605 ILCS 5/10-803
2021 Illinois Compiled Statutes|Chapter 605 - ROADS AND BRIDGES|605 ILCS 5/ - Illinois Highway Code.|Article 10 - Special Provisions Concerning Bridges, Ferries, Terminals And Other Highway Structures

 (from Ch. 121, par. 10-803)Sec. 10-803.         Without limiting any other powers granted in this Division of  this Article, each municipality has the power to provide for the payment of  the cost of acquiring, constructing, reconstructing, improving, enlarging,  bettering or repairing any bridge or for the payment of any portion of such  cost by one or more issues of revenue bonds of the municipality, payable  solely from the net revenue of such bridge. These bonds shall be authorized  by ordinance of the corporate authorities of the municipality and shall be  in substantially the form set forth in the ordinance. The bonds may be  serial or term; redeemable, with or without premium, or non-redeemable;  shall bear interest at such rate or rates, not exceeding the maximum rate  authorized by the Bond Authorization Act, as amended at the time of the  making of the contract,  payable at such times as may be provided; shall mature at such times not  exceeding the life of the bridge, for the acquisition, construction,  reconstruction, improvement, enlargement, betterment or repair of which  they are issued, as estimated by the corporate authorities, but in no event  exceeding 40 years; and shall be issued in such amounts and payable at such  place or places, within or without the State, as shall be prescribed in the  ordinance authorizing their issuance. The bonds of any issue may be  delivered in such installments from time to time, and at such place or  places, within or without the State, as the corporate authorities may, by  resolution, determine.The bonds shall be signed by such officer or officers as the corporate  authorities shall determine, and coupon bonds shall have attached thereto  interest coupons bearing the facsimile signatures of such officer or  officers as the corporate authorities shall determine, in the ordinance  authorizing the bonds. The signature of only one of the officers signing  the bonds need be a manual signature, and the signature of any other  officers signing the bonds may be facsimile signatures. A facsimile of the  seal of the municipality may be imprinted on the bonds. The bonds may be  issued and delivered notwithstanding the fact that an officer signing the  bonds or whose facsimile signature appears upon any of the bonds or coupons  has ceased to hold his office at the time that the bonds are actually  delivered, and notwithstanding the fact that an officer whose facsimile  signature appears upon the bonds or coupons has ceased to hold his office  at the time that the bonds are manually signed by the officer or officers  required to sign the bonds manually.The bonds of the municipality may be sold in such manner, at such times,  and at such prices as the corporate authorities may determine, but no sale  shall be made at a price which would make the interest cost to maturity on  the money received therefor computed with relation to the absolute maturity  of the bonds in accordance with standard tables of bond values, exceed 6%  annually. The principal of and interest upon the bonds shall be payable  solely from the net revenue derived from the operation of the bridge  acquired, constructed, reconstructed, improved, enlarged, bettered or  repaired with the proceeds of the sale of the bonds. No bond issued  pursuant to this Division of this Article shall constitute an indebtedness  of a municipality within the meaning of any constitutional, statutory or  charter limitation. It shall be plainly stated on the face of each bond in  substance that the bond has been issued under the provisions of this  Division of this Article and that the taxing power and general credit of  the municipality issuing the bond are not pledged to the payment of the  bond, or interest thereon, and that the bond and the interest thereon are  payable solely from the net revenue of the bridge to acquire, construct,  reconstruct, improve, enlarge, better or repair which the bond is issued.The cost of the acquisition, construction, reconstruction, improvement,  enlargement, betterment or repair of any bridge shall include debt service  reserves to secure the payment of bonds issued therefor under this Division  of this Article, interest during the period, as estimated by the corporate  authorities, of such construction, reconstruction, improvement,  enlargement, betterment or repair and for not exceeding 12 months  thereafter, and also all engineering, legal, architectural, traffic  surveying and other expenses incident to such acquisition, construction,  reconstruction, improvement, enlargement, betterment or repair and incident  to the acquisition of any and all necessary property in connection  therewith and also incident to the financing thereof, including the cost of  acquiring existing franchises, easements, rights, plans, and works of and  relating to the bridge. If the proceeds of the bonds issued shall exceed  the cost as finally determined, the excess shall be applied to the payment,  purchase or redemption of the bonds. Bonds and interest coupons issued  under this Division of this Article shall possess all the qualities of  negotiable instruments. Such bonds shall be legal investments for trustees  and other fiduciaries, and for savings banks, trust companies, and  insurance companies organized under the laws of the State of Illinois.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.    (Source: P.A. 86-4.)