65 ILCS 5/11-103-12
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (from Ch. 24, par. 11-103-12)Sec. 11-103-12.         The corporate authorities of any municipality specified  in Section 11-103-1, for the purpose of acquiring land for an airport or  landing field or constructing an airport or landing field, or both, may  borrow money and as evidence thereof may issue bonds, payable solely from  revenue derived, from the operation or leasing of the airport, landing  field, and facilities or appurtenances thereof. These bonds may be issued  in such amounts as may be necessary to provide sufficient funds to pay all  costs of acquiring the land for an airport or landing field or constructing  an airport or landing field, or both, including engineering, legal, and  other expenses, together with interest on these bonds, to a date 6 months  subsequent to the estimated date of completion.Whenever the corporate authorities of a specified municipality  determine to acquire land for an airport or landing field or to  construct an airport or landing field, or both, and to issue bonds under  this section for the payment of the cost thereof, the corporate  authorities shall adopt an ordinance describing in a general way the  contemplated project and refer to the plans and specifications therefor.  These plans and specifications shall be filed with the municipal clerk  and shall be open for inspection by the public.This ordinance shall set out the estimated cost of the project, fix  the amount of revenue bonds to be issued, the maturity or maturities  thereof, the interest rate, which shall not exceed  the maximum rate authorized by the Bond Authorization Act, as amended at the  time of the making of the contract, payable  annually or semi-annually, and all details in connection with the bonds.  The ordinance shall also declare that a statutory mortgage lien shall  exist upon the property of the airport or landing field, and shall  pledge the revenue derived from the operation or leasing of the airport,  landing field, and the facilities and appurtenances thereof for the  payment of maintenance and operating costs, providing an adequate  depreciation fund, and paying the principal and interest of the revenue  bonds issued thereunder.After this ordinance has been adopted, it shall be published in the  same manner and form as is required for other ordinances of the  municipality.The publication of the ordinance shall be accompanied by a notice of  (1) the specific number of voters required to sign a petition requesting  the question of acquiring land for an airport or landing field or constructing  such facility and the issuance of bonds to be submitted to the electors;  (2) the time in which such petition must be filed; and (3) the date of the  prospective referendum.  The municipal clerk shall provide a petition form  to any individual requesting one.If no petition is filed with the municipal clerk as provided in this  section within 30 days after the publication or posting of this  ordinance, the ordinance shall be in effect after the expiration of this  30 day period. But if within this 30 day period a petition is filed with  the municipal clerk signed by electors of the municipality numbering  10% or more of the number of registered voters in the municipality,  asking that the question of acquiring land for an airport or  landing field or constructing an airport or landing field, or both, and  the issuance of the specified bonds, be submitted to the electors  thereof, the municipal clerk shall certify that question for submission at  an election in accordance with the general election law.If a majority of the votes cast on the question are in  favor of acquiring land for an airport or landing field or constructing  an airport or landing field, or both, and in favor of the issuance of  the specified bonds, this ordinance shall be in effect. But if a  majority of the votes cast on the question are against the project and  the issuance of the bonds, this ordinance shall not become effective.Bonds issued under this section are negotiable instruments, and shall  be executed by the mayor or president and by the municipal clerk of the  municipality. In case any officer whose signature appears on the bonds  or coupons ceases to hold that office before the bonds are delivered,  his signature, nevertheless shall be valid and sufficient for all  purposes, the same as though he had remained in office until the bonds  were delivered.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; 87-767.)