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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)
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)
(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)
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)
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)
The provisions of this subchapter are severable and if any of its provisions or any sentence, clause or paragraph shall be held unconstitutional by any court of competent jurisdiction, the decision of the court shall not affect or impair any of the remaining provisions.
(1980 Code, § 13.1414)
Except as hereinafter provided, the city shall be entitled to a service fee at the rate of 1% of the total amount of bonds authorized to be issued by a bond ordinance adopted and approved hereunder. Where an organization exempt from taxation under § 501(c)(3) of the Internal Revenue Code of 1954 is the party obligated under a lease or other agreement to provide receipts and revenues to the city for payment of the principal, interest and other costs of the bonds, then no service fee shall be imposed in connection with the issuance of the bonds. Any service fee to which the city is entitled shall be paid to the City Treasurer within 30 days after adoption and approval of the applicable bond ordinance.
(1980 Code, § 13.1415)
MUNICIPAL CANNABIS RETAILERS’ OCCUPATION TAX
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