65 ILCS 5/11-12.1-4
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (from Ch. 24, par. 11-12.1-4)Sec. 11-12.1-4.         The corporate authorities of any such municipality availing  themselves of the provisions of this Division 12.1 shall adopt an ordinance  describing a Conservation Area or Areas, as that term is defined in the  above named Acts, within which the proceeds of the sale of such bonds shall  be made available for purchase of loans, which shall be placed on file in  the office of the clerk of such municipality and which shall be open for  the inspection of the public. Such ordinance shall fix the amount of the  revenue bonds proposed to be issued, the maturity or maturities, the  interest rate, and all details in respect thereof. Such ordinance shall  contain such covenants or restrictions as may be deemed necessary or  advisable by the corporate authorities and without limiting the generality  of the foregoing, such ordinance shall contain such covenants as may be  determined by the corporate authorities as to:a.  The issuance of additional series of bonds that may thereafter be  issued, payable from the revenues derived from purchased loans of such  proceeds to the owners of real property within Conservation Areas affected  by an approved Conservation Plan as hereinbefore provided.b. The pledge by the municipality of all investments and loans made from  the sale of such revenue bonds as security for the payment of such revenue  bonds and authorization of the execution of such agreements or collateral  trust indentures necessary to accomplish such pledge.c. Operation, maintenance, management, accounting and auditing and the  keeping of records, reports and audits of the operation of such mortgage  loan fund.d. Limiting the right of the municipality to invest the funds derived  from the sale of such revenue bonds in first mortgages on real property  within Conservation Areas affected by approved Conservation Plans and which  mortgages shall be insured against loss by the Federal Housing Commissioner  pursuant to the provisions of the Federal Housing Act as hereinbefore  provided. Pending the investment of such fund, the municipality may invest  such fund in good interest paying securities such as are authorized by law  for the investment of public funds, there to remain until the same is  needed for proceeding hereunder.e. The obligation of the municipality to properly administer the  mortgage loan fund, to collect the principal and interest payable upon  loans as herein provided, to enforce its rights with respect to such  mortgage notes and security, in the event of default therein to take proper  action to enforce its rights in the collection of such mortgage notes and  foreclosure of the security therein pledged, and to secure the benefit of  the insurance against loss of such mortgage by the Federal Housing  Commissioner of the United States of America in accordance with the  provisions of the National Housing Act of the United States and to apply  the proceeds of such mortgage loan fund to the payments of interest and  principal on account of the revenue bonds issued and sold thereunder.f. The designation of a committee of bondholders to consult with and  advise the municipality in the administration of the mortgage loan fund.g. Fixing procedure by which the terms of any contract with the holders  of the bonds may be amended, the amount of bonds the holders of which must  consent thereto, and the manner in which such consent may be given.h. Providing for the establishment of suitable reserves and regulating  the cost of administration in the operation, management and supervision of  such mortgage fund.i. Such covenants as may be deemed necessary or desirable to assure  successful operation of such mortgage loan fund and prompt payment of the  principal of and interest upon bonds so authorized.After such ordinance has been adopted and approved, it shall be  published once in a newspaper published and having a general circulation in  such municipality or, if there be no such newspaper published in such  municipality, then the ordinance should be posted in at least 5 of the most  public places in such municipality and shall become effective 10 days after  publication or posting thereof.    (Source: Laws 1961, p. 3702.)