(65 ILCS 5/11-77-1)
(from Ch. 24, par. 11-77-1)
The corporate authorities in every municipality, incorporated
under any law of this state, have the power, by ordinance:
(1) To convey, grant, transfer, or sell to the United
States of America, or to any proper agency thereof, any real or personal property owned by the municipality, upon such terms as may be agreed upon by the corporate authorities, or in consideration of a grant or loan of money by the United States of America, or any agency thereof, for the construction, extension, or improvement of any public works project or municipal building;
(2) To lease from the United States of America, or
any proper agency thereof, any real or personal property for use for any municipal purpose, for any period of time not exceeding 50 years, with or without an option to buy the property and with or without a clause to the effect that title to the leased property shall vest in the municipality at the expiration of the lease;
(3) To pay for the use of this leased property in
accordance with the terms of the lease; and
(4) To authorize any municipal official to enter into
such a lease and to sign it on behalf of the municipality, and to execute any deed or other evidence of transfer of title on behalf of the municipality, to effect or evidence any exercise of the powers granted by this section.
Such a lease may be entered into without making a
previous appropriation for the expense thereby incurred, notwithstanding the prohibitions contained in Sections 8-1-6 and 8-1-7. An obligation to pay incurred under such a lease shall not be an indebtedness of the municipality within the meaning of any constitutional or statutory limitation upon municipal indebtedness, but the obligation shall be a current expense of the year in which it is paid.
(Source: Laws 1961, p. 576.)