(70 ILCS 1842/50) Sec. 50. Powers of participating municipalities. (a) A city council of a participating municipality may apply for and accept grants, loans, or appropriations from the federal government or a state government, or any agency or instrumentality of the federal government or a state government, to be used for any of the purposes of the Port District within the participating municipality and to enter into any agreements with the federal government or a state government in relation to the grants, loans, or appropriations by the participating municipality in which the funds will be used. (b) A city council of a participating municipality may petition any federal, state, or local authority, or any administrative, judicial, or legislative authority, having jurisdiction for the adoption and execution of any physical improvement, change in method or system of handling freight, warehousing, docking, lightering, and transfer of freight that, in the opinion of the city council, is likely to improve or better the handling of commerce in and through the Port District in the participating municipality or improve terminal or transportation facilities in the participating municipality. (c) A city council of a participating municipality may borrow money and issue either general obligation bonds or revenue bonds for the purpose of (i) acquiring, constructing, reconstructing, extending, improving, or operating the terminals, terminal facilities, and other buildings or facilities that the participating municipality has the power to acquire, construct, reconstruct, extend, or improve, (ii) acquiring any property and equipment useful for construction, reconstruction, extension, improvement, or operation, and (iii) acquiring necessary cash working funds.(Source: P.A. 103-242, eff. 1-1-24.) |