65 ILCS 5/11-141-2
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (from Ch. 24, par. 11-141-2)Sec. 11-141-2.         Every municipality may construct or acquire, and may improve, extend,  and operate a sewerage system either within or without the corporate limits  thereof. Every municipality also may, when determined by its corporate  authorities to be in the public interest and necessary for the protection  of the public health, enter into and perform contracts, whether long-term  or short-term, with any industrial establishment for the provision and  operation by the municipality of sewerage facilities to abate or reduce the  pollution of waters caused by discharges of industrial wastes by the  industrial establishment and the payment periodically by the industrial  establishment to the municipality of amounts at least sufficient, in the  determination of such corporate authorities, to compensate the municipality  for the cost of providing (including payment of principal and interest  charges, if any), and of operating and maintaining the sewerage facilities  serving such industrial establishment.Every municipality may borrow money from the United States Government or  any agency thereof, or from any other source, for the purpose of improving  or extending or for the purpose of constructing or acquiring and improving  and extending a sewerage system and, as evidence thereof, may issue its  revenue bonds, payable solely from the revenue derived from the operation  of the sewerage system by that municipality. These bonds may be issued with  maturities not exceeding 40 years from the date of the bonds, and in such  amounts as may be necessary to provide sufficient funds to pay all the  costs of the improvement or extension or construction or acquisition and  improvement and extension of the sewerage system, including engineering,  legal, and other expenses, together with interest, to a date 6 months  subsequent to the estimated date of completion. These bonds shall bear  interest at a rate of not more than  the maximum rate authorized by the Bond Authorization Act, as amended at the  time of the making of the contract, payable semi-annually, may  be made registerable as to principal, and may be made callable on any  interest payment date at a price of par and accrued interest under such  terms and conditions as may be fixed by the ordinance authorizing the  issuance of the bonds. Bonds issued under this Division 141 are negotiable  instruments. They shall be executed by the mayor or president of the  municipality and by the municipal clerk and shall be sealed with the  corporate seal of the municipality. In case any officer whose signature  appears on the bonds or coupons ceases to hold that office before the bonds  are delivered, his signature, nevertheless, shall be valid and sufficient  for all purposes, the same as though he had remained in office until the  bonds were delivered. The bonds shall be sold in such manner and upon such  terms as the corporate authorities shall determine, except that the selling  price shall be such that the interest cost to the municipality of the  proceeds of the bonds shall not exceed  the maximum rate authorized by the Bond Authorization Act, as amended at the  time of the making of the contract, payable semi-annually,  computed to maturity according to the standard table of bond values.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.)