(605 ILCS 5/10-303) (from Ch. 121, par. 10-303)
Sec. 10-303.
For the purpose of acquiring by purchase or otherwise or the
constructing of any such bridge, the county board of each such county is
authorized to borrow money and in evidence thereof to issue the bonds of
such county, and to refund the same from time to time, payable solely from
the revenues derived from the operation of such bridge. Such bonds may be
issued as serial or term bonds, shall mature in not to exceed 40 years from
the date thereof, and may be made redeemable, prior to maturity, with or
without premium. Such bonds may be issued in such amounts as may be
necessary to provide sufficient funds to pay the cost of acquiring or
constructing such bridge and the approaches thereto, including all property
real or personal, necessary or incidental in the acquisition or
construction of such bridge and its approaches, including reasonable legal
and engineering, traffic survey, and architectural fees, costs of
financing, and interest during construction and for not less than 12 months
thereafter. Such bonds shall bear interest at a rate not to exceed that
permitted in "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. Bonds issued under the provisions of this
Division of this Article have the qualities and incidents of negotiable
instruments under the laws of the State of Illinois, shall be executed in
the name of the county by the chairman of the county board and the county
clerk of such county, and shall be sealed with the corporate seal of the
county, and the interest coupons attached to such bonds shall be executed
by the facsimile signatures of such chairman and county clerk, and such
officials by the execution of such bonds shall adopt as and for their own
proper signatures their respective facsimile signatures appearing on such
coupons. In case any officer whose signature appears on any such bonds or
coupons ceases to be such officer before delivery of such bonds, such
signatures shall nevertheless be valid and sufficient for all purposes, the
same as if such officer had remained in office until such delivery.
Such bonds may be registered as to principal at any time prior to
maturity in the name of the holder on the books of the county in the office
of the county treasurer, such registration to be noted on the reverse side
of the bonds by the county treasurer, and thereafter the principal of such
registered bonds shall be payable only to the registered holder, his legal
representatives or assigns. Such registered bonds shall be transferable to
another registered holder, or back to bearer, only upon presentation to the
county treasurer with the legal assignment duly acknowledged or approved.
Registration of any such bonds shall not affect negotiability of the
coupons thereto attached, but such coupons shall be transferable by
delivery merely.
All such bonds issued by any such county shall be sold in such
manner and at such time as the governing body shall determine. Whenever the
governing body of any such county determines to issue bonds as provided for
in this Division of this Article, it shall adopt an ordinance describing in
a general way the bridge to be acquired or constructed and its general
location. Such ordinance shall set out the aggregate amount of the
estimated cost of the acquisition or construction of such bridge, as
prepared by the engineers employed for that purpose, determine the period
of usefulness thereof and fix the amount of revenue bonds to be issued, the
maturity or maturities, redemption privileges, the interest rate, sinking
fund, and all other details in connection with such bonds, including such
reserve accounts as the county board of such county may deem necessary.
Such 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 the payment of the bonds thereby
authorized. Revenue bonds issued under the provisions of this Division of
this Article shall be payable solely from the revenue derived from such
bridge, and such bonds shall not, in any event constitute or be deemed an
indebtedness of such county within the meaning of any constitutional
provisions or statutory limitation as to debt, and it shall be plainly
stated on the face of each bond that it does not constitute an indebtedness
within any constitutional or statutory limitation. Such ordinance shall be
published within 30 days after its passage in a newspaper, published and
having a general circulation in such county, and shall not become effective
until 10 days after its publication.
(Source: P.A. 83-225.)
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