55 ILCS 5/5-15017
2021 Illinois Compiled Statutes|Chapter 55 - COUNTIES|55 ILCS 5/ - Counties Code.|Article 5 - Powers And Duties Of County Boards

 (from Ch. 34, par. 5-15017)Sec. 5-15017.     Revenue bonds.     In order to pay the cost of the  construction, acquisition by condemnation, purchase or otherwise of any  waterworks properties, or sewage facilities, or a combination thereof, or  waste management facilities, as the case may be, and the  improvement or extension from time to time thereof, including engineering,  inspection, legal and financial fees and costs, working capital, interest  on such bonds during construction and for a reasonable period thereafter,  establishment of reserves to secure such bonds and all other expenditures  of such county incidental and necessary or convenient thereto, the county  board may issue and sell revenue bonds payable solely from the income and  revenue derived from the operation of the waterworks properties, or sewage  facilities, or a combination thereof, or waste management facilities,  as the case may be, and may also from  time to time issue revenue bonds for the purpose of paying, refunding  or redeeming revenue bonds before, after or at their maturity, including  paying redemption premiums or interest accruing or to accrue on the bonds  being paid or redeemed or for paying any other costs in connection with  any such payment or redemption. All such bonds shall be authorized by  ordinance to be adopted by the board, which shall be separate and distinct  as applies to waterworks properties and as applied to sewage facilities  except where the system is combined. Such bonds shall bear such date or  dates, mature at such time or serially at such times not exceeding 40 years  from their respective dates, may bear interest at such rate or rates not  exceeding the maximum rate established 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 from time to time in effect, may be in  such form, may carry such registration privileges, may be executed in such  manner, may be payable at such place or places, may be subject to  redemption in such manner, and upon such terms with or without premium as  is stated on the face thereof, and may be executed in such manner by such  officers, and may contain such terms and covenants, all as provided by the  ordinance authorizing the issue.Such bonds shall be sold in such manner as the board shall determine,  and if issued to bear interest at the maximum rate specified in this  Section shall be sold for not less than par and accrued interest; however,  the selling price of any bonds bearing less than such maximum rate,  shall be such that the interest cost of the money received from the sale of  the bonds shall not exceed such maximum rate, computed to absolute  maturity, according to standard tables of bond values.Notwithstanding the form or tenor thereof, and in the absence of  expressed recitals on the face thereof that the bonds are non-negotiable,  all such bonds shall be negotiable instruments.To secure payment of any and all such bonds such ordinance shall set  forth the covenants and undertakings of the county in connection with the  issuance thereof, and the issuance of additional bonds payable from the  revenues or income to be derived from the operation of the waterworks  properties or sewage facilities, or waste management facilities, as the  case may be, as well as the use and operation thereof, and for the use and  disposition for waterworks, and sewerage, and waste management purposes of  investment earnings on funds and accounts created with respect to the revenue bonds.In case any officer whose signature appears on the bond or coupons  attached thereto shall cease to be such officer before the delivery of the  bonds to the purchaser, such signature shall nevertheless be valid and  sufficient for all purposes to the same effect as if he had remained in  office until the delivery of the bonds.Under no circumstances shall any bonds issued or any other obligation,  except as set forth in Section 5-15003, incurred  pursuant to the provisions of this Division be or become an  indebtedness or an obligation of the county payable from taxes and shall  not in any event constitute an indebtedness of such county within the  meaning of the constitutional provisions or limitations, and such fact  shall be plainly stated on the face of each bond.    (Source: P.A. 86-962.)