65 ILCS 5/ Illinois Municipal Code.

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65 ILCS 5/11-71-8

(65 ILCS 5/11-71-8) (from Ch. 24, par. 11-71-8)

Sec. 11-71-8.

The corporate authorities of any such municipality availing
of the provisions of this Division 71 are hereby given the authority to
lease all or any part of any such parking facilities, and to fix and
collect the rentals therefor, and to fix, charge and collect rentals, fees
and charges to be paid for the use of the whole or any part of any such
parking facilities, and to make contracts for the operation and management
of the same, and to provide for the use, management and operation of such
lots through lease or by its own employees, or otherwise. However, other
than for surface parking lots, no lease for the operation or management of
any such parking facilities shall be made for more than one year except to
the highest and best bidder after notice requesting bids shall have been
given by at least one publication in some newspaper of general circulation
published in such municipality, such publication to be made once each week
for at least 2 weeks before the date of receiving bids therefor. All income
and revenue derived from any such lease or contract shall be deposited in a
separate account and used solely and only for the purpose of maintaining
and operating the project, and paying the principal of and interest on any
revenue bonds issued pursuant to ordinance under the provisions of this
Division 71. Further any contract or obligation involving the borrowing of
money for such purposes, incurred by any such municipality in the
maintenance and operation of any such parking facilities shall be payable
solely and only from the revenues derived from the operation of the
project.

(Source: Laws 1963, p. 2256.)