65 ILCS 5/11-74-4
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (from Ch. 24, par. 11-74-4)Sec. 11-74-4.         In addition to powers which it may now have, any  municipality has the power under this Division 74:(1) To construct, acquire by gift, lease or purchase, reconstruct,  improve, better or extend, or to finance the construction, acquisition,  reconstruction, improvement, betterment, or extension of any industrial  project within or without the municipality or partially within or partially  without the municipality, but in no event further than 10 miles from the  territorial boundaries of such municipality, and to acquire by gift, lease  or purchase lands or rights in land in connection therewith.(2) To issue its bonds to finance in whole or in part the cost of  the acquisition, purchase, construction, reconstruction, improvement,  betterment or extension of any industrial project.  The municipality need  not acquire or hold title to such industrial project.  The governing body  of the municipality in determining such cost may include all cost and estimated  cost of the issuance of such bonds, all engineering, inspection, fiscal  and legal expenses, and interest which it is estimated will accrue during  the construction period and for 6 months thereafter on money borrowed or  which it is estimated will be borrowed pursuant to this Division 74.(3) To rent, lease, sell or otherwise dispose of such industrial project  to any enterprise, concern or other entity referred to in subsection (1)  of Section 11-74-2  or to loan the proceeds of its bonds to any such  enterprise, concern or entity (which may include corporations, partnerships  or individuals engaged in business or commerce) in such manner that rents  or other payments to be derived with respect to the industrial project  shall be fixed and revised from time to time so as to produce income and  revenues sufficient to provide for the prompt payment of interest upon all  bonds issued under this Division 74, and to create a sinking fund to pay  the principal of such bonds when due, and to provide for the operation and  maintenance of such industrial project and for an adequate depreciation  account in connection therewith.(4) To pledge to the punctual payment of bonds authorized under this  Division 74 and interest thereon the income and revenues to be received  with respect to such industrial project (including improvements, betterments or  extensions thereto thereafter constructed or acquired) sufficient to pay  such bonds and interest as they become due and to create and maintain  reasonable reserves therefor.(5) To mortgage or grant a security interest in such industrial project  in favor of the holder or holders of bonds issued therefor.(6) To sell and convey such industrial project, including without limitation  the sale and conveyance thereof subject to a mortgage or security interest as  provided in this Division 74, for such price and at such time as the  governing body of the municipality may determine. However, no sale or  conveyance of such industrial project shall ever be made in such manner  as to impair the rights or interests of the holder or holders of any  bonds issued for the construction, purchase, improvement or extension of  any such industrial project.(7) To issue its bonds to refund in whole or in part, bonds  theretofore issued by such municipality under authority of this Division 74.(8) To establish a municipal industrial development commission to exercise  those powers enumerated in subsections (1), (3) and (6) and expressly including  the power of said industrial development commission to acquire, hold title  to, develop and sell real estate to promote and enhance the purpose of  this Division 74 as set forth in Section 11-74-3.All municipalities shall be exempt from the payment of taxes with respect  to property acquired by any municipality pursuant to the provisions of  this Division 74 while such property is owned by the municipality, but the  occupant of such property shall be subject to taxation as if he were the  owner of such property.    (Source: P.A. 84-946.)