§ 45.120 TITLE TO THE PROJECT.

   It shall not be necessary for the city to own or acquire any project or part thereof financed hereunder.

(1980 Code, § 13.1406)

§ 45.121 COVENANTS IN BONDS.

   (A)   Any bond ordinance may contain covenants as the city may desire, including but not limited to, covenants as to the following:

      (1)   The use and disposition of the revenues and receipts from the lease and other agreements or the project for which the bonds are to be issued, including the creation and maintenance or reserves;

      (2)   The issuance of other or additional bonds relating to the project or any rehabilitation, improvements, renovations, enlargements or additions thereto;

      (3)   The maintenance and repair of the project;

      (4)   The insurance to be carried thereon and the use and disposition of insurance monies;

      (5)   The appointment of any bank or trust company within or outside the state, having the necessary trust powers as trustee for the benefit of the bondholders, paying agent and bond registrar;

      (6)   The investment of any funds held by the trustee; and

      (7)   The terms and conditions upon which the holders of the bonds or any portion thereof or any trustees thereof are entitled to the appointment of a receiver.

   (B)   The bond ordinance may provide that the principal of and interest on the bonds shall be secured by a mortgage or indenture of trust covering the project for which the bonds are issued and may include any improvements or extensions thereafter made. The mortgage or indenture of trust may contain covenants and agreements to properly safeguard the bonds and shall be executed in the manner as may be provided for in the bond ordinance. The provisions of this subchapter and the bond ordinance and any mortgage or indenture of trust shall constitute a contract with the holder or holders of the bonds and continue in effect until the principal of, the interest on and the redemption premiums, if any, on the bonds so issued have been fully paid, or until provision for payment shall have been made as provided in the bond ordinance, and the duties of the city and its corporate authorities and officers under this subchapter and any bond ordinance and any mortgage or indenture of trust shall be enforceable by any bondholder by mandamus, foreclosure of any mortgage or indenture of trust or other appropriate suit, action or proceedings in any court of competent jurisdiction, in the manner and subject to the terms of the bond ordinance, mortgage or indenture of trust.

(1980 Code, § 13.1407)

§ 45.122 SIGNATURE OF OFFICERS ON BONDS; VALIDITY OF BONDS.

   The bonds shall bear the manual or facsimile signature of the officers of the city as may be designated in the bond ordinance and the manual or facsimile signatures shall be the valid and binding signatures of the officers of the city, notwithstanding that before the delivery thereof and payments therefore any or all of the persons whose signatures appear thereon have ceased to be officers of the city. The validity of the bonds is not dependent on or affected by the validity or regularity of any proceedings relating to the acquisition, purchase, construction, reconstruction, improvement, equipping, betterment or extension of the 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 this subchapter, which recital shall be conclusive evidence of their validity and of the regularity of their issuance.

(1980 Code, § 13.1408)

§ 45.123 LIENS OF BONDS.

   All bonds issued under this subchapter have a lien upon the revenues and receipts derived from the lease or other agreement, and the Council may provide in the bond ordinance for the issuance of additional bonds to be equally and ratably secured by a lien upon the revenues and receipts or may provided that the lien upon the revenues and receipts is subordinate.

(1980 Code, § 13.1409)

§ 45.124 LIABILITY FOR BONDS.

   All bonds issued under and pursuant to this subchapter shall be limited obligations of the city payable solely out of the revenues and receipts derived from the lease or other agreement. No holder of any bonds issued under this subchapter has the right to compel any exercise of taxing power of the city to pay the bonds, the interest or premium, if any, thereon, and the bonds do not constitute an indebtedness of the city of 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 this subchapter and that it does not constitute an indebtedness of the city or a loan of credit thereof within the meaning of any constitutional or statutory provisions.

(1980 Code, § 13.1410)

§ 45.125 INVESTMENT OF FUNDS.

   (A)   The city or any trustee on behalf of the city may invest any funds held by it pursuant to this subchapter in:

      (1)   Any bonds or other obligation which as to principal and interest constitute direct obligations of or are unconditionally guaranteed by the United States of America;

      (2)   Obligations of the Federal National Mortgage Association;

      (3)   Obligations of the federal intermediate credit banks;

      (4)   Obligations of federal banks for cooperatives;

      (5)   Obligations of federal land banks;

      (6)   Obligations of federal home loan banks;

      (7)   Obligations of the federal financial bank;

      (8)   Time certificates of deposit of banks organized under the laws of any state of the United States and national banks which have a combined capital and surplus of at least $5,000,000; and

      (9)   Any other investments to the extent then permitted by state law.

   (B)   Any securities may be purchased at the offering or market price thereof at the time of the purchase.

(1980 Code, § 13.1411)

§ 45.126 EXEMPTION FROM CONSTRUCTION AND BIDDING REQUIREMENTS FOR PUBLIC BUILDINGS.

   The acquisition and construction of a project shall not be subject to any requirements relating to public buildings, structures, grounds, work or improvements imposed by the Illinois Revised Statutes or any other similar requirements which may be lawfully by this section, and any requirement of competitive bidding or restriction imposed on the procedure for award of contracts for the purpose of the lease, sale or other disposition of property of the city is not applicable to any action taken under authority of this subchapter.

(1980 Code, § 13.1412)

§ 45.127 POWERS CONFERRED AS ADDITIONAL AND SUPPLEMENTAL LIMITATIONS IMPOSED; EFFECT.

   The powers conferred by this subchapter are in addition and supplemental to, and the limitations imposed by this subchapter shall not affect, the powers conferred by any law or any other ordinance. Projects may be acquired, purchased, constructed, reconstructed, improved, bettered, equipped, extended and financed, and bonds may be issued under this subchapter for the purposes, not withstanding that any law or any other 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 the like purposes, and without regard to the requirements, restrictions, limitations or other provisions contained in any law or any other ordinance.

(1980 Code, § 13.1413)