65 ILCS 5/11-141-3
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (from Ch. 24, par. 11-141-3)Sec. 11-141-3.         Whenever the corporate authorities of a municipality determine to  improve or extend or to construct or acquire and improve and extend a  sewerage system and to issue bonds, under this Division 141, for the  payment of the cost thereof, the corporate authorities shall adopt an  ordinance describing, in a general way, the contemplated project. It is  not necessary that the ordinance refer to plans and specifications nor  that there be on file for public inspection prior to the adoption of  such ordinance detailed plans and specifications of the project.Whenever a municipality has been directed by an order issued under  "An Act to establish a Sanitary Water Board and to control, prevent and  abate pollution of the streams, lakes, ponds and other surface and  underground waters in the State, and to repeal an Act named therein",  approved July 12, 1951, as now or hereafter amended, or the  "Environmental Protection Act", enacted by the 76th  General Assembly, to abate its discharge of untreated or inadequately  treated sewage, this fact shall be set out in the ordinance, unless the  order to abate the discharge has been reversed on appeal.The ordinance shall set out the estimated cost of the project,  determine the period of usefulness thereof, and fix the amount of  revenue bonds proposed to be issued, the maturity or maturities, the  interest rate, which shall not exceed  the maximum rate authorized by the Bond Authorization Act, as amended at the  time of the making of the contract, and all the details  in connection with the bonds. The ordinance may contain such covenants  and restrictions upon the issuance of additional revenue bonds  thereafter, which will share equally the revenue of the sewerage system,  as may be deemed necessary or advisable for the assurance of the payment  of the bonds first issued. Any municipality may also provide in the  ordinance authorizing the issuance of bonds under this Division 141 that  the bonds, or such ones thereof as may be specified, shall, to the  extent and in the manner prescribed, be subordinated and be junior in  standing, with respect to the payment of principal and interest and the  security thereof, to such other bonds as are designated in the  ordinance.The ordinance shall pledge the revenue derived from the operation of  the sewerage system for the purpose of paying the cost of operation and  maintenance of the system, providing an adequate depreciation fund, and  paying the principal and interest on the bonds of the municipality  issued under this Division 141.This amendatory Act (Public Act 76-1983) applies to bonds which are  authorized but not sold on its effective date.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.)