The corporate authorities may by resolution passed by an affirmative vote of two-thirds of the corporate authorities:
(A) Determine the method by which the city shall purchase or lease real estate and in so doing specify the location of the real estate, the intended use thereof, and such conditions with respect to the intended development and use of the real estate;
(B) Determine the method by which the city shall purchase or lease personal property and in so doing specify the need therefor and intended use thereof;
(C) Negotiate through the City Administrator or his or her designated representatives the price and terms for the purchase or lease of real estate or personal property;
(D) Authorize the purchase or lease of real estate or personal property for public purposes pursuant to a purchase or lease agreement, including those which the purchase or lease agreement provides the city may, at its option, purchase the real estate or personal property or lease which is subject to the agreement, upon terms wherein payments previously made, or a portion of them, are deducted from the purchase price of the property;
(E) Authorize purchase or lease of real estate or personal property through contracts which provide for either lump sum payments or installment payments, at an interest rate as determined by the corporate authorities; provided, the installment payments do not exceed 20 years;
(F) Authorize the city to issue debt certificates to any person in lieu of or evidence of the amounts payable under any purchase or installment agreement or lease agreement. Such certificates may contain such terms as are provided for the issuance of bonds generally under § 10 of the Local Government Debt Reform Act (ILCS Ch. 30, Act 350, § 10), except to the extent such terms expressly conflict with limitations set forth in the Municipal Code. Cash proceeds received upon issuance of such certificates shall be duly applied to the acquisition, construction and payment for the real or personal property which is the subject of such installment or lease agreement; and
(G) Accept and authorize the execution by the appropriate municipal officer of any proposed agreement for the purchase or lease of real estate or personal property.
(1999 Code, § 34.05) (Ord. 3442, passed 5-1-2006; Ord. 3784, passed 12-3-2012)