(65 ILCS 5/11-133-2)
(from Ch. 24, par. 11-133-2)
The corporate authorities of any municipality availing itself of the
provisions of this Division 133, shall adopt an ordinance describing in a
general way the improvements and extensions to be made and refer to the
plans and specifications therefor prepared for that purpose. These plans
and specifications shall be open to the inspection of the public. This
ordinance shall set out the estimated cost of the improvements and
extensions and shall fix the amount of certificates proposed to be issued,
the maturity, interest rate, and all details in respect thereof. After this
ordinance has been adopted and approved, it shall be published once in a
newspaper published and having a general circulation in the municipality.
This ordinance shall be in effect after the expiration of 10 days from the
date of this publication.
Certificates of indebtedness issued under this Division 133, shall be
payable solely from the revenue derived from the waterworks system, and
these certificates shall not in any event constitute an indebtedness of the
municipality within the meaning of the constitutional limitation. It shall
be plainly stated on the face of each certificate that it has been issued
under the provisions of this Division 133, and that it does not constitute
an indebtedness of the municipality within any constitutional or statutory
limitation. The total amount of these certificates that may be issued
during the 8 years' period of 1958 to 1965 both inclusive, shall not exceed
$150,000,000, which certificates may be issued from time to time within the
8 years' period. The total amount of these certificates that may be issued
during the six year period of 1966 to 1971 both inclusive, shall not exceed
$60,000,000 which certificates may be issued from time to time within the
six year period. The total amount of these certificates that may be issued
in the year 1972 shall not exceed $5,000,000 and in the year of 1973 and
each year thereafter shall not exceed $10,000,000.
This amendatory Act of 1973 is not a limit upon any municipality which
is a home rule unit.
(Source: P.A. 78-211.)