65 ILCS 5/ Illinois Municipal Code.

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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.)

65 ILCS 5/11-71-4

(65 ILCS 5/11-71-4) (from Ch. 24, par. 11-71-4)

Sec. 11-71-4.

Whenever bonds are issued as provided by this Division 71, it
shall be the duty of the corporate authorities to establish charges and
fees for the use of any such parking facilities sufficient at all times to
pay maintenance and operation costs, and principal of and interest upon
such bonds, and all revenues derived from the operation thereof shall be
set aside as a separate fund and account and used only as hereinafter
provided, except as otherwise provided in paragraph (c) of Section 11-71-1.

(Source: Laws 1961, p. 576.)

65 ILCS 5/11-71-5

(65 ILCS 5/11-71-5) (from Ch. 24, par. 11-71-5)

Sec. 11-71-5.

Whenever revenue bonds are issued under this Division 71, the
revenues derived from the operation of the project, except as otherwise
provided in paragraph (c) of Section 11-71-1, shall be set aside as
collected and be deposited in a separate fund, separate and apart from all
other funds of such municipality, and be used in paying the cost of
maintenance and operation, paying the principal of and interest upon the
bonds of such municipality, issued under this Division 71, and for the
transfer of any surplus amounts annually to the general corporate fund of
any such municipality only when and in the manner permitted and authorized
in accordance with the covenants and provisions and terms of the ordinance
authorizing the issuance of any such bonds under the provisions of this
Division 71.

(Source: Laws 1961, p. 576.)

65 ILCS 5/11-71-6

(65 ILCS 5/11-71-6) (from Ch. 24, par. 11-71-6)

Sec. 11-71-6.

The provisions of this Division 71 and of any ordinance or
other proceeding authorizing the issuance of bonds under this Division 71
shall constitute a contract with the holders of such bonds, and any holder
of a bond or bonds, or any of the coupons of any bond or bonds of such
municipality, issued under this Division 71, may either by an ordinary civil
action, mandamus, injunction or other proceeding, enforce and compel
the performance of all duties required by this Division 71, including the
making and collecting of sufficient charges and fees for service and use
thereof, and the application of income and revenue thereof.

(Source: P.A. 83-345.)

65 ILCS 5/11-71-7

(65 ILCS 5/11-71-7) (from Ch. 24, par. 11-71-7)

Sec. 11-71-7.

The corporate authorities of any municipality are hereby
granted authority to make all reasonable rules and regulations not in
conflict with the laws of this state or the ordinances of such municipality
regarding the management and control and use of any such parking facility
or facilities.

(Source: Laws 1961, p. 576.)