65 ILCS 5/ Illinois Municipal Code.

Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

65 ILCS 5/Art. 11 Div. 71

(65 ILCS 5/Art. 11 Div. 71 heading) DIVISION 71.

OFF-STREET PARKING

65 ILCS 5/11-71-1

(65 ILCS 5/11-71-1) (from Ch. 24, par. 11-71-1)

Sec. 11-71-1. Any municipality is hereby authorized to:

(a) Acquire by purchase or otherwise, own, construct,

equip, manage, control, erect, improve, extend, maintain and operate motor vehicle parking lot or lots, garage or garages constructed on, above and/or below ground level, public off-street parking facilities for motor vehicles, parking meters, and any other revenue producing facilities, hereafter referred to as parking facilities, necessary or incidental to the regulation, control and parking of motor vehicles, as the corporate authorities may from time to time find the necessity therefor exists, and for that purpose may acquire property of any and every kind or description, whether real, personal or mixed, by gift, purchase or otherwise. Any municipality which has provided or does provide for the creation of a plan commission under Division 12 of this Article 11 shall submit to and receive the approval of the plan commission before establishing or operating any such parking facilities;

(b) Maintain, improve, extend and operate any such

parking facilities and charge for the use thereof;

(c) Enter into contracts dealing in any manner with

the objects and purposes of this Division 71, including the leasing of space on, or in connection with, parking meters for advertising purposes. Any contract for such advertising shall prohibit any interference with traffic control, shall prohibit placing any advertising sign or device on parking meters that exceeds the dimensions of 8 by 12 inches and shall contain such other provisions as the corporate authorities deem necessary in the public interest. All revenues derived from any such contract shall be used exclusively for traffic regulation and maintenance of streets within the municipality;

(d) Acquire sites, buildings and facilities by gift,

lease, contract, purchase or condemnation under power of eminent domain, and pledge the revenues thereof for the payment of any revenue bonds issued for such purpose as provided in this Division 71. In all cases where property or rights are acquired or sought to be acquired by condemnation, the procedure shall be, as nearly as may be, like that provided for the exercise of the right of eminent domain under the Eminent Domain Act, and the fee or such lesser interest in land may be acquired as the municipality may deem necessary;

(e) Finance the acquisition, construction,

maintenance and/or operation of such parking facilities by means of general tax funds, special assessments, special taxation, revenue bonds, parking fees, special charges, rents or by any combination of such methods; and

(f) Borrow money and issue and sell revenue bonds in

such amount or amounts as the corporate authorities may determine for the purpose of acquiring, completing, erecting, constructing, equipping, improving, extending, maintaining or operating any or all of its parking facilities, and refund and refinance the same from time to time as often as it shall be advantageous and to the public interest to do so.

If any part of the financing of the acquisition and/or construction of
such parking facilities is done by means of special assessments or special
taxation, the provisions of Division 2 of Article 9 of this Code shall be
followed with respect to the special assessments or special taxation for
such purpose.

(Source: P.A. 94-1055, eff. 1-1-07.)

65 ILCS 5/11-71-2

(65 ILCS 5/11-71-2) (from Ch. 24, par. 11-71-2)

Sec. 11-71-2.

All bonds issued under authority of this Division 71 shall
bear interest at not more than the greater of (i) the maximum rate
authorized by the Bond Authorization Act, as amended at the time of the
making of the contract, or (ii) 8% per annum and may be sold by the
corporate authorities in such manner as they deem best in the public
interest. However, such bonds shall be sold at such price that the interest
cost of the proceeds therefrom will not exceed the greater of (i) the
maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, or (ii) 8% per annum, based on the
average maturity of such bonds, and computed according to standard tables
of bond values. Such bonds shall be payable solely and only from the
revenues to be derived from the operation of any or all of its parking
facilities and shall be secured by a pledge of the revenues of any or all
of its parking facilities, except as otherwise provided in paragraph (c) of
Section 11-71-1.

Such bonds when issued shall have all the qualities of negotiable
instruments under the Law Merchant and the Uniform Commercial Code. Such
bonds may bear such date or dates and may mature at such time or times, not
exceeding 30 years from their date or dates, and may be in such form, carry
such registration privilege, may be payable at such place or places, may be
subject to such terms of redemption, prior to maturity, with or without
premium, as so stated on the face of the bond, and contain such terms and
covenants, all as may be provided by ordinance authorizing the issuance of
such bonds. Such bonds shall be executed by such officers as the corporate
authorities shall designate in the ordinance. Any bonds bearing the
signatures of officers in office at the date of signing thereof shall be
valid and binding for all purposes, notwithstanding that before delivery
thereof any or all such persons whose signatures appear thereon shall cease
to be such officers.

Each such bond shall state upon its face that it is payable solely and
only from the proceeds derived from the operation of the parking facility
or facilities, except as otherwise provided in paragraph (c) of Section
11-71-1, and shall state upon its face that it does not constitute an
obligation of the municipality within the meaning of any constitutional or
statutory limitation or provision.

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.

The amendatory Acts of 1971, 1972 and 1973 are not a limit upon any
municipality which is a home rule unit.

(Source: P.A. 86-4.)