise of
the taxing power of a municipality to pay the bonds, the interest or redemption
premium, if any, thereon, and the bonds shall not constitute an indebtedness
of such municipality, or a loan of the faith and credit thereof, within
the meaning of any constitutional or statutory provision, nor shall the
bonds be construed to create
any moral obligation on the part of such municipality to provide for the
payment of such bonds.  It shall be plainly stated on the face of each bond
that it has been issued under the provisions of this Division and that it
does not constitute an indebtedness of the municipality, or a loan of the
faith and credit thereof, within the meaning of any constitutional or statutory
provision.  Bonds may be issued pursuant to this Division without regard
to (1) any statutory limitation as to bonded indebtedness and shall not
be included in computing total bonded indebtedness within the meaning of
any statutory limitation, (ii) any requirement of competitive bidding or procedure
for award of contracts applicable by any statute, (iii) any requirement of
publication of ordinance or other documents, or (iv) any requirement of
referendum or petition.

(Source: P.A. 81-580.)