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65 ILCS 5/11-71-3
(65 ILCS 5/11-71-3) (from Ch. 24, par. 11-71-3)
Sec. 11-71-3.
The corporate authorities of any such municipality availing
of the provisions of this Division 71, other than that concerning
advertising on parking meters, shall adopt an ordinance describing in a
general way the contemplated project and refer to plans and specifications
therefor, which shall be placed on file in the office of the clerk of such
municipality, and which shall be open for the inspection of the public.
Such ordinance shall state the estimated cost of such project, and the
method or methods of financing such project and the amount or proportion of
cost of such project to be financed by each of such methods. If part or all
of such project is to be financed by means of revenue bonds, the ordinance
also shall fix the amount of the revenue bonds proposed to be issued, the
maturity or maturities, the interest rate, and all details in respect
thereof and shall contain such covenants and restrictions as may be deemed
necessary or advisable by the corporate authorities. Without limiting the
generality of the foregoing, such ordinance shall contain such provisions
as may be determined by the corporate authorities as to:
(a) The issuance of additional revenue bonds that may thereafter be
issued payable from the revenues derived from the operation of any such
parking facilities and for the payment of the principal and interest upon
such bonds;
(b) The regulation as to the use of any such parking facilities to
assure the maximum use or occupancy thereof;
(c) The kind and amount of insurance to be carried, including use and
occupancy insurance, the cost of which shall be payable only from the
revenues to be derived from the project;
(d) Operation, maintenance, management, accounting and auditing, and the
keeping of records, reports and audits of any such parking facilities;
(e) The obligation of the municipality to maintain the project in good
condition and to operate the same in an economical and efficient manner;
(f) Such other provisions as may be deemed necessary or desirable to
assure a successful and profitable operation of the project and prompt
payment of principal of and interest upon any revenue bonds so authorized.
If any part of such project is to be financed by means of special
assessments or special taxation, any ordinances or other procedures
required under Division 2 of Article 9 of this Code shall be adopted and
followed.
After the ordinance has been adopted and approved, it shall be published
once in a newspaper published and having general circulation in such
municipality, or if there be no such newspaper published in such
municipality, then the ordinance should be posted in at least 5 of the most
public places in such municipality, and shall become effective 10 days
after publication or posting thereof.
(Source: Laws 1963, p. 2256.)
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