605 ILCS 5/10-303
2021 Illinois Compiled Statutes|Chapter 605 - ROADS AND BRIDGES|605 ILCS 5/ - Illinois Highway Code.|Article 10 - Special Provisions Concerning Bridges, Ferries, Terminals And Other Highway Structures

 (from Ch. 121, par. 10-303)Sec. 10-303.         For the purpose of acquiring by purchase or otherwise or the  constructing of any such bridge, the county board of each such county is  authorized to borrow money and in evidence thereof to issue the bonds of  such county, and to refund the same from time to time, payable solely from  the revenues derived from the operation of such bridge. Such bonds may be  issued as serial or term bonds, shall mature in not to exceed 40 years from  the date thereof, and may be made redeemable, prior to maturity, with or  without premium. Such bonds may be issued in such amounts as may be  necessary to provide sufficient funds to pay the cost of acquiring or  constructing such bridge and the approaches thereto, including all property  real or personal, necessary or incidental in the acquisition or  construction of such bridge and its approaches, including reasonable legal  and engineering, traffic survey, and architectural fees, costs of  financing, and interest during construction and for not less than 12 months  thereafter. Such bonds shall bear interest at a rate not to exceed that  permitted in "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 amended,  payable semi-annually. Bonds issued under the provisions of this  Division of this Article have the qualities and incidents of negotiable  instruments under the laws of the State of Illinois, shall be executed in  the name of the county by the chairman of the county board and the county  clerk of such county, and shall be sealed with the corporate seal of the  county, and the interest coupons attached to such bonds shall be executed  by the facsimile signatures of such chairman and county clerk, and such  officials by the execution of such bonds shall adopt as and for their own  proper signatures their respective facsimile signatures appearing on such  coupons. In case any officer whose signature appears on any such bonds or  coupons ceases to be such officer before delivery of such bonds, such  signatures shall nevertheless be valid and sufficient for all purposes, the  same as if such officer had remained in office until such delivery.Such bonds may be registered as to principal at any time prior to  maturity in the name of the holder on the books of the county in the office  of the county treasurer, such registration to be noted on the reverse side  of the bonds by the county treasurer, and thereafter the principal of such  registered bonds shall be payable only to the registered holder, his legal  representatives or assigns. Such registered bonds shall be transferable to  another registered holder, or back to bearer, only upon presentation to the  county treasurer with the legal assignment duly acknowledged or approved.  Registration of any such bonds shall not affect negotiability of the  coupons thereto attached, but such coupons shall be transferable by  delivery merely.All such bonds issued by any such county shall be sold in such  manner and at such time as the governing body shall determine. Whenever the  governing body of any such county determines to issue bonds as provided for  in this Division of this Article, it shall adopt an ordinance describing in  a general way the bridge to be acquired or constructed and its general  location. Such ordinance shall set out the aggregate amount of the  estimated cost of the acquisition or construction of such bridge, as  prepared by the engineers employed for that purpose, determine the period  of usefulness thereof and fix the amount of revenue bonds to be issued, the  maturity or maturities, redemption privileges, the interest rate, sinking  fund, and all other details in connection with such bonds, including such  reserve accounts as the county board of such county may deem necessary.  Such ordinance may contain such covenants and restrictions upon the  issuance of additional revenue bonds thereafter as may be deemed necessary  or advisable for the assurance of the payment of the bonds thereby  authorized. Revenue bonds issued under the provisions of this Division of  this Article shall be payable solely from the revenue derived from such  bridge, and such bonds shall not, in any event constitute or be deemed an  indebtedness of such county within the meaning of any constitutional  provisions or statutory limitation as to debt, and it shall be plainly  stated on the face of each bond that it does not constitute an indebtedness  within any constitutional or statutory limitation. Such ordinance shall be  published within 30 days after its passage in a newspaper, published and  having a general circulation in such county, and shall not become effective  until 10 days after its publication.    (Source: P.A. 83-225.)