(605 ILCS 5/10-707) (from Ch. 121, par. 10-707)
Sec. 10-707.
The ordinance authorizing such refunding revenue bonds shall
prescribe all the details thereof and the bonds shall be in such form and
denomination payable at such places, bear such date and be executed by such
officials as may be provided in the bond ordinance. The ordinance also
shall determine the life of the bridge. The refunding revenue bonds shall
mature within the life of the bridge as so determined and shall mature, in
any event, within not to exceed 40 years from their date, and may be made
callable on any interest payment date at a price of par and accrued
interest, after notice shall be given by publication or otherwise at any
time or times and in the manner as may be prescribed for in the bond
ordinance.
The ordinance may contain such covenants and restrictions upon the
issuance of additional refunding revenue bonds, or revenue bonds for the
improvement and extension of such bridge as may be deemed necessary or
advisable for the assurance of the payment of the refunding revenue bonds
thereby authorized; such bonds shall be payable from the net revenues of
the bridge and such bonds shall not, in any event, constitute an
indebtedness of the municipality within the meaning of any constitutional
or statutory limitation, and it shall be plainly stated on the face of each
bond that it does not constitute an indebtedness of the municipality within
any constitutional or statutory provision or limitation.
The validity of any refunding revenue bonds shall remain unimpaired,
although one or more of the officials executing the same shall cease to be
such officer or officers before delivery thereof, and such bonds shall have
all the qualities of negotiable instruments under the Law Merchant and the
Negotiable Instrument Law.
(Source: Laws 1959, p. 196.)
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