(605 ILCS 5/10-803) (from Ch. 121, par. 10-803)
Sec. 10-803.
Without limiting any other powers granted in this Division of
this Article, each municipality has the power to provide for the payment of
the cost of acquiring, constructing, reconstructing, improving, enlarging,
bettering or repairing any bridge or for the payment of any portion of such
cost by one or more issues of revenue bonds of the municipality, payable
solely from the net revenue of such bridge. These bonds shall be authorized
by ordinance of the corporate authorities of the municipality and shall be
in substantially the form set forth in the ordinance. The bonds may be
serial or term; redeemable, with or without premium, or non-redeemable;
shall bear interest at such rate or rates, not exceeding the maximum rate
authorized by the Bond Authorization Act, as amended at the time of the
making of the contract,
payable at such times as may be provided; shall mature at such times not
exceeding the life of the bridge, for the acquisition, construction,
reconstruction, improvement, enlargement, betterment or repair of which
they are issued, as estimated by the corporate authorities, but in no event
exceeding 40 years; and shall be issued in such amounts and payable at such
place or places, within or without the State, as shall be prescribed in the
ordinance authorizing their issuance. The bonds of any issue may be
delivered in such installments from time to time, and at such place or
places, within or without the State, as the corporate authorities may, by
resolution, determine.
The bonds shall be signed by such officer or officers as the corporate
authorities shall determine, and coupon bonds shall have attached thereto
interest coupons bearing the facsimile signatures of such officer or
officers as the corporate authorities shall determine, in the ordinance
authorizing the bonds. The signature of only one of the officers signing
the bonds need be a manual signature, and the signature of any other
officers signing the bonds may be facsimile signatures. A facsimile of the
seal of the municipality may be imprinted on the bonds. The bonds may be
issued and delivered notwithstanding the fact that an officer signing the
bonds or whose facsimile signature appears upon any of the bonds or coupons
has ceased to hold his office at the time that the bonds are actually
delivered, and notwithstanding the fact that an officer whose facsimile
signature appears upon the bonds or coupons has ceased to hold his office
at the time that the bonds are manually signed by the officer or officers
required to sign the bonds manually.
The bonds of the municipality may be sold in such manner, at such times,
and at such prices as the corporate authorities may determine, but no sale
shall be made at a price which would make the interest cost to maturity on
the money received therefor computed with relation to the absolute maturity
of the bonds in accordance with standard tables of bond values, exceed 6%
annually. The principal of and interest upon the bonds shall be payable
solely from the net revenue derived from the operation of the bridge
acquired, constructed, reconstructed, improved, enlarged, bettered or
repaired with the proceeds of the sale of the bonds. No bond issued
pursuant to this Division of this Article shall constitute an indebtedness
of a municipality within the meaning of any constitutional, statutory or
charter limitation. It shall be plainly stated on the face of each bond in
substance that the bond has been issued under the provisions of this
Division of this Article and that the taxing power and general credit of
the municipality issuing the bond are not pledged to the payment of the
bond, or interest thereon, and that the bond and the interest thereon are
payable solely from the net revenue of the bridge to acquire, construct,
reconstruct, improve, enlarge, better or repair which the bond is issued.
The cost of the acquisition, construction, reconstruction, improvement,
enlargement, betterment or repair of any bridge shall include debt service
reserves to secure the payment of bonds issued therefor under this Division
of this Article, interest during the period, as estimated by the corporate
authorities, of such construction, reconstruction, improvement,
enlargement, betterment or repair and for not exceeding 12 months
thereafter, and also all engineering, legal, architectural, traffic
surveying and other expenses incident to such acquisition, construction,
reconstruction, improvement, enlargement, betterment or repair and incident
to the acquisition of any and all necessary property in connection
therewith and also incident to the financing thereof, including the cost of
acquiring existing franchises, easements, rights, plans, and works of and
relating to the bridge. If the proceeds of the bonds issued shall exceed
the cost as finally determined, the excess shall be applied to the payment,
purchase or redemption of the bonds. Bonds and interest coupons issued
under this Division of this Article shall possess all the qualities of
negotiable instruments. Such bonds shall be legal investments for trustees
and other fiduciaries, and for savings banks, trust companies, and
insurance companies organized under the laws of the State of Illinois.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in accordance with the
Omnibus Bond Acts, regardless of any provision of this Act that may appear
to be or to have been more restrictive than those Acts, (ii) that the
provisions of this Section are not a limitation on the supplementary
authority granted by the Omnibus Bond Acts, and (iii) that instruments
issued under this Section within the supplementary authority granted
by the Omnibus Bond Acts are not invalid because of any provision of
this Act that may appear to be or to have been more restrictive than
those Acts.
(Source: P.A. 86-4.)
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