10-1-4: EXERCISE OF POWERS; BONDS:

The financing of the construction, acquisition, reconstruction, improvement, betterment or extension of any industrial project may be authorized under this Article and bonds may be authorized to be issued under this Article to provide funds for such purpose or purposes or for the refunding of bonds theretofore issued under this Article, by an ordinance which may be adopted at the same meeting at which it is introduced by a majority of all the corporate authorities thereof then in office and shall take effect immediately upon adoption.

The bonds shall bear interest at such rate or rates without regard to any limitation in any other law, shall be payable at such times, may be in one or more series, may bear such date or dates, may mature at such time or times not exceeding forty (40) years from their respective dates, may be payable in such medium of payment at such place or places, may carry such registration privileges, may be subject to such terms of redemption, may be executed in such manner, may contain such terms, covenants, and conditions, and may be in such form, either coupon or registered, as such bond ordinance or subsequent bond ordinances may provide. The bonds may be sold in such manner and upon such terms as may be deemed advisable by the President and Board of Trustees. Pending the preparation of the definitive bonds, interim receipts or certificates in such form and with such provisions as the President and Board of Trustees may determine, may be issued to the purchaser or purchasers of bonds sold pursuant to this Article. The bonds and interim receipts or certificates are fully negotiable within the meaning and for all purposes of the "Uniform Commercial Code". (1985 Code)

10-1-5: VOTE REQUIRED:

No bonds may be issued under this Article unless the bond issue is approved by the affirmative vote of three-fifths (3/5) of the President and Board of Trustees. (1985 Code)

10-1-6: COVENANTS IN BONDS:

Any bond ordinance may contain covenants as to a) the use and disposition of the income and revenues from or with respect to the industrial project for which the bonds are to be issued, including the creation and maintenance of reserves; b) the issuance of other or additional bonds payable from the income and revenues from or with respect to such industrial project; c) the maintenance and repair of such industrial project; d) the insurance to be carried thereon and the use and disposition of the insurance moneys; and e) the terms and conditions upon which the holders of the bonds or any portion thereof or any trustees therefor, are entitled to the appointment of a receiver by the chancery court, which court has jurisdiction in such proceedings, and which receiver may enter and take possession of the industrial project if it is then owned by the Village and lease, sell or otherwise dispose of it and maintain it, prescribe rentals or other payments and collect, receive and apply all income and revenues thereafter arising therefrom in the same manner and to the same extent as the Village itself might do.

Any bond ordinance may provide that the principal of and interest on any bonds issued under this Article shall be secured by a mortgage or deed of trust covering such industrial project for which the bonds are issued and may include any improvements or extensions thereafter made. Such mortgage or deed of trust may contain such covenants and agreements to properly safeguard the bonds as may be provided for in the bond ordinance but not inconsistent with this Article and shall be executed in the manner as may be provided for in the bond ordinance. A mortgage or deed of trust by which a security interest is created or a financing statement relating thereto need not be filed or recorded under the Uniform Commercial Code, or otherwise, except in the records of the Village. The provisions of this Article and any such bond ordinance or bond ordinances and any such mortgage or deed of trust is a contract with the holder or holders of the bonds and continues in effect until the principal of and the interest on the bonds so issued has been fully paid, and the duties of the Village and its President and Board of Trustees and officers under this Article and any such bond ordinance or bond ordinances and any such mortgage or deed of trust are enforceable by any bondholder by mandamus, foreclosure of any such mortgage or deed of trust or other appropriate suit, action or proceedings in any court of competent jurisdiction. (1985 Code)

10-1-7: SIGNATURES OF OFFICERS ON BONDS; VALIDITY OF BONDS:

The bonds bearing the signatures of officers in office on the date of the signing thereof are valid and binding obligations, notwithstanding that before the delivery thereof and payment therefor any or all the persons whose signatures appear thereon ceased to be officers of the Village. The validity of the bonds is not dependent on nor affected by the validity or regularity of any proceedings relating to the acquisition, purchase, construction, reconstruction, improvement, betterment or extension of the industrial project for which the bonds are issued. The bond ordinance may provide that the bonds shall contain a recital that they are issued pursuant to the Illinois Revised Statutes, chapter 24, sections 11-74-1 et seq., and this Article, which recital is conclusive evidence of their validity and of the regularity of their issuance. (1985 Code)

10-1-8: LIEN OF BONDS:

All bonds issued under this Article have a lien upon the income and revenues delivered by the Village with respect to the industrial project for which the bonds have been issued, and the President and Board of Trustees may provide in any bond ordinance for the issuance of additional bonds to be equally and ratably secured by a lien upon such income and revenues or may provide that the lien upon such income and revenues for future bonds is subordinate. (1985 Code)

10-1-9: LIABILITY FOR BONDS:

No holder of any bonds issued under this Article has the right to compel any exercise of taxing power of the Village to pay the bonds or the interest thereon, and the bonds do not constitute an indebtedness of the Village or a loan of credit thereof within the meaning of any constitutional or statutory provision. It shall be plainly stated on the face of each bond that it has been issued under the provisions of Illinois Revised Statutes, chapter 24, sections 11-74-1 et seq., and this Article, and that it does not constitute an indebtedness of the Village or a loan of credit thereof within the meaning of any constitutional or statutory provision. (1985 Code)

10-1-10: REVENUES FROM INDUSTRIAL PROJECTS:

The President and Board of Trustees of the Village shall prescribe and collect revenues with respect to an industrial project and shall review such from time to time whenever necessary so that such revenues are always sufficient to pay when due all bonds and interest thereon for the payment of which such revenues are pledged, including reserves therefor. (1985 Code)