65 ILCS 5/11-139-3
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (from Ch. 24, par. 11-139-3)Sec. 11-139-3.         For the purpose of defraying the cost of acquiring, constructing,  extending, or improving a combined waterworks and sewerage system or any  part thereof, any municipality (1) may apply money received therefor from  the federal government or available therefor from any source, and (2) may  issue and sell revenue bonds of the municipality payable solely from  revenue derived from the operation of the combined waterworks and sewerage  system. These bonds may be issued in such amounts as may be necessary to  provide sufficient funds to pay all the costs of the acquisition,  construction, extension, or improvement of the combined waterworks and  sewerage system as authorized by Section 11-139-2, including engineering,  legal, and other expenses, together with interest to the estimated date of  completion of the combined waterworks and sewerage system or of the project  to be constructed. The bonds shall bear interest at a rate not to exceed  the maximum rate authorized by the Bond Authorization Act, as amended at the  time of the making of the contract, payable semi-annually and shall mature  within the period of usefulness of the project involved, to be determined  by the corporate authorities and in any event not more than 40 years. The  bonds shall be sold in such manner as the corporate authorities shall  determine and if issued to bear interest at the maximum rate authorized by  the Bond Authorization Act, as amended at the time of the making of the  contract, shall be sold for not less than par and accrued interest. If any  of these bonds are issued to bear interest at a rate of less than the  maximum rate authorized by the Bond Authorization Act, as amended at the  time of the making of the contract, the minimum price at which they may be  sold shall be such that the interest cost to the municipality of the  proceeds of the bonds shall not exceed the maximum rate authorized by the  Bond Authorization Act, as amended at the time of the making of the contract,  computed to maturity. In case any officer whose signature appears on the  bonds or coupons attached thereto ceases to hold that office before the  delivery of the bonds to the purchaser, the signature nevertheless shall be  valid and sufficient for all purposes, with the same effect as if he had  remained in office until the delivery of the bonds. The bonds shall have  all the qualities of negotiable instruments under the law of this state.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.This amendatory Act of 1971 is not a limit upon any municipality which  is a home rule unit.This amendatory Act of 1972 is not a limit upon any municipality which  is a home rule unit.    (Source: P.A. 86-4.)