(70 ILCS 3705/17) (from Ch. 111 2/3, par. 204)
Sec. 17.
Any ordinance authorizing the issuance of revenue bonds as
provided for in this Act shall describe in a general way the contemplated
project. It shall not be 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.
Such ordinance shall also set out the total estimated cost of the
project, fix the amount of bonds proposed to be issued, the maturity or
maturities, the interest rate and all details in respect thereof, and the
covenants and undertakings of the district in connection with the
application of the income and revenue and the issuance of additional
revenue bonds thereafter as may be deemed necessary or advisable for
assurance of the payment of the bonds thereby authorized, and as may
thereafter be issued.
(Source: Laws 1957, p. 2013.)
|