(A) Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois provides that any municipality may exercise any power and perform any function pertaining to its government and affairs, including but not limited to the power to tax and to incur debt.
(B) Pursuant to the provisions of Sections 6(d) and 6(k) of said Article VII, as a home rule unit, the Village may incur debt payable from ad valorem property tax receipts maturing within 40 years from the time it is incurred and without prior referendum approval of the electors of said Village.
(C) It is necessary and desirable at this time for the President and Board of Trustees to establish procedures for incurring municipal debt and for issuing bonds of the Village payable from ad valorem property tax receipts, and providing for the payment of such bonds, both principal and interest.