(65 ILCS 5/11-103-12) (from Ch. 24, par. 11-103-12)
Sec. 11-103-12.
The corporate authorities of any municipality specified
in Section 11-103-1, for the purpose of acquiring land for an airport or
landing field or constructing an airport or landing field, or both, may
borrow money and as evidence thereof may issue bonds, payable solely from
revenue derived, from the operation or leasing of the airport, landing
field, and facilities or appurtenances thereof. These bonds may be issued
in such amounts as may be necessary to provide sufficient funds to pay all
costs of acquiring the land for an airport or landing field or constructing
an airport or landing field, or both, including engineering, legal, and
other expenses, together with interest on these bonds, to a date 6 months
subsequent to the estimated date of completion.
Whenever the corporate authorities of a specified municipality
determine to acquire land for an airport or landing field or to
construct an airport or landing field, or both, and to issue bonds under
this section for the payment of the cost thereof, the corporate
authorities shall adopt an ordinance describing in a general way the
contemplated project and refer to the plans and specifications therefor.
These plans and specifications shall be filed with the municipal clerk
and shall be open for inspection by the public.
This ordinance shall set out the estimated cost of the project, fix
the amount of revenue bonds to be issued, the maturity or maturities
thereof, the interest rate, which shall not exceed
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, payable
annually or semi-annually, and all details in connection with the bonds.
The ordinance shall also declare that a statutory mortgage lien shall
exist upon the property of the airport or landing field, and shall
pledge the revenue derived from the operation or leasing of the airport,
landing field, and the facilities and appurtenances thereof for the
payment of maintenance and operating costs, providing an adequate
depreciation fund, and paying the principal and interest of the revenue
bonds issued thereunder.
After this ordinance has been adopted, it shall be published in the
same manner and form as is required for other ordinances of the
municipality.
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 question of acquiring land for an airport or landing field or constructing
such 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 as provided in this
section within 30 days after the publication or posting of this
ordinance, the ordinance shall be in effect after the expiration of this
30 day period. But if within this 30 day period a petition is filed with
the municipal clerk signed by electors of the municipality numbering
10% or more of the number of registered voters in the municipality,
asking that the question of acquiring land for an airport or
landing field or constructing an airport or landing field, or both, and
the issuance of the specified bonds, be submitted to the electors
thereof, the municipal clerk shall certify that question for submission at
an election in accordance with the general election law.
If a majority of the votes cast on the question are in
favor of acquiring land for an airport or landing field or constructing
an airport or landing field, or both, and in favor of the issuance of
the specified bonds, this ordinance shall be in effect. But if a
majority of the votes cast on the question are against the project and
the issuance of the bonds, this ordinance shall not become effective.
Bonds issued under this section are negotiable instruments, and shall
be executed by the mayor or president and by the municipal clerk of the
municipality. In case any officer whose signature appears on the bonds
or coupons ceases to hold that office before the bonds are delivered,
his signature, nevertheless shall be valid and sufficient for all
purposes, the same as though he had remained in office until the bonds
were delivered.
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; 87-767.)
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