(65 ILCS 5/11-119-1) (from Ch. 24, par. 11-119-1)
Sec. 11-119-1.
Every city or village owning and operating its electric
light plant and system or its gas plant and system, may pay for improving,
enlarging or extending the plant and system by the issuance and sale of
revenue bonds. These bonds shall bear interest at a rate of not to exceed
the maximum rate authorized by the Bond Authorization Act, as amended at
the time of the making of the contract,
payable semi-annually, and shall mature within the period of usefulness of
the project for which they are issued, such period of usefulness to be
determined by the corporate authorities, but in no event more than 30 years
from the date of completion of the project. The bonds shall be sold in such
manner as the corporate authorities shall determine, except that if issued
to bear interest at the rate of 7% annually, the bonds shall be sold for
not less than par and accrued interest, and except that the selling price
of bonds bearing less than 7% interest shall be such that the interest cost
to the municipality of the money received from the sale of such bonds,
shall not exceed 7% annually, computed to maturity according to standard
tables of bond values.
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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