Loading...
The acquisition and construction of a project shall not be subject to any requirements relating to public buildings, structures, grounds, works or improvements imposed by the Illinois Revised Statutes or any other similar requirements which may be lawfully waived by this Section, and any requirement of competitive bidding or restriction imposed on the procedure for award of contracts for such purpose, or the lease, sale or other disposition of property of the Village is not applicable to any action taken under authority of this Article.
The powers conferred by this Article are in addition and supplemental to, and the limitations imposed by this Article shall not affect, the powers conferred by any law or any other article or ordinance. Projects may be acquired, purchased, constructed, reconstructed, improved, bettered, equipped, extended and financed, and bonds may be issued under this Article for such purposes, notwithstanding that any law or any other article or ordinance may provide for the acquisition, purchase, construction, reconstruction, improvement, equipping, betterment, extension and financing of a like project, or the issuance of bonds for like purposes, and without regard to the requirements, restrictions, limitations or other provisions contained in any law or any other article or ordinance.
The President, upon authorization of the Board of Trustees, may borrow money for lawful purposes and, in evidence of such borrowing, execute notes secured by mortgages on property owned or to be purchased by the Village. Such funds shall be borrowed only for the purpose of purchasing the property to be subject to the mortgage or for the purpose of improving such property. Such mortgage and the note secured thereby may be issued without submission of the question of their issuance to the electors of the Village. The mortgage may be in the form of a trust deed. The procedures for the adoption of the resolution authorizing the execution of such mortgage and note shall be in accordance with the Illinois Municipal Code, except as provided herein.
The resolution authorizing the execution of the mortgage shall set forth the maximum amount to be borrowed and the form of note and mortgage or trust deed which shall include the maturity of the note and interest rate. The maturity of the note shall not in any event exceed forty (40) years from its date, and the rate of interest shall be as provided in the authorizing resolution. The resolution shall authorize the execution of the mortgage or trust deed and note by the Village President and Village Clerk.
Loading...