65 ILCS 5/11-92-6
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (from Ch. 24, par. 11-92-6)Sec. 11-92-6.         The city or village has power to borrow money by issuing  its bonds in anticipation of its revenue from such harbor or from any  buildings, structures or facilities to accomplish any of the purposes of  this Division 92 and to refund such bonds. Such bonds shall be authorized  by ordinance and may be issued in one or more series, and bear dates of  maturity at such time or times not to exceed 40 years from their respective  dates, bear interest at such rates not exceeding the maximum rate  authorized by the Bond Authorization Act, as amended at the time of the  making of the contract, payable semi-annually, be in such denominations, be  in such form either coupon or registered, be executed in such manner, be  payable in such medium of payment at such place, be subject to such terms  of redemption with or without premium, and may be registerable as to  principal or as to both principal and interest as the ordinance may provide.The bonds are negotiable instruments. The bonds shall be sold at a price  so that the interest cost of the proceeds thereof shall not exceed 7% per  annum, payable semi-annually, computed to maturity according to standard  tables of bond values, and shall be sold in such manner and at such time as  the city or village shall determine.Pending the preparation or execution of definitive bonds, interim  receipts or certificates or temporary bonds may be delivered to the  purchasers or pledgees of these bonds. These bonds bearing the signature of  officers in office on the date of the signing thereof shall be valid and  binding obligations notwithstanding that before delivery thereof and  payment therefor any or all of the persons whose signatures appear thereon  cease to be such officers.No holder of any bond issued under this law shall ever have the right to  compel any exercise of taxing power of the city or village to pay the bond  or interest thereon. Each bond issued under this Division 92 is payable  solely from the revenue derived from the operation of the harbor and  facilities. The bond shall not in any event constitute a debt of the city  or village within any statutory or constitutional limitations, and this  shall be plainly stated on the face of each bond.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.)