§ 151.36  GENERAL OBLIGATION BONDS.
   (A)   The village may by resolution of its Village Council authorize, issue and sell general obligation bonds subject to the limitations set forth in this section to finance the development program of the tax increment financing plan or to refund bonds issued under this section and shall pledge its full faith and credit for the payment of the bonds. The bonds shall mature in not more than 30 years and shall be subject to the Municipal Financing Act, Public Act 202 of 1943, as amended. Before the village may authorize the borrowing, the Authority shall submit an estimate of the anticipated tax increment revenue to be available for payment of principle and interest on the bonds, to the Village Council. This estimate shall be approved by the Village Council by resolution adopted by a majority vote of the members of the Village Council in the resolution authorizing the bonds. If the bonds are approved by the Department of Treasury in those instances in which an exception to prior approval is not available under Public Act 202 of 1943, Ch. III, § 11, or if the Village Council adopts the resolution authorizing the bonds and prior approval of the Department of Treasury is not required pursuant to Public Act 202 of 1943, Ch. III, § 11, the estimate of the anticipated tax increment revenue to be available for payment of principle and interest on the bonds shall be conclusive for the purposes of this section. The village may not pledge for annual debt service requirements in any one year in excess of 80% of the estimated tax increment revenue to be received from the development area for that year, and the total aggregate amount of borrowing shall not exceed an amount which the 80% of the estimated tax increment will service as to annual principle and interest requirements. The bonds issued under this section shall be considered a single series for the purposes of Public Act 202 of 1943, as amended.
   (B)   By resolution of its governing body, the Authority may authorize, issue and sell tax increment bonds subject to the limitations set forth in this section to finance the development program of the tax increment financing plan or to refund bonds issued under this section. The tax increment bonds issued by the Authority under this section shall pledge solely the tax increments of the project for which the bonds are issued and any other revenues which the Authority shall specifically pledge in the resolution and shall not pledge the full faith and credit of either the Authority or the village. The bonds shall mature in not more than 30 years and shall bear interest and be payable upon the terms and conditions determined by the Authority in the resolution approving the bonds and shall be sold at public or private sale by the Authority. The bond issue may include a sum sufficient to pay interest on the tax increment bonds until full development of tax increments from the project and also a sum to provide a reasonable reserve for payment of principle and interest on the bonds. The resolution authorizing the bonds shall create a lien on the tax increments and other revenues pledged by the resolution which shall be a statutory lien and shall be a first lien subject only to liens previously created. The resolution may provide the terms upon which additional bonds may be issued of equal standing and parity of lien as to the tax increments and other revenues pledged pursuant to the resolution.
(Ord. 187, passed 7-14-2010)