(70 ILCS 2805/26c) (from Ch. 42, par. 437c)
Sec. 26c.
The trustees of any district, having been authorized by an
election held pursuant to the preceding section, being desirous of
exercising such authority, shall have an estimate made of the cost of the
acquisition of the contemplated drainage system, and by ordinance shall
provide for the issuance of revenue bonds. The ordinance shall set forth a
brief description of the contemplated drainage system, the estimated cost
of acquisition or construction thereof, the amount, rate of interest, time
and place of payment, and other details in connection with the issuance of
the bonds. The bonds shall bear interest at a rate not exceeding that
permitted by "An Act to authorize public corporations to issue bonds, other
evidences of indebtedness and tax anticipation warrants subject to interest
rate limitations set forth therein", approved May 26, 1970, as amended,
payable semiannually, and shall be payable at such times and places not
exceeding 20 years from their date as shall be prescribed in the ordinance
providing for their issuance.
This ordinance may contain such covenants and restrictions upon the
issuance of additional revenue bonds thereafter as may be deemed necessary
or advisable for the assurance of payment of the bonds thereby authorized
and as may be thereafter issued, and shall pledge the revenues derived from
the operation of the drainage system for the purpose of paying all
maintenance and operation costs, principal and interest on all bonds issued
under the provisions of this Act, and for providing an adequate
depreciation fund, which depreciation fund is hereby defined for the
purposes of this Act to be for such replacements as may be necessary from
time to time for the continued effective and efficient operation of the
drainage system properties of such district, and such fund shall not be
allowed to accumulate beyond a reasonable amount necessary for that
purpose, the terms and provisions of which shall be incorporated in the
ordinance authorizing the issuance of the bonds.
(Source: P.A. 83-591.)
|