(65 ILCS 5/11-118-2)
(from Ch. 24, par. 11-118-2)
The corporate authorities of any municipality availing
itself of the provisions of this Division 118, shall adopt an ordinance
describing in a general way the heating plant and system to be constructed
and refer to the plans and specifications prepared for that purpose, which
shall be open to the inspection of the public. This ordinance shall set out
the estimated cost of the heating plant and system and fix the amount of
bonds proposed to be issued, maturity, interest rate, and all details in
respect thereof. Revenue bonds issued under this Division 118 shall be
payable solely from the revenue derived from the heating plant and system.
These bonds shall not in any event constitute an indebtedness of the
municipality within the meaning of the constitutional provisions or
limitations. It shall be plainly stated on the face of each bond that the
bond has been issued under the provisions of this Division 118 and that it
does not constitute an indebtedness of the municipality within any
constitutional or statutory limitation.
After this ordinance has been adopted, it shall be published as provided
in Section 1-2-4. After the expiration of 10 days from the date of this
publication, the ordinance shall be in effect.
(Source: Laws 1961, p. 576.)