65 ILCS 5/11-121-4
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (from Ch. 24, par. 11-121-4)Sec. 11-121-4.         In order to defray the cost of such subways, or such  portion of the cost as may not be raised by special assessment, the  municipality may borrow money and issue its bonds or other obligations  therefor. Also it may use the available funds belonging to the  municipality, including the special funds accumulated from money received  by the municipality from street railroad companies and from the operation  of local transportation facilities within such municipality, including but  not limited to the operation of all subways owned by such municipality, and  accretions of interest thereon and principal thereof.Furthermore, the municipality may borrow money for the purpose of paying  the cost of constructing such subways and of extending or improving such  subways and of any property and equipment useful therefor. To evidence the  obligation of the municipality to repay any money borrowed as aforesaid,  the municipality may, pursuant to ordinance adopted by the corporate  authorities, from time to time, issue and dispose of its interest bearing  revenue bonds or certificates and may also, from time to time, issue and  dispose of its interest bearing revenue bonds or certificates to refund any  revenue bonds or certificates at maturity or pursuant to redemption  provisions or at any time before maturity with the consent of the holders  thereof. All such revenue bonds and certificates shall be payable solely  from the revenues or income to be derived by the municipality from the  operation of local transportation facilities within such municipality,  including but not limited to the operation of all subways owned by such  municipality, it being intended that the revenues or income from any or all  of such local transportation operations may be pledged for the payment of  any such revenue bonds and certificates.The money to be received by such municipality as reimbursement for the  initial depreciated cost of furnishing and installing transportation  equipment in such subways as defined and required to be paid by the grantee  in any ordinance granting the right to operate transportation facilities in  such municipality may also be pledged for the payment of any such revenue  bonds or certificates and where the amount of such payments to be paid  monthly has been agreed upon by such municipality and such grantee prior to  the issuance of such bonds or certificates, the amount of such monthly  payments so pledged shall not be reduced until all such bonds or  certificates shall have been paid.These bonds and certificates may bear such date or dates, may mature at  such time or times not exceeding 40 years from their respective dates, and  bear interest at such rate or rates, not exceeding  the maximum rate authorized by the Bond Authorization Act, as amended at the  time of the making of the contract, payable  semiannually, may be in such form, and carry such registration privileges,  may be executed in such manner, may be payable in such place or places, may  be made subject to redemption in such manner and upon such terms with or  without premium as is stated on the face thereof, may be authenticated in  such manner and may contain such terms and covenants all as may be provided  in such ordinance. Notwithstanding the form or tenor thereof and in the  absence of an express recital on the face thereof that it is  non-negotiable, all such revenue bonds and certificates shall be negotiable  instruments. Pending the preparation and execution of any such revenue  bonds or certificates, temporary bonds or certificates may be issued with  or without interest coupons as may be provided by ordinance.These revenue bonds or certificates may be issued without submission  thereof to the electors of the municipality for approval.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.)