65 ILCS 5/11-92-7
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (from Ch. 24, par. 11-92-7)Sec. 11-92-7.         The corporate authorities of any city or village availing  under this Division 92 shall adopt an ordinance describing in a general way  the harbor and facilities thereof, or relating thereto, to be constructed,  enlarged, improved, operated and maintained as a harbor for the use and  benefit of the public, and refer to the general plans and specifications  therefor prepared for that purpose. These plans and specifications shall be  open to the inspection of the public. Any such ordinance shall set out the  estimated cost of the harbor or facilities thereof, or relating thereto,  and shall fix the maximum amount of revenue bonds proposed to be issued  therefor. This amount shall not exceed the estimated cost of the harbor and  facilities, including engineering, legal and other expenses, together with  interest cost to a date 12 months subsequent to the estimated date of  completion. Such ordinance may contain such covenants which shall be part  of the contract between the city or village and the holders of such bonds  and the trustee, if any, for the bondholders having such rights and duties  as may be provided therein for the enforcement and protection of such  covenants as may be deemed necessary and advisable as to:(a) The issuance of additional bonds that may thereafter be issued  payable from the revenues derived from the operation of such harbor or  buildings, structures and facilities, and for the payment of the principal  and interest on such bonds;(b) The regulations as to the use of any such harbor and facilities to  assure the efficient use and occupancy thereof;(c) Kind and amount of insurance to be carried, including use and  occupancy insurance, cost of which shall be payable only from the revenues  derived from the harbor and facilities;(d) Operation, maintenance, management, accounting and auditing,  employment of harbor engineers and consultants, and keeping of records,  reports and audits of any such harbor and facilities;(e) The obligation of the city or village to maintain the harbor and  facilities in good condition and to operate same in an economical and  efficient manner;(f) Providing for setting aside any sinking funds, reserve funds,  depreciation funds and such other special funds as may be found needful and  the regulation and disposition thereof;(g) Providing for the setting aside of a sinking fund into which shall  be payable from the revenues of such harbor and facilities from month to  month as such revenues are collected such sums as will be sufficient to pay  the accruing interest and retire the bonds at maturity;(h) Agreeing to fix and collect fees and rents and other charges for the  use of such harbor or facilities, sufficient together with other available  money to produce revenue adequate to pay the bonds at maturity and accruing  interest and reserves therefor, and sufficient to pay cost of maintenance,  operation and depreciation thereof in such order of priority as shall be  provided by the ordinance authorizing the bonds;(i) Fixing procedure by which the terms of any contract with the holders  of the bonds may be amended, the amount of bonds the holders of which must  consent thereto, and the manner in which consent may be given;(j) Providing the procedure for refunding such bonds;(k) Providing whether and to what extent and upon what terms and  conditions, if any, the holder of bonds or coupons issued under such  ordinance, or the trustee, if any, therefor may  by action, mandamus, injunction or other proceedings, enforce  or compel the  performance of all duties required by this Division 92, including the  fixing, maintaining and collecting of such fees, rates or other charges for  the use of the harbor or other facilities, or for any service rendered by  the city or village in the operation thereof as will be sufficient,  together with other available money, to pay the principal of and interest  upon these revenue bonds as they become due and reserves therefor and  sufficient to pay the cost of maintenance and operation and depreciation of  the harbor and facilities in the order of priority as provided in the  ordinance authorizing the bonds and application of the income and revenue  thereof;(m) Such other covenants as may be deemed necessary or desirable to  assure a successful and profitable operation of the harbor and facilities,  and prompt payment of the principal of and interest upon the bonds so  authorized.    (Source: P.A. 83-345.)