65 ILCS 5/11-129-2
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (from Ch. 24, par. 11-129-2)Sec. 11-129-2.         A specified municipality is authorized to pay the cost of  a purchase, construction, improvement, or extension of a waterworks or  water supply system by the issuance and sale of revenue bonds of the  municipality, payable solely from the revenue derived from the operation of  the waterworks or water supply system. These revenue 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,  payable semi-annually, and shall mature within the period of usefulness of  the project, to be determined by the corporate authorities, but in no event  more than 40 years from the date of the completion of the project. The  bonds shall be sold in such manner as the corporate authorities shall  determine except that, if issued to bear interest at the maximum rate  authorized by the Bond Authorization Act, as amended at the time of the  making of the contract, the bonds shall be sold for not less than par and  accrued interest, and except that the selling price of bonds bearing less than  the maximum rate authorized by the Bond Authorization Act, as amended at the  time of the making of the contract, shall be such that the interest cost to the  municipality of the money received from the bond sale shall not exceed  the maximum rate authorized by the Bond Authorization Act, as amended at the  time of the making of the contract, computed to maturity according to  standard tables of bond values.In case any officer, whose signature appears on these revenue bonds or  the coupons attached thereto, ceases to hold that office before the  delivery of the bonds to the purchaser, his signature nevertheless shall be  valid and sufficient for all purposes, to the same effect as if he had  remained in office until the delivery of the bonds. The bonds shall have  all the qualities of negotiable instruments under the law merchant and the  "Uniform Commercial Code", approved May 28, 1965, as amended.However, upon the effective date of the Acts of 1971, 1972 and 1973, the  maximum interest rate and interest cost on bonds issued under this Section  is  the maximum rate authorized by the Bond Authorization Act, as amended at the  time of the making of the contract.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.)