65 ILCS 5/11-45.1-3
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (from Ch. 24, par. 11-45.1-3)Sec. 11-45.1-3.         The corporate authorities may expend corporate funds for  the purpose of acquiring, maintaining and operating cultural centers,  including but not limited to compensation of employees and payment of  operating expenses. The corporate authorities may issue revenue bonds  pursuant to ordinance adopted for such purpose. Such bonds shall be payable  solely from the revenues to be derived from the operation of the cultural  center. Such bonds shall mature at a time not exceeding 40 years from their  respective dates of issue and shall be in such form, carry such  registration privileges, be executed in such manner, be offered for sale in  such manner, and be payable at such place or places and under such  conditions and terms as may be provided in the ordinance or in any  subsequent ordinance adopted pursuant hereto for the purpose of refunding  or refinancing any bonds issued hereunder. The holder or holders of such  bonds may bring suit to compel the municipality to perform any covenant or  duty created by the ordinance authorizing their issuance. The bonds shall  bear interest at a rate not to exceed the maximum rate authorized by the  Bond Authorization Act, as amended at the time of the making of the contract.The corporate authorities may receive gifts and donations for the  purpose of acquiring, operating and maintaining a cultural center and may  enter into contractual arrangements with any public body, private  corporation or foundation for the purpose of receiving such grants or  gifts. The corporate authorities may acquire and operate one or more  buildings or one or more sites as cultural centers pursuant to the powers  herein granted.The foregoing provisions and powers may be administered by such special  commission, board, department, or bureau of the municipality or by any  existing commission, board, department or bureau of the municipality, as  may be provided by ordinance adopted by the corporate authorities.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.Any bonds issued under this Section as limited bonds as defined in Section  3  of  the Local Government Debt Reform Act shall comply with the requirements of the  Bond Issue Notification Act.    (Source: P.A. 89-655, eff. 1-1-97.)