65 ILCS 5/11-102-6
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (from Ch. 24, par. 11-102-6)Sec. 11-102-6.         Every municipality specified in Section 11-102-1 may from  time to time issue its bonds in anticipation of its revenue from such an  airport or airports or from any buildings, structures, or facilities  thereof or relating thereto to accomplish any of the purposes of this  Division 102 and to refund such bonds. These bonds may be authorized by  ordinance and may be issued in one or more series, may bear such dates,  mature at such time or times, not exceeding 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 places, be subject to such terms  of redemption, with or without premium, and may be made registrable as to  principal or as to both principal and interest, as the ordinance may  provide. These bonds may be issued without submission  thereof to the electors of the municipality for approval. The bonds shall  have all the qualities of negotiable paper under the law merchant and the  negotiable instruments law. The bonds shall be sold at a price, so that the  interest cost of the proceeds thereof 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 standard tables of  bond values and shall be sold in such manner and at such time as the  corporate authorities of such municipality 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 signatures of officers in  office on the date of the signing thereof shall be valid and binding  obligations notwithstanding that before the delivery thereof and payment  therefor any or all the persons whose signatures appear thereon cease to be  officers. No holder of any bond issued under this section shall ever have  the right to compel any exercise of taxing power of the municipality to pay  the bond or the interest thereon. Each bond issued under this section shall  recite in substance that the bond, including the interest thereon, is  payable from the revenue pledged to the payment thereof and that the bond  does not constitute a debt of the municipality issuing the bond within any  statutory or constitutional limitation.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.)