65 ILCS 5/11-71-2
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (from Ch. 24, par. 11-71-2)Sec. 11-71-2.         All bonds issued under authority of this Division 71 shall  bear interest at not more than the greater of (i) the maximum rate  authorized by the Bond Authorization Act, as amended at the time of the  making of the contract, or (ii) 8% per annum and may be sold by the  corporate authorities in such manner as they deem best in the public  interest. However, such bonds shall be sold at such price that the interest  cost of the proceeds therefrom will not exceed the greater of (i) the  maximum rate authorized by the Bond Authorization Act, as amended at the  time of the making of the contract, or (ii) 8% per annum, based on the  average maturity of such bonds, and computed according to standard tables  of bond values. Such bonds shall be payable solely and only from the  revenues to be derived from the operation of any or all of its parking  facilities and shall be secured by a pledge of the revenues of any or all  of its parking facilities, except as otherwise provided in paragraph (c) of  Section 11-71-1.Such bonds when issued shall have all the qualities of negotiable  instruments under the Law Merchant and the Uniform Commercial Code. Such  bonds may bear such date or dates and may mature at such time or times, not  exceeding 30 years from their date or dates, and may be in such form, carry  such registration privilege, may be payable at such place or places, may be  subject to such terms of redemption, prior to maturity, with or without  premium, as so stated on the face of the bond, and contain such terms and  covenants, all as may be provided by ordinance authorizing the issuance of  such bonds. Such bonds shall be executed by such officers as the corporate  authorities shall designate in the ordinance. Any bonds bearing the  signatures of officers in office at the date of signing thereof shall be  valid and binding for all purposes, notwithstanding that before delivery  thereof any or all such persons whose signatures appear thereon shall cease  to be such officers.Each such bond shall state upon its face that it is payable solely and  only from the proceeds derived from the operation of the parking facility  or facilities, except as otherwise provided in paragraph (c) of Section  11-71-1, and shall state upon its face that it does not constitute an  obligation of the municipality within the meaning of any constitutional or  statutory limitation or provision.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.)