65 ILCS 5/11-135-4
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (from Ch. 24, par. 11-135-4)Sec. 11-135-4.         A commission may from time to time issue its revenue  bonds in such principal amounts as the commission shall deem necessary to  provide sufficient funds to carry out any of its corporate purposes and  powers, including, without limitation, developing, acquiring, constructing,  extending or improving a waterworks system or common source of supply of  water, or any combination thereof, the funding or refunding of the principal  of, redemption premium, if any, and interest on, any bonds issued by it  whether or not such bonds or interest to be funded or refunded have or have  not become due, the payment of engineering, legal and other expenses, together  with interest to a date one year subsequent to the estimated date of completion  of the project, the establishment or increase of reserves to secure or to  pay such bonds and interest thereon, the providing of working capital and  the payment of all other costs or expenses of the commission incident to  and necessary or convenient to carry out its corporate purposes and powers.  These bonds shall have all the qualities of negotiable instruments under  the laws of this State and shall not constitute indebtedness of any of the  municipalities constituting the commission.Every issue of bonds of such commission shall be payable out of the revenues  to be derived pursuant to contracts with the specified municipalities and  participating water commissions or  by virtue of the operation of any properties acquired or to be acquired  or constructed.  A commission may issue such types of bonds as it may  determine,  including bonds as to which the principal and interest are payable exclusively  from the revenues from one or more projects, or from an interest therein  or a right to the products and services thereof, or from one or more revenue  producing contracts made by the commission, or its revenues generally.  Any such bonds may be additionally secured by a pledge of any grant, subsidy,  or contribution from the United States, the State of Illinois, or any unit  of local government, or any combination thereof.Before the treasurer of the commission is entitled to receive the proceeds  of the sale of such a bond issue, he shall supply a corporate surety bond  in an amount equivalent to the amount of funds to be derived from the sale  of the bonds, and, in addition thereto, he shall supply a separate corporate  surety bond for the faithful accounting of any funds that may come into  his possession in an amount equal to the amount of funds likely to come  into his hands in any one year from the revenue to be derived from the operation  of any of the properties of the commission. The cost of these surety bonds  shall be paid by the commission.The revenue bonds shall be issued pursuant to an ordinance or resolution  and may be issued in one or more series, and shall bear such date or dates,  mature at such time or times within the estimated period of usefulness of  the project involved and in any event not more than 50 years from the date  thereof, bear interest at such rate or rates as authorized under Section  2 of "An Act to authorize public corporations to issue bonds, other evidences  of indebtedness and tax anticipation warrants subject to interest rate limitations  set forth therein", approved May 26, 1970, as now or hereafter amended,  which rates may be fixed or variable, be in such denominations, be in such  form, either coupon or registered, carry such conversion, registration,  and exchange privileges, have such rank or priority, be executed in such  manner, be payable in such medium of payment at such place or places within  or without the State of Illinois, be subject to such terms of redemption  with or without premium, and contain or be subject to such other terms as  the ordinance or resolution may provide, and shall not be restricted by  the provisions of any other law limiting the amounts, maturities, interest  rates, or other terms of obligations of public agencies or private persons.  The bonds shall be sold in such manner as the commission shall determine,  at private or public sale.  It shall not be  necessary that the ordinance or resolution refer to plans and specifications  nor that there be on file for public inspection prior to the adoption of  such ordinance detailed plans and specifications of the  project. This ordinance or resolution may contain such covenants and  restrictions in relation to the operation of the properties under the  control of the commission and the issuance of additional revenue bonds  thereafter as may be deemed necessary or advisable for the assurance of  payment of the bonds thereby authorized and as may be thereafter issued.  It shall be plainly stated on the face of each bond that it does not  constitute an indebtedness of any municipality represented by the  commission within the meaning of any statutory or constitutional  limitation. Upon the issuance of revenue bonds, the revenue of the  commission derived pursuant to contracts entered into for the sale of  water to the specified municipalities and from the operation of its  properties, shall be accounted for as provided in the ordinance or  resolution authorizing the issuance of the bonds. Any commission created  under the provisions of this Division 135 may also issue new bonds for  the purpose of providing funds for the payment of unpaid bonds in  accordance with the procedure prescribed by this Division 135.The amendatory Acts of 1971, 1972, 1973, 1975 and 1981  are not a limit upon any  municipality which is a home rule unit.    (Source: P.A. 91-659, eff. 12-22-99.)