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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(65 ILCS 5/11-94-5) (from Ch. 24, par. 11-94-5)
Sec. 11-94-5.
Each municipality which issues bonds and constructs
or acquires or improves a facility under this Division 94 shall charge
for the use thereof at a rate which at all times is sufficient to pay
maintenance and operation costs, depreciation and the principal and
interest on the bonds. Such a municipality may make, enact, and enforce
all needful rules and regulations for the construction, acquisition,
improvement, extension, management, maintenance, care, and protection of
its natatoriums or swimming pools, indoor or outdoor tennis courts,
handball, racquetball or squash courts, artificial ice skating rinks or
golf courses, or any other recreational facility, or any combination of
facilities, as the case may be, and for the use thereof. Charges or
rates for the use of the facility shall be established, revised,
maintained, and payable as the corporate authorities may determine by
ordinance.
While any bond issued under this Division 94 is outstanding, such a
municipality is required to maintain and operate its natatoriums or
swimming pools, indoor or outdoor tennis courts, handball, racquetball
or squash courts, artificial ice skating rinks or golf courses, or
any other recreational facility, or any combination of facilities, as
long as it can do so out of the revenue derived from the operation
thereof. It shall not sell, lease, loan, mortgage or in any other
manner dispose of the natatoriums or swimming pools, indoor or outdoor
tennis courts, handball, racquetball or squash courts, artificial ice
skating rinks or golf courses, or any other recreational facility, or
any combination of facilities, until all of the bonds so issued have
been paid in full, both principal and interest or until provision has
been made for the payment of all of the bonds and interests thereon in
full.
Such a municipality shall install and maintain a proper system of
accounts, showing the amount of revenue received from the operation of
its natatoriums or swimming pools, indoor or outdoor tennis courts,
handball, racquetball or squash courts, artificial ice skating rinks or
golf courses. At least once each year, the municipality shall have the
accounts properly audited. A report of this audit shall be open for
inspection at all times to any taxpayer, or to a holder of any bond or
coupon of any bond issued under this Division 94, or to their respective
representatives.
This amendatory Act of 1973 is not a limit upon any municipality
which is a home rule unit.
This amendatory Act of 1975 is not a limit upon any municipality
which is a home rule unit.
(Source: P.A. 81-1509.)
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