605 ILCS 5/10-703
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. 10-703)Sec. 10-703.         Without limiting any other powers granted in this Division of  this Article, each municipality has the power to provide for the payment of  the cost of acquiring or constructing any bridge or for the payment of any  portion of the cost by one or more issues of revenue bonds of the  municipality, payable solely from the net revenue of the bridge so acquired  or constructed. These bonds shall be authorized by ordinance of the  corporate authorities of the municipality and shall be in substantially the  form set forth in the ordinance. The bonds may be serial or term;  redeemable, with or without premium, or non-redeemable; shall bear interest  at a rate not exceeding the maximum rate authorized by the Bond Authorization  Act, as amended at the time of the making of the contract,  payable at such  times as may be  provided; shall mature at such times not exceeding the life of the bridge,  for the acquisition or construction of which they are issued, as estimated  by the corporate authorities, but in no event exceeding 40 years; and shall  be issued in such amounts and at such place as shall be prescribed in the  ordinance authorizing their issuance.The bonds shall be signed by such officers as the corporate authorities  shall determine, and coupon bonds shall have attached thereto interest  coupons bearing the facsimile signatures of such officers as the corporate  authorities shall determine; all as shall be prescribed in the ordinance  authorizing the bonds. The bonds may be issued and delivered,  notwithstanding the fact that an officer signing the bonds, or whose  facsimile signature appears upon any of the coupons has ceased to hold his  office at the time that the bonds are actually delivered.The bonds of the municipality may be sold in such manner, at such times,  and at such prices as the corporate authorities may determine, but no sale  shall be made at a price which would make the interest cost to maturity on  the money received therefor computed with relation to the absolute maturity  of the bonds in accordance with standard tables of bond values, exceed the  maximum rate authorized by the Bond Authorization Act, as amended at the  time of the making of the contract. The principal of and interest upon  the bonds shall be payable  solely from the net revenue derived from the operation of the bridge  acquired or constructed with proceeds of the sale of the bonds. No bond  issued pursuant to this Division of this Article shall constitute an  indebtedness of a municipality within the meaning of any constitutional,  statutory, or charter limitation. It shall be plainly stated on the face of  each bond in substance that the bond has been issued under the provisions  of this Division of this Article and that the taxing power and general  credit of the municipality issuing the bond are not pledged to the payment  of the bond, or interest thereon, and that the bond and the interest  thereon are payable solely from the net revenue of the bridge to acquire or  construct which the bond is issued.The cost of the bridge or improvement thereto shall include interest  during construction, and for not exceeding 12 months thereafter, and also  all engineering, legal, architectural, traffic surveying, and other  expenses incident to the construction and the acquisition of the necessary  property, and incident to the financing thereof, including the cost of  acquiring existing franchises, rights, plans, and works of and relating to  the bridge. If the proceeds of the bonds issued shall exceed the cost as  finally determined, the excess shall be applied to the payment, purchase,  or redemption of the bonds. Bonds and interest coupons issued under this  Division of this Article shall possess all the qualities of negotiable  instruments.No ordinance pursuant to this section shall become effective until after  the plans and specifications relating to the project have been submitted to  and approved by the Department.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.    (Source: P.A. 86-4.)