§ 10-228. Additional powers.

(a)

In addition to powers which it may now have, the city shall have the power under this division:

(1)

To construct, acquire by gift, purchase or lease, to reconstruct, improve, better or extend and to finance one or more projects, whether or not now or hereafter in existence, either (a) within the city or (b) within two miles of the corporate limits of the city and located within any political subdivision contiguous to the city if such project will further the public purposes set forth in this division and, if desirable, to acquire by gift, purchase or lease lands or rights in land in connection with any project.

(2)

To issue its revenue bonds to defray in whole or in part the project costs of any project and to designate an appropriate name for such bonds.

(3)

To enter into leases, sale agreements or loan agreements with any person in order to secure the revenue bonds of the city; provided, however, that any such lease, sale agreement or loan agreement must provide that such person shall pay to, for or on behalf of the city an amount sufficient to pay principal, interest, redemption premiums and all other costs in connection with the city's revenue bonds.

(4)

To pledge to the punctual payment of bonds authorized under this division the interest thereon, and the redemption premiums, if any, the revenues and receipts to be received from such project.

(5)

To mortgage such project in favor of the holder or holders of bonds issued therefor.

(6)

To sell and convey such project, including without limitation the sale and conveyance thereof subject to a mortgage, if any, as provided in this division, for such price and at such times as the city council may determine. However, no sale or conveyance of such project shall ever be made in such manner as to impair the rights or interests of the holder of any bonds issued to finance the project costs of such project.

(7)

To issue its bonds to refund, in whole or in part, bonds theretofore issued by the city under authority of this division.

(b)

Property acquired by the city pursuant to the provisions of this division shall be exempt from the imposition and collection of taxes thereon while owned by the city, but the use of such property is subject to taxation to be paid by the lessee or occupant as provided in section 26 of the Revenue Act of 1939 (35 ILCS 205/26), and any amendment thereto and substitution therefor.

(c)

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

(Ord. No. 9621, § 3, 4-15-75; Ord. No. 10226, §§ 1, 2, 5-9-78; Ord. No. 13014, § 1, 3-20-90)