(65 ILCS 5/11-141-3) (from Ch. 24, par. 11-141-3)
Sec. 11-141-3.
Whenever the corporate authorities of a municipality determine to
improve or extend or to construct or acquire and improve and extend a
sewerage system and to issue bonds, under this Division 141, for the
payment of the cost thereof, the corporate authorities shall adopt an
ordinance describing, in a general way, the contemplated project. It is
not necessary that the ordinance refer to plans and specifications nor
that there be on file for public inspection prior to the adoption of
such ordinance detailed plans and specifications of the project.
Whenever a municipality has been directed by an order issued under
"An Act to establish a Sanitary Water Board and to control, prevent and
abate pollution of the streams, lakes, ponds and other surface and
underground waters in the State, and to repeal an Act named therein",
approved July 12, 1951, as now or hereafter amended, or the
"Environmental Protection Act", enacted by the 76th
General Assembly, to abate its discharge of untreated or inadequately
treated sewage, this fact shall be set out in the ordinance, unless the
order to abate the discharge has been reversed on appeal.
The ordinance shall set out the estimated cost of the project,
determine the period of usefulness thereof, and fix the amount of
revenue bonds proposed to be issued, the maturity or maturities, 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, and all the details
in connection with the bonds. The ordinance may contain such covenants
and restrictions upon the issuance of additional revenue bonds
thereafter, which will share equally the revenue of the sewerage system,
as may be deemed necessary or advisable for the assurance of the payment
of the bonds first issued. Any municipality may also provide in the
ordinance authorizing the issuance of bonds under this Division 141 that
the bonds, or such ones thereof as may be specified, shall, to the
extent and in the manner prescribed, be subordinated and be junior in
standing, with respect to the payment of principal and interest and the
security thereof, to such other bonds as are designated in the
ordinance.
The ordinance shall pledge the revenue derived from the operation of
the sewerage system for the purpose of paying the cost of operation and
maintenance of the system, providing an adequate depreciation fund, and
paying the principal and interest on the bonds of the municipality
issued under this Division 141.
This amendatory Act (Public Act 76-1983) applies to bonds which are
authorized but not sold on its effective date.
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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