65 ILCS 5/11-71-12
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (from Ch. 24, par. 11-71-12)Sec. 11-71-12.         In addition to the other powers granted under this  Division 71, the corporate authorities of any municipality may, by  ordinance, provide for the issuance of its general obligation bonds for  the purpose of acquiring, constructing, equipping, and improving motor  vehicle parking lots or garages constructed on, above or below ground  level or at all such levels, public off-street parking facilities for  motor vehicles and other parking facilities necessary or incidental to  the regulation, control and parking of motor vehicles. Such facilities  may be constructed or located in other public buildings or structures.  Such bonds may be used to finance in whole or in part such improvements.Bonds issued pursuant to this Section must be payable within 20 years  and the interest on such bonds may not exceed the maximum rate authorized  by the Bond Authorization Act, as amended at the time of the making of the  contract. The interest may be made payable at such times (annually or  semi-annually) as the ordinance prescribes. Before or at the time of issuance  of bonds under this Section, the corporate authorities of the  municipality shall provide, by ordinance, for the levy and collection of  a direct annual tax upon all the taxable property within the  municipality in an amount sufficient to meet the principal and interest  of the bonds as they mature, which tax shall be in addition to that  otherwise authorized to be levied and collected for corporate purposes.  The corporate authorities of the municipality, in determining the costs  of such improvements, may include the estimated costs of issuance of  such bonds, engineering, inspection, fiscal and legal expenses, and  interest which it estimates will accrue during construction period and  for 6 months thereafter on money that is borrowed or money that is  estimated will be borrowed.No bonds may be issued or tax levied under this Section until the  question whether such bonds should be issued and such tax levied has  been certified by the municipal clerk and submitted to the qualified  electors of the municipality at an election in accordance with the general  election law and unless a majority of those voting on the proposition  approve the issuance of bonds and levy of tax. When providing by ordinance  for the bond issue and tax levy, the corporate authorities of the  municipality shall also order the submission of the question to the electors.If the proposition for issuance of bonds under this Section has been  approved, such bonds shall be issued in accordance with Division 4 of  Article 8 of this Act.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.    (Source: P.A. 86-4.)