(70 ILCS 2805/32e) (from Ch. 42, par. 443e)
Sec. 32e.
The trustees of any district, having been authorized by an
election held pursuant to Section 32d, and being desirous of exercising
such authority, shall have an estimate made of the cost of the acquisition
or construction of the contemplated waterworks, and by ordinance shall
provide for the method of financing such acquisition or construction. The
ordinance shall set forth a brief description of the contemplated
waterworks, the estimated cost of acquisition or construction thereof, the
method of financing such acquisition or construction, the amount, rate of
interest, time and place of payment, and other details in connection with
the issuance of any bonds necessary therefor. If all or part of such
financing is to be by issuance of revenue bonds, such bonds shall bear
interest at not exceeding the rate 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 semi-annually,
and shall be
payable at such times and places not exceeding 30 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 waterworks 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 waterworks 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 revenue bonds.
(Source: P.A. 83-591.)
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